Fed Chairman Ben Bernanke's Home Victim of Same Economy

by Sarah Gilbert (RSS feed)
Mar 20th 2008 at 7:01PM

There's justice, and then there's poetic justice. Whether or not you blame Federal Reserve Chairman Ben Bernanke for the current woes of our financial system, it's good to know that he's not immune from the plummeting housing market. Not at all. The Fed chief has a four-bedroom townhouse in Washington, D.C.'s Capitol Hill area that he bought in May 2004 -- near the peak of the real estate market. He paid $839,000.

After enjoying a brief run-up in market value to over $1 million, the recession happened (and a little something with interest rates, remember that, Ben?) and now, according to estimates, the house is worth only... $840,000. Homes in Bernanke's neighborhood seem to have peaked in value in 2005, and have since fallen -- though only a few percentage points this year, down to a median of $545,000 from $550,000 in third quarter 2007.

Tags: ben bernanke, bernanke, capitol hill, recession, washington dc

Filed under: Estates

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Sigmund K. Mark Mar 20th 2008 4:06PM

Ben Bernanke, who ever elected him?
He spends our money like a drunken sailor; 200 Billion dollars last week, 75 Billion dollars next; the printing presses are running hot!
Since 1913, our dollar is now worth "4 cents"!
Is it about time to abolish the Federal Reserve?

Ryan Mar 21st 2008 2:09PM

He was appointed not elected retard!

User Mar 20th 2008 11:26PM

How can you blame Bernanke for that? He's the one FIXING the Economy. Of course since 1913 our dollar has depreciated! Let's get real! I suggest taking a course in Economics. Right now inflation is NOT the big problem.

BK Mar 21st 2008 3:53PM

Holding your fingers in your ears and yelling "LA LA LA LA LA LA LA!" while everyone was frantic about the US showing signs of recession is not fixing the economy. Or how about the value of the dollar tanking? Sorry, the Fed as it stands today is trying to balance too many aspects with too few variables with no oversight.

undrgrndgirl Mar 22nd 2008 2:29PM

yeah...he's FIXING the economy all right...

User Mar 22nd 2008 3:23PM

The Fed can't figure out what to do because they are unprepared for the global model of the new economy. They have to figure out what to do. That's why we just have to live with this. (The Feds are made up of some of the best economists in the world. It's hard to blame them if they don't know exactly the outcome of what they do.) If you're going to get angry at something get angry at the massive spending on the Iraq war and the massive lack of savings that Americans had that caused us to be peaked so shortly.

We really have to start saving when we peak and stop going into debt. Even when I drive into a city like East Palo Alto (very poor) I see many brand new S-Classes, 300's, and expensive rims... That is not right. Everyone in America wants to pretend like they're rich so they go into debt to do it. Then we fall into all sorts of economic challenges and the Fed gets blamed.

Sorry guys, but we really have to get together and learn how to spend our money properly. (As in... Not go into debt.) :) We really shouldn't use the Feds as scapegoats and realize the true problem: us.

jwer Mar 21st 2008 12:30PM

I'm not sure gaining "only $1000" on an $839K house constitutes a pitiable situation... doesn't really compare to the plight of homeowners who bought at the peak and have lost over half their home's value, now does it?

Robert Johnson Mar 24th 2008 9:29PM

I have a difficult time preaching to people about savings when they pay over half their income (Middle Class) to taxes that support everything from the corporations, i.e. Bear Sterns, countries, i.e. Iraq, Afganistan and Pakistan, job's programs for Mexico, the Caribbean, and the rest of latin america through massive immigration, and foreign corporations who prey on our citizens. It's laughable. We encourage illegal immigration because "those poor souls will do work that American's won't." Yep that's true. American's won't work for less than minimum wage, without medical benefits. Our immigrants will work for less, but with medical benefits. It's simply a form of corporate welfare to keep cost of labor down. We end up paying twice. Once for the welfare of the approximately 20% of Americans who are unemployed, underemployed, or who have dropped out of the labor department stats becuase they've been out of a job for too long. Test the logic on that one.

I also have a difficult time understanding the logic of a 200 B (only one instance) bail out of the Banks and Credit institutions with public money (see taxes) and allow them to tighten credit on refinanced homes, increase credit card debt through usury in outragious fees and 30% plus effecitive credit card rates. I guess there is no reciprocity or quid pro quo.

Let's face it. Our leadership has led our people into a defacto serfdom to the economic interests of the globalist companies. Capitalism is a free market system, not the gentlemen's club of insider deals that has been foisted upon us, paid for with the taxes of hard working people.

Alan Hills Mar 22nd 2008 2:43PM

The Bronx may have inexpensive houses but who would want to live there? Even if it was free!

jwer Mar 25th 2008 8:48AM

Who said anything about the Bronx? This is in Capitol Hill, in Washington, D.C.

Kris Mar 22nd 2008 2:55PM

To the imbecile who doesn't understand how the economy works: You can't "abolish" the Fed. If you do, we get a little something such as the Great Depression. The Fed and the Central banks regulate the economy so we never end up the same way we were in the late 1920's.

Marilyn Mar 22nd 2008 5:05PM

Who cares about his neighborhood?
Who cares about this article?

David Mar 22nd 2008 5:21PM

The Fed needs to go. It is run by private individuals and they control the country's money! This is wrong! Fractional lending needs to be banned as well. Check it out with this 3 1/2 hour video on google....How International Bankers Gained Control Of America.....

http://video.google.com/videoplay?docid=-515319560256183936

tim Mar 22nd 2008 9:01PM

Does anyone out there know that the Federal Reserve is not and never has been run by or paid for by the Federal Government. It is a privately owned entity that somehow has gotten the power to control the American economy. I believe it was started by several very wealthy bankers and we let them dictate what we pay in interest rates. The government also borrows money from them! It is time to abolish this monopoly on the American people! Did anyone notice how long it took for the potential collpse of a very large bank last week to be taken care of. Federal Government would be still trying to solve the problem in 2015.

blacklocus Mar 23rd 2008 6:06PM

The Central Banks of the world are propping up the rich friends in the financial markets with corporate welfare.

Bern Sterns should have been placed under trusteeship of the Treasury and liquidated over time. Why guarantee a $42 billion dollar free ride for JP Morgan Chase who will milk Bear sterns with huge administrative fees while slowly liquidating the portfolio.

The Fed reserve would be smarter to take over a lot of the sub primes are current appraised market value of properties and to finance for 5 years these mortgages to owners at 4%.

The banks have gotten cheap money from the Fed but are passing it on at 200 to 400% mark ups....very lucrative business.

The shaft going to the little guy and the taxpayer who guarantees the defaults.

justpicky Mar 29th 2008 8:59PM

I blame this on big businesses and President Bush , why because they are more worried about thereselves than the "average hard worker ".

C.E.O's can't wait to get there "million dollar bonuses "
bankurpt and the hell with everyone else .

Middle Class workers are those who's working the hardest
while everyone else sits on there asses and not do a thing .

If you NEVER been laid off , making ends meet , lucky to have food on your table , then you have no clue what hard times are ........

Saving money ?? What's that ??? Everything goes up in prices , except for your paycheck because C.E.O's are stealing from the hard workers .......

I don't have to explain to you , what the economy is doing , you hear that on the news .

Robert Johnson you're totally right .........
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

True Story ....My brother in law he been looking for a job for 1 1/2 yrs , not because he's lazy , this man works his butt off , he's far from ever being lazy ... He's the type of person who goes to work 45 min - hour early everyday , he's a workalcoholic , takes pride and devoted to the job he did have .

Everyday he would send resumes , make calls and took every step to found a job . Companies wouldn't call him back . He would call and continue sending resumes .

He's a robotic programmer , welds , he also can do electrical work . very smart person . His resume is much longer than what I just wrote . I have much appreication for those who work hard , take pride in there job .

Sad part I know many people who making every effort to found a job .........Companies are laying off , moving to foreign countries , and there needs to be something done with that ........ I'm tired of Illegal Mexicans stealing jobs in America .

I just came back from Washington DC yesterday , as I was on my way home , driving , I stopped to get gasoline , I looked over and seen .....3 men pickening across the street , so I ask a man , why are they over there pickening , he said because the company down the street , hiring Illegal Mexicans for cheaper labor .

I thought that's horrible because these men who was pickening , they're True Americans . Companies / Buisinesses shouldnt be able to hire Illegals . Where are the Immigration Officers ????

No Illegals should be able to live in USA .......Just that simple . Companies like this should be fined and the
government should do something about it . Senators , Congressmen , Reps and many others should stop this ................

United States Citizens are being Sold Out by our Companies ...........Boycott them all ............

TRue Americans will be second class citizens ........

The Grayheck Apr 3rd 2008 7:52PM

And now "The Donald" Trump has decided to chime in his opposition of the new Fed Chairman. Things aren't looking good for Ben...and according to some sources, he may be ready to throw in the towel:

http://www.socoolaz.com/article.cfm?articleID=30207