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Ben B at the Q&A
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All together now, with an endearing little quaver in our voices to show sympathy and support for our Dear Leader, " the slowdown is transitory...with possibly just a bit less momentum in the economy..."
Hey Brucy,
What would you say (feel free to be frank, I'm giving you a free punch to my shoulder) if I told you I recently purchased a book authored by Ben Bernanke????
I think he really failed to grasp how *caustic* his policies would be in a stratified society.
@3:20 the Chairman was asked "what will be the impact on the economy when QE2 ends?"
His response..."the end of the program is unlikely to have significant effects on financial markets or on the economy..."
If QE2 was insignificant, then why was it necessary????????????? Anyone??? Bueller????
and with a straight face he said it.........don't play poker with this man
The actions of the Fed will contribute to a strong dollar. hahahaha
The role of Mister Geppetto was played by Lloyd Blankfein.
?
My respect of IVY League schools dropped. Time to start shutting down the IVY League Schools, IRS, FED Reserve, and dissolve Congress. Useless ass holes running the USA.
"Hey! Hey, just grab a hold of something, bite your lip and give? it hell come on, we're gonna get through this!"
http://www.youtube.com/watch?v=J-YVt4gfquA&NR=1&feature=fvwp
Why was I waiting for the camera to pan and then see Dan Aykroyd sittng there in his conehead outfit?
Notice how often he talks about rising gas prices and the transitory effect in the medium term. In the long run we're all dead and oil will definitely be rising given emerging market growth rates. In the short run, we're all suffering from rising prices.
In the medium term, oil prices will no longer rise because in the medium term, we'll be in another recession ...
It's not what you do, it's also when you do it. Spec profits are here for the taking. At a certain point, both price and free money will not be aligned and then it's the roach motel ladies and gentlemen.
Yep. He knows. The writing was on the wall in Oct 2008. He just figured it out.
Phd spells Duh, Ben.
Hey it's only 'transitory', no need to worry ;)
In an economist-historian-warrior-philosopher's grand scope of history, a near quadruple in two years IS "transitory."
Nice touch on Liesman. Im sure he jizzed himself in that Q&A.
The Bernank even mentioned weather yesterday. And apparently oil price is due to geopolitics and global growth. What a joke.
Yes, global growth in stupidity. The WTF new normal.
And apparently oil price is due to geopolitics and global growth.
Misdirection mate. Monetary policy of the world's reserve currency IS geopolitics and global growth.
Global growth?
Like high unemployment in USA, Great Britain, Spain, Portugal, Greece, France, Italy, Middle East, troubles in Japan etc.
Luckily, almost all of them can come to Germany, because we have the greatest booming job market ever, according to some press reports, while at the same time they admitted some companies just invented jobs they didn't have to get a bonus from the government. At least, every German company is now celebrating the new German boom...
By "Global growth" Ben means that the earth size is increasing. It does so for several billion years. It's a mathematical certainty. I'm sorry to tell you, but Ben's right, there is global growth.
Isn't it amazing that the info dump that disclosed trillions "given" to foreign banks and corporations wasn't discussed?
No.
Don't think that even he believes himself.............
For you poker players out there, what is his tell? It seems like he's looking vacantly down to his right when he's saying things I don't think he believes "The policies we are undertaking... will lead to a strong and stable dollar". It looks like he's visualizing the words from a page he's read, perhaps because a rational mind would have a hard time coming up with such drival on the fly.
Detecting Deception by Jeff Nance. Everything you need to know is in that book. I will say though, that I'd /love/ to play a few hands for gold with the o'l Benocide.
That's right - and the quivering voice too (need to see whole Q&A for that). Anyone can see he's extremely nervous, and that he appears to be lying.
But lying about what? I was surprised that he didn't even try and talk up the dollar. IMO, he is planning hyperinflation, and he knows it's going to hurt a lot of people.
Side bar: Bernanke didn't appear to have practiced much for his Q&A. As an attorney, I've made witnesses practice in front of a video camera answering hard questions. Typically, a day of preparation is enough to make an average person feel confident. Here, Bernanke knew all the questions ahead of time, made a big to-do about the Q&A, and still sounded like a scared kid. Dear Lord, but we're in trouble. Long silver, here.
Vivat aurum.
Vivat argentum.
Constant doublespeak... he says contradictory things... how is he keeping inflation under control... who can listen to this garbage? Also he sounds very nervous... voice is trembling especially at the beginning... he also runs out of there very fast at the end.
He seems very scared to me... so much so I'm now quite worried.
I dont know if youve seen the 60 Minutes interview that he did a while ago, but if you think his voice was trembling in his Q and A then you have to watch the 60 Minutes interview.
To be honest there was a point at which his voice was trembling so badly that I thought he might have been on some drugs, and Im not embellishing it either.
I noticed that too. It seemed like his horns were shaking.
So, you would've expected a better performance by the high priest of the mighty 'Ollar. At least his nose didn't grow unexpectedly.
Key point at 3:35: "the amount of ... easing should remain constant from June."
Translation: I will burn the dollar to the ground.
Analysis: Interest from the Fed's massive treasury holdings is now so large that the Fed can keep "easing" as much as it wants.
It's good to be first in line at the printers as they spew worthless fiat
Yes, but when asked at 4:50 if he can afford to stop QE with unemployment still at 9%, the Chairman says, "...Why not do more (QE)?...The tradeoffs are getting less attractive at this point, inflation has gotten higher, inflation expectations are a bit higher, it's not clear that we can get substantial improvements in payrolls without some additional inflation risk."
Translation: I got no arrows left in my quiver.
P.S. this is also an admittion that QE does cause inflation (which he previously denied.)