The Chairman of the Board of Governors of the Federal Reserve System has been called the “Fed Chairman” and “Fed Chief.” The blog Zero Hedge on February 3, 2011 used “Chairsatan” (also lower-case “chairsatan") in its article, “Watch Chairsatan Bernank Lie To A Room Full Of Sycophant Journalists Live.” Zero Hedge said, “Sorry, we can’t take credit for ‘chairsatan’ - that one has Bill Gross written on it all the way...” A day before, Zero Hedge reported that investment fund PIMCO co-founder Bill Gross had accused Fed Chief Ben Bernanke of making a “devil’s bargain.”
Another nickname for the Chairman of the Federal Reserve is “Chaircreature.”
Wikipedia: Federal Reserve System
The Federal Reserve System (also known as the Federal Reserve, and informally as The Fed) is the central banking system of the United States. It was created in 1913 with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907. Over time, the roles and responsibilities of the Federal Reserve System have expanded and its structure has evolved. Events such as the Great Depression were major factors leading to changes in the system. Its duties today, according to official Federal Reserve documentation, are to conduct the nation’s monetary policy, supervise and regulate banking institutions, maintain the stability of the financial system and provide financial services to depository institutions, the U.S. government, and foreign official institutions.
The Federal Reserve System’s structure is composed of the presidentially appointed Board of Governors (or Federal Reserve Board), the Federal Open Market Committee (FOMC), twelve regional Federal Reserve Banks located in major cities throughout the nation, numerous other private U.S. member banks and various advisory councils. The FOMC is the committee responsible for setting monetary policy and consists of all seven members of the Board of Governors and the twelve regional bank presidents, though only five bank presidents vote at any given time. The responsibilities of the central bank are divided into several separate and independent parts, some private and some public. The result is a structure that is considered unique among central banks. It is also unusual in that an entity outside of the central bank, namely the United States Department of the Treasury, creates the currency used.
According to the Board of Governors, the Federal Reserve is independent within government in that “its decisions do not have to be ratified by the President or anyone else in the executive or legislative branch of government.” However, its authority is derived from the U.S. Congress and is subject to congressional oversight. Additionally, the members of the Board of Governors, including its chairman and vice-chairman, are chosen by the President and confirmed by Congress. The government also exercises some control over the Federal Reserve by appointing and setting the salaries of the system’s highest-level employees. Thus the Federal Reserve has both private and public aspects. The U.S. Government receives all of the system’s annual profits, after a statutory dividend of 6% on member banks’ capital investment is paid, and an account surplus is maintained. The Federal Reserve transferred a record amount of $45 billion to the U.S. Treasury in 2009.
Wikipedia: Chairman of the Federal Reserve
The Chairman of the Board of Governors of the Federal Reserve System is the head of the central banking system of the United States. Known colloquially as “Chairman of the Fed,” or in market circles “Fed Chairman” or “Fed Chief”. The Chairman is the “active executive officer” (see 12 U.S.C. § 242) of the Board of Governors of the Federal Reserve System.
Bill Gross Compares Ben Bernanke To Satan, Calls For A Bondholder-Citizen “Exorcizing” Comintern
Submitted by Tyler Durden on 02/02/2011 07:47 -0500
As if things couldn’t get any more surreal, in Bill Gross’ just released February letter, the PIMCO multi-billionaire compares Ben Bernanke and his policies to satan (A low or negative real interest rate for an “extended period of time” is the most devilish of all policy tools), and concludes with a very peculiar call for a ressurection of the comintern: “Bondholders may be presented with a devil’s bargain, but exorcists are coming to life. Bondholders and citizens of America unite! Mammon may be ascendant in this secular world, but there’s always space for heavenly intentions and their antidotes for policy haircuts. Practice “safe spread,” fear the devil, and avoid the barbershop.”
Bill Gross, PIMCO
Watch Chairsatan Bernank Lie To A Room Full Of Sycophant Journalists Live
Submitted by Tyler Durden on 02/03/2011 12:51 -0500
Sorry, we can’t take credit for “chairsatan” - that one has Bill Gross written on it all the way… What can we say: the man sure can be a genius, especially when he isn’t buying government subsidized BAB bonds.
Did Bernanke Just Admit That QE3 Is Coming?
Joe Weisenthal | Feb. 3, 2011, 2:10 PM
QEN on Feb 3, 2:29 PM said:
QEn will be stopped by population once all the damage is done it will be way too late, ask Chinese people paying 25% more for rice.
This will end in tears for the world, meanwhile Joe W celebrates the chairsatan.
New York City • Banking/Finance/Insurance • (0) Comments • Thursday, February 03, 2011 • Permalink