Bernanke the businessman
Headline: The heroic American entrepreneur Ben Bernanke earns $75 Billion and donates all of it to the American Government.
To complete the picture, Daniel Gross could have mentioned that to earn this profit, Bernanke has (stolen from the American bank depositors) - crossed out - (printed) - crossed out - credited the Federal Reserve account with (2.3 Trillion - 0.8 Trillion = 1.5 Trillion) dollars. But that's extra information. Apparently, he figured his readers would just be happy to learn that Bernanke had a profitable year.
Anyone here in Caps ready to match or exceed this investment performance?
"The most profitable bank in the United States of America isn't Jamie Dimon's JP Morgan Chase or the rejuvenated Bank of America. In fact, it doesn't have any ATMs, and it pays out almost all its earnings to you and your neighbors.
It's the Federal Reserve, which is expected to post another year of record profits in 2010.
In recent years, America's central bank has come under criticism — much of it justified. Under former Fed Chairman Alan Greenspan and his successor, Ben Bernanke, the Fed slept through the housing/subprime bubble, did a poor job of regulating banks and failed to forecast the deepest recession in 80 years. Once the crisis hit, the Fed intervened in unprecedented and expensive ways that have weakened the dollar and punished savers with rock-bottom interest rates. Bernanke vastly increased the size of the Fed's balance sheet, which now stands at $2.3 trillion vs. about $800 billion before the crisis began.....The U.S. government's 2010 fiscal year closes on Thursday (fiscal years run from October to September). The books will close with the federal deficit at about $1.3 trillion. But without the Fed's earnings, which could approach $75 billion, the deficit picture would be noticeably worse."