• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

The Hypocrisy Of Chairman Ben

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Tue, 11/03/2009 - 14:03 | 118445 Cognitive Dissonance
Cognitive Dissonance's picture

It's only a bubble if you can't pop it. Otherwise it's manipulation.

Tue, 11/03/2009 - 14:07 | 118450 Anonymous
Anonymous's picture

ben bernanke is not a hypocrite....he is a bald faced lying sack of crap spreading financial terror and mayhem at every step....

Tue, 11/03/2009 - 14:13 | 118462 ghostfaceinvestah
ghostfaceinvestah's picture

I don't need to read the speech, I have already read it.

That guy is nothing but a fucking liar.  TOMOs may not provide the banks with risk capital, but POMOs do.

Does he seriously think that overpaying for Fannie/Freddie MBS does not put risk capital in the hands of the banksters?  is he fucking kidding?

In MBS land, he intentionally overpaid and in turn generated profits for the banksters.  Profits = risk capital that wouldn't otherwise have.

There was an article today or yesterday on CNBC by Diana Olick (one of the few worth paying attention to on that network) that talked about the profits the mortgage banks are generating, the largest being WFC and BAC of course.

Take it from me, the only way those Gain On Sale profits are so fat is because Bernanke drove down interest rates on mortgages by overpaying for Fannie/Freddie MBS.

Nothing that asshole says it to be believed.

Tue, 11/03/2009 - 15:22 | 118641 NYPoke
NYPoke's picture

Ben is a puppet.  The Fed is run out of NYC & London.  Always has been.

 

The people running the Fed know exactly what a bubble is, how to create it, how to pop it and how to profit from it.  This has nothing to do with them "being out of control" or "making mistakes".  Pre-planned, locked and loaded from the beginning.

Tue, 11/03/2009 - 14:16 | 118464 geminiRX
geminiRX's picture

The epitaph has been written, so when is the funeral?

Tue, 11/03/2009 - 14:18 | 118470 drbill
drbill's picture

Not soon enough!

Tue, 11/03/2009 - 14:18 | 118471 Anonymous
Anonymous's picture

Unrelated:

http://www.theamericanscholar.org/living-on-500000-a-year/print/

'King Dollar' and F. Scott Fitzgerald

Tue, 11/03/2009 - 14:29 | 118496 starfish
starfish's picture

cue the imperial march...it is an evil plan...i can sense it...

Tue, 11/03/2009 - 14:36 | 118514 Anonymous
Anonymous's picture

We are a nation of laws no longer---

Nothing said or no report concocted, can be believed.

How could Obama put these criminals at the helm of our nation without realizing he would lose the complete trust of the people??

Tue, 11/03/2009 - 14:36 | 118516 economessed
economessed's picture

Hey Ben, how does it feel to be unloved?  To know that everyone around you who is nice to you is only doing so because they see you as a tool for their own methods of exploitation?  To have this inner conflict where your public personna exudes confidence, while inside the self-doubt corrodes your soul like rust?  To think you occupy a position of influence over other people's lives, and you fail them miserably?  How does it feel, Ben?  How does it feel?

Tue, 11/03/2009 - 14:38 | 118520 Anonymous
Anonymous's picture

Hypocrisy, opacity, and obfuscation---Greenspan 2.0. Your highlights are so self-evident that even economic illiterates like me can see the emperor's repugnant nudity. It was the same with Ayn-Randroid Greenspan: the virtue of selfishness will self-regulate incipient 'irrational exuberance', and ARM's are a good alternative for marginal buyers.

WTF? Does anyone think they believe their own "spin"? When are we going to put these self-dealing crooks in prison. Obama owns the next crash.

Tue, 11/03/2009 - 14:51 | 118550 Anonymous
Anonymous's picture

How's this for a Marie Antoinette, head-in-the-basket assertion?

"The labor market has shown some signs of cooling, but these are quite tentative so far, and real income is still growing at a solid pace."

And if not, why then, let them liquidate their trust funds or sell the beach house. On what planet do you spend most of your time, Benny-Boy?

Let's not kid ourselves. These people do not for a minute swallow their own BS. They are imperial traitors and sellouts.

Tue, 11/03/2009 - 14:55 | 118564 gookempucky
gookempucky's picture

Compliments from Doug Krass---funny stuff

 

 here are the top 20 signs how bad the economy is!

 

    20. The economy is so bad that Barack Obama changed his slogan to "Maybe We Can!"

    19. The economy is so bad that Sarah Palin is only shooting moose for food, not for fun.

    18. The economy is so bad that when Bill and Hillary travel together, they now have to share a room.

    17. The economy is so bad that instead of a coin toss at the beginning of the Super Bowl in February, they will play "Rock, Paper, Scissors."

    16. The economy is so bad that Angelina Jolie had to adopt a highway.

    15. The economy is so bad that my niece told me she wants to dress up as a 401(k) for Halloween so that she can turn invisible.

    14. The economy is so bad that I ordered a burger at McDonald's (MCD Quote) and the kid behind the counter asked, "Can you afford fries with that?"

    13. The economy is so bad that I saw four CEOs over the weekend playing miniature golf.

    12. The economy is so bad I saw the CEO of Wal-Mart (WMT Quote) shopping at Wal-Mart.

    11. The economy is so bad that Bill Gates had to switch to dial up.

    10. The economy is so bad that rapper 50 Cent had to change his name to 10 Cent.

    9. The economy is so bad that they Pequot tribe built a reservation on the site of one of their casinos.

    8. The economy is so bad that the Treasure Island casino in Las Vegas is now managed by Somali pirates.

    7. The economy is so bad that if the bank returns your check marked "Insufficient Funds," you call them and ask if they meant you or them.

    6. The economy is so bad that I bought a toaster oven and my free gift with the purchase was a bank.

    5. The economy is so bad that the only company hiring this week is the one that sends people to scrape bankers off of Wall Street sidewalks.

    4. The economy is so bad that I went to my bank to get a loan, and they said, "What a coincidence! That's just what we were going to ask you!"

    3. The economy is so bad that a picture is now only worth 200 words.

    2. The economy is so bad that Hot Wheels stock is trading higher than GM.

And the No. 1 sign how bad the economy is...

 

    1. The economy is so bad that the guy who made $50 billion disappear (Madoff) is being investigated by the people who made over $1 trillion disappear (our policymakers)!
Tue, 11/03/2009 - 15:25 | 118650 gossamer
gossamer's picture

that's good stuff, thanks

Tue, 11/03/2009 - 15:30 | 118667 Howard_Beale
Howard_Beale's picture

#6 wins

Tue, 11/03/2009 - 14:55 | 118565 Anonymous
Anonymous's picture

"it is not the responsibility of the Federal Reserve--nor would it be appropriate--to protect lenders and investors from the consequences of their financial decisions"

No, it is their exclusive perogative. They exercise it at their own discretion to enrich a select protected class and to ruin those outside the pale.

Schindler's list in reverse, but with wholly uncompassionate or humanitarian motives.

Save me, save me!, scream the drowning men as Ben pushes another away with a hard oar from the liferaft.

Cracks his specially prepared picnic basket while he awaits the rescue ship, gradually the death cries and throes quell.

Tue, 11/03/2009 - 15:30 | 118664 Anonymous
Anonymous's picture

Anyone got a Bumpersticker printer?:

Wall Street got laid, Main St. got AIDS.

Tue, 11/03/2009 - 16:34 | 118787 chunkylover42
chunkylover42's picture

I think you mean Chairman Mao.

oh wait, no, Chairman Ben is correct.  It's so easy to get those two confused...

Tue, 11/03/2009 - 19:43 | 119103 Bubby BankenStein
Bubby BankenStein's picture

Civilian dereliction is usually classed incommon law as criminal or civilnegligence, recklessness ormalpractice.

confidence trick or confidence game (also known as a bunkocon,flim flamgafflegrifthustlescam,scheme, or swindle) is an attempt todefraud a person or group by gaining their confidence. The victim is known as the mark, and any accomplices are known as shills.

 

Wed, 11/04/2009 - 14:15 | 119873 Mark Beck
Mark Beck's picture

After reading this a second time, I ask myself, what would have been the consequences if the FED and Treasury not intervening in the financial crisis? I have been trying to picture the crisis that was averted. The damage, the turmoil, the irrevocable harm, but most importantly the costs. When we talk about lost opportunity in the economy, are we not just asking, what are the costs?

Ben put in motion a way to address the problem, a way to address the crisis, but please describe, in costs to the nation, who exactly was at risk. What was the crisis that never was? Who or what was saved and at what cost?

I will not go into who got the money, we all know the answer to this. I'am asking; is the FED cure more expensive, more costly to the nation, than the disease? 

In who's best interest did the FED act? and at what cost?

The bottom line is, why would you expect a central bank, independent from the will of the people, operate in the best interest of the nation. The answer is simple, it will not, it has no motivation to do so.  

Our legislators must decide and make it known, with which whom they side, were their allegiance lies, the people or a private bank. Its that simple. Decide and be judged, and be judged by your neighbors and children. 

The legislators should realize that they do not directly control the fate of the nation, the independent central bank does. And as we have seen through this latest crisis, the FED has no allegiance to the United State of America or its people, they care only about their member banks. The Federal Reserve and member banks influence markets to give the appearance of economic health, while at the same time putting our currency at risk. This must end, for the fate of our nation lies in the balance.

Mark Beck

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