• Home ::
• Fundamental ::
• Analysis Reports ::
• Top Fundamental Stories

• Send
• Print
• Add To
• Rss

Top Fundamental Stories

ccdf0e37-9d89-4e8e-92f5-0c6707cd4193

6

0

Obama Nominates Bernanke for a Second Term as Feds' Chairman

Tue, Aug 25 2009, 13:55 GMT
by ecPulse.com analysis team

ecPulse.com

President Obama announced today that he decided to Re-nominates Bernanke as Chairman of the Federal Reserve Bank, while Obama also signaled that the U.S. economy still has “a long way” before the economy is fully recovered, however Obama signaled his backup for the strength and independence of the Federal Reserve Bank.

Obama also signaled that the auto industry and business investments seem to be stabilizing, as conditions started to improve recently, and accordingly economic activity started to show signs of stability, especially over the past few months as several sectors started to show that the worst part of this recession is behind us.

Moreover, Obama signaled that the weak regulations and that the “lax of enforcement” caused great pain, as Wall Street used those loopholes and exploited them well under the name of profit maximization and getting the most benefits to shareholders, and accordingly Obama assured that the U.S. government will pass reforms that can help protect consumers.

Obama also signaled that the U.S. will continue to work on health reform in order to avoid another tragedy, while also signaling that he will continue to support clean energy research in order to reduce dependence on energy products, yet Obama still signaled Resistance from Wall Street over reforms, as those reforms are expected to lower profits and rather reduce shareholders’ wealth.

Meanwhile, Bernanke signaled in a short speech his gratitude for Obama’s nomination, and pledged to restore stability to markets and the economy, as Bernanke signaled that restoring stability is the main objective for the Feds, since he believes that this would be the first step towards recovery and economic growth.

Bernanke also signaled that the Feds have been forced to face rather challenging events over the past few years, yet judging from what we see now, we can say that the Feds have done a great job, and Bernanke assured that he will continue to work in order to achieve a solid foundation for economic growth.

Published on  Tue, Aug 25 2009, 13:56 GMT