GO
Loading...

Obama ‘Essentially Fired’ Bernanke: Meyer

Tuesday, 18 Jun 2013 | 6:06 PM ET
Obama 'Essentially Fired' Bernanke: Meyer
Tuesday, 18 Jun 2013 | 5:30 PM ET
President Barack Obama "essentially fired" Fed Chairman Ben Bernanke in televised remarks this week, former Federal Reserve Governor Laurence Meyer says.

President Barack Obama "essentially fired" Fed Chairman Ben Bernanke in televised remarks this week, former Federal Reserve Governor Laurence Meyer said Tuesday.

"I almost fell off my chair when I heard the president's remarks last night," he said on CNBC's "Fast Money."

"He essentially fired Ben Bernanke on the spot and gave him a fairly tepid testimonial afterward. It's time to really now focus on who the next chairman might be."

In an interview with Charlie Rose that aired Monday, Obama said, "Well, I think Ben Bernanke's done an outstanding job. Ben Bernanke's a little bit like Bob Mueller, the head of the FBI, where he's already stayed a lot longer than he wanted or he was supposed to."

(Read More: 'Full-Speed Ahead' Before Fed Meeting)

Meyer, who is senior managing director and co-founder of Macroeconomic Advisers, said it has "never been more important to have continuity."

"The next chairman will have a very challenging situation," he added. "It's unclear what the president wants."

Meyer, who served as a governor of the Federal Reserve from 1996 to 2002, also acknowledged a bit of an overstatement on his part.

(Read More: What the Fed Is Likely to Do)

"There's always a bit of hyperbole when I talk, but the president said he stayed longer than he wanted to and was supposed to," he said. "What does that mean? I'm just befuddled."

Trader disclosure: On June 18, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Guy Adami is long C; Guy Adami is long GS; Guy Adami is long INTC; Guy Adami is long MSFT; Guy Adami is long AGU; Guy Adami is long NUE; Guy Adami is long BTU; Guy Adami's wife, Linda Snow, works at Merck; Brian Kelly is long US dollar; Brian Kelly is long Canadian dollar; Anthony Scaramucci is long AAPL; Anthony Scaramucci is long GS; Anthony Scaramucci is long WFC; Anthony Scaramucci is long MSFT; Anthony Scaramucci is long GOOG; Anthony Scaramucci is long INTC; Dan Nathan is short XLU June 38/36 put spread; Dan Nathan is long XLF short July 19 puts; Dan Nathan is long LULU July 65/70/75 call fly; Dan Nathan is long INTC long July 24 puts; Dan Nathan is long FB June/July 25 call spread;

Featured

Contact Fast Money

  • Showtimes

    Halftime Report - Weekdays 12p ET
    Fast Money - Weekdays 5p ET
  • Melissa Lee is the host of CNBC's “Fast Money” and “Options Action.”

  • Scott Wapner is host of the "Fast Money Halftime Report," which airs weekdays from 12 p.m. to 1 p.m. ET.

  • Guy Adami is a contributor on CNBC's "Fast Money." He also is managing director of stockMONSTER.com.

  • Najarian, the "Pit Boss," is cofounder of optionMONSTER.com, a news site for options traders.

  • Finerman is president of Metropolitan Capital Advisors, Inc., a company she co-founded.

  • Founder of EmergingMoney.com

  • Chief Market Strategist for Virtus Investment Partners & CNBC Contributor

Halftime Report