Why is Bernanke in Jackson, Wyoming (or is it Jackson Hole)?
I hear Jackson is lovely this time of year. Today, the small town near the Idaho border boasted a sunny 56° with humidity near 15%. In addition to pleasant weather, there’s much to see in this Rocky Mountain playground. Located near the National Elk refuge and just south of Grand Teton National Park, Jackson is famous for both the largest ball of barbed wire and the largest arches of shed elk antlers in the world. It’s a relaxing summer retreat if you happen upon this town, or the nearby valley called Jackson Hole. That may be why the Federal Reserve Bank of Kansas City holds its annual Economic Symposium in Jackson Hole, Wyoming. Away from the bustle of Kansas City, Jackson offers attendees a more-reflective environment than would be afforded in a larger city. Fed Chairman Ben Bernanke had his work cut out for him at the conference. Two banks with nearly $6 trillion exposure to mortgage problems are hovering near worthless. Fannie Mae and Freddie Mac stand in dire need for additional
