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Bullard Says "Never Say Never" To QE3

Tyler Durden's picture





 

Add another lunatic to the roster:

  • BULLARD SAYS 'NEVER SAY NEVER' REGARDING POSSIBILITY OF QE3
  • BULLARD SAYS INFLATION EXPECTATIONS ARE HIGHER, A SUCCESS OF QE
  • BULLARD SEES OPTION OF BUYING BONDS MORE GRADUALLY INTO 3RD QTR
  • BULLARD SAYS INFLATION WILL PROBABLY ACCELERATE

And Ahuel "Foley" Weber chimes in:

  • WEBER SAYS INTEREST RATES CAN ONLY MOVE TO NORTH

Everywhere you look: disinflation.

 


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Thu, 02/24/2011 - 11:27 | Link to Comment Ragnarok
Ragnarok's picture

Release the trial balloons!

Thu, 02/24/2011 - 11:31 | Link to Comment unwashedmass
unwashedmass's picture

 

gotta move the market up...too bad everyone is watching the plane loaded with gold on the runway in libya....

they are starting to fuck up on the timing of their propaganda....

Thu, 02/24/2011 - 11:35 | Link to Comment Turd Ferguson
Turd Ferguson's picture

NO!! QE to infinity?!?! Whodathunkit??

Thu, 02/24/2011 - 11:53 | Link to Comment Thomas
Thomas's picture

We're gonna end up with QE Snow Leopard.

Thu, 02/24/2011 - 13:57 | Link to Comment Burnbright
Burnbright's picture

haha that's awsome! God I hate apple.

Thu, 02/24/2011 - 12:10 | Link to Comment Fazzie
Fazzie's picture

 Cmon now according to Gadaffi, he will die in a blaze of glory, fighting side by side with his loyal subjects against the scourge of terrorists and become a martyr for his people.

 Ol Hosni was going to die on Egyptian soil too.

 What, you think they will just load the plane with gold, whores and drugs and head for the nearest despot refuge, leaving their loyalists to their fates?

 Nope, I really beleive Gadaffi because he was waving his arms around and stuff when he said it, so I look for him to grab an AK and go down fighting!

 I didnt really think they would start droping hints about QE3 until QE2 was a bit further along. QE3 might be about priced in so they need to start droping hints of QE3.5 and QE4. Joe retail hopped back into the market, just in time to get fleeced!

Thu, 02/24/2011 - 16:01 | Link to Comment the rookie cynic
the rookie cynic's picture

When they announced QE2, they only set a minimum, not a maximum. It could go upward and onward in perpetuity. Ben left the door wide open for more. Of course this is just a semantic, if somewhat trite detail; it doesn't really matter what they call it, it's money printing all the same, but those waiting for a QE3 announcement might want to go back and look at what Fed said about QE2.

Fri, 02/25/2011 - 06:58 | Link to Comment Blank Reg
Blank Reg's picture

I make a prediction. There will be NO QE3. I guarantee this with 100% accuracy.
It will be called something else.
Extended QEII
Here are a few guesses on what it might be called. Feel free to add your own ideas:

1.   QE2+
2.   QE2.1
3.   Stimulus for Jobs
4.   Stimulus for Puppies
5.   DEFINATELY not another stimulus. No, really!
6.   Print the debt away.
7.   Debt-be-gone
8.   DebtX
9.  "Happy days are here again"
10. We are NOT printing money. Pinky swear. We... we caught a leprechaun, yea. We caught a leprechaun, and he gave us a pot of gold. (They’ll buy that. They swallowed all the other garbage. What? The mikes still on!   Crap!)
11. Stimulus part trois

Thu, 02/24/2011 - 11:36 | Link to Comment Stuart
Stuart's picture

+100.  Exactly!

Thu, 02/24/2011 - 11:46 | Link to Comment SteveNYC
SteveNYC's picture

Ha! You had to read the article about Bullard being a "bellweather" "inflation fighter" ra ra ra at the Fed this morning (see the FrontRunning section on ZH).

This guy is a career econo-clown/central bank-tard, just like Bernanke.

Their names will one day be etched in stone.

Thu, 02/24/2011 - 12:02 | Link to Comment Freebird
Freebird's picture

Bring on the clowns.

Thu, 02/24/2011 - 12:11 | Link to Comment Fazzie
Fazzie's picture

 There is absolutely no shortage of clowns at present.

Thu, 02/24/2011 - 11:28 | Link to Comment 101 years and c...
101 years and counting's picture

"BULLARD SAYS 'NEVER SAY NEVER' REGARDING POSSIBILITY OF QE3
"

roughly translated:  if $4 gas doesn't boost the economy, maybe $6 gas will.

 

Thu, 02/24/2011 - 12:01 | Link to Comment Carl Spackler
Carl Spackler's picture

Right, all QE does is boost the economies of Saudi Arabia and Abu Dhabi and further entrench Vladimir Putin.

 

 

 

 

 

Thu, 02/24/2011 - 11:28 | Link to Comment treemagnet
treemagnet's picture

Just what the masses need/want to hear as nearly all the elites are quietly and safely in their lifeboats.

Thu, 02/24/2011 - 11:34 | Link to Comment Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

Well folks we have not even felt the full effects of QE1 yet, as that sort of effect is like the comet in that movie Deep Impact. (We are HERE-----the folks standing on the shore with the wave tarting to come in). That's what he means--inflation will accelerate. So yup, we got a long way to go and a lot of it will be up. Atleast in the short term.

Thu, 02/24/2011 - 11:27 | Link to Comment buzzsaw99
buzzsaw99's picture

BullTard

Thu, 02/24/2011 - 11:50 | Link to Comment DonnieD
DonnieD's picture

Never go full Bulltard.

Thu, 02/24/2011 - 11:27 | Link to Comment Johnny Lawrence
Johnny Lawrence's picture

What a piece of shit.

Thu, 02/24/2011 - 11:28 | Link to Comment LongSoupLine
LongSoupLine's picture

Bullard says, I'm a fuktard

Thu, 02/24/2011 - 11:29 | Link to Comment Alcoholic Nativ...
Alcoholic Native American's picture

I wasn't aware the first QE stopped. Stop the bullshit.

Thu, 02/24/2011 - 12:04 | Link to Comment Bicycle Repairman
Bicycle Repairman's picture

+1

Thu, 02/24/2011 - 11:29 | Link to Comment Shameful
Shameful's picture

When your only tool is a hammer all your problems start looking like thumbs.

Thu, 02/24/2011 - 11:50 | Link to Comment WaterWings
WaterWings's picture

Particularly the comment section over there at ZH.

Thu, 02/24/2011 - 11:50 | Link to Comment Rogerwilco
Rogerwilco's picture

+10 swollen digits

(Bernanke already stepped on his dick)

Thu, 02/24/2011 - 11:30 | Link to Comment taraxias
taraxias's picture

Jawboning to move the S&P green.

Thu, 02/24/2011 - 11:32 | Link to Comment Scottj88
Scottj88's picture

Maybe the release of QEIII will awaken a lot of the sleeping masses as their prices start to rise...

Hedge yourself in miners (specifically silver miners)

http://thehardrightedge/miningequities/

Buy physical silver...

Thu, 02/24/2011 - 11:33 | Link to Comment snowball777
snowball777's picture

Fuck paper.

Thu, 02/24/2011 - 11:34 | Link to Comment taraxias
taraxias's picture

++++

Thu, 02/24/2011 - 11:32 | Link to Comment oh_bama
oh_bama's picture

DID I TELL YOU GUYS THIS?????

 

QEs are EXTREMELY Successful!

More QEs comming!

Thu, 02/24/2011 - 11:32 | Link to Comment oh_bama
oh_bama's picture

SO BTFD!!!

Fri, 02/25/2011 - 07:07 | Link to Comment Blank Reg
Blank Reg's picture
Don’t expect to get any cost of living adjustments to your SSA check. I haven’t got any for 2 years because There is no inflation, didn’t you know? But both years they take more out for medicare, because of inflation in the cost of health care. So,,, there must not be deflation in the cost of food, right? Or gasoline. Or water and sewer. Or heating oil. Or real estate taxes. Or clothing. Or air travel. Maybe iPods? – BINGO! After hedonistic adjustments because of improvements there is DEFLATION in iPods! That explains it. That offsets all those pesky increases.   Now, do you know a delicious recipe for preparing iPods? And how does one heat your house with them?
Thu, 02/24/2011 - 11:32 | Link to Comment snowball777
snowball777's picture

BULLARD SAYS 'THIS IS GONNA HURT. YOU'RE NOT GOING TO LIKE IT.'

Thu, 02/24/2011 - 11:33 | Link to Comment Dr. Porkchop
Dr. Porkchop's picture

Mubarak, Gaddafi, Bernanke, all dictators do the same thing, they attempt to hold a fist full of sand, once it starts to escape, the harder you squeeze, the faster it gets away from you. Even a child at the beach knows this lesson.

Thu, 02/24/2011 - 12:40 | Link to Comment Greater Fool
Greater Fool's picture

You really should credit Princess Leia when you write things like this.

Thu, 02/24/2011 - 11:34 | Link to Comment Sutton
Sutton's picture

I still don't know how we can get away with the QE bullshit, at all, without being kicked into the Turd World.

I could see buying bonds if we had a surplus, but when running a 1.5(at least)TRILLION dollar deficit, annually, how long do these clowns think it can go on?

I guess Bullard didn't notice that the Dollar has declined with the greatest turmoil we've seen in years.

The trap door is going to open on the DOLLAR any day.  Then what, Bull(shit)ard?

Thu, 02/24/2011 - 11:40 | Link to Comment Ragnarok
Ragnarok's picture

I still don't know how we can get away with the QE bullshit, at all, without being kicked into the Turd World.

 

The USD currency empire set up at the end of WWII takes a while to crumble, but don't worry we'll get there.

Thu, 02/24/2011 - 11:35 | Link to Comment Stuart
Stuart's picture

Does anyone really think they're going to shut off the spigot, really?   employment levels, true unemployment, north of 16%, their admitted stated purpose to increase asset values as Fed mandate, pension funds tied to the stock market.... anyone who thinks they're going to shut off the spigot is not paying attention.    They want a devaluation stockmarket.   For christ sakes they barely got agreement to cut a few 10s of billions out of a near multi trillion dollar budget.    Yes, it should be inflate and die later or die now but "Inflate or die" has never been more true.   Until it starts to hit their own constituency, wall street and the TBTF banks, full steam ahead and screw the rest of the public, everywhere.   

Thu, 02/24/2011 - 11:38 | Link to Comment topcallingtroll
topcallingtroll's picture

I think they have to stop for a while.

Thu, 02/24/2011 - 11:37 | Link to Comment topcallingtroll
topcallingtroll's picture

I am confused.
I guess this must be sarcasm because he is saying what everybody here believes is going to happen right?

It is still possible to have deflation at the end of qe2 if we havent got money velocity up. However i believe the chinese are sufficiently motivated to spend those dollars now, or FRN'S for the picky.

Thu, 02/24/2011 - 11:38 | Link to Comment SheepDog-One
SheepDog-One's picture

What? Gold = $1,550 in 4 weeks bitchez.

Thu, 02/24/2011 - 11:36 | Link to Comment trillion_dollar...
trillion_dollar_deficit's picture

QE4EVA

Thu, 02/24/2011 - 11:36 | Link to Comment SheepDog-One
SheepDog-One's picture

WOW what a great success! Hey lets do more QE its so successful! 'Rates can only go up from here' well yea when 'here' is 0%, guess they can only go up. Gee, wish I had a PHD like these guys.

Thu, 02/24/2011 - 11:36 | Link to Comment buzzsaw99
buzzsaw99's picture

Because Jamie Dimon isn't rich enough yet bitchez!

Thu, 02/24/2011 - 11:37 | Link to Comment Youri Carma
Youri Carma's picture

"INFLATION EXPECTATIONS ARE HIGHER"?

What about "INFLATION=HIGHER!?"

Thu, 02/24/2011 - 11:37 | Link to Comment Dead-eye Odom
Dead-eye Odom's picture

If I ever buy a sailboat, I am going to name it "The Market". That way I could rig it and try to sail it through bad storms.

-It is not the debt I owed him.

Thu, 02/24/2011 - 11:37 | Link to Comment Cursive
Cursive's picture

BULLARD: IGNORE HOENIG

BULLARD: WE WILL SUCK THE MIDDLE CLASS DRY

BULLARD: ALL YOUR BASE BELONG TO US

Thu, 02/24/2011 - 11:52 | Link to Comment Dead-eye Odom
Dead-eye Odom's picture

"All Your Base Are Belong To Us"

http://www.bbc.co.uk/dna/h2g2/A19147205

I don't like to do it. Sorry, but it is kind of a nerdy technical thing.

Thu, 02/24/2011 - 11:59 | Link to Comment WaterWings
WaterWings's picture

BULLARD: ALL YOUR HOTELS ARE BELONG TO US

The newer (September 2008) editions have a total of $20,580, with 30 of each bill denomination. In addition, the colors of some of the bills have been changed; $10s are now blue instead of yellow, $20s are a brighter color green than before, and $50s are now purple instead of blue.

 

http://en.wikipedia.org/wiki/Monopoly_(game)

We're playing the Special Benocide Edition.

Thu, 02/24/2011 - 12:01 | Link to Comment DB Cooper
DB Cooper's picture

Bullard:  We will stop QE'ing when the FED owns all property.

Thu, 02/24/2011 - 11:40 | Link to Comment Joe Davola
Joe Davola's picture

Quicken has already told me to increase my budget in 3 different categories this year, none of which were on the income side of the ledger.

Thu, 02/24/2011 - 11:42 | Link to Comment krispkritter
krispkritter's picture

"BULLARD SEES OPTION OF BUYING BONGS MORE GRADUALLY INTO 3RD QTR"

Yep, because we're gonna need them deal with all this happy horseshit...go long weed...

Thu, 02/24/2011 - 11:45 | Link to Comment Dead-eye Odom
Dead-eye Odom's picture

So if he buys the bong.....are you gonna take the hit?

Thu, 02/24/2011 - 12:10 | Link to Comment SteveNYC
SteveNYC's picture

It seems Bullard is smoking some good sh*t, so sure....

Thu, 02/24/2011 - 18:31 | Link to Comment krispkritter
krispkritter's picture

Nope, not into that Hopium crap. Heard it leaves you feeling like you've spent the evening in a prison shower picking up soap, your wallet empty except for a SNAP card, the toilet seat up, and your cat pregnant...

Thu, 02/24/2011 - 11:42 | Link to Comment Caviar Emptor
Caviar Emptor's picture
Bullard: we will have QE until all bankers have enough to retire comfortably with a standing private army to guard their wealth. After that,  it's adios amigos, you're on your own
Thu, 02/24/2011 - 11:43 | Link to Comment topshelfstuff
topshelfstuff's picture

Let me put this new youtube link here. Nothinh we didn't already know, but still the moxy to talk about it like "We"....the last time WE DID THIS in March 2009...

gives a clear understanding, for those who didn't know, of who the "We" was/is and why O, after just having a private meeting with all the Big Bank CEOs, gave his "Buy stocks" slip of the tongue on March 3, Citi's Tout March 10, folowed by BAC's Lewis making the same Tout on March 12. We only hear about the huge gains, near a 100% Winning Days record...overlooking the larger gains that would be found in the Individual Accounts o all the PPT Gang Members..off-shore of course

 

END FED: Bernanke Admits QE Raises Stock Prices, Force Investors Into Other Assets--Commodities?

http://www.youtube.com/watch?v=_-Jkgaehkwo

 

today this reminder of the select few who knew for sure

http://www.minyanville.com/dailyfeed/how-president-obama-won-the/?camp

Step aside stockpickers, there's a new guru In town.

Flashback: March 3, 2009: "Obama Says Now May Be a Good Time to Buy Stocks" - Bloomberg

From the transcript of the press conference:

Question: Thank you, Mr. President. The stock market has fallen to lows it's not seen since 1997 this week, and an undercurrent of these declines is the fear that your plans to fix the banking sector might not work.

President Obama: Well, let me say this: I'm absolutely confident that they will work.

 

 

 

 

Thu, 02/24/2011 - 11:45 | Link to Comment Caviar Emptor
Caviar Emptor's picture

Bullard to Gaddafi: Hey, Buddy you're doing a great job! We'll exfiltrate you to Riyadh once you've caused a 1,000 point retrace in the DOW 

Thu, 02/24/2011 - 11:45 | Link to Comment Agent P
Agent P's picture

I thought Justin Bieber said that?

Thu, 02/24/2011 - 11:49 | Link to Comment Rodent Freikorps
Rodent Freikorps's picture

I'm not paying for this shit.

Thu, 02/24/2011 - 13:58 | Link to Comment Cash_is_Trash
Cash_is_Trash's picture

Nobody asked for our opinion or consent.

Thu, 02/24/2011 - 11:52 | Link to Comment gwar5
gwar5's picture

Looks like QE 3 is guaranteed.

That'll make the dollar go up for sure.

Thu, 02/24/2011 - 11:53 | Link to Comment butchee
butchee's picture

Never say never to forever.

Thu, 02/24/2011 - 11:56 | Link to Comment tmosley
tmosley's picture

Somehow, I feel that this calls for a limerick.  If only there were someone here with a talent for such things...

Thu, 02/24/2011 - 12:08 | Link to Comment WaterWings
WaterWings's picture

I'll try:

There once was a shit named Bullard,

who new a big squid named Lloyd.

They printed the money,

and stole all the honey,

but ended up in the void.

Thu, 02/24/2011 - 13:08 | Link to Comment snowball777
snowball777's picture

Slight tweak:

There once was a FedHead named Bullard

who blew a vampiric squid, Lloyd

when the banks got all runny

they printed more money

and ended up out in the void

 

Thu, 02/24/2011 - 15:34 | Link to Comment RichardENixon
RichardENixon's picture

Or maybe something along the lines of:

There once was an asshole named Bernanke

Who was up to some real hanky panky

When the shit hit the fan

He got up and ran

So he wouldn't get a nasty old spanky

Thu, 02/24/2011 - 11:57 | Link to Comment Misean
Misean's picture

Bullard's just talking his book. He has a large position in HP.

Thu, 02/24/2011 - 12:03 | Link to Comment alexwest
alexwest's picture

...
BULLARD SAYS INFLATION EXPECTATIONS ARE HIGHER, A SUCCESS OF QE
...

just cant resist... IS HE FUCKIGN LOST HIS MIND ????????

SO INFLATION IS HIGHER IS BETTER.. WELL 70X MUST HAVE BEEBN FUCKIGN GREAT..

I JUST CANT BELIEVE..

I HOPE SOME FROM FBI/CIA/ARMY/WHATEVER JSUT REMOVE THIS FUCKING MORON.. OR BETTER SEND INTO SPACE..

ALX

Thu, 02/24/2011 - 12:11 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

Most of you guys seem to think QE 2 ,3 4 infinity is the cause of our malaise - it is merely a painkiller - the cancer is terminal.

At least 4 decades of malinvestment does have consequences you know.

Attention trader deficit disorder gives you a skewed historical time line.

So much infrastructural and technological investment was deferred in the 70s 80s and 90s so that people could consume in the present - we cannot consume for much longer as 50 year old power stations and the like do need replacing and therefore require a surplus from todays consumption.

Thu, 02/24/2011 - 12:03 | Link to Comment Drag Racer
Drag Racer's picture

in other news, the last space shuttle mission launches in a couple hours. live view on NASA TV
http://www.nasa.gov/multimedia/nasatv/index.html
current view is a space station module docking but shuttle coverage will return soon

word is the payload is a worldwide dollor drop from orbit...

Thu, 02/24/2011 - 12:07 | Link to Comment Muir
Muir's picture

http://www.stlouisfed.org/newsroom/speeches/pdf/2011-02-24.pdf

 

 

The actual speech in case anybody is interested.

The title at ZH does not do it justice.

Thu, 02/24/2011 - 12:10 | Link to Comment Muir
Muir's picture


The effects of asset purchases in financial markets


The policy change was largely priced into markets ahead of the November FOMC meeting.

The financial market effects were entirely conventional.

In particular, real interest rates declined, inflation expectations rose, the dollar depreciated, and equity prices rose.

These are the "classic" financial market effects one might observe when the Fed eases monetary policy in ordinary times (that is, in an interest rate targeting environment).

Thu, 02/24/2011 - 12:16 | Link to Comment Math Man
Math Man's picture

Left out of the Zerohedge article (per bloomberg):

"The natural debate now is whether to complete the program, or to taper off to a somewhat lower level of asset purchases,” Bullard said in the text of a speech today in Bowling Green, Kentucky. “Quantitative easing has been an effective tool, even while the policy rate is near zero. The economic outlook has improved since the program was announced.”

He's actually calling for an early end to QE2, not QE3.

Thu, 02/24/2011 - 12:22 | Link to Comment alexwest
alexwest's picture

#Moody's says US very unliekly to miss interest payment on debt and if US did miss payment market impact on borrowing costs would be key

another one..
yeah... very unlikely cause its $$$ based debt.. there's device called printing press...

WHAT DAY IS TODAY? super size menu +all clowns included :)

alx

Thu, 02/24/2011 - 12:25 | Link to Comment primefool
primefool's picture

To these Fed Heads - inflation is good as long as it is in stocks, commodities and assets. What they really worry about is your Wages going up - Now that they will stop dead in its tracks - if by some miracle your wage goes up - cant have that.

Thu, 02/24/2011 - 12:27 | Link to Comment Quinvarius
Quinvarius's picture

They are called "inflationary reservoirs".

Thu, 02/24/2011 - 12:33 | Link to Comment Übermensch
Übermensch's picture

And what do you have to say about this Mr Davidowitz?

http://www.youtube.com/watch?v=QXws2_N78_4

Thu, 02/24/2011 - 13:07 | Link to Comment Wolf in the Wilds
Wolf in the Wilds's picture

Not exactly the take I get from reading his presentation.  But he does have a lot of misconceptions on how the world works.

 

http://viewfromthewilds.blogspot.com/2011/02/bullard-inflation-hawk-turn...

 

I think career economists who want a job in the Fed should first get some real world experience. 

 

Thu, 02/24/2011 - 13:19 | Link to Comment equity_momo
equity_momo's picture

BULLTARD SAYS :   ITS GAME OVER BUT WHILST YOU DOUHCEBAGS KEEP USING DOLLARS , WE ARE GONNA KEEP PRINTING AND SPENDING 'EM

Thu, 02/24/2011 - 13:31 | Link to Comment glenlloyd
glenlloyd's picture

First of all I don't think there's any question that Bullard is a douche.

Second, holding dollars just got riskier.....

Thu, 02/24/2011 - 13:39 | Link to Comment Hondo
Hondo's picture

In a globalized ecnomomy the Fed can't get real wages or even nominal wages to rise.  If the try all the get is more unemployment.....they are complete fools....we need to take away their computers and give them slide rules.....at least it will take them longer to f*** up the economy.

Thu, 02/24/2011 - 14:41 | Link to Comment High Plains Drifter
High Plains Drifter's picture

I told you. QE will never end.

Thu, 02/24/2011 - 16:02 | Link to Comment NotApplicable
NotApplicable's picture

Or at least, QE won't end until the Fed ends.

Thu, 02/24/2011 - 17:40 | Link to Comment Itsalie
Itsalie's picture

Its all discounted, I mean QE3/4/5/6; but Weber? He has been replaced, ever wonder why? Mar is good month to test the tough talking eurocrates, last time they raised (as insisted by weber and complied by ecb), the world went into the global financial crisis, sure they did not cauise it but all the stars are aligned for another one, incl the bond market.

Thu, 02/24/2011 - 17:41 | Link to Comment Itsalie
Itsalie's picture

Its all discounted, I mean QE3/4/5/6; but Weber? He has been replaced, ever wonder why? Mar is good month to test the tough talking eurocrates, last time they raised (as insisted by weber and complied by ecb), the world went into the global financial crisis, sure they did not cauise it but all the stars are aligned for another one, incl the bond market.

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