Bernanke FOMC Press Conference - 22 June 2011

Fed Chairman Ben Bernanke gives insight on why the FOMC downgraded economic growth by half a percentage point and decided to hold rates steady.
Ben Bernanke :"good afternoon, welcome. in my opening remarks today, i'll briefly review today's policy decision and I'll place the decision in the context of our economic projections and our policy strategy. I'll then be glad to take your questions. throughout today's briefing my goal will be to reflect the consensus of the committee while taking note of the diversity of views as appropriate. of course, my remarks and interpretations are my own responsibility. as indicated in the policy statement released earlier this afternoon, the committee decided today to keep the target rating and the federal funds rate at zero to 0.25%. the committee continues to anticipate that economic conditions including low rates of resource utilization and the subdued outlook for inflation in the medium run are likely to warrant exceptionally low levels for the federal funds rate for an extended period. the committee plans purchases of $600 billion of longer-term treasury securities will be completed by the end of this month and the committee will continue to reinvest principal payments from a securities holdings going forward. in conjunction with today's meeting, the FOMC participants submitted projections for economic growth, the unemployment rate, and the inflation rate for the years 2011 to 2013 and over the longer run"

Matt Taibbi : Michele Bachmann's Holy War !

Matt Taibbi : Michele Bachmann is not stupid , she is crazy and she believes a lot of things that are completely nuts says Matt Taibbi , she doesn't really know a whole a lot of things she is very confused about a lot of things but she really knows how to do politics she is a relentless campaigner she is not like Sarah Palin she like the campaigning aspect of it and she is going to be a formidable opponent Matt Taibbi said

Marc Faber : Japanese Equities Inexpensive

Marc Faber : Yes I think that the Japanese equities Inexpensive but I do not think they'll run away right now , I think they'll move sidewards to down somewhat because of the correction I am expecting in global markets that probably has already begun but from a longer term perspective if you have to chose between say US equities emerging markets equities Japanese equities European equities I think that people should overweight Japanese equities " - in CNBC