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Bernanke Reconfirmation Hearing Webcast
Watch it live without newly Comcastic interruption here: http://banking.senate.gov/public/index.cfm?FuseAction=Hearings.LiveStream
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here as well fwiw
http://www.c-span.org/Watch/C-SPAN3.aspx
and here (windows media player)
also available here (windows media player)
So much for Dodd's public-consumption reservations about Bernanke. Let the contributions flow.
Dodd disgusts me. Would someone please get that man out of his chair?
All of them actually, but yes, Dodd especially.
I'm trying, I have given plenty to Schiff's election campaign.
The helicopter is still in the air. When will it land?
This man has some many tells I'd love to play poker with him every day.
You are a liar Ben Shalom, you are a f'king liar.
… “The importance of federal reserve work for the benefit of all Americans” ????????????????????????????????
He should be imprisoned OFF THAT CHAIR RIGHT NOW!
More importantly, I love the way the banks move the market on days their man goes to Washington...
This concept of fed independence needs to be attacked as invalid. A government that is running a deficit and runs a printing press cannot prima Facie be independent. Without a printing press, the government would not be able to be size that it is now. That fact alone means that the fed could never exist outside of the realm of political consideration. If it could, we see central banks throughout the world spontaneously organizing. No positive action by an polity would ever be necessary.
since when is being an efficient lender of last resort a mandate of the Fed?
OMG its the same s*it coming out of bernanke's mouth all the time. "Its inherently difficult to judge asset bubbles" when housing prices went parabolic for 6 years before crashing. "we haven't and don't see any asset bubbles in the economy" Is he lying or does he actually believe his own dogma and bs? I can't tell if he's stupid or conniving, or both... and if it even matters which one he is to the future of our country.
New York (Market Watch) - Bernanke: No asset bubbles apparent in U.S.
No matter how many times you say something to yourself in the mirror – you can’t conceal the blatantly apparent with a well rehearsed line.
Nice!
So wait.....
Ben just said Bank of America is paying back all of the loan immediately.
But BoA said that they will pay some now and the rest later.... wasn't that the deal? They capital raise over the next 100 days?
So Ben just lied in testimony... of course he could claim it was a mistake or I could just be wrong.
Your not wrong, it's what these people do. Turbo Timmy was on Squawk this morning moving his mouth, so you know he was lying as well. They actually tried to pin him down on the dollar strength and TT dodged it like the pro that he is.
These people are awful.
300 million shares in 1.5 hours for BAC.
Can we say massive dilution?
Committee: Is the economy recovering?
Benny: Its growing...
What a crock of shite.
DeMint nailed him on his commitments at the beginning of his last appointment. I'm not a fan of the guy but I appreciate the sentiment. He (DeMint) also sounded like he was reading off of:
http://www.zerohedge.com/content/confidence-game-quotes
I can only hope.
Holy crap, who is this drunk speaking now? Is he mentally retarded? Sounds like a wino on my street. How the crap do these folks get elected??
I was thinking the same thing. How did this guy give speeches and rallies in his district?
Have some compassion for God's sake! Can't you see that the man was obviously having a stroke...someone needs to call 911 and get him some help!
Seriously, what state elected him? How on God's earth could such a man be elected to office? My 4 year old asks questions more coherently!
Tim Johnson from South Dakota. The guy suffers permanent brain damage due to cerebral arteriovenous malformation. So please stop with these stupid comments...
You may not like the comments, and perhaps some of them were a bit callous as I did not know who the guy was or what he suffered from. But he is thus not fit to serve, no different than a soldier who is the unfortunate and tragic victim of an IED and loses a leg. He can no longer serve as infantry.
Well, he sure knows how to pitch lollipops.
lol...i hope you're kidding.
Bernanke: "We are very transparent in our financial operations"
Wow
Heli Ben's opening comments at www.federalreserve.gov/newsevents/testimony/bernanke20091203a.htm
He said, "We also have renewed and strengthened our longstanding commitment to transparency and accountability."
BULL$H!T!!!!!!!!!!!!
"Our financial statements are public and audited by an outside accounting firm, we publish our balance sheet weekly, and we provide extensive information through monthly reports and on our website on all the temporary lending facilities developed during the crisis, including the collateral that we take."
TOTAL BS. What about hundreds of billions to other central banks and who gets those Federal Reserve Notes?
i could go on and on of course, as could virtually any member of ZH.
The Federal Reserve are crooks and a liers, but we already knew that.
Who elected this dumb ass,he can't even read from his sheet correctly?
Sen Bennet concern over Inflation? Like worrying about the lights flickering aboard the Titanic.
Blow a fuse on a few derivitives and see the result. It won't be inflationary.
Jim Bunning is my new hero. Love the speech he is giving now.
it is nice. Love the freudian slip
+1, if I was BB would just say fuck it and leave.
I think Benanke just had a Freudian slip. "The banks are now avoiding risk aversion?" Did I hear that right?
LOL...he was just called Greenspan by accident. Love it.
"I want to read you a quote Mr. Greens...err Bernanke. That was a fraudian slip."
best part of the hearing so far.
Mr. Bernanke said the Fed must be ready to withdraw the huge stimulus pumped to counter the recession when the time is right. He said he was confident the central bank has the right tools to do this.
The Fed chief said that "determining the appropriate time and pace for the withdrawal of stimulus will require careful analysis and judgment."
This confirms that they do not have the right tools and that they will attempt to use the wrong tools at the inappropriate time.
I think Jim Bunning writes for ZH! YES!
You Mr. Bernmonkey are the definition of Moral Hazard...You have created Zombie Banks!! I now make you a Japanese Knight of the Kamakazi square table...
...and he ended his remarks to Heli Ben by saying "the Federal Reserve IS the Creature From Jekly Island."
AMEN!
I bet Ben has a new asshole
Bernanke should go sleep with some women, let his wife kick the crap out of him, and then drive his car into a tree. That would be a lot better than what just happened to him.
Bernanke just lost the nomination on his response about AIG. Insert fork, he is done.
If only that were true.
I know, wishful thinking again.
My jaw just finally dropped.
"I don't abuse my supervisory power" Even Dodd called him out on 100 cents on the dollar and Bernanke just sits there grinning. "most of the firms were foreign" ARE YOU KIDDING ME?! This was literally the moment where TRUTH was AT THE SURFACE OF THE WATER PRODDING THROUGH. Even Dodd said a firm (read GS) got paid 12.5 billion. You could feeeeeel the tension and lying in the room and the uncomfortableness. Bernanke's quote "AIG counterparties... which i will not go into" HAHAHAHA OMG and my respect for our financial system has reached a seemingly new low. wow. why isn't gold spiking on these comments? This is the man in charge of our monetary policy. How do you have faith in fiat money after listening to this?!
Called his office to thank him for speaking the truth.
I wrote his office to congratulate Bunning for having the balls to speak the truth. He really is a true patriot.
LOL
Chuck "Da Schmuck" Schumer. Feigning interest for the shoe shine boys on Wall Street.
on questions concerning bubbles
BB ... encourage banks not to crowd in to positions ...
LMAO
who is the dr evil guy with the turned up collar behind bb?
BB's off to an Asian massage parlor for lunch. Should have a nice relaxed smile on his face this afternoon
Corker is hard to listen to.
To All:
Helicopter Ben, Defacing the Dollar Ben, Worbler Ben, Depression era Ben, Fill in the blank Ben, is a shoe-in.
Too bad we won't have Fastballer Bunning to bring the heat at these hearings.
The real shame is that other than the "audit the Fed" legislation, Congress is giving the Fed a free pass on the credit crisis.
Its remarkable to see BB fight for the Fed's turf and speak about all the smart economists and intellectual support at the Fed, then watch as not one Senator asks: "What were all those brilliant minds doing while the global financial system nearly imploded?
While I do not think the Fed will ever be audited in the classic sense, it ought to be reformed.
i can't even type...'the economy is growing'??
Menendez Brother...WTF??? Lou Dobbs if you read ZH. Use that clip when running against him..What an idiot.
Menendez is all talk...he's trying to sound critical to look good to his constituents, but just all-but-promised to approve confirmation.
Have you seen his constituents? They don't speak english...;-)
Demint is saying the right things so far.
"Loose monetary policy", he said it.
Uh oh....the PREDICTIONS!
damn he just read all those that we've been circulating around.
"everybody else has a central bank, so we gotta do it too." Ben really sounds nervous.
I can't even listen to Akaka sticking his head up Ben's ass.
What's with these fluffy ass softballs that this Akaka foo is tossing this POS?
'lower interest rates increase demand for borrowing'...yeah, that's working well this time, huh.
Mortgage financing and psychology created the housing bubble?? WTF. Easy money had nothing to do with it huh.
i'm pretty sure Bernanke just said there's no housing bubble in Canada.
and no rebuttal from the bonehead questioning him.
jeezus this makes me want to break something.
Unbelievable. These senators are speaking to Benanke like he's "Daddy".
Ben stepped into a trap briefly, but wriggled out, albeit not very satisfactorily. The question remains, how do banks lend to people whose ability to repay is compromised by the failing economy?
I can't watch this anymore. These pussies refuse to ask important and meaningful questions. Obviously this is just a formality, metaphorical K-Y, so to speak.
I must say... it is becoming more clear by the minute that Congress does not know what the hell is going on. Several Senators have now advocated increased lending to SPUR the economy??? Have they no idea what created this entire debacle in the first place? Excessive and irresponsible lending?
Bernanke deserves a little credit here in reemphasizing the importance of issuing only QUALITY loans. Bernanke may merely be a symptom of a bigger problem... a representative democracy in which no politician will make the difficult long-term decisions that are needed, only the short-term decisions that satisfy their ignorant, lazy, and comfort-seeking constituencies... all in an effort to ensure reelection.
Judd Gregg is an idiot.
I am so upset, AND disgusted, by Sen Judd Gregg, R-New Hampshire, I can not even type coherently.
I can only say that when we have an Intelligent Revolution, Gregg et al need to be thrown onto the pile.
Wall Street puppet. Disgusting.
Small wonder that Obama wanted Gregg as the token Republican in his cabinet.
Please, the current CAPTCHA system must go.
Has it not been observed that the US Senate is also known as the House of Lords?
This is the most sickening thing I have ever heard. We are toast. Get ready gold bugs to have your ass handed to you. I thought no committee could ever be as bad as Sarbanes but, I was wrong. Not one nut sack in the whole bunch.
The oligarchy has already prepared the new marching orders and they will be on Bernanke's desk in the morning. First thing to do, drop gold to 850 an ounce. We are screwed.
If my ass is handed to me, as in "gold to 850 an ounce", I am quite willing to be holding my ass in gold and silver (and a few thousand FRN's for that sunny bank holiday), as within the next one to two years the entire worldscape changes. I'm not just stocked in PM's, my stocks, and those of neighbors (and very nearby farmers) go far beyond that.
I'll be a buyer at $850 an oz.
agreed, and silver accordingly
Is the Bernanke hearing supposed to conclude today or is it going into tomorrow?
If it's going to tomorrow, I was thinking emailing some of the senators who are hostile to Bernanke (Sanders, Bunning, Shelby and the Republican from SC whose name escapes me at the moment) a couple of stories about the New York Fed just swapping $25 billion of AIG debt for equity stakes in 2 declining AIG insurance units that they have been unable to sell. Why is the NY Fed in the business of making equity investments at valuations that apparently no private buyer in the market will pay? Is this an extend and pretend transaction ahead of a likely downgrade of AIG's credit rating? Does the NY Fed have staff that are qualified to determine a fair price for a complex insurance company, or do they outsource that to somebody like Goldman Sachs? Why shouldn't there be a Congressional audit of this type of transaction?
DeMint R-SC
How bad does the FED have to phuck up for a senator not to back this guy. I mean, is destroying the entire world economy not enough?!?!?
This confirmation hearing is proof positive the entire system is rotten to the core. Each and every member benefits (financially, and politcally) from maintaining the status quo. They know they hold all the power, they also know the average american is too stupid to realize just how brutally they are being ass raped. Things will never change.
The first time I heard this guy speak, I almost barfed. Is this the image we want relayed worldwide--forever- of an American twit reading cheat notes? Central Banker ? of what ? The Tunnel of Shit ? Where are they stocking the first 100,000 Dollar bills--I want mine first.
The first time I heard him speak I almost barfed. Is this the image we want of a TWIT reading cheat notes--relayed by media wordwide and sent to a data farm for future generations to choke in laughter. Central Banker ? of What ? The Central Tunnel of Shit ? Where are they stockpiling the new 100,000 Dollar Bills -- I want mine first. Washington DC...please bite the bullet and start CLEAN
Sen. Bunning's comments are phenomenal.
http://bunning.senate.gov/public/index.cfm?FuseAction=NewsCenter.NewsRel...