Bernanke's Palace in Wonderland.
Funny stuff from Santelli on news that Bernanke will not seek a 3rd term.
Here's the NYT story, including discussion of possible replacements. If Romney wins, it's either going to be Glenn Hubbard or William Dudley.
Snip from ZH:
"Federal Reserve Chairman Ben Bernanke has told close friends he probably will not stand for a third term at the central bank even if President Obama wins the election."
In other words: the republican Fed Chairman who mysteriously became a Democrat president's bestest friend (and has been publicly threatened by every other GOP candidate, including Romney, although that would be merely to replace him with Bill Dudley, not Glenn Hubbard) that $4 trillion that the Fed will have in assets at the time of Ben's departure, and $5 trillion at December 31, 2014, just became someone else's problem.
Good luck to that someone else unwinding a Fed balance sheet which as we explained previously, will at one point in the next 2 years hold well over half of the marketable US Treasury debt inventory.
Last week:
Rick Santelli: 'Fed Deals In Debt Like It's Cystal Meth'...