The New York Times reports that former Federal Reserve Chair Ben Bernanke recently announced at a conference that he is unable to refinance the mortgage on his home, which is assessed at $815,000.
The Times speculates that he is unable to do refi because despite making a reported $250,000 for giving a speech, and signing a book deal, he has become a bigger credit risk, because he has ended a steady 11-year stint working for the federal government.
3 Things We Wonder If Ben Bernanke Is Wondering Now
1. “Why didn’t I lower interest rates to negative 815,000 percent? Then banks would have to give me my house for free, right? Oh, who am I kidding, I know a lot about economics and why that wouldn’t work. Time to give a speech explaining why! Who wants to hear it? Only $250,000 to hear my speech!”
2. “So I can give speeches every day for a week, and just buy the house after tax? That sounds like an interesting plan. Or, how about I give speeches every hour for a year, and just buy the bank that turned me down. Is that allowed?”
3. “Is this why a cast of Broadway kids is singing ‘Hard Knock Life’ on my lawn? Did JAY-Z just join them? Am I paying for that? If so, maybe I should reign in my expenses before applying for a future loan.”
Categories: Mildly Bad News