Speaking to reporters in the Rose Garden President George W. Bush, joined by the Chairmen of the Federal Reserve Board and the Securities and Exchange Commission Ben Bernanke and Chris Cox and the Secretary of Treasury Henry Paulson, speaks about government action in financial markets. Bush explains the current economic crisis and steps that the U.S. government is taking or plans to take to restore balance, liquidity, and investor confidence to the market. (9:04)

 

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Chairman of the Federal Reserve Ben Bernanke says that while our economy continues to slowly grow, private payroll employment declined this year falling at an average pace of 94,000 jobs per month through June. He also says the construction sector has been particularly hard hit. (:26)

 

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Chairman of the Federal Reserve Ben Bernanke says that while global demand for oil remains high and supply stays the same, Americans can expect tight oil conditions for years to come. (1:36)

 

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Ben Bernanke, Chairman of the Federal Reserve, testified before the House Financial
Services Committee on monetary policy and the state of the US economy. He stated that
despite rising oil and commodity prices and a mortgage crisis facing the United States,
our economy continues to grow, though at a subdued pace. These issues all require action from the US congress. (more…)

The Senate Banking, Housing and Urban Affairs Committee held a full committee hearing on the Federal Reserve’s semiannual monetary policy report to Congress. Sen. Chris Dodd (D-Conn.) presided over the hearing and said that in considering the state of the U.S. economy, it is important to distinguish between fear and facts. Dodd explained that in the country’s markets today, in particular during the turmoil of recent days, far too many actions are being driven by fear, and are ignoring crucial facts. This neglect of the facts, Dodd said, has caused Americans to experience unprecedented hardship and uncertainties, and now more than ever, they need to know when things will start to turn around and when the country will get back on track. (more…)

Federal Reserve Board Chairman Ben Bernanke says financial regulatory restructuring is not likely to happen in the short term, but is optimistic that the Reserve has enough tools now to address the current instabilities. (0:34)

 

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The House Financial Services Committee held a hearing on “Financial Market Regulatory Restructuring,” focusing on the risks large banking firms pose on the entire financial system. The Committee discussed what Congress could do to quell those risks and increase systemic strength, as the recent collapse of Bear Stearns stimulated fear of instability in the financial system. Chairman Barney Frank (D-Mass.), said there needs to be a regulatory authority of the financial system. He said he is optimistic of an international agreement to increase regulation. (more…)

Why did you bail out Bear Stearns? It was the resounding question heard over and over in the Senate Banking, Housing, and Urban Affairs Committee hearing on “Turmoil in U.S. Credit Markets: Examining the Recent Actions of Federal Financial Regulators.” Federal Reserve Chairman Ben Bernanke, SEC Chairman Christopher Cox, United States Treasury Under Secretary Robert Steel, and President of the Federal Reserve Bank of New York Timothy F. Geithner, all attempted to answer that question to Congress. (more…)

Chairman of the Federal Reserve System Board of Governors Ben Bernanke testified at the Joint Economic Committee Hearing on “The Economic Outlook,” saying clearly the U.S. economy is going through a very difficult period, but among the great strength of our economy is its ability to adapt. Much necessary economic adjustments has already taken place, he says, and he remains confident in our economy’s long-term prospects. (:25)

 

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Chairman of the Federal Reserve System Board of Governors Ben Bernanke testified at the Joint Economic Committee Hearing on “The Economic Outlook,” saying normally the market sorts out which companies survive and which fail. However, he says, our financial system is extremely complex and interconnected, and financial conditions are fragile, so the sudden failure of Bear Stearns likely “would have led to a chaotic unwinding of positions in those markets and could have severely shaken confidence.” (:30)

 

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