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Bernanke Slams Lack Of Job Creation, Laments State Of Economy
From comments earlier by the Fed Chairman:
10:10 08/02 BERNANKE: 100,000/MONTH JOB GAIN INSUFFICIENT TO CUT UNEMP MUCH
10:10 08/02 BERNANKE: SLOW LABOR MKT RECOV,JOB UNCERTAINTY HURTS CONF,SPNDG
10:10 08/02 BERNANKE: TO TAKE 'SIGNIFICANT TIME'TO RESTORE 8.5MLN LOST JOBS
10:10 08/02 BERNANKE: SMALL BIZ HARD HIT BY TIGHT CREDIT; BANKS MUST LEND
10:10 08/02 BERNANKE: BANKS BETTER BUT MUCH TROUBLED LOANS, TIGHT LEND STDS
10:10 08/02 BERNANKE: GREEK AID, STRESS TESTS HAVE REDUCED EUROPE CONCERN
10:10 08/02 BERNANKE: FIN CONDITIONS LESS SUPPORTIVE OF GRWTH DUE TO EUROPE
10:10 08/02 BERNANKE: CONSUMER SPEND TO PICK UP FROM RECENT MODERATE PACE
10:10 08/02 BERNANKE: STATE/LOCAL BUDGET CUTS 'WEIGHING ON ECON ACTIVITY'
10:10 08/02 BERNANKE: INFL 'WILL REMAIN SUBDUED OVER THE NEXT COUPLE YEARS'
10:10 08/02 BERNANKE: HOUSING WEAK, 'TIGHT CREDIT' HOLDING BACK INVESTMENT
10:10 08/02 BERNANKE: 'NOTABLE RESTRAINTS ON THE RECOVERY PERSIST'
10:10 08/02 BERNANKE: 'CONSIDERABLE WAY TO GO TO ACHIEVE FULL RECOVERY'
»
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QE 2.0 coming to an economy near you.
I'm sick and tired of casual "here comes QE2.0" comments. Would someone explain to me how lowering long-term interest rates will help Main Street and specifically unemployment. And don't give me "Bennie only cares about the bankers" because if J6P continues to lose jobs and spiral down the drain it will eventually will hurt profits at the banks and incumbent politicians at the ballot box.
The disconnect here is that Admin thinks that by lowering long term rates, they make it easier for business to borrow, expand and hire.
The disconnect is that cheap money makes it easier for Fortune 500's to expand, export & CAPEX more cheaply. It does nothing for small businesses....and small businesses are the engine for job creation and helping out "main street".
So, while one could say that QE2 is just a plot to shovel more money to the plutocrats - (which it clearly would if implemented IMO). The answer to your question is that the Admin is too stupid to realize that cheap money only helps huge businesses and not small ones (or main street).
The assumption is that people will spend more now on tomorrow's earnings. The trouble is, people have lost the appettite for willingly increasing their debt.
The idea about QE2.0 is that it will stimulate the economy in a controlled fashion - where investors will have more money without triggering inflation thereby growing the economy without any detrimental side effects. The view here is that ultimately that's impossible.
Easy lowering interest rates disincentivizes people to participate in the ponzi scheme. So they take their money out of the bank. When the first wave of the crash hit in 2008 the treasury had like 400 billion dollars in cash set up to speed to banks who were getting run on. There's nothing that can be done. Like I've said before bernake thought that when the fed raised rates 3 percent in 3 raises in like a month or something like that, that it became the pivot point of when the second downturn hit. But if he doesn't raise rates then it will become the pivot point of when everyone realizes the ponzi scheme is over and holding cash is a real sucker bet. Because nobody can afford to really deflate anything to make a fake show of a "deflation" event to get people to hang onto cash. Intel's not going to make high end cpu's a 100 dollars, Microsoft isn't going to make windows 7 $29.99 the same price he sells it to college kids to and the price of eggs and milk sure as hell aren't going to drop and you have no chance of seeing a dollar loaf of bread.
Nobody is keeping track of the illusions and delusions any more. Plunge protection needs to keep interest rates low in an attempt to drive people into stocks, which they won't herd there because earnings are horrible. And our corporate slimeballs are just waiting for a nice quarter of real earnings to start dumping the fake accounting earnings back onto the books. IE you could have a full straight year of pre 2007 earnings and they wouldn't show up on books and P/E ratios at all as they would barely begin to cover the 2008 2009 fraud.
The only way to get the ponzi to work is a mid 80's interest rate jack up to get money back into the banks but since nobody has any savings any more that won't work this time. You keep em low and it'll drive EVERY SINGLE saver into gold. Which is why it's fun to watch. Because it's like a magic puzzle box. You can't solve it but everybody thinks there's an answer.
Not more debt ... Nooooooooooooooooooooooo
oooooooooo....do we think that Bennie Boy has realized now that his banking buds never intended to help him, or his horde of peasants out? That they intended from the get-go to take the money and run?
Do we think that Bennie is finally waking up?
Or is this all a pretense to keep the crowds with pitchforks away from his doors?
Get serious! Uncle Ben knew ALL along, he's one of the prime architects of this heist.
Ergo! vis a vis ! concordantly! :-)
http://www.youtube.com/watch?v=kRH3zcHEN5w
Ben is nothing more than an academic patsy. He was put into position because everyone knew what he was going to do. He wrote the book for christ sakes. I sincerely doubt that ben was in charge of ensuring the FIRE industry became the front and center of our economy, credit expanded to unimaginable levels, and the looters were rewarded with taxpayer money...
He got to play god and thought he was playing god, but he just couldn't see the strings attached to his body (blinded by ego petting). I'm sure he's performed actions (by proxy obviously) outside of the FED's charter (allegedly). I'm sure that he's up for a myriad of securities laws (allegedy)... maybe even treason... but, simply put, he was just an idiot academic that got his ego stroked long enough to figure out his master thesis was a bunch of hogwash.
In short, he's just a fucking idiot, not the best actor in the world nor the man with the most machiavellian aptitude... he's just the getaway driver.
...an errand boy, sent by grocery clerks, to collect a bill.
10:11 08/02 BERNANKE: CLAIMS HE HAS ONE BULLET LEFT
10:11 08/02 BERNANKE: PULLS 1911 OUT FROM UNDER TABLE, COCKS WEAPON
10:11 08/02 BERNANKE: POINTS GUN TO HIS HEAD, THREATENS TO PULL TRIGGER UNLESS $5TRN QE PROGRAM IS ENDORSED BY MSM
10:12 08/02 BERNANKE: PULLS TRIGGER AND SHOOTS HIMSELF
10:12 08/02 BERNANKE: STILL ALIVE, HE WAS ONLY KIDDING
funny!
what's depressing is that this fool / confidence man (Bernanke) stated that the subprime mess was "contained."
yes, the current depression and the Gulf of Mexico oil volcano are both contained - to this this planet.
1911, that's good. +1
As with all economists, you just wish he'd finish his thought. All he ask to do with nearly any of these statements is ask and answer 'Why?'
The bots only pilfered the following words from those statements according to market action this morning:
"JOBS GAIN RECOV BANKS LEND CREDIT BANKS BETTER MUCH REDUCED CONCERN SUPPORTIVE"
but, but, Greenspan said if the stock market goes up, everything is okay...so lets just close our eyes, and clap our hands and help the market go up with our good karma....
but, but, Greenspan said if the stock market goes up, everything is okay...so lets just close our eyes, and clap our hands and help the market go up with our good karma....
The silver bullet is to inflate the price of gold and kill debt.
Money needs to be spent on capital creation , not servicing debt instruments.
"Money needs to be spent on capital creation , not servicing debt instruments."
You win the Burger King Crown of the Day for that insight. Should be a t-shirt. Perhaps we should tag the Capitol bldg to remind them of such.
Yes it is a simple observation but a truthful one - infact it is the primary reason why I think the global central bank money engine is a instrument of destruction rather then construction because if a Dork from Cork can figure that little problem out I am sure the superior beings in FED and ECB land can too.
But I do believe that they will inflate the price of Gold when most of the middle class wealth is destroyed but first they have to artificially keep the price of debt high so that they can complete the wealth transfer.
For instance in my little country they are about to sell the state electricity sector at a bargain basement price to actors that get cheap credit from the ECB while we pay off a debt currency that is grossly overvalued.
The criminality is mind blowing in its complexity and malice.
Oil up over 3%, corn up over 3%, all markets screaming higher. This is some expensive deflation.
Not-so-tongue-in-cheek QE2 on the way. Lesson learned post march 2009, don't fight the Fed.
Agree, this is lesson learned big time, this time get ahead of it, not run after it. Whisper "Epson" and markets for all risk assets surge - that's what this is all about. Except that oil above $80 is a US economy party-buzz killer.
The ponzi pushes on . . .
Or expensive speculative bubble. "Pop goes the weasel".
Spot on.
(Spitzer is got it right.....deflation my arse)
Cycles within cycles soon to be resolved... which do you think will win, the contraction on debt obligations composed of 99% of the money supply or the increase in the money in circulation composing 1% of the money supply? The inflation has a limit... prices go up until no input cost can be passed on and the companies utilizing the resources run out of money to keep the businesses afloat. These things are all going to get resolved soon... don't worry. I'm sure it will be longer than I expect... but it will be resolved.
The Greenspan "call". Pump the equity markets because, ya know, monetary intervention ain't what it used to be.
BSB sandbagging for friday's employment report?
He just now decided to speak about the $2 trillion pension problem.
Classic.
PH Dickhead
William: Off Topic
I have a creation for your blog:
Search Me
nice
100,000/month job gain?
When has this happened?
I fully expect -400K jobs to be printed on Friday. A lot of state layoffs in July will show up on top of the census layoffs.
This short squeeze will be dead and the bots will be switched to sell. Once we get to S&P 900, QE2 can be implemented.
Cant very well have fear and panic in a magical melt-up market....cant have it both ways Bennie boy! When is the big plunge, in August I would bet.
'Small business lending' LMAO well small biz cant act like big biz and fudge their numbers. Good luck Keynesians, youll need it in boatloads.
Lap Dancing clubs banned from recruiting in job centres
http://www.telegraph.co.uk/news/newstopics/politics/conservative/7922420/Lap-dancing-clubs-banned-from-recruiting-in-job-centres.html
I think it was a taste perspective. Do you really want to see Elsie with the swollen ankles grinding it out to Flo Rida? A disaster of biblical proportions.
10:40 8/02 Bernanke: I like to dress in drag while trading SPOOS at 1AM.
10:41 8/02 Bernanke's Wife: Ben is shooting blanks.
LOL thats an image i didnt want creating thanks.
He's probably alt-tabbing between spoo buy mashing and gold farming on his WoW account. Gnome.
goblin. duh!
10:11 08/02 BERNANKE: (holding gun to own head) STOCK MARKETS FINE, BUT GIVE ME $5 TRILLION DOLLARS OR THE %$&&#$ GETS IT!
Remember when H.Paulson was pulling the same trick nearly 2 yrs ago? The better part was the threat of martial law if the banks didn't get bailed out. I wonder if that's still on the table if the proles don't fall into line.
Though I wish things would just be pleasant, I really feel some shit is going to hit the fan this year (war, famine, etc).
More positioning. The fed is in line with the administration on calls for small business lending. Looking for a massive SBA loan guarentee push coming from the oblamas. Those have great minority owned money laudering schemes for decades.
Ball's in your court, banks. Let the market drop for another round of asset purchases and guarentees. Come on, the keynesians are running out of people to blame.
At this point the fed and the adminstration are interchangable entities.
Obummer... Dance for Mr. Dimon...
I think the White House is clearly subordinate puppets to the Fed... And more importantly the Fed owners... The Wall Street TBTF oligarchs...
I thought the Administration was "anti-business"? Can't have it both ways.
Or can you?
Anti Business??????
These are Wall Street Puppets and Corporate Whores one and all...
fucking thank you. people think the FED is some magical island unto itself... it needs funding just like everything else (especially when it's insolvent).
The Federal Reserve Bank is an official government entity. They even have a .gov domain name. Stop spreading lies that the Fed is a private non-government owned entity.
I was under the impression that the Fed was a collection of privately held banks.
in form or substance? Is that the totality of the FED's extent?
Oh, it turns out that the Federal Reserve Bank is a privately owned institution and is NOT a part of the government. It is a banking cartel and was created in 1913 by the big banks that own it, who got a law enacted that created it. Who would have thought?
http://www.amazon.com/Creature-Jekyll-Island-Federal-Reserve/dp/0912986395
um, was this performance art Careless Whisper?
most people posting here??
(apologies if this series of posts was just to point out the obvious ^^)
All of the district banks are privately owned (by the banks in their districts), the BoG (board of governors) is indeed a FEDGOV agency.
Dear Ben,
Remember all that money you air dropped into the financial system?
Thanks.
Hedge Fund Managers everywhere.
PS
We won't short treasuries as long as you keep the cheap money flowing.
Debt is good! :)
Men's Wearhouse: Put on some shorts. You're gonna like the way you look...
Tell me again why we wouldn't have been better off selecting 5 surviving banks and nationalizing them.
because this is not about YOU, it's about THEM.
make sense now?
On the second line I had a freudian slip, I read "Slave labour mkt recov" instead of "slow..."
Parhaps this has the same meaning as a "deja vù" while walking the Matrix?
Go to the beach and stay away from this market.
Since When Does Bernanke Care About Unemployment?
Other than his own... Before he was reconfirmed, that is....
I am sure he is always worried about the pay and employment of Wall Street Welfare Ho Bonus Babies...
But the unemployment of the average Amerikan schlep?
Were the unemployed clogging up Bernanke's limousine motorcade route in DC?
The real figure for unemployment according to Shadow Stats for the USA is 22%. The official figure is around 10%. Bernanke knows this.
When he says "100,000" he knows the figure should be 220,000 ! If he said that he would lose all credibility. The figure to restore is not 8.5m jobs but 18.5m jobs !
He is a rascal and an indispensable part of the banking system as we know it. Total collapse of the USD is inevitable sooner or later. QE is the only thing he's got and whether he likes it or not he will have to use it big time.
Great post.
There are NO arrows in the quiver, there never were, ONLY the Heidelbergs in the basement.
"10:10 08/02 BERNANKE: SMALL BIZ HARD HIT BY TIGHT CREDIT; BANKS MUST LEND"
Why must small businesses borrow? Why must banks lend?
Both are in business to make a profit. Both do not see an advantage in taking on additional debt or risk at this time.
I hope that history preserves an accurate account of why QE does not, will not, and will never work.
The market always has the power....to grow, to shrink, and to correct itself. I take great comfort in knowing this.
Except when manipulated ?
Agreed -- you cannot force money down people's throat if they do not want to borrow. You cannot force banks to lend if there are not enough qualified borrowers.
All the malinvestment must be flushed out of the system before we can move forward. Of course, there is not a chance in hell that will happen, as there would be massive deflation which is "the sum of all fears" as far as the Fed is concerned, i.e. full blown depression. Thus, we can look forward to many years of poor growth, increasing debt to GDP ratio a la Japan.
BANKS BETTER BUT MUCH TROUBLED LOANS, TIGHT LEND STDS
IOW they are doing better now but doomed in the near future when CRE levitation ends
Of course they have "tight lend stds" they are preparing to be steamrollered flat soon
Slightly off-topic but I am very curious as to know the process involved in selecting Time "Person Of The Year". Most of us here know that for decades Time Magazine has been used as a propoganda tool and we are well aware of their former CIA links. Is this a committee? Singular person?
In all likelihood I believe this was done to give validity in his brave efforts of turning on a copier to make his actions easier to swallow for the public. The most recent cover depicts an Afghan woman with her nose and ears removed which I consider exploitation and nothing more than more in our face propaganda to give credence to this unnecessary war.
This should explain everything you need to know: http://www.history.ucsb.edu/faculty/marcuse/projects/hitler/sources/40s/414-141HitlerTime.jpg
the best part is Gates' mendacious reference to Wikileaks' disclosure as "morally wrong" and putting people in harm's way...wtf???
WTF has the war done? For Gates to claim the moral high ground is absurd when criminality, corruption, and incompetence have placed more people in harm's way than DISCLOSING it ever could.
So showing an Apache lighting up a group of civilian reporters is placing ppl into harm's way?? Every fucking day, Gates' army slaughters innocents in military actions...the freaking deployment of troops puts people into harm's way.
But, because the gov't CLASSIFIES evidence of its criminal malfeasance, suddenly exposing that malfeasance is now the crime?
And this is precisely why Modern Warfare 2 is a game which will cultivate an entire new generation of patriotic youngsters all too eager to face the next enemy we conjure up.
You got it!
"Don't lie to me Doc, I know I'm done for. But please, tell me one last thing before I go."
"Where will I re-spawn?'
http://www.youtube.com/watch?v=AKDkvy9sKuY
This is funny because this game came out shortly after they had changed video cards to having the ability to do "transforms and lighting". The games before used the cpu to do light sources but when they changed over to using the video card for it, it was kind of screwed up. All the games where way to dark at the time during night and everyone would turn their monitors up to full brightness so they could see and burn them out. But this game when you died everything on you was left on your corpse and you'd have to run back to it to loot your own corpse. If you didn't have a light source and it was a long run back to your corpse you'd end up running in the dark with no way to see. If you didn't get your corpse and loot it within a day it would poof disappear with all your stuff. They had that so you couldn't corpse litter a place and lag everyone out with having to draw your corpse polygons over and over so they tried to come up with detection algorythms that would decay your corpse in 3 hours if it was empty or 3 days if it was clothed and equipped. It would nag you about being hungry and thirsty because food and drink would last about an hour to two hours depending on what you ate but when you died it would reset those timers and immediately nag you about being hungry and thirsty over and over in some kind of spam from hell. Which would freak out the newbies and they would bug you for food and drink for corpse runs.
ah and with Predator drones, how long until we have remotely controlled groud troop drones? with a detatched both physically and emotionally, unemployed, yet deeply skilled domestic force to control them all . . .
Ender's Game?
indeed John McCloy, it's all been planned. . .
http://rt.com/Sci_Tech/2009-03-23/US_Army_recruitment_drive_turns_to_vid...
http://www.gamepolitics.com/2009/05/03/protesters-arrested-army039s-vide...
now tell me, do you think this is all part of their "game"?
Gates is the biggest douche in the universe.
Really!? I could conjure up a lot of names that out-douche him. Not saying he's not a first class douche -- just not the douchiest.
Fleshing Out Scull and Bones.
Yes propaganda, hypnotization of the masses. Works like a charm.
"I am very curious as to know the process involved in selecting Time "Person Of The Year".
The Answer Is:
The worthless Butt Hole that will sell the most worthless Time magazines....
The sooner the worthless Corporate Whore Dinosaur Media dies... the better for all Amerikans...
10:10 08/02 BERNANKE: SMALL BIZ HARD HIT BY TIGHT CREDIT; BANKS MUST LEND BY THROWING MONEY FROM HELICOPTERS...FINALLY
10:10 08/02 BERNANKE: INFLATION TO REMAIN HIDDEN FOR MAYBE ANOTHER FEW MONTHS
10:10 08/02 BERNANKE: UNEMPLOYMENT; THANK POPPY BUSH FOR NAFTA AND BABS FOR CUPCAKES THAT SHE MOST SURELY DID NOT BAKE
10:10 08/02 BERNANKE: UNEMPLOYMENT; THANK BILLY C FOR NAFTA AND HILL FOR HOSTING "BAWKNEE AND FWENDS DWAG QUEEN SHOW"
Canada’s Housing Bubble- a Look at Canada’s “Conservative” Banking System
What Can the Equity to Total Assets Ratio Tell Us About the Canadian Banking System?
The equity to total assets ratio reflects the basic leverage of a given bank, and in aggregate – the leverage of a given banking system. After examining this ratio in the largest Canadian banks one can discover that not only are the Canadian banks not prepared for a downturn, but they are less capitalized than the largest American banks ever were!
Canada’s Housing Bubble- a Look at Canada’s “Conservative” Banking System
Not to worry. Those US-devised stress tests will come to the rescue when it all falls apart for our banking neighbors to the North. See Euro stress tests. Set bar low and jump over.
Unprecedented levels of central bank intervention in markets
Unprecedented levels of government interference in markets
Uncertain taxation environment
And they wonder why banks won't lend and businesses are not hiring or thinking expansion?
Our leaders are complete shit.
Hmmmm... In 2004, 2005, 2006, we had unprecedented levels of NO government interference in markets, total deregulation, and you saw what "efficient markets" did... Subprime mortgages, toxic assets, opaque investment vehicles, and all the shit in the origin of this mess.
That was a joke, right?
Maybe. More likely he's high on some of the best stuff on the planet.
"Total deregulation." "No government interference in the markets." ROFL. When has that ever happened??
1787-1871. That's about it.
Fortunately there is something called "Google Archive Search", where we can find things like this:
Greenspan predicts economic 'turnaround'
(June, 2003)
Greenspan says:
"Thirty or 40 years ago, Mr Greenspan said, such shocks would have triggered a serious recession, but years of deregulation, global competition and recently announced tax cuts would help the US to pull through the crisis."
More from Greenspan:
Greenspan: Banking competition still intense
(August 2005)
"Speaking to a Federal Reserve sponsored conference, Greenspan said that deregulation of the U.S. banking industry has contributed to a drop of about 50% in the number of banks and savings and loan institutions since the mid-1980s.
At the same time, he said, the 10 largest U.S. banks and thrift institutions have increased their share of domestic assets such as consumer loans to 49% of the total from 29%.
But Greenspan said most studies show that this ongoing consolidation has not reduced overall competition to provide consumers with banking services.
(...)
Greenspan said that competition is bolstered by the fact that deregulation has spurred many non-bank enterprises to provide loans and other services that were once mainly offered by traditional banks."
Deregulation was there, and was hailed by Greenspan and the mainstream media. Deregulation created this mess, and all the attempts I see here on Zero Hedge of people trying to blame all this mess on the "excess of regulation" are just Goebbels-like propaganda, it is just an attempt to SPIN the real facts.
Please shut the nitrous tank down. It's not even lunch time yet for Christ sakes!
I'm with you Zina, I'm sure I'll get junked...but could anyone argue the repeal of Glass-Steagall was anything other than horribly bad for the country? That law and others kept the oligarchy in check for some fifty-odd years...oh the horrors of regulation!
Your only mistake was saying "total" deregulation -- there wasn't total deregulation, just enought to let the finance boys do what they needed to do to be "competitive" in the world financial markets.
Any functioning well ordered society would have hanged that fucker years ago - it amazes me how he can appear on television and give the global population a perp talk and dissertation on his wisdom.
Thanks for the copy-paste. I'll return the favor.
Zina said: "we had unprecedented levels of NO government interference in markets, total deregulation..." when we quite clearly did not. Less regulation is not the same as "total deregulation," which is your initial claim and is laughable just on its face. It is not, however, as laughable as claiming we had "NO government interference in markets." Absurd, ridiculous, etc. Come back when you can show how laissez-faire our markets were in 2004, 2005, and 2006.
I didnt junk you because im giving you the benefit of the doubt of naievity. If you dont have that as an excuse then i'll go ahead and junk you.
Holy shit. Now THAT's funny.
Yeah. The years of "Bush the lesser" were just a sound money, laissez-faire, limited-government, Ayn Randian utopia, right?
You should really reconsider using Janeane Garofalo as your primary historical resource.
(assuming your comment was not satire)
Except by the military spending, yes it was.
!
I'm amazed how they managed to pull it off again today in Europe: closing near today's highs on thin air, even the last 15 min drop has been set straight... Either coming data will be stunning and confirming why we went up today, or it's propping up ahead of very bad numbers so the subsequent fall will be a net zero operation
I get the whole "risk on" crap and the HFT's and momentum players buying up everything. 99% of the people benefit from the market going up - so there's only a few that actually want it to go down.
What bugs me (besides of course that we don't have markets or capitalism or democracy - OT though) is watching/listening to the pundits explain the news and why it's bullish. Chinese PMI less than expectations: "China has engineered its slow down successfully". Huh?
HSBC steals a bunch of money out of their reserves and bingo - great profit numbers.
OPEC in significant non-compliance - oil up, stocks up. But won't higher oil prices hurt consumers? Oh, and airlines up on higher oil?
And if BB isn't happy with the economy, why will consumer spending pick up soon? Huh?
I agree, good examples...
The "explanations" of today may seem bleak in a day or two. It's all about momentary perception. And mainstream interpretations that APPEAR to be accepted as plausible for a short time, until they are proven bogus but already forgotten. Meanwhile the anchors are shifted, on to the next "event" explanation... BTW, I don't want it to go down, but that seems to be the only logical way to go - that's why I'm amazed the market has been going the opposite way of where I expect it to go for over one year now. Basically it is almost flat, but periodical swings have been beyond my comprehension.
Profits are up, numbers are up, etc, but compared to what? Why do the media play along in this short-term reference game.
Perhaps I'm just not smart enough, or too naive. For now.
Washington could go up in a mushroom cloud and the market would see that as a green shoot: Less regulation and taxation for businesses. What a faux market.
Actually, most of the world would see that as a green shoot.
+1
Refuse to hire people on a secure & permanent basis, go figure why employment figures are bad.
If there was no way for them to say no to someone, you could get that 8.5m down to near-zero very quick.
So, the economy is "expanding", but it doesn't create jobs, and millions and millions of workers still unemployed...
Rotten system...
Screen Some Rot !!
All that money printed went to servicing debt in a broken economy - there has been no Keynesian fiscal spending other then keeping the unemployed bellies full.
Capital creation is static or contracting therefore new credit money will destroy capital at a faster and faster rate until we are back to sabres and wenches.
Actually the wenching bit may make life more tolerable.
www.youtube.com/watch?v=DzAIWBKlhE0
Censored
Not For Domestic Consumption.
Nothing in this speech that was not in semi annual monetary report (humphrey hawkins) unless you count the rather obvious, and not unlike federal financing, needs of individual states. it all boils down to, 'we're in the s___ but we can dig out' over an unspecified time period...though s__t going to get deeper as people get retire, get sick. education and saving money during good times ....lmao!....that would have made more for banksters to steal!
10:10 08/02 BERNANKE: BOAT STILL SINKING, NEED TO BAIL
10:10 08/02 BERNANKE: ONLY HAVE SIEVES, NOT BUCKETS
10:10 08/02 BERNANKE: BAIL HARDER
10:10 08/02 BERNANKE: OH SH--GLUB GLUB GLUB
I do not need a loan with interest to pay my taxes. I need the government to stop taxing me to pay for all their handout/bribes.
The last thing I would do right now is take out a loan. I have to CUT CUT CUT not BORROW BORROW BORROW If I want to make it.
"We're seizing a higher percentage of the income from productive Americans than they spend on food, clothing, and shelter combined, but we just can't figure out how to get them to buy more deodorant, lubricants, and processed-cheese products. Hey, let's lend them some of their own money back!"
Hmm...Canada offers mortgage insurance and security guarantees but does not supposedly support GSEs. Double hmm...
Elizabeth Warren stated it much more succinctly and eloquently than you did, Ben: "We're going to have to decide who we support in the US, families or banks." I saw a quote from Alan Greenspan several years ago, on another website, Ben, where Alan stated offshoring is going to cause a great deal of pain for the American middle class. I didn't make a screencap, or I'd post it here, now. The majority of Americans are going to realize that they do not have to be dictated to by a minority (the bankers).
As for the offshoring of US jobs, Alan Greenspan chirped "health sciences," so how't that plan working, Ben?
edit to move comment to correct spot in thread
Ben Bernanke loves the little people!