Per Declassified Testimony, Bernanke Blames Blogosphere For Itemizing Disastrous Consequences Of His Actions, Says Goldman Is A Utility

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Tue, 02/15/2011 - 10:18 | 963208 Whatta
Whatta's picture

if no one yells fire...there is NO fire?

Tue, 02/15/2011 - 10:27 | 963235 primefool
primefool's picture

if no one yells fire...there is NO fire?

Actually the man is smart, not like people say... dumb ... he's smart and he demands respect.

His point was that the "markets" basically are "the yelling" ( ie. Not the Fire). Since all he cares about are the "markets". he was mereley pointing out that "if no one yells fire" then there would be no "yelling" (after all -- all that matters is the "yelling" NOT any possible actual physical fire).

Tue, 02/15/2011 - 10:50 | 963335 GoldSilverDoc
GoldSilverDoc's picture

Oh yes, he is smart.  No doubt about that. He is smart like Carlo Ponzi. 

I suspect he would rather be considered stupid (and thus innocent) than smart (and thus, clearly, criminal).

 

 

Tue, 02/15/2011 - 13:10 | 963857 velobabe
velobabe's picture

he says you know, i mean.........a lot†

Tue, 02/15/2011 - 14:17 | 964103 Bananamerican
Bananamerican's picture

"I  would still say that the interaction of these things, the “perfect storm” aspect was so complicated and large, that I was certainly not aware, for what it’s worth -- and it could be just my deficiency -- but I was not aware of anybody who had any kind of comprehensive warning."

It's long, it's not particularly eloquent or witty.....but it will serve as the man's epitaph....

chisel it Bruno.....

Wed, 02/16/2011 - 16:04 | 967780 Monday1929
Monday1929's picture

Utterly amazing. He has fully established that he is either an idiot or a criminal.

Tue, 02/15/2011 - 10:55 | 963341 Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

Let me be the first of many to tell you that you are never going to find a way out of that bag over your head.

 Actually the close analogy is that people stand around and watch a pregnant woman get beaten to death by a group of thugs, but since no one did anything, it never happened even though the woman was brutally murdered right in front of them.

(insert American people for the woman).

 

Better still is the 3 chimps analogy hear, see and speak no evil

 

And this guy is supposed to be a genius?

 

Geez, we're doomed.

 

 

Tue, 02/15/2011 - 11:02 | 963383 Hard1
Hard1's picture

....watch a pregnant american people... I don't get it!

Tue, 02/15/2011 - 13:06 | 963846 Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

You're not hanging out in the right parts of Detroit.

 

You know what I meant.

Tue, 02/15/2011 - 11:06 | 963402 jus_lite_reading
jus_lite_reading's picture

The spark?

http://www.huffingtonpost.com/2011/02/11/scott-walker-unions-wisconsin-n...

Ok, I think the SHTF. Now I am worried.

Tue, 02/15/2011 - 13:18 | 963890 pan-the-ist
pan-the-ist's picture

IMHO, it is a litmus test.  If this flies in Wisconsin, not exactly the reddest state, but hardly blue, they will try it elsewhere.

Mr. Walker is a useful idiot, he might end up buried under Badger stadium.

Tue, 02/15/2011 - 14:15 | 964091 lunaticfringe
lunaticfringe's picture

I've often thought that the NG could use a collective bargaining agreement.

Tue, 02/15/2011 - 10:19 | 963210 countryboy42
countryboy42's picture

Bloody hell. Reading that was like listening to the POTUS with out the TOTUS.

Tue, 02/15/2011 - 10:19 | 963212 Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

Some one please post a picture of Ben Bernanke as a crying baby.

Tue, 02/15/2011 - 10:20 | 963213 lizzy36
lizzy36's picture

BREAKING: Bernanke blames gravity for all plane crashes. To many instruments on the dashboard for the pilot to follow them all.

Tue, 02/15/2011 - 10:38 | 963275 TeMpTeK
TeMpTeK's picture

+1..lol

Tue, 02/15/2011 - 11:32 | 963478 The Profit Prophet
The Profit Prophet's picture

+10...great analogy!

 

Of course the real problem with the blogosphere is that it gives a public voice to some very intelligent, uncorrupt individuals - allowing them to speak freely without the threat of reprisals.  Isn't it amazing how true freedom of speech has become such a problem for the ruling class!

 

T.E.I.N. everyone!   

Tue, 02/15/2011 - 17:54 | 965025 Michael
Michael's picture

For more than a century, ideological extremists at either end of the political spectrum have seized upon well-publicized incidents to attack the Rockefeller family for the inordinate influence they claim we wield over American political and economic institutions. Some even believe we are part of a secret cabal working against the best interests of the United States, characterizing my family and me as "internationalists" and of conspiring with others around the world to build a more integrated global political and economic structure - one world, if you will. If that's the charge, I stand guilty, and I am proud of it. -David Rockefeller

For little more than a decade, ideological patriots on the blogosphere at either end of the political spectrum have seized upon well-publicized incidents to attack the Bernanke/Greenspan family for the inordinate influence we claim you wield over American political and economic institutions. We even believe you are part of a secret cabal working against the best interests of the United States, characterizing your family and your cartel as "internationalists" and of conspiring with others around the world to build a more integrated global political and economic structure - New World Order, if you will. If that's the charge, We stand guilty, and We are proud of it. 

The Blogosphere

Tue, 02/15/2011 - 13:16 | 963884 alangreedspank
alangreedspank's picture

+1 LOL

That's right. Blaming new phenomenons on pre-existing condition is a methodological epic fail, and that's what Bern-anke is doing.

"Contrarians" were always part of the market and they didn't cause stuff like this before, why would they now ?

Tue, 02/15/2011 - 14:58 | 964304 anonnn
anonnn's picture

I read that BenB is so smart he was able to teach himself calculus. Clearly, such a conclusion is silly when "smart" is not defined.

If  BenB understood just some basics of calculus enough to actually apply what he had learned [application being the valid reason for learning], any ability to integrate the mass and maze of symptoms would have yielded the commmon source...namely, fraud and its corrollaries, such as deliberate misrepresentation and non-transparency.

While BenB may know a lot of words, he has memorized their meanings and not understood them enough to apply their meanings.

He cannot integrate lots of odd particles into and large comprehensive explaination... a workable source that points the way to its resolution.

Tue, 02/15/2011 - 15:09 | 964345 anonnn
anonnn's picture

I read that BenB is so smart he was able to teach himself calculus. Clearly, such a conclusion is silly when "smart" is not defined.

If  BenB understood just some basics of calculus enough to actually apply what he had learned [application being the valid reason for learning], any ability to integrate the mass and maze of symptoms would have yielded the common source...namely, fraud and its corrollaries, such as deliberate misrepresentation and non-transparency.

While BenB may know a lot of words, he has memorized their meanings and not understood them enough to apply their meanings.

He cannot integrate lots of odd particles into a comprehensive explanation... a workable source that points the way to its resolution.

Or he was deluded and trapped, by trusted "friends", into cumulative overt acts and thereby overwhelmed into what authored that testimony.

Tue, 02/15/2011 - 15:36 | 964467 BorisTheBlade
BorisTheBlade's picture

- Investigator: Captain Bernanke, some reports prior to the incident with your plane suggest that you were drunk while operating it, many saw crew loading large amounts of alcohol-containing liquids on the plane prior to take off, it is also believed that high levels of alcohol in the blood of the crew and that of the passengers were the main causes of the extreme risk taking on the part of both.

- Bernanke: I don't think I buy the premise of the last part of your question. It was confirmed by the council of certified medical experts, including chief medic Krugman that high alcohol levels in the blood of the crew or the passengers do not contribute to any abnormality in risk-taking patterns, thus we had no reason to believe that alcohol had anything to do with it. Furthermore, experience of the previous crash in 1930s clearly shows that failure to increase blood alcohol levels in critical circumstances can throw crew and passengers into the Great Depression, thus causing complete inoperability of the plane due to the lack of the crew activity.

- Investigator: You were also repeatedly warned by the passengers of series of the technical failures during the flight, I quote: "Engine is failing!, "Wing is gonna fell off!", "We are all gonna fucking die!"

- Bernanke: The fundamental problem with passengers is that they all shout and scream at once, pointing to too many problems, confusing crew and a captain. At the moment, a special council of certified technicians, including chief technician Krugman indicated that level of the failures was at the 50-year average, thus we had no reason to believe that any of those reports from the passengers were accurate. Furthermore, our studies showed concurrent failure of the engine coupled with the wing falling off never happened historically.

- Investigator: You were further accused of causing engines failure, after increasing fuel intake and keeping it at that level for far too long, in addition you have further increased fuel intake following wings cracking, which caused complete engines failure.

- Bernanke: Our decision to increase fuel intake following crisis with the first wing was critical for plane structural stability, with one wing gone, we had only one operable engine. In addition, our studies showed that failure to increase fuel intake in at least one engine causes strong gravitational effects, with no landing gear to speak of, which failed earlier, gravitation was believed to be a deadly force.

- Investigator:  Crisis with the wings by many assigned to your decision to pour unlimited amounts of free alcohol to the passengers who after getting drunk started dancing on them. 

- Bernanke: Extreme risk-taking by the passengers, was no doubt one of the major causes of the crisis with the wings. However, I do not buy the premise of the second part of your question. As was indicated earlier, alcohol levels in the blood do not contribute to the extreme-taking patterns by either passengers or the crew. We believe that the primary reason for inadequate behavior requires overhaul in regulation by the crew, we will ensure that no more than one passenger is allowed to dance on one wing at a time.

- Investigator: Captain, interviews with economy class passengers indicate that overweght first-class passengers were the primary reason for the cracks on the wings. Given their weight, they caused most of the damage while dancing on them. Some passengers even suggested to throw them off the plane.

- Bernanke: First class passengers are critical for the plane's structural stability. Given they represent 90% of the weight of all passengers on the plane, letting any of them go, throws the plane off-balance and puts extreme pressure on the system, further causing cracks in the structure. In fact, our decision to throw away two first class passengers who were sitting on the right side of the plane caused the crisis with the wings following sudden weight redistribution.

- Investigator: Two first class passengers?

- Bernanke: Yes, in fact they were brothers, last name I believe is Lehman. Since then, we call first class passengers TBTF: Too Big To Fly.

- Investigator: Why Too Big To Fly passengers are even allowed on the plane in the first place?

- Bernanke: Dummy, which part of the structural stability part of my explanation you did not understand?!

Tue, 02/15/2011 - 10:19 | 963215 dudditz
dudditz's picture

I had to laugh at this one.  Leave it to an economist to even hedge his answers.

Tue, 02/15/2011 - 10:35 | 963216 Bagbalm
Bagbalm's picture

This flaming jackass is of the "If we all just close our eyes and ignore it everything will be fine school." Cowards, fools and hand wringing little old women are our leaders.

" -but I was not aware of anybody who had any kind of comprehensive warning"

Ah, but what he means is - Nobody gave me any warning who was properly authorized to have an opinion from those handful of academics and fanboys allowed to present themselves at the high altar of economics. The undercaste of unclean business people and journalists need not approuch.

Tue, 02/15/2011 - 10:40 | 963290 Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

Exactly

 

BTW--Do you folks see the theme here:

Ben's statement about blogs avove.

 

Obama complaining that blogs cause "fearmongering".

 

(And yeah sad I know) Stewart and Colbert carrying the same frantic theme that anyone with a brain outside the gubermint is a Fox News nutjob intentionally causing paranoia so they must be demonised.

 

Think about it.

Tue, 02/15/2011 - 10:57 | 963371 Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

Seriously, next time you watch their shows, think about it in contxt of what I'm saying. Comparing rotten fruit to gold and silver on the show as comedy? If that isn't a tell, then what is?

Tue, 02/15/2011 - 11:47 | 963526 dbach
dbach's picture

Ron Paul was recently on one of those shows, Colbert I believe, and was talking about soundness of money and the benefits of a gold standard. Colbert made fun of having to carry around a coin purse and what not.

All I could think is that now these people (most of whom think of themselves as intelligent) will not give another thought to 'sound money' because the first and last time they heard about it was on Colbert and how it was made fun of. There's a guy with a Phd and a beard at the helm, why listen to Paul? Sad.

Tue, 02/15/2011 - 11:00 | 963380 Pants McPants
Pants McPants's picture

IMO neither Colbert or Stewart are worth anything more than the occasional chuckle.  They, like ever other MSM shill, are entertainers not journalists.

Tue, 02/15/2011 - 10:31 | 963219 williambanzai7
williambanzai7's picture

Tue, 02/15/2011 - 10:34 | 963255 e_goldstein
e_goldstein's picture

bah ha ha ha ha.

awesome.

Tue, 02/15/2011 - 10:36 | 963269 Sean7k
Sean7k's picture

Perfect WB! 

Tue, 02/15/2011 - 10:57 | 963367 CB
CB's picture

heh heh

Tue, 02/15/2011 - 11:08 | 963408 jus_lite_reading
jus_lite_reading's picture

LMAO! Great work WB!

Tue, 02/15/2011 - 11:50 | 963543 Pegasus Muse
Pegasus Muse's picture

I'm feeling particularly retarded today.  Don't get it. 

Tue, 02/15/2011 - 11:43 | 963513 Triggernometry
Triggernometry's picture

Whoever junked WB7 is a punk bitch.

Banzai, bitchez!

Tue, 02/15/2011 - 12:05 | 963614 willien1derland
willien1derland's picture

Seconded Triggernometry - Banzai-Bashing is OFF LIMITS! Banzai Bashing is punishable by the Federal Reserve --> Fiat Nazi Ben says 'NO POMO for You!"

Tue, 02/15/2011 - 13:15 | 963875 velobabe
velobabe's picture

you were brought up on a nazy base!

Tue, 02/15/2011 - 10:23 | 963225 NOTW777
NOTW777's picture

just like obama and the left demonizing the tea party; whats next - calling ZH racists

Tue, 02/15/2011 - 10:41 | 963299 Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

I think Assange could tell u the answer to that.

 

Meanwhile, he'll require ZH to get some sort of license.Regulate them out.

 

Sad.

Tue, 02/15/2011 - 11:39 | 963500 NOTW777
NOTW777's picture

look at the obama worshippers - to the gates of hell

tell me it isnt a cult

Tue, 02/15/2011 - 13:21 | 963896 patience...
patience...'s picture

Link?

Tue, 02/15/2011 - 10:24 | 963229 dick cheneys ghost
dick cheneys ghost's picture

the empire is naked. complete and total nakedness.

 

 

Tue, 02/15/2011 - 10:40 | 963288 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

How do you like our new Threads?  Had 'em special-made.

Tue, 02/15/2011 - 10:26 | 963230 Judge Judy Scheinlok
Judge Judy Scheinlok's picture

If we don’t have that, then we might as well treat them as a utility, because that’s what they are.

WTF MR CHAIRISTAN? THIS IS HOW YOU INSPIRE CONFIDENCE IN A FREE MARKET? FREELY ADMIT TO IT BEING COMPLETELY RIGGED. WHY NOT SPILL THE BEANS ABOUT THE IMELT CONNECTION AND HOW YOU HERD THE SHEEPLE?

Tue, 02/15/2011 - 10:25 | 963231 Council of Econ...
Council of Economic Terrorists's picture

In my eyes the Fed has gone from being the bad guy to a joke, with obviously D.C. and its various compartmentalized agencies and drones (including Congress) that work there as well.  

Tue, 02/15/2011 - 10:26 | 963232 HoofHearted
HoofHearted's picture

"Wolf! wolf! wolf!!!!"

Tue, 02/15/2011 - 10:26 | 963233 b_thunder
b_thunder's picture

never did i want to work for a utility company more than today!

especially the one that does God's work.

 

Tue, 02/15/2011 - 10:27 | 963236 snowball777
snowball777's picture

Why, in the name of all that is good, would anyone care if an investment bank went under? This is the core problem with repealing Glass-Steagall, in a nutshell.

And how do you lump Stiglitz, Baker, et al in with Mish and the 'blogosphere'?

"...to my knowledge." ---> "...to the faculties of a slightly retarded six year old."

Tue, 02/15/2011 - 10:27 | 963239 BennyBoy
BennyBoy's picture

Nobody saw it coming.

Nobody saw it coming.

Nobody saw it coming.

Now I'm talking about inflation.

 

Curse you Zero Blogosphere for telling the truth!

Tue, 02/15/2011 - 10:43 | 963305 Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

Exactly--They can't hide some of the truth faster than the internet can find it.

 

Drat!!

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