20 Questions For Ben Bernanke

Tyler Durden's picture




 
0
Your rating: None
 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 04/26/2011 - 07:17 | 1207106 hugovanderbubble
hugovanderbubble's picture

Spain is in default.

 

Europe is a maze.

Tue, 04/26/2011 - 08:13 | 1207221 Popo
Popo's picture

Bonus Bonus Bonus Question:   Which branch of government has the sole right to initiate spending?   Since you have been Chairman of the Federal Reserve, where has the majority of taxpayer supported spending originated?    What is your view of the constitutionality of the largest spending package in American history being initiated via the Treasury in conjunction with the Federal Reserve  (and not in the House of Representatives)?

Tue, 04/26/2011 - 08:52 | 1207316 Careless Whisper
Careless Whisper's picture

Bonus question: Mr. Bernank a recent study from Columbia University says it will take at least 18 minutes to stop inflation. Are you still sticking with your estimate of only 15 minutes?

 

Tue, 04/26/2011 - 10:08 | 1207557 66Sexy
66Sexy's picture

20 answers from Ben Bernake..

 

"I dont recall. I dont recall. I dont recall. Hmmm. I dont recall. I dont recall.I dont recall. I dont recall. I dont recall. Hmmm. I dont recall. I dont recall.I dont recall. I dont recall. I dont recall. Hmmm. I dont recall. I dont recall.I dont recall. I dont recall. I dont recall. Hmmm. I dont recall. I dont recall."

Tue, 04/26/2011 - 10:27 | 1207690 Dan The Man
Dan The Man's picture

 

fffuuuuunnnnnyyyy

Tue, 04/26/2011 - 11:38 | 1207970 JW n FL
JW n FL's picture

Boehner says “Lazy Un-Employed Scumbags are to Blame for the Recession” I am paraphrasing a lil. http://goo.gl/8ep0F

Boehner: "Can't pay your student loan? Face it your parents were lazy and you couldn't afford college. The world needs ditch diggers and you were born into a family of them. Can't pay your mortgage? Your house was too expensive and you couldn't afford it. Your taxes going up too much? That's what you get for electing a democrat president. Never had a job after you got a degree? You learned nothing in school and you're lazy. I didn't get to be a congressman by watching jersey shore or playing xbox. You think there's no jobs for you? There used to be. There was when I was your age. You don't have fee time because you have to work all days of the week for 16 hours a day and you don't get paid hourly? Thank the unions. They made decent jobs so out of price range of the average American company that they can't hire anymore people and the works' gotta get done. These unions... I tell you they won't be happy till no one in America has a job. And health care? Don't get me started on health care- doctors study their entire lives and they barely make enough to live and yet Obama, who had his entire life handed to him on a silver plate wants to cut their pay. You know that's gonna do? Increase costs- the average persons going to have to work even harder just to see a doctor. "

 

Taibbi: "With mounting unemployment what do you think is the possibility that we'll see an Egyptian style uprising of the youth? Should we be worried?"

Boehner: "It's not going to happen in the US. The kids here are too fat, too lazy, to addicted to TV, fast food, cheap credit, and facebook. I have news for you- there are plenty of jobs out there- the unemployed don't want them. Today's college student feels entitled to make at least $24 right after college. When they find out they can collect unemployment they would rather do that. You know the average college educated unemployed person is collecting $60k a year? The CATO institute did a study- and I mean, you and me we're hard workers we could just sit around and live, but these kids today- that's all they've been doing their entire lives. I'm not worried for this country- there are a few of them who actually want to work, take Mark Zucker(sic). You don't build a site like facebook out of thin air- it takes talent and hard work. I went to a community college and all I saw were people sitting in front of computers typing away, their eyes were fixed. Probably just facebooking away."

**************************************************************

 

Boner says that the young ones are to, too busy facebooking to care to participate in a "Day of Rage" here in the U.S.! I say Popiecock!

here is some food for thought..

Michigan, Police have been downloading info from cell phones during stops since 2006! http://goo.gl/qIM4I

Military Helicopter Exercise startles Miami residents http://goo.gl/itJiJ (YouTube Video) BlackHawks flying downtown Miami at Night. (why do they only practice with the BlackHawk Evac's from the Bank of America Building?

Is something happening soon that would require a full on evac from the B or A Building? seems fishy..

Tue, 04/26/2011 - 14:47 | 1208587 nope-1004
nope-1004's picture

I bought more physical silver today.  That's my answer to all 20 of these questions.

 

Tue, 04/26/2011 - 14:57 | 1208626 Blythes Master
Blythes Master's picture

.

 

THE bonus question:

I said this awhile ago, before TD praised some schlep for saying it on a conference call...

#1004246

"The only method of protest is to stop paying taxes and storm the Bastille, er Audit the Fed."

 

Finally, someone else said what I've been thinking all along.

 

To wit; If the Fraud, er Fed can monetize the debt away at will....then someone PLEASE explain to me why they have to confiscate our money through taxation?

 

A simply logical argument that when/if the masses put 2 and 2 together, the ponzi is over.

Tue, 04/26/2011 - 15:16 | 1208686 Ferrari
Ferrari's picture

Because the government has most of the cops and all of the prisons is why I pay my taxes.

Tue, 04/26/2011 - 17:17 | 1209200 Shocker
Shocker's picture

Heres a Question. We allowed all this stimulus and free money to be pumped into this economy, so why are so many companies laying off? You would think with all this basically free capital everything would be going crazy... umm guess not.

http://www.dailyjobcuts.com

 

 

Wed, 04/27/2011 - 01:34 | 1210303 The Navigator
The Navigator's picture

Because ALL of the bailout money went to the banking industry, and to no other industries. Free capital for the banksters, fee capital for everyone else.

Tue, 04/26/2011 - 21:17 | 1209818 myshadow
myshadow's picture

I'm not fan of the speaker, but this post is an april fool's joke.

Wed, 04/27/2011 - 03:21 | 1210377 AnAnonymous
AnAnonymous's picture

At least, this guy is not lazy at spouting cheap propaganda.

Zucker is a hard working US citizen who built up Facebook out of nothing and the unemployed are a lazy bunch spending all their time on Facebook. Laziness is a factor in the success of Facebook. What a tool. US miracle that people can spit cheap propaganda like that and still be publicized.

Tue, 04/26/2011 - 16:40 | 1209054 ZFiNX
ZFiNX's picture

a few broken fingers ought to loosen his tongue.

Tue, 04/26/2011 - 17:26 | 1209234 disabledvet
disabledvet's picture

no.  you'll need more than that.  of that i am certain.  you could "send in a woman."  look at what NBC did to Greenspan.

Tue, 04/26/2011 - 16:41 | 1209058 ZFiNX
ZFiNX's picture

I will remember to only click 'save' once from now on.

Tue, 04/26/2011 - 09:16 | 1207405 SuperRay
SuperRay's picture

Bonus bonus bonus bonus question:  Mr. Bernanke, are you really as big an asshole as you clearly appear to be, and do you have any idea what the real world even looks like?

Tue, 04/26/2011 - 09:40 | 1207495 cowdiddly
cowdiddly's picture

Bonus question #_. Since you have taken your station, I detect a hint of silver color in your beard. Since we cannot believe anything that comes directly from your mouth and your voice has been so, shall we say shaky of late, are we to look for facial expressions/features for hints on the direction of economic policy.Is this in any way attibutable to your subconcious views and are you using a Grecian formula to hide it.?

Tue, 04/26/2011 - 12:55 | 1208166 tawdzilla
tawdzilla's picture

Bonus question:

Ben, You may have been acting without consequences thus far, but the Karma Police will knocking at your door one day soon.  I'm not worried about you, your day of reckoning will come.  I'm worried about the future generations you have chosen to enslave through debt bondage.  Why have you found it necessary to line the pockets of a handful of pump n dump machinists, at the expense of the dollar and the republic? 

Follow up question: After you are done destroying the dollar and the republic, do you have any ideas on a replacement for either one?  Surely, you must have some chicken scratch on the back of a cocktail napkin stored in the top drawer of your desk (maybe next to the Braun beard trimmer with #3 attachment, your BSB engraved hand mirror, and your minty fresh breath spray.) 

P.S. I do have to give you credit for one thing...as sloppy and reckless as you are with the dollar, I would've guessed your beard would look tattered and disheveled by now.  To the contrary, you have preserved your beard in a tidy and well-kept manner.  If you treated the dollar with half as much respect as you treat your beard, we might have had a snowballs' chance in hell.              

Tue, 04/26/2011 - 14:09 | 1208441 chopper read
chopper read's picture

'P.S.'  ...too funny!  :)

Tue, 04/26/2011 - 14:09 | 1208453 dogismyth
dogismyth's picture

Question:  Now that you have gang-raped and ass fuc#ed most americans, will your wife still give you a blow job?

Tue, 04/26/2011 - 15:45 | 1208804 Montgomery Burns
Montgomery Burns's picture

Anyone who has to ask is obviously not married.

Tue, 04/26/2011 - 19:43 | 1209631 Ned Zeppelin
Ned Zeppelin's picture

Funny. True, and still funny.

Tue, 04/26/2011 - 22:46 | 1210046 I am Jobe
I am Jobe's picture

Loved your questioning. Keep it up. I think the ZH team needs to start the inquisition and make this live and watch Ben sweat like a pig. Hang the biatch and shut down the FED. Why not get Ron Paul to question this guy. TV is getting to boring these days and would love to watch Ron grill Ben all day. No fucking media allowed to question the Idiot Ben.

Tue, 04/26/2011 - 10:20 | 1207662 mendigo
mendigo's picture


my favorite, but I think he would argue that he did not actually "spend" the money

But hasn't the net affect of QE2 been to fund the federal spending - is it not irresponsible and dishonest to fund federal spending in this manner?

Tue, 04/26/2011 - 16:01 | 1208865 Henry Chinaski
Henry Chinaski's picture

Congratulations, Dr. Bernanke, on being honored as Time Magazine's 2009 Person of the Year.  Do you think you can follow up that great honor with a Nobel Prize like President Obama?

Tue, 04/26/2011 - 10:31 | 1207689 French Frog
French Frog's picture

Some wonderfully probing and precise questions in that list of 20 but somehow i would be amazed if any journalist(s) in the audience dare to be not only THAT bold to ask them but also SO bold to dare to refute any full-of-half-baked-truth answers by TheBernank.

Still, there's hope, is there?

Tue, 04/26/2011 - 10:54 | 1207807 HK
HK's picture

+100 French Frog, the MSM is soooo controlled that the press conference will be more like a tea party, anyone being obnoxious will not be invited back.  However, if you're looking for hope, we might want to forward the questions to Ron Paul for his next little chat with the Bernanke.

Tue, 04/26/2011 - 21:23 | 1209837 HK
HK's picture

I just took a nap and while sleeping, both Chevy Chase and Johnny Carson came to me in my dream and revealed how the Bernanke will answer those questions:

 

http://www.youtube.com/watch?v=iLsDvGlIDh0

 

http://www.youtube.com/watch?v=XnwyQFe3wRA

 

Tue, 04/26/2011 - 15:49 | 1208820 jal
jal's picture

BEN:

50% OF THE ANSWERS ARE IN THE QUESTIONS. 

I CAN ONLY BE 50% RIGHT.

NEXT QUESTION.

Tue, 04/26/2011 - 17:44 | 1209281 tellsometruth
tellsometruth's picture

I want to know this from Washington's Blog: http://georgewashington2.blogspot.com/

"Please list the banks and other entities and individuals which own the Federal Reserve, and their percentage of ownership"

 

    I also want to no what governments/nations/little corners of the world do not have a central bank...can anyone provide any information with good sources please?

 

 

 

 

Tue, 04/26/2011 - 19:06 | 1209536 RockyRacoon
RockyRacoon's picture

More fuel for the fire from By Richard Band at MartketWatch:

5 tough questions for Ben Bernanke

Here are some questions Fed Chairman Ben Bernanke should be forced to answer when he faces the press after Wednesday's meeting.
Read more: 5 tough questions for Ben Bernanke.


Tue, 04/26/2011 - 19:19 | 1209559 Cthonic
Cthonic's picture

What you're really asking is which countries aren't in the OECD.

 

http://www.oecd.org/document/1/0,2340,en_2649_201185_1889402_1_1_1_1,00....

Tue, 04/26/2011 - 09:22 | 1207389 TruthInSunshine
TruthInSunshine's picture

 

Here's are a few more questions I would suggest:

  • Mr. Bernanke, what is the historical normal rate of interest in the United States?
  • Mr. Bernanke, do you believe a low interest rate implemented for any significant period of time creates speculation, asset class bubbles, malinvestment, and other market disequilbriums? If no, why? If yes, could you please elaborate as to how this 'plays out?'
  • Mr. Bernanke, do you believe that the low interest rate policy implement by The Federal Reserve since 2008 has caused or contributed to, in whole or part, speculation, asset class bubbles, malinvestment, and other market disequilbriums? If no, why? If yes, could you please elaborate as to how this manifested itself?
  • Mr. Bernanke, do you see The Federal Reserve implementing policies that return interest rates in the United States to historically more normal interest rates? If so, when?
  • Mr. Bernanke, is there any risk that the types of assets now held on the balance sheet of The Federal Reserve could fall in value in any significant way that would cause the Federal Reserve to either have to borrow money, raise more capital in another manner, require U.S. taxpayer assistance, or not be able to otherwise meet its financial obligations?
  • Mr. Bernanke, you had previously told Congress that the Federal Reserve would "not monetize the federal deficit," yet The Federal Reserve has been and is still buying 50 billion worth of treasury notes per month, which constitutes 70% of all treasury note issuances. How is this "not monetizing at least 70% of U.S. government deficit spending?"
  • Mr. Bernanke, you had said that The Federal Reserve was printing money back in 2009 in several interviews, including one on '60 Minutes.' However you now say that The Federal Reserve "is not printing money," and in fact, you said that in another '60 Minutes' interview this year. I have brought those two interviews with me and can play them for you and everyone here if you'd like to see them; it won't take more than a minute or so to watch the relevant parts of your statements then and now. How do you reconcile these two contradictory statements?
  • Mr. Bernanke, you and other members of The Federal Reserve have stated that your policy of Quantitative Easing has contributed significantly to global inflation, including inflation in commodities, such as those related to energy and food. Many notable economists, such as Jim Grant and Laurence Kotlikoff, disagree with that assessment, and in fact, they claim there is data available which shows a direct and highly proportional relationship between Quantitative Easing and a rise in commodity, food and energy prices. Are you correct and are they wrong? If so, what data can you provide that supports your position?
  • Mr. Bernanke, The Federal Reserve has supported policies that allow banks to essentially pay savers little to no interest, and interest that is far less than even The Federal Reserve's own official rate of inflation. Does this policy punish savers and the fiscally responsible American Savers, does it subsidize large financial institutions, including what many have deemed 'Too Big To Fail Banks,' and is this a healthy policy to maintain in lieu of America's large deficits and large national debt? As a follow up, shouldn't prudent monetary policy essentially do the opposite of this policy, by encouraging and rewarding savings, and discouraging and penalizing speculation?
  • Mr. Bernanke, does or has the Federal Reserve ever directly or indirectly purchased equities, equity futures or options on equities - or any other intruments bearing on or related to equities? If so, which broker-dealer has the Federal Reserve used to purchase such equities, equity futures or equity-related instruments?
  • Mr. Bernanke, has The Federal Reserve ever intervened in dealing between The Treasury Department and market participants, including but not limited to negotiations between The Treasury Department and AIG and its counter-parties, and has The Federal Reserve advised The Treasury Department as to what course of action to take with respect to the rate or amount of monies counter-parties to AIG or any other financial actor would or should receive via taxpayer-backed 'bailouts?'
  • Mr. Bernanke, there are several alternative metrics that have developed by academic sources that show inflation running at a much higher 'core rate' than what The Federal Reserve has proclaimed to be the case, and this would include a project known as "a billion price points" by the Massachussets Institute of Technology. Is it possible or even likely that The Federal Reserve understates core inflation, either because its methodology is flawed, or for any other reason?
  • Mr. Bernanke, does The Federal Reserve have the intent to preserve the U.S. dollar as the world's reserve currency now and in the future? If yes, what measures are you taking and will you take to see this polocy objective achieved? If your answer is no, please elaborate on what the intent is?
  • Mr. Bernanke, does The Federal Reserve have the intent to strengthen the U.S. dollar? If yes, what measures are you taking and will you take to see this polocy objective achieved? If your answer is no, please elaborate on what the intent is?
  • Mr. Bernanke, should any financial institution or bank be allowed to get to a position where it alone or in conjuction with other entities represents a systemic threat to the U.S. or global financial system? Are there any such entities that exist today? If so, can you name them? If you can't name them, why can't you name them? If your answer is no, what did you do and what are you doing now to ensure that no such entities exist?
Tue, 04/26/2011 - 10:02 | 1207598 traderjoe
traderjoe's picture

I got one: why does a sovereign country borrow it's own currency at interest from private corporations?

Please detail the shareholdings and dividend payments of the Fed.

Tue, 04/26/2011 - 10:13 | 1207641 TruthInSunshine
TruthInSunshine's picture

That's a fantastic question, actually.

The reporter who would ask it on live television would die in a tragic accident soon thereafter.

Tue, 04/26/2011 - 16:32 | 1209025 RighteousRampage
RighteousRampage's picture

As unpalatable as it may be to pay interest to the Fed, I wouldn't exactly trust our elected politicians (or their UST appointees) to directly manage a theoretically unconstrained fiat money supply.  Overall credibility would be lower in such an environment, and both interest and inflation rates substantially higher.  Besides, this way, the Fed can take the fall if things get really ugly (wouldn't be the first time) and the US Gov. will live on.  

 

I'm not defending the actions of the Fed, just pointing out that the construct has merits as well. 

 

-RR

Tue, 04/26/2011 - 17:34 | 1209250 disabledvet
disabledvet's picture

indeed.  "God forbid if they were to monetize the debt or something!"

Tue, 04/26/2011 - 18:06 | 1209369 traderjoe
traderjoe's picture

Bullshit. The real juice isn't with the Fed, it's with fractional reserve lending - whereby private banks create money out of thin air and then lend it at interest for infinite gross margins. Especially lending to the sovereign? It's a fucking bonanza. Read Modern Monetary Mechanics (Chicago Fed) and the Credit River case. 

I'd like to see some citations about inflation and interest rates being higher. Bullshit. Our country experienced less inflation and even deflation before the Fed. 

http://ftalphaville.ft.com/blog/2010/10/06/362731/deflationary-periods-i...

Deflation benefits savers and the average citizen. And you really think there actually exists some theoretical restraints on the money supply after 3 quantitative easings? 

FAIL!

 

Tue, 04/26/2011 - 19:12 | 1209547 RighteousRampage
RighteousRampage's picture

I agree that some of the issue here reside in the dynamic created by fractional reserve lending.

 

Again, however, the alternative to such a system would be dramatically lower real growth (and thus lower living standards).  Monetary base creation through fractional reserve lending at least attempts (albeit not always successfully) to distribute funds to productive endeavors that have a chance of payback.  A hard money/commodity backed (i.e. gold) and/or non-fractional reserve banking system would be fundamentally limited and less flexible when it comes to monetary policy and international commerce.  One might argue that these constraints are healthy, but that is a different debate (and one that is likely worthwhile).

 

If everyone were determined to sacrifice a bit for the future, and played by the rules, you are correct that inflation and interest rates would not necessarily be higher, but real growth and international influence would be significantly curtailed, in my opinion.  

 

The problem ("as you so adequately put"), is choice.  And it seems that humans have a difficult time seeing through the now to choose the future.  

 

 

Tue, 04/26/2011 - 19:29 | 1209584 RighteousRampage
RighteousRampage's picture

To make my prior point a bit more lucid.  Most alternatives to the current system would require a nation to live within its means, which is great if everyone else did the same.  At the heart of the issue is power (and trust).  There are secondary order benefits to accelerating the velocity of money and commerce, which is effectively accomplished by the flawed system currently in place - it also allows for a projection of greater military and cultural influence than could otherwise be possible.  Would you accept a world in which the U.S. was a second rate power because other nations chose to cheat by borrowing from the future and we did not?

 

 

 

 

Tue, 04/26/2011 - 19:38 | 1209619 traderjoe
traderjoe's picture

To your last question - YES! F#ck the empire building.

Tue, 04/26/2011 - 19:42 | 1209627 RighteousRampage
RighteousRampage's picture

I would agree, so long as it meant we not subject to another's empire.  

Tue, 04/26/2011 - 19:33 | 1209596 traderjoe
traderjoe's picture

First, happy ZH anniversary.

IMHO, the key failing of economics is a belief that infinite growth is possible in a finite world. Second, that growth of GDP becomes THE measure of progress. That a 19" TV is growth over a 17" TV. But it ignores the impacts of debt, the increased skimming by the FIRE sector, etc. I wasn't around, but in the '50s/60's most families got by with one income and now two are required. Are we really better off?

Tue, 04/26/2011 - 19:43 | 1209624 RighteousRampage
RighteousRampage's picture

Thank you, TJ.

 

Just a quick counterpoint.  If you wanted to accept a standard of living of a 50's/60's family in today's world, you'd probably do fine on one income.  

 

Economically speaking, the crux of the issue is how to get the most production out of the people and leverage the national resources to maximum utility.  The downfall, in my opinion, is that it is human nature (augmented by societal prodding) to judge happiness relative to one's neighbors, which is why we all appear to be double-timing our way up a stairmaster.  

Tue, 04/26/2011 - 19:33 | 1209592 RighteousRampage
RighteousRampage's picture

Final point.  Deflation benefits savers, but discourages commerce and decreases monetary velocity.  Less transactions, less trust, lower overall standard of living, but probably more equitable (the flip side is that increasing monetary velocity encourages skimming and accelerates the transfer of wealth to those in closest proximity to the monetary great attractors - govt's, banks, etc.) 

Tue, 04/26/2011 - 19:50 | 1209653 Ned Zeppelin
Ned Zeppelin's picture

I've thought and written about the supposed logic behind the Federal Reserve, as being structured to be "above the political system" and therefore not as susceptible to temptations to manipulate monetary policy for the gain, I guess, of the majority.  Once you make that evil less likely, someone forgot that by lofting the institution beyond electoral control, they left open the barn door to the minority predator-owners of the Fed who have not hesitated to manipulate the system for their own gain.

So pick your poison, but I know the right answer is to end the Fed and change our monetary system to avoid problems created by both sides.

Tue, 04/26/2011 - 18:03 | 1209349 4horse
4horse's picture

. . . why does a sovereign country borrow it's own currency at interest from private corporations?

 

the only one

Tue, 04/26/2011 - 10:10 | 1207623 oogs66
oogs66's picture

no chance these questions are asked - they should be, but won't be

Tue, 04/26/2011 - 11:24 | 1207908 TruthInSunshine
TruthInSunshine's picture

Agree.

Do NOT follow this link or you will be banned from the site!