In particular, Bernanke poo pooed concerns about Greece's impending economic collapse and how US banks will be effected. Allegedly the stress tests have been done and the impact of a Greek default would be minimal. Yet all we have heard over the last few months is - concerns about Greece times 100.
Bernanke has kicked the ball down the road as well saying the economy will really and truly begin to pop in 2013. Excellent, just in time for a new GOP president to completely f-it up.
CS Monitor: Federal Reserve chief tells US financial markets not to worry about Greece
Mr. Bernanke says the Fed asked the banks to “essentially do stress tests” – computer simulations – to see what would happen to their capital if Greece defaulted on its loans.
“And the answer is the effects are very small,” he said.
“The situation is similar in some sense, in that, with very few exceptions, the money market mutual funds don’t have much direct exposure to the three peripheral countries [Greece, Portugal and Ireland] which are currently dealing with debt problems,” he said.
By 2013, the Fed expects the economy to be operating at a faster pace.
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