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The Fed Just Telegraphed Not To Expect Much If Anything From Bernanke's 3:45pm Speech

Tyler Durden's picture




 

Is the Fed telegraphing that today's 3:45pm speech, expected by many to presage some form of monetary easing preannouncement
by the Chairman, will leave many disappointed? That could well be the
case based on the just disclosed data from the Fed's mouthpiece, Jon Hilsenrath, who spoke to Chicago Fed's Evans. In the interview, we find that the Fed president decided to cut its outlook (long overdue), but more importantly, Evans, a diehard dove and a big fan of additional easing, announced that he "doesn’t
want to add to [QE]." In other words, as we have been warning, the
S&P will have to drop at least another 25% before the "high
threshold" for more money printing is reached. Ironically, for the first
time, discounting even near certain future events does not work,
courtesy of Central Planning, which needs the market to act in a
centrally planned way and drop despite the inevitable Zimbabwe reaction.

From the WSJ:

Charles Evans, president of the Federal Reserve Bank of Chicago, is marking down his growth forecasts for 2011 and 2012, but says he isn’t prepared to call for new Fed actions to support the economy.

In an interview with The Wall Street Journal, Mr. Evans said he now expects the economy to grow by 3% to 3.25% in 2011 and 3.5% and 3.75% in 2012, compared to the 4% growth rate he was expecting before a recent string of disappointing economic data.

He said the recovery remains intact and that the damaging effects of recent shocks to growth – such as Japan’s earthquake and tsunami – should prove transitory.

The Fed later this month will conclude its $600 billion Treasury securities purchase program. Mr. Evans doesn’t want to add to it, but he also has no inclination to reduce the Fed’s portfolio of mortgage or Treasury securities any time soon, he said.

Mr. Evans was among the Fed’s more outspoken proponents of the Treasury purchase program. His comments suggest that there isn’t a strong base at the Fed right now for more monetary easing. Proponents of the Fed’s easy money stance might instead be focused on keeping the current policy in place for a long time.

 

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Tue, 06/07/2011 - 11:26 | 1346923 PicassoInActions
PicassoInActions's picture

Fed wants to be like Apple.

Will surprise us to get the best shock result.

Tue, 06/07/2011 - 11:24 | 1346925 hugovanderbubble
hugovanderbubble's picture

After Listening to bullshit told by Fisher in the Scam Media called CNBC, for me any FED report will be misleading and biased.

End the Fed

US is stronger than this Organization, US WAKE UP¡

Tue, 06/07/2011 - 11:49 | 1347040 suldog
suldog's picture

You are correct about the Fed, however Fisher is the one guy in there worth a damn.

Tue, 06/07/2011 - 11:53 | 1347063 hugovanderbubble
hugovanderbubble's picture

If he´s a ethical guy , he must leave Dallas Fed.

Then i will agree he´s a worth guy, meanwhile hes still working for the scammers.

Tue, 06/07/2011 - 11:27 | 1346928 carbonmutant
carbonmutant's picture

QE3 is a wet match

Tue, 06/07/2011 - 11:46 | 1347017 hugovanderbubble
hugovanderbubble's picture

QE3 will be done during 2012

After Euro Kicks Greece and haircuts stablished.

Thereafter at a huge discount vs current prices the last QE3 befores Mayan´s Date.

 

Then NWO ...easy route map

Tue, 06/07/2011 - 14:23 | 1347589 TruthInSunshine
TruthInSunshine's picture

QE3 is a wet fart.

 

Hey, why 3:45 pm? He could have said what he needs to lie about at 9:45 am, no?

Tue, 06/07/2011 - 11:25 | 1346929 Cdad
Cdad's picture

Nice timing.  Just in time to maintain today's paper thin, ETF bid so as to allow Europe to close positively.  

Prepare for S&P/Euroland dissonance.  On with the Plunging and Screaming trade.

Tue, 06/07/2011 - 11:29 | 1346935 hugovanderbubble
hugovanderbubble's picture

If u bet for a huge divergence,

 

EUR should be quoting like 1.20-1.25

 

The big movement gonna be in forex

Tue, 06/07/2011 - 11:32 | 1346964 Boston
Boston's picture

I see the EUR plunging.....along with the S&P plunging.  

(ala John Taylor)

 

Tue, 06/07/2011 - 11:45 | 1347027 hugovanderbubble
hugovanderbubble's picture

1220-1250 sp

1.28-1.32 EURUSD agree sir.

Tue, 06/07/2011 - 11:52 | 1347058 mayhem_korner
mayhem_korner's picture

What about Treasury yields?  If the market REALLY doesn't expect the presses to start (I don't think it will ever be fully "priced out"), shouldn't the bluff be called by a nice fat 125 bp jump in the 10Y?

earless rabbits to the moon...!

Tue, 06/07/2011 - 12:01 | 1347081 hugovanderbubble
hugovanderbubble's picture

Bond markets will destroy Equity. (Hugo Peterssen till deleverage is completed)

Tue, 06/07/2011 - 12:04 | 1347090 mayhem_korner
mayhem_korner's picture

All that fiat is going to flow to Ts with no increase in yields?  So is the QE trigger more the gasp of the crushed equity holders rather than a run-up in debt service for the U.S.? 

I'm not convinced, but interested in your thought process...

Tue, 06/07/2011 - 12:11 | 1347135 kaa1016
kaa1016's picture

2.5% on the 10 year and S&P 1000 by the fall and then all hell breaks loose next year. The writing is on the wall.

Tue, 06/07/2011 - 11:31 | 1346943 lizzy36
lizzy36's picture

They will keep ZIRP in place until my niece (3) graduates med school.

Oddly i can't help but wonder what happens if they actually raised rates (since ZIRP doesn't seem to be working). I know a mean reversion on TSY bonds, bankrupts the US (assuming it is not already bankrupt).

Bur for consumers, even investors. If money isn't cheap, and risk starts to get priced properly, and all those seniors who can't or won't invest in stock market, start getting decent yield again, what happens to the economy?

Tue, 06/07/2011 - 11:41 | 1346955 hugovanderbubble
hugovanderbubble's picture

Lizzy

No just Zero Interest or hyper low long interest rates range, could perfectly be negative the long run of the curve. Thats the biggest threat for The Fed and G.20

Remember the 10yrs bonds is built with: (1 + Long term growth...which growth..the Public one?...cos Private has been exterminated in middle low classes) * ( 1+ 10yrs Inflation Expected)...which inflation????? More Printing¿ jajaja.  US is not to big to fail, thats my statement. Be ready for a big protectionism age.

------World Scream for Deflationary Natural Basis (till the bad stuff Toxic Assets are liquidated)

Back to Protectionism

Thats why they want to inflate commodity prices will revolt in MENA area

Cos all the REAL ESTATE still hasnt dropped to normal curve across the globe( Canada,Australia,Hong Kong,London,France,Spain,Dubai)

and alllllllllllll the debt has been backed into real estate products....now...with hard assets...we are in that point switching the collaterals....

Tue, 06/07/2011 - 12:14 | 1347148 I am a Man I am...
I am a Man I am Forty's picture

It would be great for the overall economy minus housing and the banks if interest rates were at 2 or 3%.  The US economy needs to decouple from housing and large financial institutions.  This will be difficult, but those 2 need to go through some serious pain to get better.

Tue, 06/07/2011 - 11:29 | 1346950 GeneMarchbanks
GeneMarchbanks's picture

Huge relief cause I was expecting the Bernank to be like: "Yo you mofos ready fo the Q-eazaay after after party?"

He's radical!

Tue, 06/07/2011 - 11:34 | 1346958 Medea
Medea's picture

You guys need to cut back on the "as we have been warning" type stuff. You're a great blog with great content. Let it speak for itself (it already does).

Tue, 06/07/2011 - 11:33 | 1346968 RobotTrader
RobotTrader's picture

Soon as they heard the news, the F12-punching, bit-flipping, bi-polar "natural resource" investors started dumping GLD, SLV, USO, etc.

Hands down, these guys are the most jittery, nervous guys in the NYSE casino.

No conviction whatsoever.

Unlike IYR investors, who have enjoyed a comfortable ride up with nary a correction.

Tue, 06/07/2011 - 11:38 | 1346978 oogs66
oogs66's picture

IYR is a great short right now.  Check out CMBX.  Equity market making the mistake of ignoring weakness in credit markets too long again.

Tue, 06/07/2011 - 11:43 | 1347001 hugovanderbubble
hugovanderbubble's picture

SRS

+1

Completly agree

B.O, has lost control and credibility, specially cos he hasnt fight the Fed status quo.

Ron Paul is the future for US citizens

In spain commercial real estate has been forced to restate rental prices from 20  euros per sq m to 8 euros, do the maths....

And Reits still up¡¡¡ WHAT A FALACY_FARCE .....Banks keeping Reits up....Stop Manipulating Real Estate prices to avoid massive crash.

Tue, 06/07/2011 - 12:16 | 1347153 SheepDog-One
SheepDog-One's picture

IYR awesome short, one day soon that joke will get monkeyhammered.

Tue, 06/07/2011 - 12:54 | 1347277 The Swedish Chef
The Swedish Chef's picture

Is it then that the $20/oz silver you promised us by June back in April is coming? Just asking ´cause I´ve been holding on to my worthless paper notes waiting for that predicition to come true...

Tue, 06/07/2011 - 13:33 | 1347416 Fiat2Zero
Fiat2Zero's picture

Actually robo-tard (hey, BTW, where the hell is your bitch Ning?)

Actually, I think everyone realizes that JPM needs to keep the PMs below a certain point.  Everyone is buying the dip, and trading the high point.  Just more free money coming to us from JPM.  Crumbs from the master's table, but delicious crumbs nonetheless.

It's just another way your stupid fucking masters are losing at their own game.  They are stuck with no way out.

Enjoy hell bitch.

Tue, 06/07/2011 - 11:38 | 1346976 TruthInSunshine
TruthInSunshine's picture

What has Bernankincide and his fellow felons done for the use of the word 'transitory,' which yet again shows up in another comment by a Fed minion?

 

https://www.google.com/trends/viz?q=transitory&date=2011&geo=all&graph=w...

Tue, 06/07/2011 - 11:42 | 1347014 NotApplicable
NotApplicable's picture

But ES will still close green, right?

Summarizing Hilsenrath, "You are getting sleepy. You are getting very, very sleepy... This is not the 'The Bernank' you are looking for. He can go about his business. Move along."

Tue, 06/07/2011 - 11:45 | 1347029 slewie the pi-rat
slewie the pi-rat's picture

from the batmobile full of FRNs for banksters, batmanke's speech will focus on the strength of the dollar.  don't laugh.  i'm putting the over/under @ 7 mentions of a strong dollar, dollar support, the strength of the dollar, and so on. 

the perception of inflation, you see,...blahblahblahblahfukingblah. 

Tue, 06/07/2011 - 11:49 | 1347044 mfoste1
mfoste1's picture

excerpt from an interview with Debra LaBarbera PR FRBNY....http://www.nolanchart.com/article6061_The_Federal_Reserve_Replies_on_its...

 

Me: Thank you very much for your reply! Only one of my initial questions remains.  Can the Federal Reserve lawfully purchase or sell Treasuries directly with the US government - ie not involve the primary dealers? Has this ever happened before in the history of the Federal Reserve?

LaBarbera: Yes, when proceeds are reinvested, the auctions are directly with the Treasury not primary dealers.

Ok so why is the fed buying bonds from primary dealers( large WS banks) who reap millions in profits every day from these activites, instead of purchasing them from the treasury directly and reinvesting in the treasury?! Blatant theft....PEOPLE HAVE A RIGHT TO AN EXPLANATION!!!!

Tue, 06/07/2011 - 11:58 | 1347065 slaughterer
slaughterer's picture

"...the S&P will have to drop at least another 25%..."

Yes, that is correct.

Tue, 06/07/2011 - 12:05 | 1347097 hugovanderbubble
hugovanderbubble's picture

ask,,,,the bots,,,,,algos to press sell key

Tue, 06/07/2011 - 12:03 | 1347103 slaughterer
slaughterer's picture

From

BTFD

to

STFP

(Short the f*ing pops)

An E-Trade baby could do it!

Tue, 06/07/2011 - 12:11 | 1347133 SheepDog-One
SheepDog-One's picture

Whats Ben going to talk about, his weiner?

Tue, 06/07/2011 - 12:12 | 1347140 PaperBear
PaperBear's picture

"recovery remains intact" ?

That is until he says recovery is NOT intact.

Tue, 06/07/2011 - 12:16 | 1347149 SheepDog-One
SheepDog-One's picture

'Recovery remains intact'....hmmm could be a play on words have to dissect this very carefully. 'The recovery remains are intact', like a skeleton may remain intact, until the next breeze crumbles it. 

Tue, 06/07/2011 - 12:37 | 1347225 PaperBear
PaperBear's picture

Yep our overlords miss out words to confuse us.

Tue, 06/07/2011 - 12:41 | 1347242 Cdad
Cdad's picture

Pixie Dust Ferry wings remain intact.  The recovery, and mercilessly so, remains intact...along with Unicorn futures.  

Gay fashion technical support [for assless chaps and $30 t-shirts], on the other hand, does not remain intact...even though the abomination of the ETF world, the XRT, is intact this morning [dissonance that no one can see coming].  Arbitrage and equity vomiting into the gaping maws of ETFs as a method of wealth creation for criminal syndicate bankers...intact.

ETF holders...soon to be anything but intact.

 

 

Tue, 06/07/2011 - 12:17 | 1347157 mogul rider
mogul rider's picture

Wow - first you all were QE3 guaranteer's now you're pumping the opposite

Make up your mind people. Or better yet, stop BS'ing - you all were yakking how it was guaranteed.You people are bullshitters - period

Pumping trolls never stop do you!

Tue, 06/07/2011 - 12:37 | 1347226 baby_BLYTHE
baby_BLYTHE's picture

without QE3, the market will tank hard.

Where is all the money going to come from to flow into stocks?, we're all broke here in the US!

Tue, 06/07/2011 - 13:15 | 1347354 kito
kito's picture

corporations are not broke. cash rich as ever. youre deluded to think the market will tank hard this year.

Tue, 06/07/2011 - 13:26 | 1347403 baby_BLYTHE
baby_BLYTHE's picture

so QE(s) worked? we're saved?

Tue, 06/07/2011 - 13:47 | 1347470 kito
kito's picture

irrelevant to my point--which is that the stock market has no cause to plunge. it may shed a few more pounds, but corporations are not loaded with debt and cost cutting has been so steep, they are swimming in cash. 

Tue, 06/07/2011 - 13:30 | 1347408 Fiat2Zero
Fiat2Zero's picture

The reason they are cash rich, you smiling moron, is that they are not reinvesting their money in the phony, teleprompter staged recovery.

They don't believe it's real.

They're keeping their powder dry for the next credit crunch, and/or asset fire sale.

Speaking of keeping powder dry, a little less cocaine will make that grin a tad less conspicuous.

Tue, 06/07/2011 - 13:58 | 1347494 kito
kito's picture

oooh sticks and stones...as i said, market wont crash anytime soon. it has enough of its own legs.

Tue, 06/07/2011 - 14:03 | 1347510 Fiat2Zero
Fiat2Zero's picture

Touche.  I'll say one thing, you've got thicker skin than the other paid shills on this thread.

Looks like JPM is starting to pay a little bit more to get "quality".

BTW, no one is predicting a crash, just a slow deflation (like the houses that just keep going down, down, down).

Tue, 06/07/2011 - 14:13 | 1347560 kito
kito's picture

maybe you should read this and every other post/comments again. zh and everybody and their mother on this site feels there will be an imminent market crash, followed by the implementation of qe3. i disagree. i DONT disagree that our city of ice is sitting on a sheet 1/2 inch thick, but it doesnt stem from corporate vulnerabilities. my vote is no crash and no qe this year.

Tue, 06/07/2011 - 14:42 | 1347687 Fiat2Zero
Fiat2Zero's picture

Not true. There are a lot of nuances on ZH. Yes, a majority probably believe that QE3 is coming, sometime. We just don't know what the hell it will be called, what form it will take, how big it will be, what the timing is, or what will be the trigger that gives Bernanke formal diplomatic cover.

While there are a lot of people that have said July 1st, the market will tank, there are just as many saying we'll have a slow decline, with the Treasury doing some sort of hijinks.

Corporate vulnerability is just one factor influencing the stock market. The stock market is about the future, and if companies are hoarding cash, and the GDP projections are being steadily revised lower (by MSM, Tyler and crew have been predicting this correctly for many months now), then this portends badly. Of course if the S&P is constantly judged on nominal terms, and we are printing money all the time, then it can be a big success (nominally) but a huge failure in real terms. Zimbabwe had a balls-out success in its stock market in nominal terms. Repriced in real money, like gold, the S&P is clearly tanking.

Investor sentiment is super bearish now, so it's possible we'll get a counter-rally. Nothing goes down in a straight line.

But the trend, my man, the trend is down. You can hear the hiss coming out of the balloon. The only thing propping us up is the fact that Europe is on the verge of "The French Revolution 2.0," and Japan is lining up their seniors to go into the hot zone and work directly on the Fukushima cores.

Yes, corporations are doing pretty well. But it'll be hard for them to survive without oxygen (i.e. cheap credit). Oh also rising input prices (inflation). Oh also persistently high unemployment (demand destruction).

It's the slow hiss...

Tue, 06/07/2011 - 14:14 | 1347547 tickhound
tickhound's picture

I'm in agreement, to some degree, that the last thing this economy (central planning) needs is a shakeout of any remaining retail investors that haven't already run to cd's and money markets... But,

You're naive if you believe this thing is standing on "its own legs." 

Tue, 06/07/2011 - 14:21 | 1347594 kito
kito's picture

"this thing" as in the s&p, which is comprised of large multinationals who are standing on their own feet. its not a mirage that starbucks is selling more coffee to the chinese, or that caterpillar is selling more equipment to india. of course nobody is hiring here, but thats capitalism. companies are doing more with less. bottom line is profit. 

Tue, 06/07/2011 - 14:35 | 1347648 slaughterer
slaughterer's picture
kito, what do you make of this announcement today from a solid international company? 06-07 14:13: Ford says 2012 will be "solidly profitable" but at lower level than 2011
Tue, 06/07/2011 - 14:49 | 1347720 tickhound
tickhound's picture

This "thing" has been providing some decent nominal returns, yes... I've been playing the game.  But it has, and will, continue to lose in terms of gold.  And it will do this at an increasingly faster pace.

Its been a commodity led run based on worldwide currency debasement tapping into the saver market in the east, and debt financed consumption in the west.  Not sure I'd call business decisions made in the face of central planning, capitalism.    

"Companies are doing more with less"

Sadly, automation in business will continue to prove profit is that bottom line... Hence why "nobody is hiring here" will continue.  High unemployment is a guarantee here, as is Fed Assistance.    

Tue, 06/07/2011 - 12:46 | 1347256 Rynak
Rynak's picture

Yes, Mr "I have more PMs then everyone of you combined! Give me your address! I'll fuck you up good!"

Tue, 06/07/2011 - 12:32 | 1347196 Atomizer
Atomizer's picture

Gold should begin rising at 3:46 PM.

Tue, 06/07/2011 - 12:39 | 1347223 PaperBear
PaperBear's picture

Silver exchange rate goes down means less fiat toilet paper to flush down the COMEX drain.

Tue, 06/07/2011 - 12:39 | 1347238 Problem Is
Problem Is's picture

"The Fed Just Telegraphed Not To Expect Much If Anything From Bernanke's 3:45pm Speech"

Except Gold prices will shoot up the minute Ben "3rd Stooge Curly" Bernank opens his mouth...

Oh wait, hence the market closing 3:45pm, stall, stall, 4pm mouth start...

Tue, 06/07/2011 - 13:09 | 1347321 Fiat2Zero
Fiat2Zero's picture

Right, who can forget how Silver shot up over $3 in a couple of hours as soon as the Bernanke opened his mouth.

This may be a repeat.  Notice the engineered waterfall declines just now in gold and silver.  No doubt the Crimex has to start from a lower point before the speech just in case history rhymes.

EDIT:  Notice they timed the speech to start right when Blythe and Co try to "bang the close".  This should be interesting.

Tue, 06/07/2011 - 13:38 | 1347435 ZapBranigan
ZapBranigan's picture

The timing of the speech is so blatantly obvious it makes me nauseous.

Tue, 06/07/2011 - 14:22 | 1347583 TruthInSunshine
TruthInSunshine's picture

Ben 'Bubbles, Bananas & Bullion' Bernank, aka Shakey Twitching Lip McShakester, will announce inflation is transitory, employment is picking up, global commerce is healthy, the health of the banking system and credit conditions of sovereigns are fantastic, and there are green shoots everywhere, but that Fukushima has merely retarded the speed of their growth a bit.

If you don't believe him, just go ask anyone either a) still working at a TBTF bank or financial firm or b) working for the government.

Green Sharting!

Tue, 06/07/2011 - 14:37 | 1347679 slaughterer
slaughterer's picture

good luck with that, but the opposite movement in silver is just as likely if BB reiterates Fisher from this morning: no more QE3.

Tue, 06/07/2011 - 14:42 | 1347702 Fiat2Zero
Fiat2Zero's picture

Dude, they're lying. Do you really think anyone takes what they say at face value?

Tue, 06/07/2011 - 13:02 | 1347306 kito
kito's picture

and why should the stock market plunge? corporate earnings have not been dreadful...large corporations still making money from expansion into asia. many corporations from starbucks to mcdonalds to caterpillar are cash rich and doing ok. maybe we get another 5 to 10 pct slide in s&p, but that would be normal after the rapid rise over the past year. and there will be no qe3 this year or next.

Tue, 06/07/2011 - 13:02 | 1347319 Deep
Deep's picture

can you pass the kool aid

Tue, 06/07/2011 - 13:08 | 1347339 kito
kito's picture

original retort. ill remember it when december 2011 rolls in and the market doesnt crash, and there is no qe3. 

Tue, 06/07/2011 - 13:09 | 1347342 Quinvarius
Quinvarius's picture

I think Obama saying he wasn't worried about a double tip was all the telegraphing the market needed.

Tue, 06/07/2011 - 13:29 | 1347376 tickhound
tickhound's picture

25% downward central planning to justify continued % upward central planning.

I hear ya.  They need to sell it.  But, I just don't see it.  Provided there is no "unforeseen" trigger, I think the Ber-$tank has put a floor under this market. 

Unemployment, housing, state and federal liabilities, etc. are enough to justify "Fed Assistance" and keep this charade rolling... until it can't.

The "Ber$tank put"

Got metal?  Grub? 

Tue, 06/07/2011 - 13:23 | 1347379 koot
koot's picture

Financial Repression!  Many are talking about this and what the implications are.  It has been used in the past 1930~1970 or so but today is different in one big way, Information network.  People in past did not know what was happening, today many are just as stupid but many more are not.  Take for example the average person on this page who can run circles around Obama without him even understanding, Why, because not only is Obama really stupid, but most of those around him are only slightly smarter. 

In the past smart and intellegent people gravitated to government, but now days they gravitate away from government and only the stupid go into government.  Same thing happened in Rome, USSR and many dead empires.

Tue, 06/07/2011 - 13:28 | 1347398 Fiat2Zero
Fiat2Zero's picture

You also need to confiscate gold and silver, which won't happen.  There can't be any escape for those trapped in the repression, or it doesn't work.

Tue, 06/07/2011 - 13:26 | 1347394 Fiat2Zero
Fiat2Zero's picture

Everyone knows the game.  The FED needs commodities to tank and stocks to go down just enough to have people scream, in unison, for the QE3 heroin.

Commodities will be bashed short term, but will return to their normally scheduled long term secular bull run.  You can only keep the bouncing beach ball down for so long until it pops up.

Stocks are deflating on their own.  They won't crash unless there's a panic.  They'll just continue to leak without the money pumps to keep them inflated.

Companies are flush with cash because they aren't investing.  Why invest if you don't believe the economy is recovering.  Better to conserve your ammo and wait for the fire sale (or use your money for self-preservation).

Obama - "I'm not afraid of a double dip" == "I'm very afraid of a double dip, and it's all I talk about behind closed doors."

"Don't expect much from the FED speech today" == "Please don't dissect every word Ben says for clues and act on them.  Because if you listen closely, you'll realize we are up shit's creek without a paddle, the same as happened during his last speech."

Tue, 06/07/2011 - 13:34 | 1347422 koot
koot's picture

Multinationals are keeping their cash out of the US, those in the US with cash are looking for ways to hide and keep it safe.  Investing in the US now is like buying a fancy home in Los Vegas, and with the current government no one is going to invest in the US. 

The more they squeeze, the more will slip out between their fingers.

Tue, 06/07/2011 - 13:38 | 1347438 koot
koot's picture

The enemy of Americans is its government, just like in nearly all the western nations.  The US and European States are like France pre-1789.

Tue, 06/07/2011 - 14:16 | 1347555 White.Star.Line
White.Star.Line's picture

We already know what to expect from this speech:

Bamboozlement, misdirection, and outright lying, by one of the greatest actors of our generation.

Tue, 06/07/2011 - 14:19 | 1347584 Frank N. Beans
Frank N. Beans's picture

hmm, the Bernanke may WANT to tank the market with his words today, so he can justify the next QE in a few weeks.  Let's see what happens.

Tue, 06/07/2011 - 14:36 | 1347673 slaughterer
slaughterer's picture

+1

it will look good on BBs resume when he returns to Princeton:

7 June, 2011: tanked the global equity markets 2.3% when I said there would be no more QE.

Tue, 06/07/2011 - 14:44 | 1347712 Fiat2Zero
Fiat2Zero's picture

Also, he has to practice saying things in a way that don't make the Gold and Silver markets go absolutely crazy.

That shit made him look like a total fuck-tard.

They've put the training wheels back on for Ben to give it another go. COMEX minions will be ready this time so there aren't any slip ups.

Tue, 06/07/2011 - 18:02 | 1348663 Obamanation
Obamanation's picture

That's funny, i thought ZH has been saying QE3 is a certainty all along.  Now it's backtracking and stating only after a 25% drop in S&P will it be considered?  Big fan of this site but you can't have it both ways Tyler.

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