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Bill Dudley On QE2: "I Don't Think We Knew That The Dollar Was Necessarily Going To Weaken"

Tyler Durden's picture




 

CNBC is parading the fact that its chief eCONomist Steve Liesman, who by now has learned that there is a difference between EUC and Extended Claims, and that when Tim Geithner tells him that the US will not monetize debt, he is lying, has managed to get a 20 minutes interview with former Goldman Sachs managing director and current FRBNY president Bill Dudley. Alas, having gone through the transcript, this interview is complete garbage, with nothing new or relevant, and we are looking far more to the upcoming official statement by Bob Corker's disclosure of how he intends to clip Blackhawk Ben's dual mandate main rotor (it was oddly enough the same Bob Corker who just last year was bashing everyone who wanted to audit the Fed. Go figure - then again it was the same Bob Corker who did his best to kill the Volcker Rule, so a pattern did emerge...). As for confirming the idiocy of the Fed, the only relevant section from Liesman's interview is the following excerpt...

Liesman:

But you have to have some sympathy for the view that you-- looking at the United States from abroad, that there is a concerted effort on the part of the Federal Reserve to go for a weaker dollar. The Federal Reserve had to know that the result of its policy would be a weaker dollar.

Former Goldman apparatchik Dudley:

I don't think we knew that the dollar was necessarily going to weaken
. I mean, if people look at our policy as making it more likely that the U.S. economy is going to recover, the dollar could appreciate rather than depreciate. Now it's true that usually when one country uses monetary policy relative to other countries, and reduces their level of interest rates for the other countries, the currency can weaken, but that's true for any monetary policy using-- nothing special about a large scale asset purchase program.

And there you have it. The emperor is not only naked, he is bloody retarded.

Dudley Transcript Edited

 

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Tue, 11/16/2010 - 12:24 | 731052 mark@dirtbags
mark@dirtbags's picture

that's retarded.

Tue, 11/16/2010 - 12:42 | 731127 Instant Karma
Instant Karma's picture

The FED will make you fear deflation again. Behold the sinking stock and commodity markets!!

Tue, 11/16/2010 - 14:16 | 731547 ATG
ATG's picture

Uncle Remus Br'er Rabbit Briar patch gotcha money politics

http://www.youtube.com/watch?v=S7tyhpWiZyM&feature=related 2:00

Tue, 11/16/2010 - 12:25 | 731053 Divided States ...
Divided States of America's picture

Goes to show that QE2, like QE1, was basically a guinea pig experiment....with all of us being the guinea pigs.

Tue, 11/16/2010 - 13:15 | 731271 jus_lite_reading
jus_lite_reading's picture

You must read his statement like a Philadelphia lawyer- he used the words "don't think" and "necessarily"...

 

Typical filthy liar. A 5th grader could have guessed the dollar would weaken after $600 BILLION is scheduled to print on top of another $1.2 TRILLION and who really knows how much more! China is on to it... say good bye to the EU/UK/US tripower.

Tue, 11/16/2010 - 13:45 | 731411 macholatte
macholatte's picture

 

The secret of life is honesty and fair dealing. If you can fake that, you've got it made.
Groucho Marx

Tue, 11/16/2010 - 16:28 | 732102 cosmictrainwreck
cosmictrainwreck's picture

+117.5

Tue, 11/16/2010 - 12:24 | 731054 casino capitalism
casino capitalism's picture

Dudley is an ex-GS partner.  In other words, he is a lying crook.  It's a waste of time listening to him.  The sooner guys like him lose power (as the Fed gets reigned in), the better.

Tue, 11/16/2010 - 12:34 | 731093 Careless Whisper
Careless Whisper's picture

Dudley is an ex-GS

no such thing. once u join a gang, u can't leave.

 

Tue, 11/16/2010 - 12:51 | 731172 NotApplicable
NotApplicable's picture

Especially when you are president of the gang owned FRBNY.

Tue, 11/16/2010 - 17:03 | 732269 President Palin
President Palin's picture


Dudley is an ex-GS

no such thing. once u join a gang, u can't leave.

All the top guys will always be Goldman Sachs gangsters... they just have different titles when they take other jobs...

Tue, 11/16/2010 - 12:24 | 731056 ZeroPower
ZeroPower's picture

How about that EURUSD today (and big lol @ GBP)

Tue, 11/16/2010 - 12:26 | 731061 Steak
Steak's picture

bernanke circa 2002:

the U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost. By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services

someone should tell Bill...

Tue, 11/16/2010 - 14:55 | 731709 SWRichmond
SWRichmond's picture

Can someone figure out if Bill Dudley was at the Bernanke 2002 speech event?

Tue, 11/16/2010 - 12:29 | 731074 RobotTrader
RobotTrader's picture

Funny how so many high-end retail stocks like WFMI with outrageous p/e ratios are relatively unfazed from commodity and Treasury market dislocations.

Tue, 11/16/2010 - 12:37 | 731110 moofph
moofph's picture

...as a corpse lies decaying in putrid waters, the bacteria shall thrive.

Tue, 11/16/2010 - 12:58 | 731202 SheepDog-One
SheepDog-One's picture

Good one indeed!

Tue, 11/16/2010 - 13:26 | 731323 goldmiddelfinger
goldmiddelfinger's picture

Pp buying cars and clothes with mortgage money. It'll last.

Tue, 11/16/2010 - 12:40 | 731117 Bananamerican
Bananamerican's picture

t'isn't funny...

considering another $144 LARGE is heading to WallStreet soon, it's disgusting....i imagine a day on which strolling with a Hermes bag will get you pelted with trash and a head shaving

Tue, 11/16/2010 - 13:24 | 731313 trav7777
trav7777's picture

OTOH, stable yield MLPs are getting crushed...is this the canary singing that the Fed is really gonna try on higher yields?

If there is no demand at 0%, who the hell is gonna borrow at 2%?

Tue, 11/16/2010 - 13:32 | 731348 max2205
max2205's picture

Defensive sector till it isn't.

Tue, 11/16/2010 - 12:29 | 731075 moofph
moofph's picture

...sounds like incompetence to me...or treason...or both?

Tue, 11/16/2010 - 12:30 | 731081 Shameful
Shameful's picture

" I don't think we knew that the dollar was necessarily going to weaken. "

WTF?!?!?  What does that mean? 

"I don't know if we knew about inflation or not.  To be honest I was to busy eating babies and nailing whores to pay attention to what is gong on.  I just dole out money to my old buddies and party"

They either knew or they didn't.  This word game to try to keep mystique is wearing thin.

Tue, 11/16/2010 - 12:59 | 731203 NotApplicable
NotApplicable's picture

It's not so much that he was too busy to pay attention, but rather he was too busy entertaining all of the infinite philosophical ramifications of infinite QE actions against the world's reserve currency.

To believe that any one of these infinite possibilities might necessarily be the one that occurs when there are an infinite number of alternatives, well, that would be mere speculation, hardly worthy of a Fed President.

Therefore, all options remain open. Even flying PIIGS.

 

Up next, flying roast pigeons!

Tue, 11/16/2010 - 12:31 | 731082 lizzy36
lizzy36's picture

IMHO, one of the best quotes, demonstrating that Dumbly really should be wearing a helmet is the quote on gold:

".....and so gold prices are going up in part because the carry cost is extraordinarily low in an environment where monetary policy is easy like it is today".

Tue, 11/16/2010 - 12:32 | 731085 TumblingDice
TumblingDice's picture

Tyler can we have a quote by someone who is not braindead now? Half the stories on the front page are about morons. Bob Corker, EU Prez, now Dudley...wtf man.

Tue, 11/16/2010 - 12:32 | 731087 doolittlegeorge
doolittlegeorge's picture

they have their "deflation" or at least "lack of inflation."  i'm an "equity guy" of course so "i'm not paid to understand that stuff."  i do understand the value to a bank of having a "top notch economist" however.  when you're messing around with a "government bank" however...and of course "there is Greece" and "now Ireland" with a "long ago prediction that this union could not last"  there are shall we say "temptations."

Tue, 11/16/2010 - 12:32 | 731089 DollarDive
DollarDive's picture

EU : "Get that IRISH - BAAASTARD out of the BAR ...NOW !!

PM : Bugger OFF !!

 

http://www.youtube.com/watch?v=jbrzZWLu6Qw&feature=related

Tue, 11/16/2010 - 12:38 | 731096 knukles
knukles's picture

LOL

How the fuck was I supposed to know this shit?

Fed credibility.  The first earthly element sucked into the black hole of the Hadron Collider thingamabob just moments before the Euro. 

Tue, 11/16/2010 - 12:35 | 731100 Turd Ferguson
Turd Ferguson's picture

If interested, lots of updated thoughts at:

www.tfmetalsreport.blogspot.com

Sorry for the spam but I'm out of time for today so I can't re-type here.

Tue, 11/16/2010 - 21:29 | 732996 rocker
rocker's picture

Thanks.

Tue, 11/16/2010 - 12:37 | 731109 Hansel
Hansel's picture

What about the long term dollar chart makes Bill Dudley think the dollar is more likely to appreciate by the Fed's action?

Tue, 11/16/2010 - 13:08 | 731252 knukles
knukles's picture

Timmah was holding it upside down.

Tue, 11/16/2010 - 12:42 | 731112 SheepDog-One
SheepDog-One's picture

They DIDNT KNOW the dollar would weaken? Those in charge of the US monetary policy have NO IDEA when you print trillions of dollars out of thin air, the currency would be weakened? Then they should ALL be arrested immediately and put into insane asylums!

Everyone from the beginning years ago with the first bailouts were yelling 'YOU'LL WEAKEN THE DOLLAR YOU DUMMIES'!

Now they expect someone to believe the PHD's all over the FED have never heard of this idea if you print vast sums of baseless new money, it weakens whats already there??

NO WAY am I dumb enough to believe this line of bullshit, go peddle it somewhere else I'm not buyin!

Tue, 11/16/2010 - 12:39 | 731119 DollarDive
DollarDive's picture

Dudley: "...trying to remove treasuries from the market , and force private investors into other assets"

I really don't want the FED telling me what to do with my money.....Bullshit !!

Tue, 11/16/2010 - 12:43 | 731134 SheepDog-One
SheepDog-One's picture

Yea, the FED can go jump off a bridge with their BS trying to dictate where you'll 'invest'! My gun cabinet says the FED does NOT like 1 bit where I do invest my money!!

Tue, 11/16/2010 - 14:30 | 731610 Things that go bump
Things that go bump's picture

Oh dear, they've forced me into.... gold.

Tue, 11/16/2010 - 18:03 | 732507 dehdhed
dehdhed's picture

government motors gonna soak up all the new pomo

Tue, 11/16/2010 - 12:39 | 731120 tony bonn
tony bonn's picture

"I Don't Think We Knew That The Dollar Was Necessarily Going To Weaken"

and in some 10 year old little boy way he is telling the truth - as if caught microwaving the cat claiming it needed to be dried off after its bubble bath.

and who can claim to know the future? which is why the fed proclaimed loudly and obnoxiously in 2006-2008 that the economy was sound and robust and that the subprime crisis would cost only 200 billion usd....lies lies lies...

Tue, 11/16/2010 - 12:49 | 731159 Logans_Run
Logans_Run's picture

Yep, mine is 18 inches. It all comes down to where you measure from.

Tue, 11/16/2010 - 12:58 | 731138 Paper CRUSHer
Paper CRUSHer's picture

I heard but....

Hey Tyler, pass that jar of ALUM over here again....

Here take a spoon full of this shit Dudley and repeat what ya just said...."I-ab-ab-b-b-blont blink b-b-blee knew b-b-b-blat the b-b-b-blollar blas n-neblasserib-b-b-bly globing to b-b-b-beakin".......

.......Yeah,Yeah,Sure.....Whatever..and wipe that white froth from the side of your mouth.

Tue, 11/16/2010 - 12:46 | 731145 Irwin Fletcher
Irwin Fletcher's picture

It's too bad that Prince William just got engaged and the Beatles are coming to iTunes, or else this would be all OVER the MSM. Maybe next time.

Tue, 11/16/2010 - 12:46 | 731148 johnnymustardseed
johnnymustardseed's picture

Anything CNBC and the vomit pail fills up. Them guys pants are on fire!

Tue, 11/16/2010 - 12:47 | 731150 Entrepreneur
Entrepreneur's picture

Corker wants to pull the dual mandate because (1) it keeps the Fed in place, and therefore maintains the current banker status-quo, and (2) his desire is to place the inflation target (i.e., "full employment/stimulus") mandate in the hands of Congress.  Net effect... give Congress the non-accountable printing press, keep the donation flow coming in from the banking sector, and head off the "end the Fed" crowd before they grab the microphone in January.

This is just a pre-emptive first strike in the war between the politco-bankster cartel and the (Fed) abolishionists.

Corker's still the same trickster we remember from before.

Tue, 11/16/2010 - 12:56 | 731190 Ace Ventura
Ace Ventura's picture

+1

Tue, 11/16/2010 - 12:47 | 731153 Hondo
Hondo's picture

Typical lying and/or stupid FED.  Do away with them they truly are incompetent.

Tue, 11/16/2010 - 12:49 | 731162 bugs_
bugs_'s picture

Dudley

Tue, 11/16/2010 - 12:49 | 731163 Silverhog
Silverhog's picture

Thanks for the peak inside of Dudley's empty skull.

Tue, 11/16/2010 - 12:50 | 731165 SheepDog-One
SheepDog-One's picture

They had no idea they'd weaken the dollar? Even THIS GUY in 2008 called it!

 YouTube - sick from toxic lead air particles from braking chinese shit 

Kevin knew they'd blow out the dollar and all the bailouts were a bunch of crap! Some hillbilly from Arkansas doing videos in his garage! Hell it was all freakin OBVIOUS!

Tue, 11/16/2010 - 12:51 | 731173 Putty
Putty's picture

Silver at $25, anyone else buying?

Tue, 11/16/2010 - 13:38 | 731382 ZeroPower
ZeroPower's picture

The same fools who bought at $29

Tue, 11/16/2010 - 15:43 | 731901 JonNadler
JonNadler's picture

I call them fools until silver makes a new high, then I say, the same fools who bought at 45, then just move it up, the same fools who bought at 78.....you know

Tue, 11/16/2010 - 12:54 | 731178 Waterfallsparkles
Waterfallsparkles's picture

Corker also just said on CNBC that Congress would set the Inflation Rate the FED would target.  Looks like Corker wants to pull out all of the wing feathers permanently.

Tue, 11/16/2010 - 12:53 | 731181 Gimp
Gimp's picture

Goes to show that the elites will talk round and round in circles until you are so exhausted and confused that you give-up trying to figure out what they are doing. Ivy league training in gooblegook (on the street we call it "talking shit") Just a game to keep you off-balance while they keep raping the proletarians.

Tue, 11/16/2010 - 13:11 | 731261 ajax
ajax's picture

 

"The cheaper the crook the gaudier the patter."

Tue, 11/16/2010 - 13:28 | 731331 lynnybee
lynnybee's picture

YES !  THAT'S IT !!  that's exactly what they do ......... keep us all stupid & always change the game, it's a different story every time & we all believe it !! ........... NO MORE ! NO MAS !  NO TRUST AGAIN ........BUY YOURSELVES SILVER, GOLD & FOODSTUFFS & WITHDRAW YOUR CASH FROM THE U.S. or EUROPEAN BANKING SYSTEM ...........

Tue, 11/16/2010 - 12:55 | 731186 Ace Ventura
Ace Ventura's picture

Unless I'm misreading, the key lies in this sentence:

"I mean, if people look at our policy as making it more likely that the U.S. economy is going to recover, the dollar could appreciate rather than depreciate..."

So you see, they know full well what the impact of QE will be. The 'problem' is all you peasants aren't thinking like you're supposed to, and are instead paying attention to actions/results/logic/common sense instead of fancy PhD wordology.

 

Tue, 11/16/2010 - 13:00 | 731209 trav7777
trav7777's picture

The dollar ISN'T weakening...since QE2, it's done nothing but go up as all other assets except Robo's vapor PE retails have gone down.

Perhaps the POG, oil spikes moved them to take action.  The sudden euro weakness is an incredibly convenient development like the day after QE2.

Congrats to anyone who shorted the day after QE2

Tue, 11/16/2010 - 14:23 | 731571 ZeroPower
ZeroPower's picture

In theory, QE2 should make the US more competitive by increasing growth and expanding the economy.
Yes yes, i can foresee the 'print to zimbabwe' responses, but like i said, in theory...

Tue, 11/16/2010 - 16:26 | 732091 GoinFawr
GoinFawr's picture

<tries to stifle laugh, fails> hahahahahahahah! <wipes tear> Seriously? Are you one of those MOPE'y MMT acolytes?

Tue, 11/16/2010 - 22:05 | 733049 Fraud-Esq
Fraud-Esq's picture

In fact, it buys Treasuries, instead of value-unknown bank-assets. 

That saves taxpayers some bling BOTH ways, one by stopping asset buying, two by owning treasuries essentially interest free for taxpayers.

I'll take that over the last plan. BY FAR.

Banker-frauds liked the last plan much better, as you can tell by The Bernank's post-QE2 beating in the corporate, banked-up Press.

I'm sticking with this most unpopular man for his pseudo-Lincoln Greenback play. 

 

Tue, 11/16/2010 - 13:02 | 731217 LongSoupLine
LongSoupLine's picture

Dudley's not stupid in making these statements.  However, he is a two-faced crook, liar, and GS pond scum.

Tue, 11/16/2010 - 13:03 | 731223 colonial
colonial's picture

Hey Tyler:

I'll take the minority view...

I think the Fed is playing a very dangerous game, but I think many commentators miss an important element of the Fed's calculations. 

I see them as being front-runners to global events.  For instance, when considering QE2 the Fed assumed there would soon be a problem with Ireland, or another PIIG State; an easy bet to make. 

This assumption carries with it a calculation as to the impact on the US Dollar.  Therefore, the Fed figures within three months the US Dollar will move X% in relation to the Euro and JPY, so they front-run using POMO and QE2.  It generates a lot of consternation about debasing the currency, which it does, but since so many of the world's industrialized currencies are based on devaluation, its a problem the Fed thinks it can manage.   

I don't like game, but I think I understand it. 

Okay, Zero Hedgers, take your shots on my simplistic view.

Tue, 11/16/2010 - 13:26 | 731324 Assetman
Assetman's picture

To the contrary, your thought process lays it out very well.

Even more simplistic is my view that the Fed wanted to get a jump on competitive devaluation, because they knew full well the internal problems a strong USD would cause, especially before the November elections.  If the EU ended up getting royally screwed in the deal (and they did)... so what?

I know I'm grasping at straws here as well, but it does (somewhat) explain the long, slow ramp from talking about QE 2.0 to actually implementing it.  It's as if they wanted this thing priced in (at least from a fx perspective) well before the fact.

Now that the Eurozone is readying for bailing out its own irresponsible banking sectors, the ECB can give it's own best shot at currency debasement.

I'm just not sure the Fed truly factored in the risks from any sudden and/or persisitent pressures from inflation, though.

P-Dud lost a whole heaping lot of credibility in that interview, though.  I'm not thinking that's what the Fed needs at this point.

Oh... and as a final thought... I'd be very cautious on ANYTHING that Bob Corker proposes.

Tue, 11/16/2010 - 13:05 | 731228 Cow
Cow's picture

Quantitative Easing Explained

especially like The Ben Bernank and The William Dudley

http://www.youtube.com/watch?v=PTUY16CkS-k&feature=youtube_gdata_player

 

 

Tue, 11/16/2010 - 14:35 | 731284 Fraud-Esq
Fraud-Esq's picture

Marty Wolf thrown in...

http://www.ft.com/cms/s/0/93c4e11e-ec39-11df-9e11-00144feab49a.html#ixzz15T7hYtKV

"The essence of the contemporary monetary system is creation of money, out of nothing, by private banks’ often foolish lending. Why is such privatisation of a public function right and proper, but action by the central bank, to meet pressing public need, a road to catastrophe?"

-It's at least a reasonable question to pose to the ABA/Senate Bernank attackers. Why do they want this power exclusively in the private banking realm, whose dollars-from-helicopters brought us homeless millionaire homeowners, bank-developer kickbacks, securitizations, swaps, and insanely HIGH LEVERAGE. All that money was created too....by the banks! Isn't it interesting that they tell Ben he's going to destroy the world AFTER thy already have? The ABA is nothing but very aware of political arguments. 

-Isn't the concept of money creation better spent saving the taxpayer public interest payments on public debt? How does putting all the homeless in million dollar homes with bad mortgages and running up all asset values NOT create runaway inflation, but the Fed saving the taxpayer some interest does? I'm still waiting for this explanation. It's not forthcoming. Most arguments against the treasury buys are emotional. They're also based on hatred of the Fed's complicity in the run-up to 2008 and the bank bailouts after (I fully agree with the critics on this one.) But - are treasury buys different? You bet. 

Why is a "pattern" emerging (ZH noticing) of major ABA hacks like Pence and Corker, who disagreed with all readers prior to today, suddenly wanting to pressure the chairman of the Fed for challenging the PRIVATE MONOPOLY? I hope you all see that The Bernank has challenged the core principal of the PRIVATE CARTEL. (the public paying interest to privates for public debt at ALL TIMES). The ABA is anti-Greenback, obviously. It's also anti-treasury buys. The ABA's core belief is that the PUBLIC always pays INTEREST on DEBT to THEM. But - remember, it did favor EVERY PRIOR BAILOUT TYPE prior to treasuries. So, it's NOT opposed the FED going in debt to save THEM. It is opposed to the FED going into debt to save the PUBLIC INTEREST.

That's why the ABA is out in force only on the treasury buys. Their real message...."Give the banks money BUT only we can be the helicopter to nonbanks. AND, we ALWAYS gets interest for public debts". The banks were the real helicopter until 2008. So, the ABA doesn't oppose helicopter power, it just wants it completely PRIVATIZED. The truth is that the ABA is giving you the best argument against banks, just pointing it at The Bernank only when he buys treasuries and goes outside the ABA playbook. This is a PRIVATE v. PUBLIC interest battle. Period. You can take either side for whatever reason, but you have to SEE the distinction. The distinction has ignited the ABA and has the political class jumping through rings for them. These same people were not out-front against BANK BAILOUTS, only Treasury bailouts. This falls into the pattern of politicians and banks emptying the U.S. Treasury for decades and putting those assets in private hands, war, government contracts, privatizing war, and banking, the linchpin of all the above. Banking is THE LINCHPIN of the whole regime.  

It will all become clear soon enough. Let the real war begin! The ABA is MORE scared of success than failure. If there is any success (or inflation is held down like prior to 2008) the Greenabackers will have an opening to challenge the PRIVATE cartel based on evidence and a specific precedence. Greenbackers haven't had this opportunity in a CENTURY. The ABA is sniffing it out and they're out in force. They even got members inside the FED, unusually, to attack the Fed while it rolls out treasury buys. WHILE. They are deliberately destabilizing an ONGOING Fed operation from inside the Fed. If it was done in reverse while they were buying BANK ASSETS, the offending outspoken party INSIDE the Fed would be considered treasonous. Yes, it's that unusual for outspoken attacks from the inside after a decision is voted on and made. What's really going on here!? A war about the nature of banking and money. 

Tue, 11/16/2010 - 13:23 | 731306 max2205
max2205's picture

Dudley do wrong. Liar or moron?...... Liar. What an ass

He owes us 50% of his salary for the past 5 years. He makes Timmy look like a genius

Tue, 11/16/2010 - 13:24 | 731314 goldmiddelfinger
goldmiddelfinger's picture

Is he serious?

Who does he think his audience is?

Katie Couric?

Tue, 11/16/2010 - 13:30 | 731344 Jim B
Jim B's picture

+1

He is such a tool! 

PS.  So is Lies-man

Tue, 11/16/2010 - 13:27 | 731329 max2205
max2205's picture

Fed is buying negative TIC bond flows (ie dumping) negating POMO in equities. What's left is buying the dollar and shorting commodities.

The fed is engaged in more war fronts as the Alamo (or DoD)

Tue, 11/16/2010 - 13:28 | 731332 willien1derland
willien1derland's picture

Now that Bill Dudley's Brain has totally disengaged from reality they parade his lying A$$ on TV - Its tragic that people in positions of leadership lack any moral/ethics - I pray for Mr. Dudley that one day someone misrepresents one of Goldman's Timberwolf (translated: SHITTY) deals & he buys into it hook, line & sinker -

Tue, 11/16/2010 - 13:50 | 731426 macholatte
macholatte's picture

This says it all...... 

 ....with former Goldman Sachs managing director and current FRBNY president Bill Dudley.

 

Fascism should more appropriately be called Corporatism because it is a merger of state and corporate power.
Benito Mussolini

Tue, 11/16/2010 - 13:59 | 731444 TruthInSunshine
TruthInSunshine's picture

Did Steve LIESman get his alleged degree at the University of Phoenix, and if so, was it Home Economics?

Wait, I just insulted the University of Phoenix and Home Economists everywhere. Apologies.

Steve LIESman is either full-retard or a (literally) bald-headed liar.

 

And when will William Dudley, ex-partner at Goldman Sachs, come out and explain to viewers of CNBsC why Goldman is collecting commissions selling Treasuries to The Federal Reserve Bank, all on the taxpayer dime (ultimately), when they could just buy those Treasuries directly from the Treasury Department, at no commisssion or charge?

I'll be waiting for a full and ILLUMINATING explanation, William Dudley. But I will not hold my breath, thank you.

Tue, 11/16/2010 - 13:59 | 731460 Kilgore Trout
Kilgore Trout's picture

Ghastly sight on air

Liesman fellates fed banker

Swallow at finish

Tue, 11/16/2010 - 23:31 | 733184 macholatte
macholatte's picture

+10

Tue, 11/16/2010 - 14:33 | 731619 Cone of Uncertainty
Cone of Uncertainty's picture

Liesman is a schill, nothing more, nothing less.

He's a fluffer for the banksters and has been dead wrong about everything.

I hope you are reading this Steve, because we see right through you brah.

Tue, 11/16/2010 - 14:35 | 731629 Henry Rearden
Tue, 11/16/2010 - 14:36 | 731634 ATG
ATG's picture

Meanwhile in the markets:

Billionaire investor George Soros in the third quarter reduced some of his big bets on gold, a market he has called "the ultimate bubble"

http://www.cnbc.com/id/40202115

Wed, 11/17/2010 - 01:49 | 733364 ffart
ffart's picture

Consider very carefully the implication of his statement

Tue, 11/16/2010 - 15:52 | 731942 belsebub
belsebub's picture

Maybe i'm the last one posting this one, but it is worth having a look at!

http://www.youtube.com/watch?v=PTUY16CkS-k&feature=player_embedded

Tue, 11/16/2010 - 21:40 | 733009 rocker
rocker's picture

That was so fucking funny. 

Tue, 11/16/2010 - 15:54 | 731946 belsebub
belsebub's picture

Maybe i'm the last one posting this one, but it is worth having a look at!

http://www.youtube.com/watch?v=PTUY16CkS-k&feature=player_embedded

Wed, 11/17/2010 - 00:20 | 733256 Problem Is
Problem Is's picture

If Zero Hedge Was a Newspaper...
The CNBC coverage would be the comic section...

  1. Liesman is Beetle Bailey...
  2. Cramer is Zippy the Pinhead...
  3. Kudlow is Li'l Abner...
  4. Maria "Knockers" Bartiromo is Betty Boop...
  5. Erin "Mannish Boy" Burnett... is Olive Oil.
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