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Ben Bernanke Testimony And Economic Outlook Live And Commercial Free
Click here for a webcast of the Joint Economic Committee's Q&A with Ben Bernanke live and commercial free. Note - there is no mention of "extended period" in Bernanke's prepared remarks. Watch for a discussion of just that, as well as questions on asset sales, debt levels, GSEs, inflation, and, of course, when interest rates will be raised. Full Bernanke testimony in which he sees a "moderate recovery."
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He will probably change his strategy. He's probably going to be more mealy-mouthed like his predecessor Greenspan so we wont know what he is talking about and we will be left scratching our heads after his testimony.
I understand him more when I put the TV on mute.
Hey, now theres an Idea!
Leave the Testimony, take the points...lol spoken like a true Godfather! Long live the ganstars!
The man that didn't see any bubbles, still can't see any bubbles, can 'see' a moderate recovery? The laugh of the century!
has anyone seen this site where you can 'donate' to the Treasury to get the US National Debt down?? are they serious?? or is this old hat now? https://www.pay.gov/paygov/forms/formInstance.html?nc=1270815460952&agencyFormId=23779454&userFormSearch=https://www.pay.gov/paygov/agencySearchForms.html%3FshowingDetails%3Dtrue%26showingAll%3Dfalse%26entryDN%3Dou%253DFA_Department%2Bof%2Bthe%2BTreasury%252Cou%253DFA_Executive%2BBranch%252Cou%253DFederal%2BAgency%252Cou%253DTreasury%2BWeb%2BApplication%2BInfrastructure%252Cou%253DFiscal%2BService%252Cou%253DDepartment%2Bof%2Bthe%2BTreasury%252Co%253DU.S.%2BGovernment%252Cc%253DUS%26agencyDN%3Dou%253DFA_Bureau%2Bof%2Bthe%2BPublic%2BDebt%252Cou%253DFA_Department%2Bof%2Bthe%2BTreasury%252Cou%253DFA_Executive%2BBranch%252Cou%253DFederal%2BAgency%252Cou%253DTreasury%2BWeb%2BApplication%2BInfrastructure%252Cou%253DFiscal%2BService%252Cou%253DDepartment%2Bof%2Bthe%2BTreasury%252Co%253DU.S.%2BGovernment%252Cc%253DUS%26alphabet%3DT%26ascending%3Dtrue%26sortProperty%3DagencyFormName%26pageOffset%3D0%26totalResults%3D1%26nc%3D1270815456914
30 and 10 year bond down, dollar down.
The slow and inevitable decline will soon accelerate.
10:32a Bernanke: No obvious imbalances in markets
lmao
AKA BENRON Bernanke
AKA Ben "Bend-over" Bernanke
AKA Ben Patron Saint of Moral Hazard ®
AKA Dr. Strangemath Bernanke
AKA Ben "Chopper Pilot" Bernanke
AKA “Person of the Year” (best after Hittler)
AKA Helicopter Ben
AKA Ben "Party Boy" Bernanke
AKA Big B
AKA Ben the "Bubble Blower Boy"
For DESTROYING World's wealth.
Great Moments in Federal Reserve History:
"As a central bank of issue, the Federal Reserve System has behind it all the enormous wealth of the American people. When it began operations in 1913, it created a serious threat to the central banks of the impoverished countries of Europe. Because it represented this great wealth, it attracted far more gold than was desirable in the 1920s, and it was apparent that soon all of the world's gold would be piled up in this country. This would make the gold standard a joke in Europe, because they would have no gold over there to back their issue of money and credit. It was the Federal Reserve's avowed aim in 1927, after the secret meeting with the heads of the foreign central banks, to get large quantities of that gold sent back to Europe, and its methods of doing so, the low interest rate and heavy purchases of Government securities, which created vast sums of new money, intensified the stock market speculation and made the stock market crash and resultant depression a national disaster."
http://www.the7thfire.com/Politics%20and%20History/Secrets_of_the_Federa...
"We will not monetize the debt"
WTF???!!!
Thank you Mr. Paul for pointing out that Ben just lied to us a few minutes ago...
Well, technically, sure. BB did admit that the little debit item called quantitative easing to the tune of $1.5 trillion was monetization. If you want to get picky...
You know that; Mr. Paul knows that; Ben knows that. Joe Public is still totally oblivious...
http://www.rasmussenreports.com/public_content/politics/elections2/elect...
+270
Now that my friend "IS" better than expected.
+ ∞
Rep. Sanchez epitomizes politicians just do not get it. It is funny to watch the Dow go up the more incompetent these politicians look when asking mighty Ben questions.
BBBernanke:
"US is not a bad as Greece, because we're a bigger country."
Does Ben have any idea of how stupid Ron Paul made him look?
Ben knows that; Mr. Paul knows that; You know that. Joe Public is still totally oblivious...
I really don't think Ben fully understands what a fuckclown he looks like.
He is probably thinking that he is expertly dodging the questions and looking quite cool and in control.
Unfortunately, I doubt Joe Public even knows who this douchebag is.
That is exactly the point! If you and I hide in a closet and you succeed in making me look like a damn fool, whether or not I understand that is totally irrelevant! It is only our little secret. Bernanke is basking in the closet of public ignorance...
Agreed!
This little exercise in transparent government is being witnessed by only the criminal-elite and maybe a few hundred outraged, yet powerless, nobodies...
I guess the masses do get the government that they deserve. Boy, are they gonna get a rude awakening!
Mr. Paul needs far more than 5 minutes with Bernanke. They should all yield our time to Paaul and sit back and learn something.
For the record BB smiled and nodded in agreement with Mr. Paul that the Fed is in fact monetizing the debt. Sweet!
Yup, and did you catch Mr. Paul laughing at this criminal at the end of his questioning?
An economic overview--the first since December--from Benson’s Economic & Market Trends…
"A Trillion Here, A Trillion There....." by Richard Benson | 04/08/10 (excerpt)
... My rule for investing is to never lose sight of the obvious, particularly when it is so massive that it dwarfs everything else. With our escalating budget deficits and US Treasury borrowing, this year we’ll see a trillion and a half in new borrowing. And, with hundreds of billions in mortgage losses at Fannie Mae and Freddie Mac, and massive bank failures costing the FDIC a bundle, we should expect the same in 2011 and beyond. With the new health care entitlement reform bill and millions of workers dropping out of the labor force and filing for early social security, US Treasury borrowing looks certain to remain well over a trillion dollars a year, at least over my lifetime. There’s no question that a trillion here and a trillion there is real serious money!
You can’t help but wonder where the US Treasury gets all of this money. Because US households save an average of only 3 percent of their income, or about 2 percent of GNP, it certainly won’t come from savings. The government needs to finance deficits equal to 10 percent of GNP, or half of all government spending. Each month, the Treasury Department has to find cash they can tap into to buy approximately $120 billion of fresh new debt (about $4 billion a day). So where exactly is the US Treasury going to find this kind of money?
Up until now, the deficit has gotten financed with some pretty big tricks. For instance, the Treasury recently got back over $50 billion in TARP money from the big banks, and the FDIC passed the hat for $50 billion in pre-paying 3 years of FDIC insurance, all quickly invested into Treasuries. Unfortunately, $50 billion here and $50 billion there won’t go very far in a trillion dollar world.
The really big money for the deficit has come from Quantitative Easing, or “QE”, where the Fed prints fresh money “out of thin air”. The Fed has just finished buying $1.25 trillion in mortgage securities and exploded its balance sheet from $800 billion, at the beginning of the financial crisis, to over $2.3 trillion today. That’s a hefty $1.5 trillion increase. Foreign central banks have also been printing money for America’s benefit, and they’ve purchased a whopping $3 trillion of US Treasuries, including $400 billion of Treasury debt bought in the last twelve months. (The Federal Reserve and foreign central banks together have printed up $5.3 trillion). For now, that has taken the pressure off financing $8.3 trillion of outstanding public market Treasury debt.
As of April Fools’ Day, the exact total of US open market debt is a whopping $8,294,870,658,096.94.
QE, and all the Foreign Central Bank and Federal Reserve Bank buying of securities, have kept ahead of the Treasury deficit. Indeed, QE has left US banks sitting on $1.1 trillion of free bank reserves they could use to make loans or buy more securities. Normally, banks don’t sit on free reserves for very long and the Fed has announced they need to think about draining reserves from the banking system to remove worries that the free reserves might lead to inflation.
Well, you shouldn’t worry about the trillion in idle bank reserves as they won’t last long. The US Treasury has printed up a big sign to commemorate the wisdom of Willie Sutton. When Willie was asked why he robbed banks, he said ‘because that’s where they keep the money’! The Treasury has already cast its longing eyes on the banks’ free reserves.
There’s no doubt where the Treasury will turn for finance. We are about to see the greatest stuffing of banks with government securities the world has ever seen. American banks will be forced to gorge on Treasury securities, and disgorge bank reserves. Where else can the government get the next trillion to spend on things like wars, unemployment benefits, and food stamps?
There are a few obvious things to think about here. At the rate of $120 billion a month, it will only take about nine months to blow through over a trillion dollars in free bank reserves. Each Treasury auction will find it more difficult to sell all of the treasury securities, and it will take rising interest rates to coax out even more reserves from the banks. (When you need to borrow over $4 billion a day, even a trillion dollars doesn’t last long.) By the end of the year, when the bank reserves are used up buying Treasuries, interest rates will soar and bond auctions will start to fail. No one will have any cash left to buy Treasuries unless, of course, central banks crank up the printing presses again. Look for a QE II, QE III, and QE IV before the dust settles. Without central banks, there really isn’t any source of debt buying large enough to fund America’s deficits.
Looking in the crystal ball that reflects the truth of what our government is up to, our choices appear to be: i) inflate, or watch interest rates soar; ii) watch interest rate soar, and inflate; or iii) inflate the money supply and ultimately drive interest rates relentlessly higher. Either way, interest rates, particularly longer term, will constantly be pushed up, while future rounds of money printing will surely promise great inflation in the years to come. Endless deficits of this magnitude do have serious consequences.
http://www.sfgroup.org/A%20Trillion%20Here,%20a%20Trillion%20There.htm
They should hook Ben up to some electrodes, and everytime he double speaks or lies he gets a jolt. He wouldn't last 5 minutes.
Just like Cliffy on Cheers...
http://www.youtube.com/watch?v=KZag1zlecGI
Bernanke.. don't want banks or investment banks taking undue risks with US safety net behind them.
Bit late for saying that now isn't it Mr Bubbles?
Denninger summarizes it well:
Unfortunately, Ben is probably correct in his assumption...
LET'S RUN!!!
What was Stifler's mom doing chairing the committee? Wow, just, wow! BS lies, dodges questions, uses strawman arguments- "But oil is not as high as it was a couple years ago." Just wow! And now we will force small business loans I assume, because Joe America can not get them. I am sympathetic to Joe if he deserves a loan but can not receive one, but if we start forcing loans, I assume many who do not deserve them will receive them (I assume this because bureaucracies are inept at handling monie); that will crush the corpse of the doelarr. Inflation/Deflation to continue in earnest!
Oil will be at $4 a gallon to start the summer, it will finish the summer at $5 a gallon. By the beginning of 2011 it will be at $6 a gallon, and by this time next year it will be at $7. Why? Peak oil. It is not that we are running out, it is that production has plateaued. Economic activity revolves around the cost/output of oil. Also factors are peak gold/silver (which the banks use to start their fractional reserve lending), peak iron (which raises the cost of doing such things as off shore drilling), and peak food (because the cost of petro-chemicals and petro-fertilizers are going up with the price of oil) Oh, and by the way, if you need a HEDGE on all of this, silver tracks oil verbatim. Always has. Buy silver.
Bernankoff, I trust, lies better than Trichet but
seems to be picking up on Trichet´s fumbling instead
of Greenspan -´moderate growth within restraints´,lol
80% debt to GDP or 100% debt to GDP or 120% debt to GDP, has no bearing on your ability to sell debt. This generalization may be looked at for the uneducated, but any real large purchase of sovereign debt will include a rating of the country in question. Not just from an exisitng rating agency, but through research into the nations financial structure and risks.
Ben knows eventually he will be unable to control long term rates. He pleads for fiscal responsibility and decisive action, while at the same time recognizing the administration has already failed in its task. This is a warning, prepare yourself.
Mark Beck
Bens strait talk
The federal reserve is set out to eliminate reserve requirements completley!!!
http://www.federalreserve.gov/newsevents/testimony/bernanke20100210a.htm...
What about a namechange???