Gleacher Market Commentary

Tyler Durden's picture

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redpill's picture

new era in Fed communications


I'm fairly certain we are now witnessing the Chairman of the Federal Reserve entirely supplanting the President of United States and Congress when it comes to economic policy.

The Republic is dead.

thames222's picture

well said, Bernanke really does have more power than Barack and co.  What if our nation never really was a real Republic?

ZeroPower's picture

Raise rates. Gotcha.

Ruffcut's picture

Or they may say they are thinking of raising rates. The tool has run out of tools.

Benny, the international man of mystery (misery).

TruthInSunshine's picture

The Bernank will either,

a) Cut significantly back on the digital printing, which would have been already telegraphed to the true insiders so that they could bail on relevant positions, which will cause the sheeple to get a nice shearing in the consequent 'correction' (anything remotely approaching the end of ZIRP would cause a far larger 'crisis'), or

b) Maintain the digital printers and output, which will already have been telegraphed to the true insiders so they could position correctly, which will allow for a little bit more of extend and pretend, while the water goes from merely quite warm to hot enough enough to cause serious burns and death to frogs on a long enough time line (i.e. not much longer), and a far bigger crisis on a global level, politically & economically.

I wonder what the BSDs like Soros are doing on a currency spec (or not spec if they've been told) play?


p.s. - Tarring & Feathering would be too lenient for The Bernank. I can think of much better ways to deal with the treasonous. There is also a special place reserved for William 'Let them eat iPad2' Dudley.

eddybaby's picture

Good solid article. Thanks Tyler & team.

(not wishing to whine, but it would be good to think that this is the sort of benchmark for quality of articles you post going forward, as some of them are not much more than "Seeking Alpha" low quality rants, that do nothing for ZH's overall credibility)

Dejean Splicer's picture

The benchmark should be 100% original work.

This is an article written to glorify MSM's slant.

Too many links to MSM.

Cdad's picture


Stunning.  There is no other or better word for it anymore.  One signal flare after another goes up, and one sad excuse or contorted thought after another is postulated as to why the signal flare means nothing.  A couple years back, the gears of the credit system froze up.  Today, it's the gears in the brains of criminal syndicate Wall Street bankers, and their sycophantic financial press roadies, that have ground to a halt.  It's the same...but just another part of the machine that grinds metal on metal now.

A banker from Jefferies suggests a thought about Chairman Bernanke's upcoming press conference saying, "hopefully there will be no Humphrey Hawkins questions...there won't be anything too hard."  This comment is followed by a breakaway story about the much anticipated release of the white iPhone 4.  Another conversation begins about economic contraction in the upcoming GDP report but is interrupted by the headline about Groupon and Facebook just before someone might have suggested peak earnings. 

In the end, more serious conversations about the two critical news items of the morning, about the continued collapse of the US dollar and the upcoming historic Federal Reserve Bank press conference, those conversations die out, fade into commentary about political wrangling up on Capital Hill and an analysis of the failed Broadway show "Spiderman." 

A thinking man is left to figure it out himself.  Clearly, none of the so called "experts" involved in the financial issues at hand are making useful commentary.  Instead, these professionals are clearly setting up hiding places for reason, little dark holes to step into as the signal flares go up, or digging pit traps for rational people to fall into when engaged in actual concentration about things like currency debasement and the unconstitutional nature of the Federal Reserve Bank.

As the curtain falls on another three hour episode of Squawk Box here at the half way point of 2011, and after the nation has spent more than $5 trillion US dollars to stimulate our way out of this banking mess, silver and gold are leading the market.  That nary a word has been breathed about this fact as these two metals take out the 31 year and all time highs, respectively, maybe the reason the criminal syndicate known as Wall Street is having a hard time explaining useful things this because the price of these commodities has already said it all?

Good morning, Cosmic Bunny Hole.  Surely, we are nearing the end of all this madness.


TruthInSunshine's picture

Alice in Wonderland is begging to be revised.

The chapter names scream out for the watermark of The Bernank, the world's largest bunny hole creator and chief engineer of the largest pool of tears known to the global economy in a long, long time.

Chapter 1 – Down the Rabbit Hole

Chapter 2 – The Pool of Tears

Chapter 3 – The Caucus Race and a Long Tale

Chapter 4 – The Rabbit Sends a Little Bill

Chapter 5 – Advice from a Caterpillar

Chapter 6 – Pig and Pepper

Chapter 7 – A Mad Tea-Party

Chapter 8 – The Queen's Croquet Ground

Chapter 9 – The Mock Turtle's Story

Chapter 10 – Lobster Quadrille

Chapter 11 – Who Stole the Tarts?

Chapter 12 – Alice's Evidence

Cdad's picture


Per the erudite financial maniacs who do not know enough to stop talking and start selling everything that is not heavy, they answer your recap of the various chapter headings with the brilliant analysis that commercial real estate is "getting better" because "confidence is still low" but not to be trumped, all that is required to seal the bounce back in real estate is "more credit."

Uh huh.  You know, I'm so long down this bunny hole, brother Truth, I am glad  I live below ground.  Owning ANYTHING above ground at a point in time such as this, with denial as ravaging as it is just now, a time during which facts that disprove a theory are cited as proof of a theory, it cannot be long now until the white iPhone releases the flesh eating zombies to finally clean up the mess we are in.

Or, I guess, you could go with modern banker theory.  Or you could just go with the Bob Pisani Theory, which is to say, "the important thing is," and then simply restate all previously known fiancial truths by saying what you think it is.  Oh, and today's Bob Pisani Theory is, "The important thing is Europe is closed."  There.  Buy stocks because of that.  

Good grief [and by that I mean I sure do hope the zombies enjoy being above ground, making it less likely that they will find me down in this Cosmic Bunny Hole]

gordengeko's picture

"Forget the almost biblical (and seemingly commonplace these days) fare..." affecting anyone inparticular?

sbenard's picture

Debt debacle dead ahead.

Plan and prepare accordingly!

LawsofPhysics's picture

"They are legislatively PROHIBITED from cutting some of the largest and fastest growing, if not the largest, costs.  Note Egan-Jones and S&P."

That is how a kleptocracy works.  We own the politicians in order to make laws so you must do what we say, so we can take all you wealth and then have you as slaves to us when we force you to take on more debt.

tomster0126's picture

nice collection of links...Bernanke's not going to stop until we stop him, it's time to take a stand.