SION *Diamond, Douglas and Philip H. Dybvig, "Bank Runs, Deposit Insurance, and Liquidity," Journal of Political Economy 91(3): 401-19, June 1983. *Bernanke, Ben, “Nonmonetary Effects of the Financial Crisis in the Propagation of the Great Depression,” American Economic Review 73 (June 1983): 257-76. Col

4/oz) UBS View (gold) Gold 6-month target: USD 1,875/oz ¢ So far we saw inflows into gold of around 4 million ounces via physically backed ETFs since Bernanke's speech at Jackson Hole. We expect this trend to continue and to lead to an undersupplied market, with financial demand also finding its way into go

he 7+ years of the Obama Administration. To be fair, the decline began when “W’” took office and accelerated greatly when Bush, aided by Geithner and Bernanke, bailed everyone out and spent huge sums of U.S. resources trying to stimulate the economy—all to no avail. To me, the circumstances today are almost

T Critics' Pick This movie has been designated a Critic's Pick by the film reviewers of The New York Times. Sony Pictures Classics Henry Paulson, Ben Bernanke and Timothy Geithner in the documentary "Inside Job." Who Maimed the Economy, and How By A. O. SCOTT "Inside Job," a sleek, briskly paced film whose

2010) NYT Critics' PickThis movie has been designated a Critic's Pick by the film reviewers of The New York Sony Pictures Classics Henry Paulson, Ben Bernanke and Timothy Geithner in the documentary "Inside Job." Who Maimed the Economy, and How "Inside Job, briskly paced film whose title suggests a heist mo

cessarily elevated. If lawmakers deem additional stimulus is warranted, the Journal suggests cutting the payroll tax would be a better alternative. Bernanke: Giving State Governments Aid Will Help Economic Recovery. In an op- ed for the New York Times (7/15, Bernanke, 18.61M), former Federal Reserve Chair

quire Merrill Lynch in a deal that cost taxpayers $20 billion. In a three-hour hearing of the House Oversight and Gov- ernment Reform Committee, Bernanke denied threaten- ing to oust Bank of America CEO Kenneth Lewis or the bank's board members if they abandoned the takeover after discovering spira

ully protect us. Current market sentiment strikes us as absurd and unsustainable. It appears to place an inordinate amount of faith in Fed Chairman Bernanke and ECB President Draghi. Yet history makes plain the folly of believing a single person or institution is omniscient about the economy or even that

on the lightest volume day of the year by far, SPA's are currently flat = 1864.30 last. "'House Price Index @ 9am, Existing Home Sales @ 10am*" ""Bernanke speaks @ 11:45am, China Flash PMI for April tonight" ***BK, CMCSA, HOG, IPG, ITW, MCD, OMC, RF, SPG, TRV, UTX, XRX pre-open"' n'AMGN, DFS, FTI, GI

prices Key Events on the Horizon August 21 — Fed Minutes from July30/31 FOMC meeting August 22-24 — Jackson Hole Annual Economic Policy Symposium (Bernanke not attending) September 5 — BOEJECB rate decisions September 7 — Australian election September 18 - FOMC rate decision September 22 — German ele

ires August 27-30 - Republican National Convention begins (Tampa, FL) August 31-Sep 1 - Fed's Annual Economic Policy Symposium in Jackson Hole, WY (Bernanke speaks Aug 31 @ 10am, Lagarde speaks Aug 31 @ 2:30pm, Draghi speaks Sep 1 @ 12:25pm) September 3-6 - Democrat National Convention (Charlotte, NC)

lete June 18/19 - G20 leaders meet in Los Cabos, Mexico June 20 - FOMC announcement (including individual economic and interest rate projections & Bernanke press conference) June 22 - Russell Rebalance June 28/29 - EU leaders summit Ike Groff 1680 Washington Blvd Stamford, CT 069011 e• mailto: (Desc

> Toyota Motor to hire 3-4K contract workers in mid-July to help it raise production - Nikkei Key Events This Week Wednesday: FOMC Rate Decision (Bernanke press conference), House Price Index, Wells Healthcare Conference (Boston), Earnings (FDX, KMX, BBBY, PAYX, RHT) Thursday: EU Leaders Summit (23rd-

t ) Jan 20 — MLK Day in the US (Markets Closed) Jan 15 — Brazilian rate decision Jan 21 — State of the Union Address Jan 29 — FOMC rate decision (Bernanke's last meeting, no press conference) Feb 7 — Debt ceiling deadline (Treasury can use extraordinary measures for — 1 month past this date) Feb 17 —

nline quarters (tomorrow we will get #'s from Assa Abloy, Kone, Sandvik, SSAB). While strong numbers out of Publicis has Media names acting better. Bernanke goes in front of the Senate today @ 10am. SPA's — flat = 1676.70 last. ***Jobless Claims @ 8:30am, Philly Fed & Leading Indicators @ 10aman ***BBT,

y to recent peaks above 2.9% — has been driven by market fears that the Fed will taper QE too soon and too fast, and by the uncertainty surrounding Bernanke's successor. So far, investors have been complacent about the risks posed by the looming budget fight. They believe that — as in the past — the fi

K, AMAT, ARUN, JCP, JWN, SINA) Friday: U. of Michigan Consumer Confidence, Leading Indicators, China April Property Prices, Earnings (BH) Saturday: Bernanke speech at Bard College at Simon's Rock Commencement "Economic Prospects for the Long Run" (11am), Final FB lock-up Key Events on the Horizon May26

JCP, JWN, SINA) EFTA00390485 Friday: U. of Michigan Consumer Confidence, Leading Indicators, China April Property Prices, Earnings (BH) Saturday: Bernanke speech at Bard College at Simon's Rock Commencement "Economic Prospects for the Long Run" (11am), Final FB lock-up Key Events on the Horizon May26

, Earnings (AES, APA, CVC, DF, PCP, WIN, XRAY, CFN, NVDA) EFTA00390878 Friday: Treasury Budget Statement, G8 Fin Min / central bank meeting (UK), Bernanke speaks at Chicago Fed conference, Earnings (BECN, TRLG, ADEP) Key Events on the Horizon May26/27 — Mayoral elections in 720 cities across Italy J

d the US wars in Afghanistan and Iraq. It had already reached current levels before the global financial crisis. Former Federal Reserve Chairman Ben Bernanke has named traumatic national shocks such as 9/11 along with political polarization and “shrill” political debates as possible culprits of the contrad