Goldman's Take On The FOMC Press Conference

Tyler Durden's picture

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writingsonthewall's picture



Why don't terrorists stop wasting their time and start blowing up Blankenfiend?

Twindrives's picture


AN0NYM0US's picture

CNBC Head of News

The Fed Will Make Sure Obama Wins in 2012  Published: Thursday, 28 Apr 2011 | 5:49

By: Patrick Allen
CNBC Head of News

“On the economic side, any signs of a deteriorating economic environment will see the Fed enacting QE3 (the third round of quantitative easing, or creating money) and hence indirectly reducing the probability of the economy derailing Obama,”

“What Tim Geithner actually means is that he wants to protect the purchasing power of Americans, not intervene to make the dollar rise against foreign currencies,”

Snidley Whipsnae's picture

"What Tim Geithner actually means is that he wants to protect the purchasing power of Americans, not intervene to make the dollar rise against foreign currencies,”

That is pure nonsense... and one of the many reasons I no longer watch the bobble heads on the mass misinformation tube...

Comrade Blink's picture

And for the Fashion concious this season...

Brown is the new red, white and blue.

VodkaInKrakow's picture

I live overseas. From the highs of just over 1 year ago, I expect the dollar to decline in value by 30-50%. That is correct - 30-50%. We have already watched the dollar decline by roughly 35-40% whilst Chairman Bernanke has induced his Real Economy destroying policies to support The Fantasy Economy of Wall Street.

Indeed, during Bush's tenure - The Republican Recession began. In March 2008, while Bush was President, the dollar's value had been cut by over 50% due to bastard Republicans and their economic nonsense. I expect the Polish zloty to be worth more in one year or less, breaking the 1-to-1 barrier much like the Canadian dollar has done, previously. They typical Pole will have more purchasing power than an American - making the average Pole wealthier than the average American.

In Ukraine, the dollar is currently (roughtly) equal to 7.8 grivna (Ukrainian currency) - set by the Ukrainian national bank. I think only Belarus and Moldavia have a poorer currency. It would be interesting to see the dollar at 1/2 that value, with Americans having three times the purchasing power of a Ukrainan (almost none at all in America). Most Americans, by that time, will not be able to afford to live in America.

Hungry For Knowledge's picture

What is so funny to me is how these guys at Goldman/JPM, etc speak about THe Bernanke.  Ben's really their EMPLOYEE......yet they treat him as if he was an objective leader of a bank for which Goldman has no influence over.  What a scream.

Sathington Willougby's picture

The only thing trasitory was Life, Liberty and Pursuit of Happiness.

Let's all welcome Grift, Poverty and Pursuit of a maximum corruption Thief State.

It took a 100 years to shit this pile and only a couple to flush it down.

Bye bye America.

johny2's picture

I can just imagine Bernanke smilling happily as he watches dollar drop presumably to rise after he kills it. It is becoming surreal, and brings all kind of things in mind, including zombies rather than insurrection 

I am Jobe's picture

Goldman Sachs you Vampire Squid, Go F with yourself.

writingsonthewall's picture

I'd go to wall street and crap on the pavement outside Goldman if I didn't think that they would 'count that as a deposit of client funds' and promptly hedge it on their prop desk by going short on toilet paper.

Sudden Debt's picture

Russia just ordered the oil export to stop so they are only used for Russia.

Just like grain prices, we'll soon get a pop in prices so it seems.

Also China is a big buyer of Russian oil, so now they have to go to the middle east for the cut in supply.


writingsonthewall's picture

This is the start of the energy wars.

It's like the clone wars - but no Yoda and Mace Widoo - all we have his shitty Bernanke and Darth Gaddaffi.

...but just like the Star Wars episodes - those who you think are on your side soon turn out not to be...

Apparently - the Fed says this is not's all an illusion....repeat after me..."I am not inflation, I am deflation, rising prices are anti-gravitational"


PY-129-20's picture

According to this Russian-German newspaper, there is a shortage of fuel in some regions in Russia already and some gas stations have closed. Even Moscow could face a shortage soon. And you're right. They stopped the export of 'oil based products' - which is almost a nonevent for this newspaper, because the crude oil will still be exported.


gkm's picture

One really should ask:  if the FOMC is now recognizing the inflation via their revised projections (something anyone with a buck and a brain has known for months), should it not be said that inflationary expectations are truly increasing (since the Fed is usually one of the last to know) and possibly becoming unhinged?

gkm's picture

I'll add that Pepsi is apparently seeing higher input costs which they are addressing with productivity gains.  Since the stalwart productivity gain is cutting back on employees, does this mean peak employment has just been seen?

Snidley Whipsnae's picture

"However, Bernanke suggested that higher commodity prices “account for pretty much all” of the increase in inflation forecasts over the short term."

Of course Ben continues to deny that his printing has anything to do with 'higher commidity prices'...

Some local gas stations in central Fl are now selling gas for $4.09 9/10 for regular. Less pricey stations same gas costs $3.79 9/10. Good thing I hedged dollars, gasoline, and food with gold and silver. Suck on it Ben...

Hushups's picture

It's nice to know that these people are willing to take time out of their busy day to let me know that everything is A-OK. My blue pill bottle was starting to rattle, about time for another refill.

Snidley Whipsnae's picture

Blythe's raids against PMs are becoming more feeble by the day... another started just prior to London opening... suck on it Blythe...

Cdad's picture

Goldman thinks Ben Bernanke did well yesterday?  Are you kidding me? That was a bomb.  He could not deflect either the question about the falling US dollar nor could he handle the question about rising commodity costs.  He failed.  Those were the key questions.

Gold and silver promptly documented his failure.  

Again, the criminal syndicate Wall Street bankers show just how their house is made of spit and scotch tape, and based on volume, no one wants to move in.  All of this gets more maddening each day.

Who does Sven Stehn think he is kidding with this?


HelluvaEngineer's picture

Of course they do.  BB reinforced the point that the dollar is a zero, thereby goosing the beloved markets once more.  These tools celebrate every % lost in DXY because they are levered long 30:1 with free money.

averagejoe's picture

And so, Gold and silver will continue to rise.  Shame the average western joe hasn't got any to protect them from the up and coming chaos.  Just as well I'm not average.

gide100's picture


At the start of the speech 'The Bernank' said that the Fed will 'continue to reinvesting principal payments from its securities holdings'. Sucking the currency back out of the economy can only occur if the securities mature and the currency is removed from circulation. Does this mean, as Jim Rickards predicated, we will have some type of rolling QE, re-using the income from securities? (see 3 mins in).


oogs66's picture

Ben denying that he has anything to do with $ policy is a joke.  Just a sham.  And they expect us to swallow it?  Shameful.

ParaZite's picture

So, 200 dollar oil and QE#3... everybody is gonna get raped!

No one will be able to afford lube... so this is gonna hurt.

DavidC's picture

You could use left over cooking oil - just make sure you filter it for any gritty food particles first.

Oh, hang on. No one will be able to afford to eat, so no left over cooking oil.

Hmmm, you're right.


vincentmulleman's picture

 A Central bank's main pre-occupation should be to safeguard the currency in order to keep the public's trust. When central banks enter the stage of politics (unemployment target etc), you are in trouble.

Freewheelin Franklin's picture

Has anyone posted the new Keynes vs Hayek debate yet? I think it was released yesterday.

slewie the pi-rat's picture

i thought the demonic One might raise rates .25% in choreo-sympathy w/ BoE, but the dallas & philly reports---no way, Bennay!

goldman, here, also glazez over japan even more than batmanke.  ok,ok, G/Sachs was right about everything!  japan doesn't matter, it is "transitory" and the FACT that the chairzelbubbler has been PPT-ing all over the japanese bankstering by creeeeaming the USD for the sake (ouch) of the yen.

after the freaking place stopped shaking and the flood receded and the reactors started going off like the old Xmas tree bulbs with the kitty involved, batmanke hit the rockets on the freaking batmobile so hard, he drove the yen right thru the freaking roof!  and, he did it to preserve the Treasury market, too.  japan has lotsa T's.  his baby.  as a bankster, this guy is dante-esque!

so, they got the MSM to broadcast, in 87 languages, that the freak show was due to "yen repatriation" and now they've got the currencies, the Ts, the JGBs and the securities markets about as "healthy" as possible, under the circumstances. 

as far as i'm concerned, that's what money is for.  how the hell they did this, i'll never know, but they did.  the economies are down on one knee, suckin wind.  maybe both knees for some people and places.  but the markets---nobody touches these markets except banksters!

this doesn't mean i think that price discovery and assets-to-market creative capital destruction is unnecessary or even slightly undesireable.  but, if you are gonna let these criminals sill run the show and hold liquidation in abeyance in order to "preserve wealth" (i.e. bail out and load up the rich with ill-gotten gain), while exposing the nation to certain bankruptcy and possible chaos, what the hell---go for it!  this crony capital goobermint-in-pocket fascist plantation pigsty is gonna get hosed down, completely.  by itself, no less!  while we're watching this sovereign debt monster get ginormous, we might as well hum the ghostbuster's theme and enjoy the drama!

as rodney might say:  take care of #1 and don't get pushed into someone else's #2.

YouTube - Ghostbusters Theme Song


DavidC's picture

"Taken together, Bernanke’s remarks were consistent with our forecast for no rate hikes for a long time to come".

I wish I was as clever as those Goldman boys...oh, wait, I could have told him that if Benny raises rates it's game over. Maybe I AM as clever as those Goldman boys! Oh, joy!


HedgeFundLIVE's picture

Fed days tend to be up on average 67bps, on following day down 11bps:

Gordon_Gekko's picture

Here's my take on things:

Fuck Goldman and fuck the FOMC. Who gives a fuck what they are doing or saying anymore? Everything collapsed back in 2008 and only its realization among the deluded public remained. It's time to duck and take cover. Get out of the way of the sheeple who are about to run off the cliff in their maddedned frenzy as all their illusions are blown to smithereens. It's every man for himself now.

Gordon_Gekko's picture

Here's how 99% of world population will look like after their illusions have collapsed:


blunderdog's picture

Well, just thinking about it practically for a minute...

The idea of an honest gummit and an end to fascist protection of corporate wealth and so on sounds very appealing to the 99% of us in the USA who don't partake of much political power.

But seriously for a moment: can the government tell that other 1% "sorry, the bankers lost all your investments and we can't afford to make good on them"?

Everyone likes to talk about civil war coming from the common man, but in the USA I think the real threat is from the tiny minority of powerful and rabidly pissed off people.  Most folks aren't going to pick up a rifle if they have enough to eat, but if someone started offering the unemployed $100 a day to go make trouble, I'm sure it wouldn't take very long.

Note that none of this signals my agreement with the policies.  Just seems a likely interpretation of what got us here.