Clase de Bernanke sobre política monetaria

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David Glasner critica la explicación del patrón oro. Más de Glasner

David Warsh

Otra crítica a Bernanke

Otra:

"The last, first. The purpose here is to throw light on a mind so inadequately prepared, yet 100% sure, of extracting the world from an unprecedented gamble. The gamble is Bernanke’s dry run of his professorial emissions. The professor’s chalkboard smog is the basis for his current policy. Real interest rates are below zero and the central bank is creating immeasurable quantities of dollar bills that Bernanke is sure will right the U.S. economy while not sacrificing his wandering price stability."

"Wolfgang Pauli would probably agree that Bernanke’s attempt at clarification is neither right nor wrong. It is meaningless. As a general statement, rising house prices do not constitute a bubble. Nor, are falling house prices synonymous with a crash. The most important distinction is the degree of borrowing that contributed to the upswing. Of the recent housing enthusiasm, Panderer to Power made this clear. During the Greenspan-Bernanke chairmanship, the U.S. did not experience a housing crash, it suffered a mortgage collapse."

"Bernanke claims the “decline in house prices by itself was not obviously a major threat [before it crashed in 2007 - FJS].” The man was either unaware of how housing finance was conducted in the U.S. during bubble years or considered it irrelevant."

"Like Sisyphus, California real estate prices pushed and pushed harder up the hill from 1995 to 2005. This is too well known to recall here. Some reminders: The median price for an existing, single-family house in California rose from $237,060 in 2000 to $542,720 in 2005. That this was a mortgage bubble par excellence, and not so much a housing bubble, can be seen in the evolution of financing: Mortgages written in California responded to Bernanke’s “zero-bound policy” in spectacular form. Only 2% of home mortgages were of the non-principal paying “interest-only” version in 2002. This rose to 47% in early 2004 and to 67% by late 2004. In February 2012, the median price for an existing, single-family house in California was $266,600, and falling at a 7% annual rate.

Doug Noland, author of the Prudent Bear’s Credit Bubble Bulletin, wrote untiringly during the boom years of the “moneyness of credit.” (He still writes every week and is still well worth reading.) Noland wrote that the Fed and Wall Street refused to understand the explosion of credit and credit derivatives were behaving like money and inflating house prices. This should have been understood. It was the ability to buy (sort of) a house without showing up with one penny at the closing that gave Sisyphus his third and fourth wind."

Conversación de Bernanke con un 'estudiante'

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David Beckworth sobre lo que le faltó decir a Bernanke