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The Man In Charge Of The Printing Press
On a slow news day, a few enjoyable blasts from the past compliments of Chairman Ben, confirming his distinguished track record of predicting "stuff" and "containing crises."
One day, long after the liquidity bubble pops, we will all blame Gutenberg, as any usage of the abovementioned name will likely have legal ramifications.
h/t Luke
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i imagine in a few years this youtube montage will be as long as Titanic
Fail.
Complete Fail. I'm going to work on a position piece that old greenspan saw this downturn coming before he resigned from his position. Details to follow.
Blind leading the blind... we are doomed!
He is just one big optimistic GREEN SHOOT... god help us all with him leading the way... I think whatever he says to do... we should do just the opposite.
I honestly don't think he knows what to do other than to try to save the bankster system.
But I totally concur with your observation about doing the opposite... let's just pray he never instructs us to "remain calm"...
Yes... "stay calm" are the last words I would want to hear out of his mouth... and probably would be the last words we would ever hear... because if the GREEN SHOOT OPTIMIST ever utters them we will know that it is all over.
http://www.tigersweat.com/movies/animal/house13.wav
Great, now I need a new avitar
Plenty of room for us cats Kujo...
Wasn't Kujo a dog?
Kujo has all the qualities of a dog except loyalty
Could only watch the first 2 minutes before wanting to jump thru the screen and rip that smug look off his face.
Nobody should ever depend on the Fed for forecasting or for opinions regarding the direction of the economy because in a simplified way, these guys are in charge of our banking system and thus, our economy. This means they can't possibly be objective.
When will people figure out that the Fed scores the economy in a way to make the Fed look better than it is?
Dangerous!
I'm not worried..
we're obviously in good hands
After years
"the man that should be put on front of the wall when the revolution come"
will be changed with
"the man that was put on front of the wall when the revolution came" :)
Bernanke = Gilbert Grape
Hail to our Leader in Charge...
BTW, Do we have any video of Maria going back into the 90's -back when she was hotter, and not so tied up onto the hedge fund world ?
Sue, Steve, and Bill were already relics then, so dont bother....
Someone should have played this for Obama
I think Bernanke actually is providing the best possible answers that he could given the data he had. As a member of the Council of Econ Advisors, you can't expect him to say that the housing market is going to systematically collapse. Not such a bad performance.
I can't recall a parabolic rise in real estate prices that didn't end with a crash. Explain how he missed this:
http://en.wikipedia.org/wiki/File:Shiller_IE2_Fig_2-1.png
Did you make any money off the crash? Just curious, since it was so obvious.
I did. Watched crash course and put my house up for sale that same week. Summer 2007 in Las Vegas =)
Don't take this personally - I just wanted to illustrate the unsustainable increase in housing prices.
I'm sorry, but savvy real estate investors don't care when things crash. They just come in afterward and purchase properties at fire sale prices.
It was obvious. I made bundle, and know a lot of other guys who did too. We are all Austrians.
In that vein then even Homer Simpson could be Fed chief.
Would think it takes more than reading 'data' to make it the presidency of the upper echelons, of one of the most powerful institutions in the world.
I'm not worried...
we're obviously in good hands
Off topic - but at this rate the usual billion shares of citi will not have traded - haven't seen this for quite a while
Tbill bust and depression countdown continues.
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Its amazing how these idiots on CNBS worship this moron. Most of us knew that the dot-com bubble bursting was made better temporarily because of the housing bubble. Obviously this "great" economist who saved CNBS from the great depression with his models didn't see that and the US credit/gdp chart.
Fail
What about the performance of Steve Liesman, who seemed to agree with every damn thing Bernanke said.
Every time Liesman speaks, i want to punch him.
Shouldn't a core skill set of any journalist be "critical reasoning"? Perhaps my error is in thinking of Liesman as a journalist.
steve.liesman@nbcuni.com
I can think of about actual 4 journalists left in the MSM: Matt Miller, Caroline Baum, Johnathan Weil, and maybe Pimm Fox (props for inviting on Prechter and giving him room to speak), all at Bloomberg. Bloomberg could be a lot better, but it makes CNBC look like the old Pravda (the new Pravda beats the pants off the NY Times or WSJ, which admittedly isn't saying much).
I think the goverment should introduce "the medal of incompetence" so it can award it to highly qualified people.I loved the part where he says "I don't think it is going to take the country a way from full employment". Millions upon millions and still counting.
He's a visionary, reappoint him. If I were a great leader that's what I would do.
Visions. Hallucinations. Same thing.
Bravo! ... four more years... four more years...
He's seeing visions alright.
China to buy $50B of IMF bonds
Published: Sept. 3, 2009 at 7:28 AM
China's central bank will buy the International Monetary Fund's first set of bonds totaling about $50 billion, the IMF announced.
The purchase agreement with the People's Bank of China is the first such in the Fund's history and calls for the Chinese entity to invest up to $50 billion in IMF notes or Special Drawing Rights.
SDRs are interest-bearing reserve assets and a country holding them can convert them into hard currencies. Some countries reportedly have volunteered to arrange for the buying and selling of SDRs.
The bond sale is part of the IMF's effort to increase liquidity to fight the current global recession by boosting its members' reserves through SDR allocations. As much as $283 billion in allocations were announced at the Group of 20 summit last April in London.
When completed, the IMF's outstanding stock of SDRs would total about $316 billion.
IMF Managing Director Dominique Strauss-Kahn said the Chinese investment will help boost the Fund's lending capacity especially to developing and emerging markets and at the same offer investing countries safety and reasonable returns.
Xinhua news agency said besides China, Brazil, Russia and India, which together constitute what is called the BRIC countries, are potential buyers of the IMF bonds.
© 2009 United Press International, Inc. All Rights Reserved.
http://ftalphaville.ft.com/blog/2009/09/03/69751/whats-driving-paper-gol...
is that a smug look?? me thinks it is derived from the stuff grown in afghanistan!!!!
At least the recessions over. Because well the FED does have that nasty little requirement of full employment. So those employment numbers better go up sooner rather than later.
Well yes and no. They don't *need* full employment, they need the number of Americans listed as unemployed to decrease. That's why they need unemployment benefits to expire. Once the shmoes are off the roles, yer problem is solved. To get there, you just have to wait.
Unemployment -- as a statistic -- is a self-limiting kinda thing. People who are unemployed long enough disappear.
cougar
What chart did they draw in advance and how exactly they are to implement it.
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Liesman is absolutely brutal!! He always says the #'s are better than expected. Hell, I think Santelli must be getting some lovin from the FED as well. Is there one journalist out there that is unbiased? I am serious, I would like to watch them instead of rotating between Pornhub, Zero Hedge, CNBC and my workstation.
Simply aweful!! These people and Ben, had a better sense for what was/is. So what in god's name are we to make of the blather he is spouting now. No accountability what-so-ever!
Two mandates: price stability and full employment.
I say Au and NG.
No employment except in government and finance.
Reappoint!
Bernanke is a stooge. Anyone who does not understand that he works for the bankers, is an idiot. And when he said "the housing prices never fall", or something like that, WE ALL KNOW that is baloney. Can't people remeber as far back as the early 1980's, early 1990's etc. etc.? People are certainly dumbed down sufficiently
Bernanke to the Captain of the Titanic: "Of course that is not an iceberg! I see some types of little ice cubes, but--no worries-- the Coast Guard is on top of this ice stuff..
Steve Leisman seldom detaches his head from the Fed's sphincter. His job is to be a cheerleader.
And later, once the Titanic has settled on the ocean floor, Bernanke adds:
"Our rate of descent has slowed considerably. The bottom is in."
Had to reappoint Ben or else it puts the lie to the green-shoots meme. They don't need Bernanke, they need the illusion that everything is peachie. They would betray their own mothers to maintain the illusion.
Which, if you needed any, is more evidence that the game is over. We're all just hanging on until the wheels stop moving, at which everybody will be too busy fending off looters and thugs to notice that Ben Bernanke is still Fed chairman.
Reappointing banana Ben was a given...too bad for middle America
good articles; good articles 4 slow news day ..http://www..
hat tip: finance news & finance opinions
F*cking MORON! He couldn't find his ass with both hands, the lights on and a map.
He and Alan and the Fed CREATED the mess that blew up the economy. Too much money and too little regulation.
Thanks a$$holes
He's as much an ass as Steve Lies-man and Dennis Kneale
If you all see an incompetent public servant than you do not know your enemy. He doesn't feel pity or remorse. He doesn't care if you think he's incompetent if it serves his goals.
The alternative to 'incompetent' is truly too scary to contemplate...
+1000
Black Swan (in Chinese)= Ber-Nang-Kee
BB = Baghdad Bob
In other words, it is just like what trading a Soviet Union stock market.
See, I wasn't going to say this, but YES, except... in soviet russia, the stock market is trading you!
wow ... i'm speechless
March 2008-
Enter Obama- stage right
Exit Clinton- stage left
Cue the Fed Chairman ( read it as it is written sir)
Bernanke is a Bilderburg Group schill. He was no doubt selected and groomed to be FED chairman well in advance for his position. He looks & talks like a zombie with no emotions, dull, flat and lifeless. This was very evident in his renomination ceremony. What does anybody expect out of a person like that. Brilliant critical thinking? The question I have is, how can he look at himself in the mirror every morning knowing that he's destroying his country and millions of his countrymen. Disgusting...
EPIDEMIC MORTGAGE FRAUD ---FBI 2004!!!!!
This dunce should be fired immediately!