Bernanke Speech To Community Banks, From Afar
A speech is being delivered by Fed Chairman Ben Bernanke to community banks at the Independent Community Bankers of America National Convention and Techworld in Nashville, Tennessee. This was a pre-recorded speech and Bernanke is talking up the importance of…
This was a pre-recorded speech and Bernanke is talking up the importance of community banks. Bernanke noted, “Their close ties to local economies are, on balance, a source of strength, but a drawback of those ties is that the fortunes of communities and their banks tend to rise and fall together.”
There is some economic frustration as well, “Like larger banks, community banks are also being affected by the state of the national economy. Despite some recent signs of improvement, the recovery has been frustratingly slow, constraining opportunities for profitable lending.”
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Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.