The Fed's delayed inflation response was a mistake, says former Chair Ben Bernanke
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- čas přidán 20. 06. 2024
- CNBC's Andrew Ross Sorkin sits down with former Federal Reserve Chairman Ben Bernanke to discuss the Central Bank's response to high inflation and more. For access to live and exclusive video from CNBC subscribe to CNBC PRO: cnb.cx/2NGeIvi
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Not a single mention of the money supply. Unbelievable.
Given that its Bernanke talking, its actually totally believable.
Congress keeps spending and printing more every day
HEY BERNANKE - You have printed more Dollars in 2 1/2 years than from the first 105 years of the Federal Reserve (December 1913 - December 2018). You don't want Americans to consider that fact in your assessment of our current PANIC !?!?!?
He's not mentioning it, because it's not a major issue.
I remember in Jan of 2008 Ben said “there is no recession in sight.”
Fed=skilled liars designed to benefit from asset bubbles
@@406Jeff *designed to make politicians benefit from asset bubbles by printing money to offer “free” stuff in exchange for votes.
@@singermanz yes. This too. It’s gross
Fed chairs can’t just say anything, even if they know a crisis is coming. So whether he knew or not, it’s hard to say. Like if Powell said stagflation is inevitable, the markets might react where it is a self fulfilling prophecy
Besides, it’s easy to criticize when you aren’t at the seat of power. Cause you have nothing to lose.
"The housing market is strong."
All Bernanke did was drop the interest and put QE, and now it's imploding, he can judge Powell. lol
Exactly. He was the person that started this insane money printing path.
@@lesliechua5535 you must be youyhful
It was Greenspan before him that said "buy a house, do whatever it takes, use creative financing", creating the most destructive behavior in a long time.
@@frankenjid5156 fed was printing all along but since 2008. Bernanke started this non stop qe that made all recessions disappears. But they are actually building a mega bubble.
@@lesliechua5535 yep. These Keynesians don’t get that inflation is NEVER a good thing. Like putting a bandaid on a cancer patient, or giving an alcoholic suffering withdrawal another shot.
Worst FED chairman in history.
He gave me time too buy my wealth cause if 2008 crash into a depression big woof.
JPowell: “Am I a joke to you?”
No mistake, it was corruption and transfer of wealth to the rich
100%
Just rip off the bandaid and let the cards fall where they may
I'm with you on that even though it would cause riots and mayhem
Inflation is killing my budget and my salary. I can't invest and it seems like I will need to sell a part of my portfolio to keep my head above the water this year (stocks and crypto )
If you are not in the crypto space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you, prevent inflation from eroding your savings, build generational wealth, and cultivate good habits and financial knowledge, you must be in the crypto space right now.
I was really into stocks until I met Stephanie Priscilla Bonillo, a coach who advised me to try the crypto market, by teaching me that a bearish market is where you can make 10x by buying and accumulating when everyone else is panicking, and with her entry and exit strategies, I've been able to significantly grow my bag. It's never about how fast you go, but rather how well you go.
@@claradidi7573some traders come into the market and try to predict moves. they trade what they want to see happen, but the good ones come into the market with zero expectations ready to observe and take action when it’s time.
@@PhilipMurray251I'm trying to liquidate my DOW stocks that haven't done particularly well in the past 2 years for Apple and also some other value stocks. But I'll need good counsel from an experienced investor or an advisor in order to avoid rooky mistakes. Any words for me? will be greatly valued!
@@Robertgriffinnewell, I'm flattered but I don't consider myself experienced enough to dish reliable guides as I myself rely on the professional guide and advice of my advisor Stephanie Priscilla Bonillo. She's the brain behind my gains and smart picks. You may want to look up her name online for page to assess and hear directly from her.
The mistake was made by Woodrow Wilson.
The founding fathers actually. They should have banned any sort of central bank in the Constitution. If they had done that, the Fed would have required a constitutional amendment, which is much harder than getting a majority of a sleazy Congress.
If only others knew what you meant
@@malceum Because Hamilton got his way with the bank. Necessary and proper (along with general welfare) is the justification for almost everything that isn't delegated to the government by the Constitution.
Ben Bernanke printed money and throw it from helicopter...and now he is talking about inflation....what a joke....
I thought that the M1 Money supply going from $4.0 Trillion in January 2020 to the current $20.7 trillion would predict inflation.
Of course it does. No matter. The fed and their rich banker and hedge fund cronies have become ineffably rich as a result of the biggest asset bubbles of our lifetimes. After all, they’re bankers. They just happen to monetize the U.S. debt
Kind of ironic that Bernanke says the FED is making a mistake. His whole tenure as fed chair was a mistake.
How about instead of talking about increasing taxes we talk about increasing freedom and decreasing spending 👁💋👁
Don’t raise taxes. Lower spending
This is great system. You make “mistakes”, big “mistakes” with major consequences, you can even admit that you made such “mistake”, what happened actually, you have benefited and others/majority will pay for the “mistake”. No wonder they repeat “mistakes”.
This is not a new concept. The fed has been creating bubbles and benefiting massively from them since it’s inception. The fed is a private entity comprised of bankers with large portfolios. They along with their cronies have become ineffably rich since they own nearly all the equities. Their “forward guidance” sends their rich friends clear signals when to leave the market so they don’t suffer during a downturn. Notice all the rich folks have cashed out? It’s a scam.
The financial markets seem to be suffering more than the real economy from the prospect of further Fed tightening, I seriously need suggestions on how to diversify my $500k portfolio
The market is volatile at this time, hence i will suggest you get yourself a financial-advisor that can provide you with entry and exit points on the stocks you focus on.
@@Robertgriffinne very true, about 50% of my portfolio profit was from TSLA, GME and NIO, my financial-advisor was able to get me in early on most of these stocks .I've been able to scale from $350K to $970K
@@Natalieneptune469 wow ,that’s stirring! Do you mind connecting me to your advisor please. I desperately need one to diversified my portfolio.
@@wiebeplatt4749 Having a coach is key to portfolio diversification, My advisor is "Nicole Ann Sabin" You can easily look her up, she has years of financial market experience
@@Natalieneptune469 I just looked up Ms Nicole online and researched her accreditation. She seem very proficient, I wrote her and scheduled a call.
Enough already Helicopter Ben...
Bernanke working for Citadel and Citadel is shorting U.S. Treasury Bonds. Really CNBC brings him on to call out about inflation. Citadel and there shorting of everything stocks and bonds causing over leveraging of the U.S. markets is the real problem.
this is also the guy who bailed out the criminals of 2008….. they should all burn to bring confidence back to the markets😊
@@TurdFergusen If the banks failed it would be another great depression. Banks fail then companies can't pay employees, people can't take out loans/credit, can't withdraw money from ATMs, whole system would have collapsed.
So far in the past few months I’ve slowed down buying to only maybe an IPO or something I already own that has been overly beaten down. Only money I’m consistently investing is into other markets.
Same here sold my stocks earlier and my strategy ever since has been pretty much buying Gold and silver to protect my weałth but if I could come up with a way to stay invested and be profitable that would be brilliant.
Last year a colleague introduced me to a financial advisor Karen Lynn Olsen. With her help I have been able to diversify by investing in different market and asset classes while also keeping an open eye for attractive dips.
She's quite known and has got a website. So, you can check her out online and subsequently contact from there.
Thanks for the recommendation I found her website easily online and I’m really satisfied with her reviews and certifications, this is a much safer and easier way for me to get back in this very volatile market.
Please is she readily available? I made the regret of my life tackling this volatile market by myself now it’s been red after red. I would love to get guidance considering how bad I have messed up my portfolio.
Bernanke, the high priest of Keynesian economics, is calling the kettle black. Did he already forget 2008? Lol
Stop pandering to the "market". That would be a good place to start.
MORE taxes?? Jeez...
More taxes, whether for the rich or poor, would eventually hit everyone, AGAIN.... Smh....
Inflation is the most insidious tax only one man in a million is aware of
thought he would cut interest rates in half
Bernanke has no spine. We easily forget how heavy his hand was getting us into this mess
Wait a second. Is this the Ben Bernanke talked about in the Lemon Demon song?
y e s
The Lemon Demon song is literally just word for word a parody of Ben Bernanke lmao
Getting expert advice from .... another screw ball from the FED.
Our money in bank is losing value every day with inflation even with interest, government need to control inflation back to 2%
Bitcoin is a good long term store of value.
No, we need to return to a gold standard so the government can't tax us thru inflation at all!
HEY BERNANKE - You have printed more Dollars in 2 1/2 years than from the first 105 years of the Federal Reserve (December 1913 - December 2018). You don't want Americans to consider that fact in your assessment of our current PANIC !?!?!?
@@sapien6230 no it’s not
Such iresponsibility!! On all of them!! When at 1st we practice to deceive, oh what tangled webs we weave!
Sure lets ask the guy who had oversight of the economy before the GFC
Well Ben Bernanke did well back in 2007/08 didn't he!? His opinion sucks...
Actually, history shows he handled the Bush Recession as well as anyone could have. He inherited a mess with the housing meltdown dumped into his lap like a McDonalds coffee. Most economists agree with him.
in the bitcoin world there is no Chairman of the Fed
Just say we want the rich to get deals on everything again so we bringing in our finest wrecking crew😂🤷🏼♂️
🤣🤣
Exactly. That’s how it’s been done for years.
Bernadette should of listen to the old German on the fed in 2010 and QE is what created this wealth gap
I’m annoyed because I’d like to invest more money to hedge but all this inflation is making me broke af and unable to do so. I think it’s way higher than this 8% bs. It’s more like 13% at least. The way they calculate it is so clumsy and easy to manipulate. If they want the dollar to truly deflate, they’re gonna have to raise interest rates close to or at the rate of inflation. Not 0.5%
They don't want it to deflate, they must inflate the debt away... we're too over leveraged, nationally, locally, and individually.
I see, the labor market is “distorted” because people expect pay increases…quick, workers are getting uppity, throw us into recession!
It’s never distorted when real estate and stock market is roaring, because that’s not inflation but returns on investments
Funny how Bernanke has anything to say
He oversaw probably the biggest heist in world history.
He will never tell us which banks got the money.
The Fed is owed by the Too-Big-To-Fail banks.
Lol the 2nd
The Fed had an eye on politics I suspect.
Can we just bring Ben Bernanke back? He seems like a better person to be fed chair than Powell.
Agree
You're joking right? These Central Bankers are all crooks ..a den of vipers and thieves, and inflation is an insidious tax that steals purchasing power from those who can least afford it! These Central Bankers should all be hanged.
He was one of the architects of current situation. they all serve at the whim of largest asset holders, both institutions (sponsors, asset managers and investment banks mainly) and ultra high net worth individuals
Why did you let the subprime mortgages destroyed the economy a decade ago.
Why does Bernanke talks as if he's nervous ?
A bond whose yield increases from 5% to 5.5% is said to increase by 50 basis points, or interest rates that have risen 1% are said to have increased by 100 basis points. If the Federal Reserve Board raises the target interest rate by 25 basis points, it means that rates have risen by 0.25% percentage points. This is based by definition according to Wiki. Now let me understand correctly what does not hit and this has been one confusion that I couldn't understand despite teacher explaining what is the basis of it- between basis to my understanding is that referring to the core, foundation idea or argument process what more the idea or act to justify something. Should this be the matter of where the basis is and hence hitting that mark or the break between 50/50 as to where its not well to cause or only allow one to be at 5% which is 5% from that 50 basis mark. Would mean a weak foundation or the foundation that they wanted and intend to be weak and in easy way to roll just by allowing some.. party clubbers social elites etc.... or to where interest is in studying by allowing the new to be inflated and used by such wild old and the wannabes and then to slow down the process after using up all fuel and allowing that brain growth of what is of interest to disinterest that broke when world is not....so where does the BASIS to it when the foundation and all was met but with intent broken by as case is and more to be said in act of the CRAZY RICH ASIANS along with USA and EU government to which for instance the hold back and delay one being for one thing the takes of all links and ties when I studied say for instance Math but the breaking point where and when its heart to focus and when the time was critical in 2005 breaking the BOND what is meant for me to move forward from time of my work and College what more my children to where the level as opposed to a bunch of Liars that had accessed and created a strong bond with my line. With out a doubt the doing of RAshidah Ariff that need to be in before door closes Najib and the time where he failed and then to push to others but not allowing the forward to rise and to be able to see and understand... and whole lot more to where the STARGATE is. To add on if the 5.5 % has to tie to the EU would indicate a rise but where this lies for the other interest when it could be a lot higher. What could be as it is for Asia for instance, MYR5500MYR or RUPEE to be equal to only EU100.
🤣🤣🤣 look who’s talking,
So maybe Biden shouldn't have cut the pipe line in the 1st day in office , or shouldn't have printed 6 trillion in a year 😂
That didn't reduce supply though.
Way to misremember reality like a true cultist/trumpist. Trump admin printed 3.4 trillion. Biden 1.2. And the pipeline won’t add supply, it’s just a more direct route
@@jlshaw11 😂 delusional
@@AC-kk3vo Trump promised to reduce debt, then passed 2017 tax cut law(permanent only for the top 10%) raised national debt 7.2 trillion, “Fake News’ed” a pandemic that stopped US production and a million people dying prematurely, and pressured the Fed to go negative interest rates, worsening the fire under inflation that led to record trade deficits of over $90billion A MONTH. Yea truly delusional 🤡
@@jlshaw11 BS !! I got a tax cut and I'm definitely not in the top percentage,, he lowered federal taxes
this is rich coming from him. he invented QE the largest contributor to inequality in this country.
Jesus this guy has aged 30 years in the last 10
Why does the Fed have to be extremely gradual when tightening monetary policy when it is extremely quick when easing monetary policy? Does such a profoundly asymmetric response function really make sense? Does anyone have any hard evidence justifying such a response function?
The good old days of cheap Fed money are over. Before buying any stock make sure the Price to Earning PE is less than FOUR !?! The 99% of S&P 500 are living on borrowed money and time !
Cheap money will flow again. The government and corporations NEED it. We are living on borrowed time.
I suspect that inflation affects the operation of interest rates such that a higher rate is needed to have the same effect that a lower rate should have if the inflation were lower or nonexistent, I think that when interest rates are lower than the perceived inflation rate there is a de facto negative interest rate effect which is destructive (more or less a destructive form of speculation is being subsidized)
I suspect that considerable political pressure has been put on the FED to keep interest rates low,I also fear that powerful corporate entities have been using "easy money" or investor money to buy up former owner occupied housing to convert it to rentals,thus driving up both the price of houses and the price of rent,creating some of the inflation and creating a negative change in home ownership patterns.
New word for the Oxford dictionary: gradualism: the fed gradually increasing rates because all the quant programmed algos threw a tantrum the last time the fomc tried to raise rates by a quarter point.
i'm a magician, spencer, a furious magician
AVADA KEDAVRA, ｓＰｅＮＣｅｒ, TO YOU ✨SPENCER✨
how is he not in prison?
The Fed started to raise rates in 2019... Then, Donald Trump screamed at the Feds. Jay Powell and friends folded like a lawnchair.
Donald Trump, over and over, proved he knows nothing,... about anything.
The Fed was raising rates too quickly. After 10 years at zero, the rates don't need to rise 2% in one year. 0.25% per year for the next 10 years would be a better approach. The Fed was deliberately creating volatility so that insiderscould profit. Stop believing the Fed is benevolent.
When Trump ran for office he was proclaiming that interest rates were too low and that it was a massive bubble. That 2 faced SOB!
This guy is so corrupt
The Fed never wanted negative interest rates, so they had a delayed response on purpose and they are extremely happy about it! They can't believe they are able to end QE and get rates back to neutral.
Huh? Rates are negative now! The Fed Funds real rate is at a negative 7+% now.
@@josephsloop8865 He means nominal rates, but this is why our markets are F*ked up, we have dumbasses for investors.
Ben in a tanning bed looks like
Dude it is on purpose to save Wall Street and Big Business period. 🔥💩🔥🌋🌋🌋🤯🤯🤮🤮🤡🤡
Back seat quarterbacking...... yeah I remember the 1944 world series.......
and QE was going to be temporary...and when unemployment dipped below 6.5% rates would normalize, YOU SAID..(went to 3.5%)...
but those things never happened...what you said was not true.
no one knows anything ... everyone puts on a suit and acts like they know how to invest and predict economics. Just buy , hold and do nothing.
Experts don't arm chair quarterback after the game.
Too late?
Too early?
GFY.............. perfect timing.
벤 버냉키님!!
저는 미국편입니다...
Bernake and his ilk have spearheaded the demise of the USA and the fact that he's still in the forefront and profiting from this speaks volumes about the current state of the USA.
This is the guy who caused all of this. Who listens to him anymore?
He's one to speak
Gradualism is healthy...leading this economy now where the federal reserve and the labor market are dealing with a position of strength!
His voice is shaking..he knows hes a liar..Whoever watches this and believes it..bless your soul
You can hear it in hole interview.
The sub prime is contained!!
...crook.
Just talk less. Talk only when absolutely sure on the plan and when wrong, make a decision quick and steadfastly
Lies left and right. The games is up
Comparing Bernanke to Powell, I guess Bernanke was not so bad. Powell is like a crooked cocaine dealer compared to him.
lil wut !!!!! 😂
They're all crooks and should be hanged.
Bang on!!!
Market traders, short the markets
Wow such great journalism🙄
Hey Ben a couple of people you had turned out to be crooks
The reason the delay was the wealthy and employees at the FED had not made enough money....I think Powell said a year ago "we're gonna eyeball inflation....going to run the economy a little hot" ...great job!
Bingo
I think Powell once said two or three weeks ago that inflation and interest rate would rise 🙏😔
And as it turns out a couple of them were just flat crooked
The fed is always wrong or late.
Ohhh 100% there was a lag, 2 lags by the fed. If you know macro you know what those 2 lags are!
Maybe too much expansionary policy, the economy got too hot and they remained spending instead of decreasing spending. Now taxes are increasing and so is spending. We are screwed if you really know about this, you know the fed at some point can’t do anything due to how hot and high things have gotten.
@@BendItMakeItClap69 get this keynsian bollocks out of your head
Most of the comments here indicate an acute awareness of the political influence to which discretionary Fed policy is subject. The cogent 2016 Cato article, "Friedman and the Bernanke-Taylor Debate on Rules versus Discretion" outlines how (the late) Milton Friedman and John Taylor would have Fed policy conducted in a way to minimize this influence.
Though perhaps a bit wonkish for the television audience, to get Bernanke's take on this today would have been wonderful.
whenever the mainstream public gets interested in something- that usually signals the end. good bye crypto
🥴🥴🥴🥴🥴🥴🥴he quick aint he haha
Helicopter Ben
The guy that really allowed the housing bubble in 2008
That was Greenspan
The blind leading the blind.We are doomed.
What a hypocrite. He started all of this excessive government stimulus and wrongly stated that there was no recession in 2008- the worst call to date. He has a cheek to criticise the current regime.
Don't forget creating the largest wealth gap in history via his QE policy that will lead to societal collapse.
If the increase to interest rates effects the retirement and savings of millions of Americans, the FED should take same pay cut: 20-25% reduction of government pensions and wages for Federal employees. That would be justice.
Fed dont give S%t about inflation for common people, when wages rise and export prises go up they start raising rates
Ben "Shalom" Bernanke. Pretty clear who runs things.
Dr. Helicopter money looking like he just came back from the beach...
he's rich and you aren't so you should believe him?
Let's Go Brandon !
i need your teeth
In other words, the FJB! regime doesn’t know what it’s doing.
dang homie looks bad
Nobody trust fed
Says captain obvious….. be nice if just 1 time a guy like this makes this call in the moment. Yeah it’s obvious to EVERYONE now!
Duh…..
No skin in the game.
Not leving 💎💪AMC to 6 digitals 🚀💎❤🚀💎💎🚀❤🦍🦍💰
That's right, TQQQ & SQQQ, it's only one option when someone's coming at you with a bunch of crap, you shut that ass down, that's how I did the stock market in 2022 by empowering you the people...
😊😊😊😊😊🇺🇸🇺🇸🇺🇸🇺🇸
Apologist!!!!!!!!!
Yay Biden voters and swamp creatures! Yay!