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Developing: No FinReg Vote Today, Bernanke To Attend Presidential Economic Briefng
Obviously now that FinReg will not pass, it will suffer the same fate as the Federal budget - i.e., be put out of sight and out of mind, never to be seen again. After all Obama already got his bragging points on FinReg. Too bad he doesn't have the votes to pass it. As for the Bernanke stuff, we will keep you posted on that.
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Not to worry. I hear the Fed is independent of the Treasury, and doesn't set monetary policy as a result of political influence.
+1, perfect.
seconded
No shit, what happened to that "autonomy" thingy?
No one is going to miss 2,00 pages of illogical loop theory let alone understand how it would have helped.
Will there be people who REALLY understand what is going on, or just a bunch of pseudo-intellectual PhDs in attendance?
PhD = Permanent Head Damage
PHD:
Push Here Dummy
Probability Hypothesis Density
Post Holiday Depression
Pre-Hearing Detention
People Helping the Disabled
Post Homicidal Depression
Pot Hole Dodger
Professional Help Desk
Post Hole Digger
Pin Headed Dope
Probably Hiding Dung
Pure Hype Dispenser
Bull Shit
More Shit
Piled higher and Deeper
(Disclaimer: I gots me wun of dem Pee-aich-Deez, jest nawt in ekuhnaumics.)
sic semper tyrannis!!!!
PhD = Poor Helicopter Driver (sic)
Most Apt!!
warm up the black helicopter, pile in the sacks of $$$$$ and head for Afghanistan to give the troops "ammunition" to win the hearts and minds, etc. (Ref: Petraeus callin money as ammunition in his grand Iraq strategy).
I've told a few of my clients that the government has no intention of passing a national Federal budget. The average response?
"So what happens now?"
We (the collective "we") are all in desperate need of some basic financial education.
'we' become more banana republic and third world by the day. this is truly 'thru the looking glass - wilderness of mirrors' kind of stuff writ large..........................
I seem to remember in the past that when budgets weren't passed, or even those continuing resolution thingies: work stopped, .gov employees didn't get paid, etc etc
Have we entered a new paradigm?
Boy, have we.
I don't understand the confidence numbers. They didn't survey me, and I'm really confident. I'm sitting on a Huge Pile of Chinese solars. What's not to be confident about?
Teaser,
Only thing good about Solars, is they take a shitload of Silver.
Chinese solars.........Leo that you????
After your article today, are you writing under a new name?
Here's what MISH said,
Yet Another Keynesian Clown Steps Up to the Plate: Leo Kolivakis at Pension Pulsehttp://globaleconomicanalysis.blogspot.com/2010/06/yet-another-keynesian...
QE2.1 announcement for a stick save
Yeah, it wouldn't surprise me. I've got my fat fingers ready to close some trades if/when it happens.
OT: ZH servers seem stable today. Nice.
ZH upgraded their hardware over the weekend.
Thank you ZH.
And Now For Something Completely Different: where the fuck is Iceland? Total media blackout? Did they win or something?
Didn't you get the memo?
All vulcano's errupted, the island blew up, it sank into the sea and blablablabla... point is, no more Iceland.
Jim,
Yep, they said "Homey ain't playin dis' game no mo"...........
And their way ahead for it.
OK, yeah, I just did a news search:
Their new PM just married her partner as gay marriage became legal;
A punk rocker on a prank campaign just got elected mayor of Reykjavik (just, you know, the capital); and
The IMF says they are "technically" out of recession now, but some "risks" remain due to legal issues around bank loans.
So....they did it! ICELAND WINS BY DEFAULT!
Shhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh
The longer they wait to launch QE2, the worse it'll all get.
PRESS THE BUTTON!!
So, more derivatives and the federal purchase of them ?
bHo got his TV time, CNBCBCABC were able to tow their line of hype pumping... that is all the MSM sheeple and newspapers care about. Keep the jabber jawing flowing regardless of the facts. Besides, since when did facts and truth matter to bHo and the sheeple anyway? Great read Tyler as they will try to quietly sweep this failure under the rug.
We now return you to news on the Gulf oil spill already in progress.
GBPUSD well bid again today, got to be some sort of BP. deal coming..
They are looking through the Flag locker trying to figure out which one to raise for the biggest distraction. Keep the sheeple in line at any cost.
QE4EVA
Bernanke: We have this technology, it's called a printing press.
Owebama: Do it.
Wow. 3% drop in the Dow (they don't give a fuck about the S&P because the political speechwriters don't know that the S&P is more important) and he summons the central banking authority. These guys are barely keeping this political charade going. It's day by day.
Someone on this site said it best when they said the administration is using the Dow as a daily barometer of political capital.
Hey, white house lacky that reads this site, you're about to see some amazing shit go down. Stick in there. Write down everything and get ready to publish it about a year from now after another mega-trillion dollar bailout.
+1
Also, WH lacky should keep notes for a "tell-all", because this era will be talked about more than was the Great Depression.
Lets see... at the last critical point for Fin Reg we had the flash crash.
This week, we have a "last ditch" attack on the entire market ("take a break HAL") to remind the Senate what may be in store if they pass this bill.
Sorry Tyler, but if Wall Street is afraid of this bill, I'm all for it... warts and all!
Outright panic mode in the Fed and White House. They simply do not understand why nothing has worked. No Finreg vote until they can lineup the backroom bribes evidently. Bernanke is about to go tell the President how imperative it is he unleashes insane amount of cash on the markets in order to foster the recovery. No playbill needed with these guys. The Presidents approval rating are so in the tank e is desperate to agree to anything that appears to favor the middle class = printing money. In reality he is only harming them and their future generations. These are our brightest minds?
Unless they write down the toxic debt, all assets can only flatline at best over the long run.
They feel that they cannot write down the bad MBS/CDOs etc. because it would collapse the pension, life and (think about this) health insurance industries.
Ergo,
Investments are all liars poker games, the majors are insolvent but for fraud, the average Joe gets this, and the computer games just don't do anything.
But.....all the Prez thinks he can do is ask his team to push the buttons harder. He is just one guy. The groupthink bubble is that impregnable.
I guess we can't save his skinny butt. Or our collective fat ones.
No, but they do represent the general population. Half of the voters have below average intelligence. America did not elect this President based on intelligence. Didn't he refuse to allow his grades to be released? I believe that we elected this one based marketing algorithms. SKYNET, bitches!
This it seems is the real question, what is Bernake doing at the White House? Why would the Fed Chairman be meeting to discuss the economy?
Congress is totally paralyzed and unable to make any significant moves due to the election debacle they face in November. Bam knows his re-election in 2010 is based upon an improving economy, the next 6 months of economic performance will determine if he will get a primary challenge from Hilary etal. He needs something and needs it fast ... Helicopter Ben to the rescue!
Look for an announcement in the next 30 days of QEII, multiple trillions.
sschu
u r right. The signal will be when Hillary resigns.
"Bam knows his re-election in 2010 is based upon..."
You may want to check your facts.
The Economy is fine so we don't need QE2... besides we can't afford it at this time.
I think our "community organizer" took the job because they promised him a happy ending...
The economy is soooo bad...when an American gets a check returned for
"insufficient funds" he has to call the bank and ask if they mean him or them!
As first suggested on June 23, looks like the equity counter trend rally has ended.
http://stockmarket618.wordpress.com
http://www.zerohedge.com/forum/latest-market-outlook-1
Funny, I thought the headline read "No FinReg Vote Today, Bernanke to Attend Presidential Economic Barfing".
Somehow, I think that might have been more accurate.
all you conspritorial types and guess what! you just missed the real thing!! His name was "Senator Byrd" and he "suddenly died"! He was "very old" and for some reason "no one misses him right now."
the headline is "Bernanke hauled in by totally insane Jew, funeral to be held tomorrow for Senator what'shisname."