Typically, the head of the Fed avoids TV interviews. But times are anything but typical times and Ben Bernanke has something he wants you to know.
In an effort to bridge the growing frustration over the financial crisis, Fed Chairman Ben Bernanke broke with tradition and sat down with the CBS show, 60 Minutes.
In case you missed it, Bernanke said there are three things he wants every American to know 1) the Fed will do everything possible to support the recovery 2) recovery won’t happen until the banks are stabilized and 3) Bernanke has every confidence the economy will recover and that the US will remain the most powerful and dynamic economy in the world.
He also made a different point -- and one that we found interesting at Fast Money. As Series Producer John Melloy first told you in his blog, Bernanke revealed what will be the first signs of recovery.
Bernanke said, "one sign would be that a large bank is successful in raising private equity. Right now, all the private money is sitting on the sidelines saying we don't know what these banks are worth. We don't know that they're stable' And they're not willing to put their money into the banks."
So who could be the first to raise private capital?
Jefferey Harte, managing director of equity at Sandler O'Neill speculates that it could be one of three banks. On Fast Money he says, "I think the key names to look at are Goldman Sachs , JP Morgan or Northern Trust. But don't expect anything to happen anytime soon. According to O'Neill it won’t happen until there’s a “reduction of government rhetoric.”
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Trader disclosure: On Mar. 16th, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (GE), (GS), (MS), (SDS), (MOS); Macke Is Short (BRK.b); Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Terranova Owns (KCE), (JPM), (X), (POT), (WYNN), (XBI), (HESS), (INTC), (BRCM), (DELL), (JOYG), (FXC), (EOG); Terranova Owns (IBM) & (IBM) Calls; Terranova Owns (DIS) & (DIS) Calls; Terranova Owns (COP) Calls; Terranova Owns (AMGN) & (AMGN) Puts; Terranova Owns MACI Oil Futures; Karabell Owns (BHP), (CSCO), (FCX), (FXI), (GOOG), (GLD), (GE), (JPM)
Sandler O'Neill Has Received Compensation From (BAC)
(BAC) Is A Client Of Sandler O'Neill
Sandler O'Neill Has Received Compensation From (C)
Sandler O'Neill Has Provided Investment Banking Services to (C)
Sandler O'Neill Has Received Compensation From (GS)
Sandler O'Neill Has Received Compensation From (JPM)
(JPM) Is A Client Of Sandler O'Neill
Sandler O'Neill Has Received Compensation From (MS)