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Congress WAKE UP: QE is a FAILURE and Bernanke is LYING
Congress,
you need to wake up. The people who are acting as your financial advisors are
lying to you about the economy and our financial system. They’re also lying to
you about the effectiveness of their policies.
Consider the
Fed’s Quantitative Easing (QE) efforts.
The Fed
claims that QE is about helping the housing market by keeping interest rates
low. It also claims that QE is working.
These are
lies.
Interest
rates ROSE every time the Fed engaged in QE. EVERY TIME. Here’s a chart making
it OBVIOUS Ben Bernanke is a liar:
As for QE
working… consider this.
During QE 1,
the Fed put roughly $50 billion into the financial system per month. Today,
with QE 2, it’s putting twice this: $100 billion.
If QE is
working, why are the amounts of money going up? They SHOULD be going DOWN. But
they’re not. They’ve doubled.
This about
it Congress. If a Doctor gave you medicine to combat the flu, and then told you
it was working but that he needed to DOUBLE the dose… would you believe him?
How about it he suggested increasing the dose AGAIN after he’d already doubled
it? Would you want to continue treatment?
Of course
not. You’d know he was clueless.
And yet,
this is what you’re letting Ben Bernanke do to our financial system. You’re
letting him destroy our currency and quality of life to support a LIE. The
American People know it, which is why they’re getting more and more outraged.
And the
American people are the ones who VOTE.
You are
supposed to represent us. You are supposed to defend us against threats both
internal and external. Bernanke is lying to you and all of us. He is an
internal threat to our financial wellbeing.
DO SOMETHING
ABOUT IT.
There are
other advisors who are honest, intelligent, and have actual solutions to deal
with the issues we’re facing. There are people who predicted the 2008 Crisis (I
was one of them, but that’s besides the point). There are people who actually understand finance and
economics. They’re more than
willing to talk to you and offer you their insights.
But they are
NOT the people you are surrounding yourself with.
We are
getting close to the End Game for the US’s current monetary policy. We might be able to do something about it,
but that will ONLY happen if you dump Bernanke and the other financial advisors
you go to and talk to OTHERS who know what they’re talking about.
If you
don’t, the US will go the way of Greece and every other bankrupt nation that
lets Central Banks and Wall Street dictate how to run their economy. That’s not a threat, that’s a fact. You
can see the countries falling like dominos around us. Why don’t we take action
to make the US great again?
You can do
this.
Best
Regards,
Graham
Summers
PS. To
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this could be a much better longer article, and something worth sending to others. Using an analysis of what he said, what the effects were, what they weren't, and using a black box analysis technique (that's where you don't look at statements) what the real purpose is.
I propose it is this. banks borrow short, lend long. QE has increased the "spread" this makes banks more profitable. that's the real reason. to bail out insolvent banks. This is why the fed hates deflation, it reduces the spread.
unfortunately (for us) CONGRESS is derelict in it's duty.
Agree with your observations Graham but" Do Something About It" is confusing nonsense. Are you suggesting we on ZH should listen to advisors like you and not listen to Bernanke? What good will that do ? Or are you suggesting the Fed , Congress and Administration should listen to you? The latter is your problem in finding ways of reaching the policymakers. I bet if they did agree to listen to you, you would not charge them a subscription fee. On other hand you would be happy to charge us. Why else would you troll on ZH , although I do enjoy your opinions voluntarily shared with others on ZH. The problem is in a service industry economy we have to live off of each other rather than being occupied in creating wealth.
Sure, sure, wake up Congress. Congress won't awaken until the people do. Not enough of us are hungry................yet. And, anyway, Snookie's entertaining and she was paid $36,000 for a speech she gave at Rutgers. What does that say about us?
The Criminal Bernanke will get what is coming to him, either in this life or the next.
An orange jump suit and a 300 lb. celly for the rest of his natural life if he gets it here.
I would suggest that everyone read Antal Fekete's Open Letter to Congressman Ron Paul, just out, calling for Benbo's impeachment.
Here's the link - http://www.professorfekete.com/articles/AEFImpeachBernanke.pdf
Hope zero hedge posts that letter. Very powerfull.
Citizens Under Attack
Everything Obama, Geithner, & Bernanke do, they do it all for The Banksters.
Many people have lost their homes. Many more are paying inflated rates on inflated properties which the banks refuse to refinance. Savers are getting lousy rates on CDs, but are charged 10%-24% on a credit card. From the top of the credit menuboard to the bottom, The Banksters have FREE REIN to suck as much blood out of the middle class as they possibly can. It’s a criminal plan that TARP was paid for by The Taxpayers to save the banks from extinction, only for them to revive and viciously attack the hands that feed them. Henry Paulson should be charged with Treason for using The Taxpayers' Money to re-arm The Banks of Mass Destruction. Everybody is a victim, even the homeowner without a mortgage, his equity is dropping in its entirety; he's losing more than the guy with a mortgage. Condos sit empty because banks don’t want to pay associations’ maintenance fees, while those fees rise for the rest of unit-owners to make up the shortfall. The Banking Cartel is waging a war against every American Citizen, and it won’t be happy until every savings account is drained, every homeowner is broke & evicted, every credit card holder is “paying” 24.9% + $88/ mo. in overlimit and late fees, and every house is in their possession. Even the foreclosure process is financially draining for the owner, with insurance and electric payments continuing until property is taken out of owners’ name, an average of 2-3 years. (Upon repossession, the bank doesn’t book the loss until resale, artificially covering-up insolvency issues). Wake up people, its not us against each other, its Us vs. The Banksters who run their operation with impunity.
Further details of the covert TARP program, “Where the Bailout Went Wrong”, by Neil Barofsky:
http://www.nytimes.com/2011/03/30/opinion/30barofsky.html?_r=1&scp=1&sq=barofsky&st=cse
Swing,
Very well said. I agree with everything you posted.
Hello Phoenix, THEY FUCKING KNOW THEY ARE BEING LIED TO! THEY ARE PART OF THE FUCKING FRAUD. SOME PEOPLE NEED TO DIE...........................
Congress, you need to wake up. The people who are acting as your financial advisors are lying to you about the economy and our financial system. They’re also lying to you about the effectiveness of their policies.
Worst case scenario (i.e. likely): Everyone knows the big picture and no one is lying to congress or the administration. The newly elected "change" President charging into office, suddenly confronted with stupendous problems with no socially acceptable solutions. Not only monetary issues, but dying earth facts: extinction of species, oceans depleted of oxygen, toxic air and drinking water, acts of nature becoming destructively intense, worldwide corruption, etc. It takes a looong time to go bankrupt, as any good accountant can instruct, so we'll just prolong the fantasy of well-being as long as possible. In the meantime, the real powers can gather their money and do whatever to try to survive. Because obviously, there's a whole bunch of us that aren't going to make it. So why cry about all the things not being done, when the cure is worse than the disease? End of hypothesis.
real men dont cry, more than a single tear, once.
and the 'cure' is putting purchasing power (read: an individuals ability to affect the future) in the hands of people who would fix these problems if they had any earthly power.
if america was a free market and had been for decades, how long would it have taken us to fix fuckyoushima?
tepco's ceo would be safe having cocktails with hookers on the roof of reactor 3 by now.
with our geigered drones filming bungabunga live for youtube.
end of comment.
Sorry Charlie. it's too late, we are at the cliff and the bus is doing 80MPH. We couldn't stop now if we wanted to.
We are in the lost decade, it is too late. 10 years ago we stood a chance, no we all hang on for our lives as unintended consequences come home to roost.
Enjoy the ride, Bitchez.
"Congress: WAKE UP"
You lost me right there.
How naive, Mr. Capital research. You think those legislative whores care about anything other than who is kissing their asses and padding their pockets?
For the record "i do not want Congress to wake up." And I mean that literally. In the old days all they did was sleep...which I like in people in general actually. Now sometimes I think "we need to do a full on Data here" and "find an obscure sub-routine in the Borg's consciousness" and "tell them to sleep."
I don't think Bernanke is a puppet. I think he is doing the best he can to fix a bad situation that he walked into and was not started by him, but by Greenspan.
Bernanke came from humble beginnings and I do not believe he would willingly turn his back on the working people since his parents were also part of the hard-working, lower middle class.
sure,he already done so,so your comment is idle,we are again in the same situation,but even worth,now,there is no alternative but collapse because no one trust FED for fixing,FED can do nothing,there is cycles of Natura which working its way with humanity as well,they are not God left or right hand,God left to us nothing about Central Banking or FED
Thanks for the belly laugh.
Gasp! Gasp! Trying to write this while rolling on the floor with laughter. Gasp! Bennie Boy..tee-hee...Bennie-Boy isn't Responsible??? Oh crap! Roar, chuckle, tee-Hee
Bless his heart. He sounds mad as hell and he isn't going to take it anymore!! I think he's right about that and the s will htf.
Sad that those who supposedly represent those who vote for them on election day are actually the dumbest, most gulliable, and bribeable among us.
I don't think the chairsatan would have it any other way.
QE reminds me of the guy at the blackjack table who thought doubling his bet every time he lost was a good strategy... until he lost 10 hands in a row and ended up down $100 grand...
Ya, but the 11th time...
Ben
Berspanky's masters need him to keep flooding free money in to the market to keep it at 12K.
There is nothing organic about this recovery, it's all about appearances. If they make it look organic, and they tell us often enough that it is organic, then maybe folks will believe it to be so and put their hard earned fiat back in the casino.
Bring back The Guillotine. No other choice
The guillotine was an 18th century leap forward in quick and humane euthanasia. I would prefer a resurrection of the 20th century leap backward- the diete noire. The public aspect could be incorporated either through live streaming footage or by using display windows at the local mall. Bastards don’t deserve better, and it would send an indelible message to the youth about the consequences of egregious actions.
diete noire - the black diet - no food, no water. Victims of this form of punishment sometimes eat their own feces. Seems fitting.
Start with Soros.
Every leaching bank sponged usd for liquidity!
The Fed has no power. That is why they ass slammed the treasury at the pomo window in 08!
The Congress and the Senate are trying to deal with reducing the debt, yet they do nothing about the Fed and Bernankie from creating the debt and giving it away to the Banks.
I think you hit the nail on the head. Instead of trying to find solutions to reduce the debt on the backs of the Seniors and Poor people, just maybe they should rein in the cause of the Debt. Bernanke and the FED.
I like this. "You big spender Fed you! Stop making us look like the fools we actually are!" I still think Bernanke..."now that he's going public" should go "full on Saddam Hussein" in his choice of clothes and... "accessories" i think is the technical term. There should be "Gangster Ben," then "Christian Ben"(?), then "Man of the People Ben", then...
Interest rates ROSE every time the Fed engaged in QE. EVERY TIME. - Ahh yes, but Chairsatan's argument will be that they would have risen MORE had he not. Silly.
If you're right, QE III will be between 3 and 5 trillion.
CONgress is allowing itself to become irrelevant.
Dear Mr Summers
You related to Larry ?
Thats like asking a "John" to get off the hooker he's rented - he'll stop when he's ..... done. Its a circle of life kind of thing.
The 2nd half of 2011 will be a doozy! May I be so bold to predict Dow 8k.
If this market actually breaks you can take away the "k".
Can a majority of Congress be stupid? I think not, which leaves only one other option, that they understand exactly what is happening but face two choices.
1. To tell the truth and embrace austerity to save the nation, and lose their seats.
or
2. Ignore the truth, carry on buying votes and keep their seats.
Answer two appears to have been the obvious choice. They might well be traitors, but they are not stupid traitors.
america is a damn jenga game.
For God's sake... Congress, White House, FED, Wall Street, et al are all tentacles on the same beast. THERE IS NO ONE THERE REPRESENTING YOUR INTERESTS. They are all bought and paid for. They are there to get as much out of you in your lifetime and transfer it to their owners while showing you smoke and mirror games and playing charades... it's all theater done at your expense.
Wake up man. Know the game.
fucking great synthesis.
CNBC - yes, CNBC - is running a headline that 2011 is quite possibly going to see a bigger financial crisis than we had in 2008.
I realize CNBsC is akin to the Romper Room of financial discussion....but....
CNBC: Could 2011 Be Worse Than 2008? Don't Rule It OutCNBC.com - Patrick Allen - 12 hours ago
2011 is beginning to look very like 2008 before the collapse of Lehman Brothers—except the numbers involved are much bigger this time around.
WTF Bitchez!!!!!!
You are kidding me. Looks like yesterdays 15 Minutes of Truth Telling by the Jedi Master may have started something?
Someone call Buffet!
GIVE ME PAPER OR GIVE ME DEATH
I don't believe Bernanke has the power he's perceived to.
The man is nothing but a puppet.
I agree. "he will try and run the whole thing..but tragically, he will fail in the end."