On Wednesday, April 28, Ben Bernanke will hold a press conference. This has never happened before. Journalists will be allowed to ask questions. It will be held at 2:15 in the afternoon, Eastern Daylight Time. The Bankrate site has set up a reminder program so that you won't miss it. It will be broadcast on their site.
We are beginning to see lists of questions that people would like to see asked. These tend to be hostile questions.
I have 16 questions. I hope at least one of them gets asked and answered.
Here is what the session will not be. It will not be open to all journalists.
Each journalist will not submit one 3x5 card with his question.
Bernanke will not shuffle the cards and answer them in order for the duration of the session.
When he submits to that sort of inquiry, I will be impressed. Not until then.
Here are my questions.
For two years, Bernanke spoke about a proposed exit strategy. The monetary base has soared. This is the FED's balance sheet. Nothing like this had ever taken place in the era of the FED, not even in World War II. The exit strategy is the FED's plan to reduce the monetary base. He never said what number is the goal.
Here is his testimony to the House Banking Committee in February 2010. It promised an exit strategy.