Explaining Southern California's economy

Video: Kim Kardashian and Ben Bernanke discuss economics, not divorce

[Note: This is fully SFW, but there's no shortage of double entendre.] Kim Kardashian has been married to New Jersey Net Kris Humphries for a mere 3-months but will soon be married no more.

Luckily, she has a promising career ahead as an economist. So says Federal Reserve Chairman Ben Bernanke, in the above video. I make no claims for its accuracy, but Kardashian is probably what you would call a born capitalist, so why not? I hear there's an opening at the Kansas City Fed, and post-divorce, Kim may want a change of scenery. 

Make sure you stick around for the end, when Ben and Kim discuss quantitative easing and Chinese ownership of U.S. assets.

For what it's worth, I'm pretty sure all 217 views of this on YouTube originated at 20th and Constitution in our nation's capital.

Follow Matthew DeBord and the DeBord Report on Twitter.

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Federal Reserve plans to monitor blogs and social media. But will it actually read them?

The times, they are a-changin' at the stodgy old Federal Reserve. We used to think of it a financial temple from which a priestly caste of economic policy makers would periodically emerge to make oracular pronouncements of the sort depicted in the video of Fed chairman Alan Greenspan bantering with Ron Paul. Now the Fed plans to keep track of social media and the blogosphere to better understand how it's perceived.

This is from a really great Neal Ungerleider story at Fast Company:

[T]he Fed is now evaluating bids for a social media analysis system that will mine data from Facebook, Twitter, YouTube, blogs, and web forums--beginning in December. In order to "handle crisis situations" and "track reach and spread of […] messages and press releases," the project will also identify a number of what they call "key bloggers and influencers" to target with their outreach, and presumably monitoring, efforts.

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Reportings: Chairman Ben; the 99%; iPhone 5 pix; saved from foreclosure

Federal Reserve Chairman Ben Bernanke testifies before Congress this morning. No QE3 (yet) but…sympathy for the Occupy Wall Street protesters? Well, he does have that beard…: "'Like everyone else, I'm dissatisfied with what the economy's doing right now.' He says that protesters have merit in being angry over the economy and Washington." (Business Insider)

Ezra Klein on the humble goals of the 99% Occupy Wall Street protesters (and the Occupy LA protesters, too, by association): "There’s not a lot of evidence that these people want a class war, or even particularly punitive measures on the rich. The only thing that’s clear from their missives is that they want the economy to start working for them, too." (WonkBlog) 

The battle between buyers and sellers of Bank of America stock: "Investors fear that Bank of America might run short of capital because of large mortgage-related settlements it has struck with angry investors who bought securities backed by those problem loans." (AP)

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Let's rebrand 'Operation Twist'

So the Federal Reserve, to no one's surprise, is going to adjust its portfolio, selling short-term debt and buying long-term debt in a effort to drive interest rates down below the surface of the sea and involve mermaids in the magical business of monetary policy and the recovery of the U.S. economy. They're calling it "Operation Twist," after a similar maneuver that was last executed in 1961, back when Chubby Checker had the kids a-twistin' like Ben Bernanke after a barbecue lunch with Rick Perry in Lubbock. (MSNBC actually tracked down Chubby for his perspective, and he provided the in-fact quite good advice to just spend money). 

Even the Fed, it turns out, can't get enough of the 'Mad Men' era. What's next? Let's hope it's not "Operation Cuban Missile Crisis."

Operation Twist Again probably isn't going to perform miracles — economists figure it could add slightly to GDP growth and bring unemployment down marginally. But it's disappointing that our economy is in such a downer that our Central Bank has to set the Wayback Machine to the Kennedy Administration to come up with its voodoo — and that American culture has gotten so bad at generating cool new names for dances that the Fed has to reference a year when the Dow started at 610 and finished at 731. Not that we'll headed for those numbers again. But I'm just saying'…

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