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20 Questions For Ben Bernanke
- Agency MBS
- Alan Greenspan
- Ben Bernanke
- Ben Bernanke
- China
- CPI
- Crude
- Equity Markets
- EuroDollar
- Federal Reserve
- Maiden Lane I
- Main Street
- Mark To Market
- Monetary Policy
- Monetization
- New York Fed
- notional value
- Open Market Operations
- Permanent Open Market Operations
- POMO
- Recession
- recovery
- San Francisco Fed
- Unemployment
A game of 20 questions with the Fed Chairman...
1. The rescue packages in 2008-2009 were all aimed at restoring CONFIDENCE to the financial system. Yet from 2001 to 2011 the DXY is down 41.5 and gold is up 473%. Does this not equate to a loss of confidence in the US monetary system? If not how would you explain this phenomena?
2. In March of 2009 you said the ONLY reason you care about Wall Street is because of the affect it has on Main Street. You wanted to become Fed Chairmen to make things better "for the average person". You have been Chairmen since 2006, do you believe you have accomplished your goal? And if so how?
3. In March of 2009 you stated that "many mistakes were made leading up to the crisis of 2008", chief amongst them was "enormous amounts of savings has flowed into the United States, and some other industrial countries. That savings has come from China and East Asia. It's come from oil producers. And it has-- and hundreds of billions of dollars, it has come into our financial system. And, you know, that would be great if we took that money and invested it wisely, and got a high return. But instead, our financial system-- didn't-- didn't do a good job" What has changed since you made that statement? Is money being invested wisely.....getting a high return?
4. You believe that confidence in the financial system, is one of the most if not the most important aspect in creating a lasting recovery. Yet 2 years after the recession ended and the banks have been stabilized, the recovery remains tenuous at best. Could this be because "average people" do not trust a regulatory system that did NOT hold banks and the people therein accountable for their bad/fraudulent behavior leading up to the financial crisis of 2008?
5. What do you consider to be the mandates of the Federal Reserve? Is the "wealth effect" not the 3rd mandate of the federal reserve?
6. You have stated that you believe high food and fuel prices to be transitory. Can you define transitory? And define what you believe to be a return to normalcy for food and fuel prices.
7. In March of 2009 you stated that for QE1 the Fed was printing money. However, you have stated that QE2 is not printing money. Can you define the difference?
8. The recession has been over for 2 years. Yet job gains have been anemic. Why do you think this is? And how long until Americans will see a more normalized unemployment rate?
9. The disclosed portfolio of Maiden Lane I assets includes various eurodollar and interest rate swaps indicative of hedging. Does the Federal Reserve hedge its broader $2.7 trillion SOMA Balance Sheet? And if so how? If not, why not?
10. Has the Federal Reserve ever invested in domestic or international equity markets? If so, which Wall Street broker does the Fed use to conduct equity market interventions?
11. In the June 2003 FOMC Transcript Vince Reinhart disclosed that the Fed had sold derivatives on instruments held by the Fed's balance sheet: "the Desk sold options on RPs for the weeks around the century date change that totaled nearly $0.5 trillion of notional value." Has the Fed since then engaged in selling of derivatives on RPs or any other Fed assets? If so, which Wall Street institution does the Fed use as a broker to transact through?
12. The president recently announced that he will pursue oil "speculators" blaming them for the nearly 50% jump in Crude. Yet a simple correlation shows that broad commodity indices correlate nearly 100% with the size of the Fed's assets. In light of this do you side with the president and blame speculators for the surge in energy prices, or believe this is some collusive cabal acting independent of the surge in free liquidity?
13. A quick look at your most recent balance sheet indicates that "Other Federal Reserve Assets" hit an all time high of $125.6 billion in the week ended April 20. Can you provide a break down of what these "assets" consist of?
14. A prevailing theme of over 80% of recent Permanent Open Market Operations has been the prompt refunding of Primary Dealer "On The Run" (just auctioned off) Treasurys back to the New York Fed, with the Fed purchasing up to over the old SOMA limit of any given CUSIP within a month of auction. Can you explain how this is substantially different from outright monetization of up to a third of any given issue? Can you also explain and quantify what the economic benefits to the Primary Dealers are from participating in such a process? Does the Fed keep track of how much in Mark To Market gains and losses are incurred by taxpayers as a result of the POMO reverse dutch auction? How much money have Primary Dealers made by "flipping" bonds from the Treasury back to the Fed?
15. At the time QE2 is over, the Fed's balance sheet will be just over $2.8 trillion. The DV01 on that amount of holdings will be about $1.5 billion, or in other words a 1% rise in interest rates will be three times greater than the Fed's total capital of $52.6 billion as of April 20. Does the Fed only have a capital buffer for a 33 bps rise in rates? What happens if rates increase by more? What is the basis by which the Fed's total capital account is calculated?
16. As a result of rising interest rates, the principal repayments of agency MBS and agency debt (the mandate of QE "Lite") have ground to a halt. In fact, in the most recent POMO schedule, the QE Lite component was a QE2 low $17 billion. If rates continue to rise (an indication of QE2's failure according to some) the QE Lite mandate will be rendered irrelevant. Does the Fed model for what interest level will end the process of principal repayments on its agency portfolio?
17. The Fed is expected to continue the QE2 Lite mandate of keeping the size of its balance sheet constant, which means rolling maturing Treasurys. As of April 20, the Fed held $119 billion in Treasurys maturing in under a year. Assuming the full amount is "rolled" this is roughly one fifth of the full amount of of Treasurys to be purchased under QE2. If so, will replacement Treasurys be purchased in the open market and what maturities will the Fed be focusing on?
18. Recently the San Francisco Fed compared QE 2 to 1961's Operation Twist whose purpose was to halt the exodus of gold as an interest rate arbitrage vehicle from the US to Europe. Is the Fed conserned that gold is once again being transferred offshore? Does the Fed have a "fair value" estimate for what the price of gold should be under the Fed's current view of the economy?
19. The Fed focuses on CPI to inform its decision about the prevailing rate of inflation in the US. In the US, food and energy components of CPI are deminimis, accounting for under 20% of the overall inflation gauge. Other countries, particularly China whose currency is pegged to the dollar, and whose monetary policy has a major impact on the US as well, have a CPI where food and energy account for nearly half the overall inflation metric. Is it this discrepancy that the Fed will attribute the paradox of China tightening rates (and having done so for nearly half a year now) while the US continues to rely on a ZIRP policy and is still loosening via daily POMO operations? At what point will the Fed consider this parallel tightening and loosening for the world's two largest economies, whose currencies are pegged, problematic?
20. In prior FOMC transcripts, Alan Greenspan indicated that gold had historically been used by the FOMC to gauge inflation expectations. Is it still used in that capacity, and if so what does it tell the Fed about where the market believes inflation is headed?
21. Bonus question: Per Frank-Dodd, the Fed is now regulator of all banks. Yet banks are still allowed to circumvent Mark To Market accounting. How comfortable is the Fed that the financial information provided it by the MTM-exempt institutions is credible, the institutions are actually risk-free, and that the Fed is conducting prudent monetary policy in the absence of real time financial data?
22. Bonus Bonus question: the Fed's primary market-valued liability: the USD has plunged to multi year lows. Yet the Fed's primary market-valued asset: Treasury bills continue to trade in a range and as recently as some months back traded at all multi year highs. To what do you attribute this fundamental mispricing?
h/t Lizzie363
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Is gold and silver price manipulation a mandate of the Fed or a hobby?
Question 23: QE2 permanent operations in nominal treasuries have focused on the 5 to 10 year part of the yield curve. QE2 permanent operations in TIPS have covered the entire yield curve. Since the Fed remits coupon interest but retains CPI principal adjustments on TIPS, is the Fed hedging the surprise future inflation it is creating (I use the term "hedging" as loosely as possible given how unique it is to "hedge" a risk the investor creates?
Question 24: We are informed that you sleep on a giant pile of fiat paper to fight the sleeplessness that results from middle-class genocide. Do you also burn this fiat paper for warmth which is perhaps why you have not noticed the effect of higher energy prices?
Intersting point about TIPS. Won't it all wash when the Fed remits any gains in principal to the Treasury?
At any rate, at <5% of total assets, it's hard to see TIPS holdings as an effective hedge.
The Fed keeps the inflation adjustment.
The contribution to return from a 5% weight in an asset class compounding at 1000% per year is... ummm... alot.
OK. Here's a stab at beknuklhedz best 20 answers:
Pass.
Mr. Bernanke - When you were growing up in Dillon , SC and working over at South of the Border, did you ever imagine you would play such a significant part in the destruction of western civilization?
How many gallons of botox do you use to stop your worried frowns showing?
Just go wash your hands 100 times, count your toothpicks, and you will feel better!
Oops! Misplaced post. See above reply to "TexDenim". My posting error will probably drive "Tex" over the edge.
Ultra Bonus Question: Since ownership of the Federal Reserve Corporation is held by each member financial institution in proportion to its capital, what is the value of each share given the Fed's monopoly power to create dollars from nothing and its open ended power to expand its balance sheet? Should the Federal Government ever seek to abolish the Federal Reserve Corporation, must it compensate the member banks for their loss, and if so, what would that be?
Good one!
And, if interest rates rise and the Fed goes broke on all those bonds they just bought, do they owe America?
Remember, at historically low yields, the UST bond losses the Fed holds will be huge. Time long passed to dump the Fed and tell them to piss off. We couldn't possibly be more corrupt (really) and worse than these unelected private leeches. We owe them nothing, they owe us everything.
Question 25: Is the contraction of South American rainforests and other examples of deforestation a threat to the Fed's ability to fight the continuing risk of deflation? Does the Fed have contingency plans for alternative sources of paper pulp like recycling the cardboard homes of the emprovrished who can no longer collect enough pocket change to afford to eat?
Question 25: Is the contraction of South American rainforests and other examples of deforestation a threat to the Fed's ability to fight the continuing risk of deflation? Does the Fed have contingency plans for alternative sources of paper pulp like recycling the cardboard homes of the empovrished who can no longer collect enough pocket change to afford to eat?
Question 26:
Any truth to the rumor that the unelected Federal Reserve will admit it is complicit in the chronically genocidal socialist/marxist economic schemes that steals from the middle class and the poor by financing the political lies and misallocating critical resources through the irresponsible printing of fiat?
Benzebub and the Federal Reserve coming out as a regular feature of the banker media machine is a first step in admission of failure of the USD fiat -- but part of the plan. As a regular ongoing feature, this means Bernanke and the Fed are going to be front and center when all hell breaks loose (it will) to take the blame.
They've already decided to scrap the USD. This will help the banksters by making the USD/Fed/Ben the face of failure to be scapegoated for what lies ahead. This will spare Obama, who will blame "greedy capitalism" for the collapse and allow him to side with the globalist IMF and portray themselves as White Knights for a new IMF currency regime.
Remember, Obama's only real proposed legislation as senator was to tax the USA $250 billion/year (2.5% of GDP/year) on behalf of the IMF via the UN (Global Poverty Act), ie, Obama was already running for UN Secretary General of the Universe before he was inaugurated Prez.
My friend takes graduate level economics class here at the University.
He told me tomorrow his class is watching the Bernank's live press conference.
His professor told them, "Class, you are witness history. This man will go down as the single greatest central banker than ever sat behind a major world power's balance-sheet- single handedly stopping a deflationary collapse (a certain long Depression) dead in its tracks"
Sad. I know. At least my friend has sanity (reads ZH!).
Is your friend just a friend or more... Makes a lot of difference when it comes to discussing life options and witnessing Cleopatra's needle deflate in DC, in-spite of Benny's frantic fore-play. Friends come in handy to celebrate the silver spike that follows such miss fired shenanigans. Banzai!
not more than a friend, he's my roommates boyfriend actually.
I know for a fact he did get into a debate about QE2 and Ben's monetization of the Federal Deficit.
The professor's argument was that it wasn't against the mandate of the FED- basically dishing out the 'full faith and credit' nonsense- and profits would be returned to the treasury,etc.
IMO, The academic egg heads minds will not change much like the media until the S & P 500 collapses 2/3 or the dollar becomes toliet paper.
...and the demand for butter and guns proves to be completely inelastic.
awww. Ask him to "try a little Hamlet in class." When i brought my skull into the classroom "there was an initial discomforture (sp?)" but then..."running and screaming....hellhounds and boiling rivers of BLOOD!" then I "brought out the bony finger of death"
You should print off the list of questions for the professor to answer.
Academics with no practical experience are the first critical component in the ponzi scheme. Turning opinion and conjecture into dogma is what has kept Keynsian economics alive this long.
Tenured professiors who teach at accredited univerisities have alot in common with appointed committe chariman of cartel orginization. They are rewarded for the status quo and have a controlled perspective on reality.
Is that University of Phoenix?
University of Illinois
23. Bonus Bonus Bonus Question:
Why not abolish the Fed and go over to Free Banking?
Click for an intro: http://www.ratiovincit.nl/FreeBanking.html
(Chorus chanting)...Lizzie!...Lizzie!...Lizzie!
Excellent rundown...this one will need to be addressed head on...
"4. You believe that confidence in the financial system, is one of the most if not the most important aspect in creating a lasting recovery. Yet 2 years after the recession ended and the banks have been stabilized, the recovery remains tenuous at best. Could this be because "average people" do not trust a regulatory system that did NOT hold banks and the people therein accountable for their bad/fraudulent behavior leading up to the financial crisis of 2008?"
It hasn't been done and it won't be done because it was all overseen by the overseers...everyone will need to come to grips with this simple fact.
The government and its assorted bureaucracies knew this was going on and did nothing to stop it...it, in fact, promoted it...and still does to this very day...just not in the area of real estate where the two (banks & government) combined to kill it.
And what it is, is taxpayer subsidization of any business...and it needs to stop before they kill again.
What is the effect of quantitative easing on the relative value of the dollar? A decrease in value/purchasing power, thank you for that answer, chairman Bernanke.
What effect has QE had on prices of assets? It has caused them to rise, thank you.
What was the Fed's purpose for raising asset prices? So that collateral would exceed it's corresponding debt for the benefit of the banks, thank you.
What is the effect on the consumer of decreasing the relative value of the dollar? Less buying power, thank you.
Is this decreased value of our dollar the same as inflation? No, you say because the CPI is not that bad and because with true inflation wages would be rising? Did I paraphrase your answer correctly, Cahirman?
Ok. So then since purchasing power of the American consumer is going down, and wages are not rising, would you then say that the effect of QE on the public is WORSE than inflation? (no response while chairman is getting an answer from his lawyers). 'if we save the banks, then this wealth will trickle down to the peasants..., I mean people, and so the temporary loss of buying power is what must be done.'
What similar sacrifice has been sought from Wall Street and bankers in order for them to contribute to the mess they made by overleveraging? 'i'm sorry, I don't understand the term overleveraging.'
Compared to Wall Street, how has main street fared since the inception of the dollar devaluation campaign? Consumer confidence is up, that is your answer?
So, by your campaign to devalue the dollar, which group, the banks or the American people, have been targeted to pay for this crisis? 'I don't think the American people know that their money is worth less. We are telling them to watch the stock market.'
And what is supporting the stock market? 'Free, no risk money to the primary dealers.'
And when this stops? 'wall street will make money on the way down, also.'
(the hearing is recessed because the chairman needs to check his stock and commodity portfolios).
Mr. Bernanke, considering the tremendously awful job you have done, would you consider stepping down in favor of Turd Ferguson becoming the next Fed Chairman?
I'd love to see the following question -
Donald Rumsfeld made the now-famous observation:
"[T]here are known knowns; there are things we know we know.
We also know there are known unknowns; that is to say we know there are some things we do not know. But there are also unknown unknowns – the ones we don't know we don't know."
We have been told that sophisticated models are used to assist in decision making when dealing with known knowns and known unknowns. How does the current FOMC account for the unknown unknowns when determining monetary policy? Also, can you provide an example of an unknown unknown? Thank you...
"...Does the Fed have a "fair value" estimate for what the price of gold should be under the Fed's current view of the economy?"
There are known knowns, known unknowns, unknown unknowns and a shitload of willful ignorance.
If there is one thing that Bernanke is NOT lacking it is hubris.
Hubris - a shitload of willful ignorance.
Terrific list. That's why I enjoy this site.
Will Steve Liesman (Lie's man) be under Bernake's desk during the interview/ as per ususal?
(You got a hair on your tooth, again, Steve....)
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?
Mr Bernanke..What color panties are you wearing?
I have 1 question for Ben - it negates all the others.
"WTF ARE YOU DOING YOU PENCIL DICK TURTLE HEADED FUCKWIT!"
I say - hang them all.
Outside of ipads, I see mostly unsustainable trends. Just an old ex-commodity guy.
The current political/economic thought processes are the most disturbing. Blaming the poor, the victims, for bad econ is potent fodder for adding in political collapse. The powers that be, have actually blamed the consumer for the collapse. And have developed a ploy to substitute a new demand curve, the Fed. World wide we print to buy.
Six Saudi get 95 million dollars a DAY. Two million foreigners are hired, while 200,000 Saudi youth are not. Local officials in China are outrageously getting rich. Banks worldwide are devouring savings into trading schemes. We invest by models that are have no real world relevancy but use past history to predict the future, a past history that will not in any way be the same as the future.
Our current solution is to inflate and concentrate. You might think you are winning. Sitting with a gun in your lap in the dark waiting for the neighbours to arrive.
In reference to Question 7, can somebody explain to me the process whereby QE2 is implemented. I've heard two theories, that firstly money is literally printed out of thin air or that money is transferred from the Fed balance sheet to the PD's reserve account at the Fed. If the second theory is true, I just can't get my head around it. The Fed doesn't have any money does it? They have toxic waste, and Treasury bills which are surely worthless, so are they inventing money based upon leveraging the debt they hold on the balance sheet?
I just don't understand how the Fed can print money out of thin air without actually having any tangible assets, can somebody please explain. Tyler?
Great list. I appreciate Ron Paul's heroic hard work over the years, but I'd want to hear most of these questions placed to the Fed before I donate more money to a Paul campaign.
If I were in charge of security for the press conference then it would be my prudent decision to make sure that nobody be allowed to wear shoes when entering the room.
God, I hope that someone throws a shoe tomorrow!
Nobody needs a PhD in economics to realize that the sudden rise in oil prices, including most other commodity prices, is largely due to the Fed's ongoing actions to hand out gigantic sacks of nearly interest-free cash to our TBTF banksters. So why is the White House and why is the mainstream press trying to mislead us into believing that the oil companies and the oil speculators are to blame for this?
All I can figure is that our bankster-owned White House and our bankster-owned press are still trying to hide that fact that our banksters are still too far into debt to function without taxpayer-backed handouts from the Fed. The oil speculators and the oil companies are merely symptoms of this disease created by Bennie and the Fed.
Oh but they're weird and they're wonderful
Oh Bennie, she's really keen
She's got electric boots
A mohair suit
You know I read it in a magazine
B-B-B-Bennie and the Jets
Bennie, Bennie and the Jets
Bennie, Bennie, Bennie, Bennie and the Jets
http://www.youtube.com/watch?v=q3Yvy7_-rHA&feature=related
TD, excellent questions.
Bonus Question:
Chairman, do you personally own gold? And why?
Yo, Benjamin, dude...now i'm not tryin' to be funny now with y'all but we all know it's all about da benjamin's...an' ur da biggest, baddest, benny o' dem all...
and with QE blah blah blah name your number...you're really startin' to lose all credibility...pretendin' dey ain't no 'flation when dey IS 'flation and its killin' us folks out here tryin' to keep food on da table ta feeds our kinfolk...
So i only got's but one question for ya, Ben.
i just heard fity cent is throwin' in da towel an changin' his name to dolla dolla bill...
you tol' him to do it, didn't ya?
My question is the following.
I have a shed filled with old items such as ZIP tennis shoes, old lawn mowers, rakes, hedge clippers, and some single 45 rpm tracs such as...
Terry Jacks Season in the Sun
Paper Lace, The Night Chicago Died
Hooked on a Feeling - not the bad original Mark James/BJ Thomas version (which I think was late 60s) but the worse "ooga chugga" version by Blue Swede
Captain and Tenille, Love Will Keep Us Together
Glen Campbell, Rhinestone Cowboy
The Carpenters, pretty much everything
Something Lighthouse, Love Grows Where My Rosemary Goes
Janis Ian, At Seventeen
Barry Manilow, pretty much everything
Maria Muldaur, Midnight at the Oasis
someone or other, Put your hand in the hand
Osmonds, pretty much everything, but Puppy Love for starters
So can I sell this to the Fed for like $1 Billion dollars? I will give the FED a certificate of receipt in exchange too. I mean Osmonds and ZIP tennis shoes are an extremely rare combination to come by these days and EBAY just is not pulling the money it should during these stiff economic times. I will even throw in Shaun bleeding Cassiday, for heaven's sake single. Should I just contract my local TBTF and open a loan for $1 billion.
"Chairman Bernanke, my question relates to Dr John Hussman's recent articles (i.e. http://www.hussmanfunds.com/wmc/wmc110425.htm plus embedded links) within which he demonstrates mathematically that for the Fed to raise short term rates to even a paltry 0.25% will require the *entire* reversal of QE2 if it is not to result in massive (~40%) inflation in due course. Given that the $600b created by The Fed during QE2 was used to buy US debt and has therefore been spent by the Government, who do you expect to stump up the required $600b to allow you to even begin to raise rates? What discount do you expect the Chinese to demand in order to clear this initial $600b off The Fed's balance sheet? What would the associated loss be and who would fund it? Or are you planning on stoking 40% inflation in the US within a few short months?"
Bonus Question:
Considering you have failed on both fronts of your dual mandate, (9% unemployment and 110 oil and record high food prices) when does patriotism kick in for you and you resign due to "illness?"
The Bernanke's answer:
"Why ask questions that have no answers?"
Bernanke's answer to all these questions:
"I guess I don't agree with the premise of your question."
Here's some more questions courtesy of Alephblog
http://alephblog.com/2011/04/20/sixteen-questions-for-dr-bernankes-press-conference/
Bernanke, how full of shit are you really?
Bernanke, how can you sleep at night?
Bernanke, what will be your last words when you are finally taken by an angry mob and just about to be hanged for your crimes?
#27: Truth or Dare?
The chance of any of these truthful questions coming to light are about 5%. You want honest answers Tyler, in this decade?
,
Question 21:
Isn't Brandi Glanville hotter than Leann Rimes? By a factor of 10 to the 100th power?
http://www.youtube.com/watch?v=6c_Ni13tyHs
some really good questions
none of them will be attracting any response
so i'll pop one in
the whole set up is FUBAR, when are you going to resign?
Mr. Bernanke, my old auntie is wondering if she is needed much longer as your 2% inflation “poster girl.” You see, she’s starting to feel like a pea on a hot shovel.
To adjust for the 2%, she’s put her car on blocks in the garage (the bus stop is only a mile away – but, hey, shoe leather is going up), and has rented out her home and rented a room from a truck driver. (Is that not solid proof that ZIRP is working for these old folk living on pensions?) Too bad that her electric heating blanket had to go, though. And that little bit of hamburger on Sundays is a real caloric heat booster for the old bod-dee-oh. And one meal out a week at McDonald’s is better than most people in this world have it (oh, don’t worry, Mr. Bernanke, Big Mac is right down the street from Auntie’s room).
Anyway, I guess the old relatives can handle her annual $4000 Medicare/Supplemental bill until, well, you know…
Auntie is sad about giving up her official position – or as Wodehouse would say, “as sore as a gum boil about her situation” - but it’s becoming a matter of survival, you see.
Thank you so much, Mr. Bernanke, for your kind attention in this matter.
Just a quick follow up that has to do with your auntie, JR:
Mr. Bernanke, does The Federal Reserve Bank and do you have the best interests of the American People at the center of your policies, and is there something concrete that assures them of this that you can identify or point to?
Are you aware of the basic economic premise that the more the U.S. Dollar falls against other currencies, the less purchasing power people like my elderly, living on a fixed income, auntie truly have?
Perfect! Lentils in a pot over the Hearth. Boiled in RAWLINGS /Mizuno (catchers mitt lacings)! The(left over) leather pads make great oven mitts! WELL done J.R.
Ben, are you married?
classic Zero Hedge awesome intellect on display. Clearly you have never been a journalist that dealt with government affairs because "this ain't brain surgery" we're talking but "a sucking chest wound" so "here is the SIMPLE question (with follow up!)": WHAT IS YOUR VIEW ON THE DOLLAR? and as a follow up "is the Daisy Duke rumor true?"
Bonus question: In your conference on 4th of April you mentioned pursueing FED's policies and decisions (derivatives & clearings) via "financial market utilities". Considering total failure of past SEC/FED contol mechanisms, could you please describe how you chose, operate and control these and provide list of those utility entities? How do you control international impact of policy consequences mentioned on 4th of APril?
Thank you
Mr. Bernank, is it not true that you are the bestest Fed Chairman ever to rule over monelitical politics and we owe all our prosperosity to you and the jeanyus jeenyus genius who appointelated you?
A secret admirator (heh heh, stop tickling me while I type, Cheney!)
ps. the arithmetic problum at the bottom had me stumped but I got Blankenfiend to answer for me (it took him six tries because he refused to give any negative numbers as answers).
How about this:
Fed Vicechaiman Yellen just stated last week that "a weak dollar is good for average Amercians", while Geithner just stated he never wants a weak dollar. Whom should we believe, and why?
Obama-Biden 2012. Campaign slogan. (Vote for the oxymorons)
Senor Bernanke, you are very sexy man. The beard, she is very sexy on your sexy face. Tell me, my sweet monetary monkey, how are you so very, very sexy? What, my leetle exotic economics cuddly toy, makes you so very sexy.
bonus question?
got gold?
Has Fed policy effectively lead to the recapitalization of banks from the loss of interest payments on traditional savings? Why hasn't this loss of interest income adversely affected Seniors as much as conventional wisdom would have previously indicated?
The Great Depression was a world wide event and the reserve currency was the British Pound, not the USD. Unemployment in the US didn't even peak until three years after the crash of 1929. The withdraw or lack of stimulus at that 3 year point is blamed for the continued demise. We are now approaching the 3 year mark and inflationary pressures are causing world-wide reduction of stimulus. How do we stand 3 years in comparison/contrast? Is it different this time? Is three years enough this time?
I have, I guess it's more of a series of statements for the chairman -- with a question at the end.
You have the right to remain silent. Anything you say or do can and will be held against you in a court of law. You have the right to speak to an attorney. If you cannot afford an attorney, one will be appointed for you. Do you understand these rights as they have been read to you?
( And ... Fed delenda est. )
One last question: What's with the cusip for the new 2-year?
912828QE3
Illuminati at work fucking wid ya all. Hey we are going this way boys - oh sorry we just wanted you to believe that - we are actually going the other way.
They are the masters of deception.
Chan was paid HK$7.5 million ($965,000), plus HK$868,000 in benefits, according to the HKMA’s annual report published today. Trichet earned 367,863 euros ($513,000), while Bernanke was paid $199,700. (Per Bloomberg)
Are you worth the $200,000/year?
Please state your personal investments.
Bernake's total package includes
Basically, he is even one notch above people with FU money ($10M+). He has FU POWER
So powerful that he has to hide his power from the masses. I'd rather be Bernanke than Obama (answers to uneducated populace ie. Tea Party) or Blankenfein (answers to trust fund baby stockholders)
How can you live with yourself?
I put together a video over the weekend entitled "Why We're Fucked" that kind of surveys the current situation...you can find it on my facebook page here
http://www.facebook.com/#!/pages/Sedona-Wealth/204201782925512
Seems to fit the theme around here so I thought I'd share...
Cheers.
Answers taken from the Politically Correct, Academic Windup Doll Code Book (basically a cut and paste blast from the past):
1) Sorry, I lost you, could you repeat that please? Yes, no, now I understand your question. Free markets are complex systems, and I'm sorry that an adequate answer to your question is not possible in this context. Contact me afterwards and I'll be happy to help you better understand the inter-workings of the free market system.
2) I think we are accomplishing our goal. You must keep in mind that this is a work in progress. One example of success is the fact that the credit markets are working again . . .
3) Money is obviously going where investors think it should go, and I guess I'd have to say that returns vary . . . that is if I had to answer you in a nut shell. Contact me afterwards and I'll be happy to help you better understand the inter-workings of the free market system along with that other guy from question 1.
4) I guess it depends on how you define average people. As I said earlier, this is a work in progress. We are doing our best and I think there are many examples of where we are being met with success. Nevertheless, there are no instant fixes. I'd be hard pressed to say that our judicial system doesn't hold people accountable. I'd be appalled to discover that it was anything other.
5) Absolutely not. We've clearly stated our dual mandates. Next? The gentleman in the back?
6) We think food and fuel are experiencing short term aberrations that will ultimately come back in line with long term historical trends.
7) Technically, we are not printing money. It's a subtle technical difference that is not always easy to appreciate. Contact me afterwards and we'll have a round table coffee with those other guys who also want to learn more about our financial system.
8) As I've said, this is a work in progress. There are many ways to measure success. Obviously you're correct in stating that in the employment area we still have more to go, but we're getting there.
9) No. We don't need to. (big, aggressive, self-satisfied smile)
10) That's something we don't talk about at this time.
11) That's something else we don't talk about at this time.
12) Collusive cabals? (nervous laughter in the gallery in response to that "ironic" reverb). Seriously, we try not to side with anyone . . . that's not our job.
13) That's something we don't talk about at this time.
14) I think there was more than one question there. (laughter in the gallery) Next?
15) Please, refrain from packaging multiple questions as one. In response to what I understand to be your primary concern as I interpret your various questions, I would just recommend that you rest assured that we have our balance sheet under control.
16) Our models suggest that your scenario is highly unlikely, but in any event, even if that were to come about, we do have a contingency plan in place. Sorry, no follow-ups.
17) That's something we are currently studying and that I'm not able to comment on at this time.
18) That's not a concern for us at this time. As for fair value, that's for buyers and sellers to decide. If you'd like to join us for our round table coffee afterwards . . .
19) That's something we're monitoring closely. I'm sorry that time constraints don't allow me to be more specific. Join us for coffee afterwards?
20) Oh my, I've just noticed the time. This has truly been a wonderful exchange we've had here today. Great questions. Great give-and-take. I think this has worked out great and I'm looking forward to our next gathering. Sorry about running over though. Oh, and for those of you who were going to contact me afterwards, I'm so sorry, but I've got to run. Maybe next time though, okay?
I have another one for you:
21) Okay, just one more… Oh, I answered that for someone earlier, for a Congressman I think. Answer still the same. Absolutely bizarre!
Grrreat post, Highrev.
We are approaching the 'default zone' on the Greek 10 yr, 16%
Last Update: 11:58 AM ET, Apr 26 2.846% VALUE: 15.327 Greece 10 Year(GGGB10YR:IND)http://www.youtube.com/watch?v=MZmnXIN_Rb4
I just thought of another -
If the Fukushima Nuclear Power Reactors were banks, how would you fix them, in the context of Keynesian...and now, Bernankean/Krugmanite...monetary & economic theory?
LOL...add more fuel (debt) rods.
21) Mr. Chairman, what is the recommended intake of Ipads per day?
Mr. Chairman, will there be any changes to the Gregorian Calendar?
Tomorrows headline after dead head fed goon speak. BRICS CRUSH DOLLAR. Won't play reserve currency fiat money game.
Dollars on a cliff and chicoms/china may choose to push it over that cliff tonight.
Mr. Bernanke,
Would you recommend that the average American buy housing/rents and other non-core items with greater frequency, and that they buy food, energy, medical care and other essentials with less frequency, to more closely achieve correlation to the official core inflation measure?
BEN'S ANSWER:
50% OF THE ANSWERS ARE IN THE QUESTIONS.
I CAN ONLY BE 50% RIGHT.
NEXT QUESTION.
Mr benron. Is the selction of the 21st century 3 stooges really you, sheithner, & lil samBO?
Slow news day? Market is going to the moon, what happend?
Hey where's all the Inflation? Bonds are RALLYING? Yields Falling. I brought a loaf of bread yesterday for 99 cents should feed us for a month.
The tipoff to a bond rally was El Arian at Pimp and co ( we are not buying us treasuires!) honest !
Hahaha, love the 20 questions-- I would love to ask the chair cocksucker himself with a rig setup to send electric shock or [insert medieval form of torture] for answers that were lies or flat out unsatisfactory.
Mr, Bernanke. Have you seen any of the Bear videos?
mit inflation come back, us mode
mit inflation come back, us mode
mit inflation come back, us mode
This is great. I'd love to hear what he said ;)
I think a lot of people here would like Reinhardt's Journal (www.enterprisecorruption.com); check it out if you have a few.
The pay site is well worth it, IMO, plus you get his history notes, which document enterprise corruption throughout the ages.
I find that all I need these days is: ZeroHedge.com, EnterpriseCorruption.com, & Bossip.com
Question 500...According to the Coinage act of 1792, the penalty for circulating money other then gold/silver would be death. Please explain to the audience why we shouldnt hang you, and hang you high.
and hang you now!
#28 - Where did you learn penmanship? I can barely read the question you've given me to ask.
Mr. Bernanke says:
"And the first question I will take is from Mr. Dumpty of Humpty Dumpty magazine. Yes, sir, what is your question?"
"Mr. Bernanke, when will all the kings' men and all the king's horses put me back together again?"
"Uh, well, ahem, next question is from Zero Hedge, er I mean, Highlights magazine..."
addendum to #2: do you regret limiting your anti-deflationary balance sheet expansion to simply adding liquidity to the system, or should the condition of such a move been as part of a comprehensive deleveraging work out for residential real estate markets?
addendum to #21: has the Fed done any form of stress test on the effects of interest rate changes on the $300 trillion interest rate swap market? if not, why not?
new #23: has the Fed engaged in soverign nation currency derivative transactions, including the $, directly through currency swap agreements or indirectly through an international intermediary (world bank, imf)?
Since the beginning of QE1 & QE2, what percentage of Bank profits can be accounted for by the Fed’s repurchasing freshly printed T-bills that were purchased at a discount from the US Treasury by the Banks?
and a follow on…
At this time, has the Fed successfully converted all the initial TARP bailout funds into T-bills?
The last question: IS THERE A DOCTOR IN THE ROOM???
"followed by a standing ovation."
Answers:
I guess I don't buy your premise.
I guess I don't buy your premise.
I guess I don't buy your premise.
I guess I don't buy your premise.
I guess I don't buy your premise.
I guess I don't buy your premise.
I guess I don't buy your premise.
I guess I don't buy your premise.
I guess I don't buy your premise.
I guess I don't buy your premise.
I guess I don't buy your premise.
I guess I don't buy your premise.
I guess I don't buy your premise.
I guess I don't buy your premise.
I guess I don't buy your premise.
I guess I don't buy your premise.
I guess I don't buy your premise.
I guess I don't buy your premise.
I guess I don't buy your premise.
I guess I don't buy your premise.
I guess I don't buy your premise.
revision to Question#1 (just to get it out there...)
is the fed in any way and in cahoots with the big banks behind the massive shorting going on in the mining shares in an attempt to control the price of the metals?
if so can i shave my wife's nether region in the same style of your beard?
i think my afternoon delights would become that much more satisfying.
Question 14 concerning the printing of money is the killer. Not even Bernocchio can slither around and explain that one unscathed. I think Bernocchio's nose will grow another 2 inches tomorrow.
Replacement question for question one: "We now understand that 220 million dollars was advanced to "The Housewives of Wall Street" for the purchase of student loans that are guaranteed by Taxpayers, which may yield 11 Million a year for the next 20 years or so...please sir, I'm not done...My question is: Sorry sir, you 'll have to keep your fucking mouth shut until I finish...ahemm...
When will this program be made available to all Americans and/or when will you release the names and locations of the people that are willing to accept blow jobs for the free money? "
How can you sleep at night knowing that your wreckless monetary policies have caused the deaths of thousands of the poorest people in the Middle East and North Africa?
Fuck you very much lying egghead Ivy League never had a real job or run a business before prick.
beck said today on his fox show that this is the first news conference for these sons of bitches in 97 years. he said he thought something wicked this way comes. i agree. why are these fucks coming up for air and why now? what the hell is going on?
Lung Fish can stay underground for 5 years! Any questions?
"Do you want the bandanna, or not"?
APMEX Now Out of Silver Eagles AND MAPLES, Until May 27th!
http://silverdoctors.blogspot.com/2011/04/apmex-now-sold-out-of-silver-e...
Who.. does.. number 2.... work for? Whoooo... does.... number 2..... wooooork for!?!
Ron Paul needs to read this thread and needs special legal counsel and e Federal Reserve expert if he is going to do a credible job.
Thieves should not be allowed to hold press conferences unless it is in conjunction with their arrest.
I think, to be fair,that the crowd should give the bearded liar a 30 second running head start.
In case you missed it, Tubo Timmy's joke of the day, and it's a rib tickler!
http://www.activistpost.com/2011/04/geithner-vows-to-defend-strong-us.html
ooh yay! Ron Paul for President, again, round 12. Haven't we had enough old, lame, out of touch politicians run again and again and lose? Ie... John McCain, Bob Dole, Bush 41 etc.. The Tea Party needs to become its own party seperate from the Republicans. The Republicans have been taken over by a bunch of blue blood country club fox hunt wine and cheese types. The only issue that really matters now is f-ing government spending which will never cease as long as we have the likes of John Boehner leading the charge. Not that he's not a good man, but he's just a poor communicator like most of the Republican leaders. Mitch McConnel, another poor speaker. John McCain ditto. REAGAN was the great communicator.
Question 1:
Cigarette or blindfold?
followup:
how about both?
Wodka, sprayed right through the nose.. fuck!
thanks for that.
Mr. B, empirical data suggests that when interest rates approach the zero bound, any increase in the money supply is completely offset by a drop in monetary velocity, resulting in no net improvement in economic growth. It would appear that this is happening today. Can you please comment on the relationship between money supply, monetary velocity, and the efficacy of quantitative easing programs as interest rates approach zero?
And a follow-up: may I see your birth certificate?
Here's a question:
Dr Burnedhankie,
Explain how quantitative easing isn't really just a clever ploy to strip value from honest men's work?
The best unasked question for Ben is:
"What bodiless entity (demon) rents your body for its war against humans?"
Follow up:
"Will you leave the darkness/possession and regain your humanity?"
Very few even know what these questions mean, much less want to face the answer. Alas, we live in ignorance and darkness.
Whether metaphorical or literal, good question.
Mitt Romney: "I'm Not Going To Focus On The Fed"
http://www.youtube.com/watch?v=l6JDooqBcjg
Right, Mitt. You'll do what you're told.
Dr Bernanke, are you surprised that you have not been attacked or beaten near your home, or anywhere in public for that matter? personally I would love to take a bat to your face considering what you have done with your insane monetary policies, but because I am a professional reporter I can't do that. But seriously, if I was you Dr Bernanke I would be taking JuJitsu classes or something because you will get a beating in public in the next 6 months! Thank you, that was my only question.
1 question & 1 question only: Bernanke, you effing clueless economic imbicile, you've gotten everything wrong, if anyone wants to know what is right they ask you and select what you don't. Do you want to resign today or tomorrow?
#21 What's your take on that hot new group the Silva Bitchez?
Nice!
DXY 73.52 after hours.
Do you read or are you being informed of the contents of (enter list of blogs).
jal
To the tune of the Vietnam protest chant "Hey hey L-B-J"
Hey Hey Ber-nan-kay
How many old folks did you kill today?
Great Questions I bet not one of them gets ask . The Fascist media outlet Bloomturd has been front running the press con. with a two minute spot:since Geithner announced a strong Dollar policy today then Bernanke doesn't have to answer any questions about inflation. Ben only has to defer to Geithners statement. They ran it twice in one hour .
http://theintelhub.com/2011/04/26/pregnant-teacher-harassed-by-tsa-on-ea...
Michael Chertoff, the former Homeland Security secretary whose consultancy, the Chertoff Group, counts OSI as a client.The original orders for body scanners were made in 2005, during the Bush administration when Chertoff was still head of Homeland Security.
When they hauled Louis VI to the guillotine and many others of the court as well, it turns out some of the most infamous profiteers at the expense of the people were overlooked. And now, they’re turning up as former officials of the U.S. government. Chertoff was one they overlooked.
Not only did Chertoff go off on a media tour promoting the use of these scanners without disclosing that he was getting paid by Rapiscan while with the Bush administration, but Rose Colombo now asks: “Which U.S. Constitutional law did Obama use to divert stimulus funds to Michael Chertoff, while he was an employee of the federal government under Obama’s administration, so Chertoff could fund his for-profit private corporation, Rapiscan?"
Not only is Chertoff profiting from TSA’s use of the body scanners but so is George Soros by the way of the company Rapiscan.
Mark Hemmingway of The Washington Examiner said last year that Soros owns 11,300 shares of the OSI Systems Inc., the company that owns Rapiscan.
All this manna flowing from Heaven for the chosen few just “to take a nude picture of you at the airport.”
Alan Grayson: "Which Foreigners Got the Fed's $500,000,000,000?" Bernanke: "I Don't Know."
https://www.youtube.com/watch?v=n0NYBTkE1yQ
Grayson's opponent's top financial support came from Securities & Investment industry.
Alan Grayson asked too many good questions.
Billionaire Wall Street Guru Flees The Coming Collapse
https://www.youtube.com/watch?v=FwGUTGCvz7I&feature=related
anyone care to ask the Bernank what his thoughts are "if he has any thoughts" how he plans to convince the american people that they need to turn over their estimated 10 to 15 billion stashed in 401-k and IRA accounts to the gooberment, in order to make the current era of "financial economic repression" seem more paletable?
Congrats: A good set of questions!
But really there is only one relevant question for Bernanke. What does he want for his last meal?
Royal Wedding Sick Bag
http://lydialeith.bigcartel.com/product/royal-wedding-sick-bags-blue
Excellent questions. Although even if presented with them the Bernank would blame anyone other than the Fed. I'll read the Cliff's Notes. I'm done with the blatant lies. Geithner defending a strong dollar the day before Ben's press conference? Blatant BS propaganda. What a fascinating yet fucked up time to be alive. I don't know whether to feel fortunate or miserable to be witnessing it first-hand.
My parting question for The Bernank -
Mr. Bernanke,
If there are a total of ten federal reserve notes in circulation, yet you authorize the printing of an additional ten federal reserve notes after the fact (by buying a $10 treasury note from the U.S.), what happens to the purchasing power of the original ten federal reserve notes, all things being equal?
http://www.readtheticker.com/Pages/Blog1.aspx?65tf=193_silver-at-the-hillary-step-of-a-massive-peak-2011-04
Silver ...time to