Many thought that Ben Bernanke would be ousted from the Federal Reserve, since he did not foresee the financial crisis that embroiled not just America, but the world. However, on Tuesday, President Barack Obama announced that he wants to keep Ben Bernanke on as Fed chairman, satying that he shepherded America through the "worst economic crisis since the Great Depression."

Fed Chairman Ben Bernanke began his testimony before the Committee on the Budget in the US House of Representative acknowledging the economy has contracted sharply since last fall. Bernanke conceded that companies have shed close to 6 million jobs in this downturn, and the most recent information on the labor market suggests “sizable job losses and further increases in unemployment” are likely over the next few months.

Ben Bernanke is convinced that though things are still bad the economy is turning around. I'm afraid I don't see it.

The Federal Reserve has adjourned its two day meeting today and has decided to leave rates unchanged but is pumping $1.15 billion into targeted areas of the financial industry to promote economic recovery.

Many people saw Ben Bernanke on 60 minutes Sunday evening. In some ways he was reassuring, In particular he peeked interest when he said that 2010 may very well be a year of recovery for the US Economy.

For almost a year and a half the global financial system has been under extraordinary stress--stress that has now decisively spilled over to the global economy more broadly. The proximate cause of the crisis was the turn of the housing cycle in the United States and the associated rise in delinquencies on subprime mortgages, which imposed substantial losses on many financial institutions and shook investor confidence in credit markets.

Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson are taking part in a Senate Banking Committee hearing today dealing with the financial crisis and the proposed rescue of the U.S. financial system.

Greenspan warns Bernanke and the US people not to use the magical piggy bank which is the Federal Reserve's ability to make up money out of thin air. Only Greenspan denies that the magical piggy bank is real. HAHAHA. He accidentally told the truth! The Federal Reserve can and will and does make money out of thin air.

Bloomberg has an interesting story today about the difficulties that Federal Reserve Chairman Ben Bernanke is facing in defining which institutions it's safe to let fail.

What Ben Bernanke is saying is that although the weak dollar is driving costs up and therefore inflation is rising, the Fed does not feel that they can raise the interest rates at this time, all bad news for seniors living on a fixed budget.

In a speech delivered this morning, Federal Reserve Chairman Ben Bernanke stated that the Fed may extend the direct lending facility to investment banks into 2009 as long as emergency conditions "continue to prevail".

In a speech delivered at the Boston Fed yesterday, Bernake hinted that he may be finished bailing out the US banking system, and would like to refocus on his actual job: preventing rampant inflation from destroying the US economy.