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Federal Reserve Lowers GDP, Raises Unemployment And Inflation Projections
The Fed has just taken one small step to acknowledging reality... and Zero Hedge's keyword of 2011: stagflation. The FOMC released its revised 2011-2013 economic forecast, which saw GDP getting slashed, while hiking its inflation and unemployment projections. Specifically, 2011 GDP was lowered from 3.2% to 2.8% even as it raised its average unemployment forecast from 8.6% to 8.8%.
Next up: the stampeding herd of Wall Street lemmings follows suit. Below is the consensus 2011 GDP forecast from Wall Street "economists." I.e., from the people who are paid millions each year to maintain the status quo.
So much for QE2.
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Sell SKY
You are now entering...the Twilight Zone.
More like the Outer Limits.
"We control the horizontal."
"We control the vertical."
So if inflation is "transitory", yet the projection raised.....
Is this an admission by Benocide that he is grossly incompetent in his position?
I think so. After all, trusted leaders in positions of power and authority don't intentionally lie, do they?
</sarc>
Actaully, he knows he can admit inflation is higher right now because........
He knows the politicians in his pocket will redefine CPI shortly, thus the number ticks back down via "banksta magic".........
And then he once again amazes the sheep as his call for "transitory" higher inflation materializes, even though the reality is shit continues to worsen for J6P.
Sounds like they're saying that they're losing control...:)
Now that's not true. They said they couldn't find the steering wheel and the brakes aren't working and the accelerator is stuck to the floor. They did not say they have lost control.
Such hysteria.
Yeah. Until the steering wheel falls off, it's all good.
I think The Three Stooges did a bit on that.
"Here, you take the wheel...."
Moe: Take the wheel.
Curly-Joe: Okay.
[Curly Joe mistakes Moe's words and takes out the steering wheel, steering wheel column and all]
Curly-Joe: I got it
Moe: Stupit, put that back in the car!
[Hits Curly Joe]
Curly-Joe: [muttering] Why can't you make up your mind?
LOL +10
Hahaha. Got a good laugh there.
OR...... the orderly destruction of life as we have known it is proceeding right on schedule, as planned, without any serious opposition and no organized civil disobedience. The worst thing to happen has been the end of the Oprah show and the best thing is the end of the Glenn Beck show. The world is almost perfect.
The Twilight Zone is priced in already.
It's not Twilight Zone, it's the Pear-Shaped Zone ...all the Feds figures are going skew-whiff 'out' but Benny is still 'in' (a job)
this elite-educated moron was wrong on everything before he got the Fed job and he's been wrong on every forcast and prediction he's made since.... let's hear it for cronism in Americas Parasite Club, it's a job for life (or at least until you become obviously senile like Alan Greenspan when they have to cart you off)
Maybe WE can just luck out, (and I really hate being crass about this :), but maybe the SOB might get broadsided by a Mexican semi driver and flattened like the pancake he is. just saying, (with fingers crossed!). The ONLY thing better would be if the "Kikener" was with him........
Stagflation will turn out to be a very large understatement.
...and unexpected at that.
Take idiots revisions and multiply by 20 to get reality.
So Ben spent a few trillion to make that chart have tits. Money well spent.
I don't want to think about Ben having ... tits.
No woman could do as terrible a job as he has.
@DonnieD
LOL. Bennie is a RoboTrader fan.
they have been revising down at almost every meeting, when will they admit that they have no more clue than anyone and have been horribly wrong?
when Ron Paul is elected president and Lloyd Blankfien goes to jail...in other words...(insert laugh track here)
Bernanke to WSJ reporter: you are the policy tool
LOL
WSJ reporter to Bernanke: no, you are!
lower GDP + Higher inflation x Higher unemployment = Market Rally? ... sure...why the fuck not.
actually the market is rallying on rumors of the NFL lockout ending...golds moving nicely as well
lower GDP + Higher inflation x Higher unemployment = QE3+... so sure...why the fuck not.
Ben wants 3 tits now.
Three is better than two! The problem with tits is that they eventually sag and point down instead. Any number of those is bad.
No! These are Miracle Tits!(TM) Patents pending! No saggiez evar!
Nominal GDP comes down very little and all the change is already baked in for this Q. So not bad for equites.
Up, down, up, down.
No worries for holders of phizikal Ag & Au.
Chart of Inflaiton Adjusted Gold Prices
Let's see the GDP minus government parasite checks and transfer payments paid for by mortgaging the future. Obummer's Depression.
not even sure what this means (the chart that is)
It's obviously great for commercial real estate since it's fucking soaring again today. Hell, why not? What the fuck does the truth have to do with anything anymore?
Ben's voice is cracking like a zit-faced teen and the market actually goes up.
Seriously, what the fuck is this shit anymore? Who the fuck believes this trash?
you sound like your blowing a gasket
It was an just an o-ring...phew.
Fuck fuck fuck fuck. Fuck, fuck fuck fuck, fuck? Fuck fuck. Fuck fuck fuck fuck fuck, fuck fuck fuck fuck! Fuck fuck! Fuck...fuck? Fuck fuck, fuck fuck fuck, fuck fuck.
Fuck.
Intercourse!
Intercourse? A fair representation--as I remember it.
fuuuuuuuuuuuuuuuuUUUUUUUUUUUUUuuuuuuuuuuuuck is about right.
I too enjoyed The King's Speech.
and that is precisely why i no longer watch when this man speaks. I don't want to pull my hair out. I don't want to start slamming tequila. I do not want to be tempted to toss yet another computer monitor out my window.
it's just not worth it.
I get hair pulling and television throwing, but what da ya have again tequila?
anger/depression induced drinking binge with the inevitably ugly end result. Been there, done that got the blood stained t-shirt.
http://www.youtube.com/watch?v=KDR935EBKeQ
I think that all the lying and obfuscation has finally served it's intended purpose:
Nobody Gives a Flying Fuck.
They could revise GDP to -5% tomorrow and unemp to 25%, nobody would give a fuck.
Mission accomplished! wewt! we is won!
Exactly! They've finally accomplished the mission of literally making everyone give a fuck less.
Congrats! It's all an eye rolling shitfest now.
And taking that thought a step further, answering the question "why would they want thinking people to not give a fuck?"
First forget the Bilderburg and Illuminati and all that tinfoil jazz. I know it's hard but stay with me for a second.
The want people to stop paying attention because some actual, very real and increasing obvious shit storm is coming over the horizon. Not a God-damn thing they can do about it except turn off as many people as they can with lies, damned lies, and their shitty shifting statistics. Dazzled with footwork, people will go about their daily routine not noticing that real (not imagine) shit has hit a real (not statistically neutered) fan.
And what else could they do? Talk to Americans? Just tell them what's on the way, and who did it to them and why, and what it means to their retirements and cost of fuel? Oh yeah that would work out really well. The same drones and sheep who elected a drunk frat boy with an MBA as President? Those Americans?
The last three years has "disaster management" written all over it. Well the wheels are about to come off, give it until late H2 but not far into 2012. Election year or not, dem wheels iz OFF my nigga bey-atches.
Rims!
Prepare the escape pods.........we already released them captain,
fuck you idiot we aren't even in them yet.
No captain, we re-leased them back to the Klingons.
What a farce! Who believes this shit?
Nobody. But, they're going to ramp the shit out the markets anyway. Bet on it.
This is the final grab at wealth before the collapse. Be prepared to see seriously fucked up shit now.
I'm down with this assessment.
"Seriously fucked up" is going encompass a kind of insane volatility that you have not seen even yet.
Go back and study 1987. I'm with Cashin on this; the center is not going to hold.
Watching this incompetent shit-head fumble through this is beyond belief...un-be-fucking-lievable.
My god...what has this moron got us into?
Ummm... absolutely nothing. He's just a mere puppet after all. To blame him is to provide cover for his masters.
Majority of americans voted for change and got crapped on. republicans are getting their ass ready for them to start crapping on people.
Mr Bernanke likes using the word "transitory" in relation to price inflation so I would it in relation to economic recovery.
He's not wrong. Everything is transitory.
"On a long enough time line..."
What he has not done is give us the time frame.
...because he can't.
The US economy has already been mortally wounded. The only question now that remains is what do the death throes entail? Will it be Fance 1789? Will we become Soviet Moscow circa 1982 as the push to tyranny and one world gov't continues unabated? Do we become Little House on the Prairie over night? Post apocolyptic world of the Road Warrior? Weimar republic or Zimbawe? Is it relatively mild with prolonged inflation and stagflation for the better part of a decade?
Where else is there to go? New Zaealnd? Guatemala? The whole world has collapsed to shit over the past decade.
Why move anywhere? Latin America will come to you.
if it's gonna collapse regardless of where you are, I'll opt for being on a nice beach when it collapses.
I sure as hell do not want to be in Manhattan, Chicago, LA, London or any big city when it goes down the shitter.
besides, last I checked...nobody ever froze to death in the Bahamas.
If it comes down to it, can they feed themselves in the Bahamas? How is the fresh water supply?
only problem with that is: The locals won't be out asking or begging for a "tip", you'll have some third world 357 stuck up your nose, but it'll still be on a sunny, white beach. Good luck, been there, etc........
They closed down a Randall's in my part of town last year. The grocery store is now an El Rancho.
Just got back from my first visit and it was a total flashback to a few 3rd world experiences, but in a good way.
The people there aren't any better than the average American, but they have a lot less fear. Less fear of the police state, and credit scores, and lawsuits. Less total anal retention of all things.
I guess I better get fluent in Latin American Spanish.
The girls were way cute too.
Seriously. No barriers.
You made me remember the Brazilian sweetie I almost married. Shoulda, coulda..
Agree, they are waay more relaxed and happy with the simple stuff. My time in Costa Rica was nice too. Poor by our money standards, but clean, happy and generous. Rich, by other standards..
Hey, be positive people. The Fed is now meeting half of their mandate - higher inflation.
< sarc off >
Is this for fucking real? My god, this jackass has completely shit the bed.
Now don't go getting all rose colored glasses and optimistic on us now Boilermaker.
"Stay the course, thousand points of light"...(and a little more Tullamore Dew with that cold beer).
It's coming down
The objective is to avoid a crash...
WhahahahaHAHAHAHAHAHA HAHAHAHAHAHA!
Okay, serioiusly though fwaHAHAHAHA! Hahahaha!!
Hee hee.
[wipe eyes]
You obviously have no idea how to boil a frog... lulz
Until they remove government spending and "banking contributions" from GDP calculations they're not worth the paper they're printed on anyway.
These "organizations" suck money from the ever-shrinking productive part of the economy.
Because sometimes RAMMING their dick in our asses is just too sudden.. they have to sneak it in.. little by little. Then BAM!!! they go balls deep and it's too fucking late to do anything about it. Next up, foreshead smack with the money shot. We are fucked already.. might as well go all the way baby!
You do have to admit when someone is cumming in your ass while donkey punching you to the head, the argument of who is dominant is pretty much moot.
hahaaha.. well put.
Yuk. Now I feel dirty----ier.
IS EVERYBODY DRUNK AND PISSED TONIGHT? Damn, this is my kind of crowd. Just stay pissed !!!!! Spread the anarchy to everyone, whether they want to here it OR NOT! Osambo is vacationing, AGAIN, to see who else but Nelson Mandela, Bernachey stuttered through his usual Valium interview, and of course the Prophet Blankfein has looted the America's and is ready to sink his fangs into you, your family, and dogs Jugular to get every drop of blood he can. Shit, I guess things could be worse...?
Ben Bernanke is a very smart man but bankers have squeezed his balls. He is economist, but not a banker.
Bankers are the one who make him lie and justify this scam. Scam that is based on bulgrary of American working class in Wall Street favor.