Full Transcript Of Ben Bernanke's "I Have No Idea Why The Economy Will Get Better But It Will" Speech And Q&A

Tyler Durden's picture

As noted in the title, for all those who wish to reread how Bernanke justifies the fact that he has no idea why the economy will improve, but it just will, damn it, here it is, complete with the full Q&A.

Chairs at An Transcript

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Caviar Emptor's picture

The economy will get better for the following reasons:

-I exude confidence ! 

-The blind faith that we have in never fixing things that are broke (ooo I made a pun!) 

-Reagan proved that deficits don't matter, silly !

Crisismode's picture

Reason #4:

The general populace will believe every lie that the government and the Fed spew through the MSM, and therefore by the Power of Belief in The Big Lie, the economy will in fact dramatically improve.

LowProfile's picture

I managed to read a couple pages, but had to stop and stuff tampax in my ears to staunch the bleeding.

HungrySeagull's picture

I have no idea when Ben will sit and be quiet. Everytime he speaks the markets tremble and lose money.

traderjoe's picture

Two+ years of the same crap. Recovery is always right around the corner.

Green shoots. Mustard seeds. Summer of Recovery.

Liars!

dwdollar's picture

Is this 'Summer of Revovery' version 2.0 or 3.0?  I've lost count...

hedgeless_horseman's picture

There is the moral of all human tales;
'Tis but the same rehearsal of the past.
First freedom and then Glory - when that fails,
Wealth, vice, corruption - barbarism at last.
And History, with all her volumes vast,
Hath but one page...

We are here.

http://en.wikipedia.org/wiki/The_Course_of_Empire

TreadwCare's picture

Excellent reference, thank you.

MacGruber's picture

I think we're still in the "Consummation" stage, and the powers that be are trying to fake it that way as long as they can. I'm waiting for Destruction, but it's ever so slow in coming.

SilverIsKing's picture

In order to get gold and silver moving, celebrities need to get talking about PMs, in simple terms cause most aren't capable of anything too complex, about the Fed, and the reason why owning gold (and silver) is important.

The masses don't listen to Schiff, Rogers, Faber, Keiser, etc but they do listen to Kim Kardashian, Snookie, and Lady Gaga.

I recall Gisele Bundchen and Jay-Z talking about being paid in Euros instead of USD because the dollar was getting trashed and that got a lot of press back in late 2007.  More celebs talking about buying gold because of Fed policy might wake a few sheeple.

Bay of Pigs's picture

Mr T is onboard...what more do the sheep need?

SilverDosed's picture

Not gonna happen as a celebrity's career is even easier to destroy than a politician's. I wouldnt mind doing a little research on that Jay-z bit. I'm sure he got STFU calls from bosses he didnt even know he had on that one.

Caveman93's picture

Yes! You nailed it there! Thanks!

A Nanny Moose's picture

Some part of the LA area burns every summer/fall...nothing new here. I think we may be most prepared fro the coming conflagration.

 

PY-129-20's picture

Dramatization

dramatization, dramatisation [?dræm?ta??ze???n]


  1. (Performing Arts / Theatre) the reconstruction of an event, novel, story, etc. in a form suitable for dramatic presentation
  2. (Literary & Literary Critical Terms) the art or act of dramatizing

------
Example: (NO!)

Darth Vader
http://www.youtube.com/watch?v=WWaLxFIVX1s

Frodo Baggins
http://www.youtube.com/watch?v=jmrJx32xefM

Nite Owl
http://www.youtube.com/watch?v=iM7BKQZ-LOw

Jean Luc Picard
http://www.youtube.com/watch?v=xFGfWrJR5Ck

 

 

Fazzie's picture

 Well this is supposed to be V2.0 SP 1450 edition, but going by Bernankes speech, it looks like they are going back to the "green shoots" thing again.

 Green shoots is when "transitory" events call off the summer of recovery which miraculously awaits to blossom next summer with V3.0.

  The sequence is "bottom is in", "stabilizing" or "contained" followed by "green shoots" 0" then "better than expected" then "summmer of recoveryVX.0" then "expanding at a slower pace than expected," Then QE1-10, and repeat until the feds real mandate of selling out the middle class is complete.

  Society then consists of ignorant poor masses ie typical Obama electorate, and uber rich bankers.

  I understand your confusion, the Fed/CNBC/banker cartel /political puppet complex should at least make a govt phamplet availiable with a glossary to common propaganda terminology and try to standardize it a bit more.

Arius's picture

liars?  thats a bit harsh .... just tanking management i would say .... they cant just let it collapse all at once ...

i am looking forward to the next "leaker" joining the likes of john hilsenrath, bill gross etc... creative thinking .... was funny watching becky quick this morning asking people to email in what they thought should be in the FOMC statement ...

liars ... it goes without saying .... it has become all about communications ... how can we convince people to not panic and abandon ship - current solution: ask the orchestra to keep playing the music ...

Bam_Man's picture

His credibility is now less than zero.

Shalom, Shalom!

Dr. Engali's picture

We will keep doing what we are doing until we get a different result.

carbonmutant's picture

Ol' Ben sounds like he took a long hit off a nice tight Hopium blunt...

TruthInSunshine's picture
"I Have No Idea Why The Economy Will Get Better But It Will" Speech And Q&A

 

That's perfect - and I do mean perfect - for the 10% of Americans who are fluent in english.

I have taken the liberty of producing an alternative title for those failed by the public schools (not all, but some), terrible parenting (not all, but some), and other malignant aspects of Amerika and Amerika values (including self-responsibility) and institutions (Amerika refers to the country formerly known as America, aka The United States of America):

 

Yo, brah, I aint got no crystal ball. Squid calls, tells me to pump, I pump. Squid sez dump, I dump. Aight?

A Man without Qualities's picture

I felt there was almost a hint in Bernanke's voice that he was relieved he had a good reason (rising inflation) to hold off on more QE.  I wonder whether the banks and politicians have been pressing him to do more, but he's figured it only has a limited effectiveness and it just allows the politicians to keep spending.  Keynesian stimulus is one thing, but borrowing $4 billion a day to keep people in fried chicken and sweat pants really isn't doing anyone any favors.

davepowers's picture

any relief in his voice may be his and the FED's self preservation instinct kicking in re QE.

It's one thing to set up a plan to save the world w QE purchases, another when QE 1 ladled the FED's balance sheet with possibly stinker MBS paper. He must look at the ECB and see how its B/S is even worse, loaded with Greek and other iffy pieces of electrons and paper.

QE may have all sorts of benefits for Wall Street and the banks and hedgies, but it always risks turning the central bank into the ultimate 'bad bank' where the crud is stored.

Bernanke may feel he got carried away in his 'save the world' mode w QE and is more than happy to kick that particular can down the road a bit.

In the final analysis, the FED will let the whole economy die if the alternative is the FED's self destruction.

 

Cheesy Bastard's picture

He hopes it will change.

lead salad's picture

This is 'lil o's new 2012 campaign slogan.

topcallingtroll's picture

your video is supposed to show flapping titties.  Don't you know the rules?

thetrader's picture

non event, let's watch shibor tomorrow....

NotApplicable's picture

That version is outdated. They will never raise rates again.

redpill's picture

So it didn't get better during QE2, but it will get better without it?  How's that for central banker logic.

Fazzie's picture

 Yeah, because of "transitory" events that lead to "green shoots". The logic goes:

 Tsunami causes supply disruptions. (Hee Haw reference added: "Why thats bad!" "No thats good!")

 Supply disruptions cause pent up demand.

 Supply disruptions go away

 Pent up demand causes all that economic expansion and 5 % UE rate because of the flood of demand for items with Japanese parts presumably from unemployed cash strapped consumers who have tapped everything out.

 

   See! You have to be a central banker to see the answer to a world economic crisis in a tsunami melting down reactors in a large industrial country. Non PHD types can be excused for thinking such disasters are bad.

I think I need to buy a gun's picture

i have a question...where does he see gold going

Re-Discovery's picture

Crazy to own equities here.  Event risk.  Political Risk.  Policy Risk.  Both inflation and deflation indicators.  We are precisely in the eye of the storm.

I think Ben just said he's going on vacation until August.  Probably literally.  Fend for yourselves.

topcallingtroll's picture

It's totally insane to own equities right now, which is why I went back into 100 percent high beta equities in my spec account.

EDIT.  I should say leveraged beta rather than high beta.

Fix It Again Timmy's picture

And the rich [drum roll....] are still rich!  At ease, carry on...

ebworthen's picture

 

Yet another hole to plug:

"Post office suspends retirement contributions"

http://news.yahoo.com/s/ap/20110622/ap_on_re_us/us_postal_problems

 

FunkyMonkeyBoy's picture

The Bernanke should have just told the truth:

"Look, i don't need to worry about how the economy is going to get better because my masters are currently creating world war III that will wipe most of you pathetic sheeple out. For those of you that survive, your wealth will be taken instead."

New World Order not far off now.

NERVEAGENTVX's picture

The light at the end of the tunnel that I think the Bernak was trying to describe is really a Mack truck.

HungrySeagull's picture

Forget the Mack R model, make it a SD70 in notch 8 with the fence up.

RobotTrader's picture

Seems like all the hedge funds are now daytrading "Risk On, Risk Off" on an hourly basis, gunning their trades off the slightest wiggles on a 2-minute chart of USDX.

LOL..what a casino.

d00daa's picture

But you "went long" yesterday, right Fader?  Stop out already??  LMFAO

spartan117's picture

I wonder when this game will end. 

XRAYD's picture

I think, therefore, I print.

Cheesy Bastard's picture

I think, therefore I scam.