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Merrill's RateLab shares their most recent insight which is sure to spark some discussion.
Competence and Bernanke do not belong in the same sentence. Merrill could use a better grammar check software...
oh, come on, the guy is honest, an uncanny ability of forecasting economic issues, always does what's best for The People, not the few, not the big banks, and deserves More Powers, we can certainly trust him. just look at how great he predicted the past few years.
Sounds like Citigroup has been acquired!
If Bernanke is to inflate his way out of this mess before Obama is up for re-election in 2012, he'll need an annual inflation rate of about 8% starting next year. Given the current state of the average American consumer, achieving that goal will be some trick.
i guess it was a Merill report that Dennis Kneale used to announce that the 'recession was over'.
Meanwhile I also have full faith in Uncle Ben...i have gone long on all my positions..!
And Rosie Shudders as the walls come tumbling down following his departure....
OT: The S&P 500 is sucked down to 1020 again
It is always a good thing to know the what, when & where various participant share doing what they do. however, I have to ask if this post is part and parcel of some sort of equal time effort?
BTW, The FDIC headlines are green shoots or what?
FDIC - everything related to banks are green painted, but it smells not so green...
Everything is now green shoots
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I JUST TURNED ON THE TV (LATE EVENING HERE IN AUS) AND SAW CASH FOR KIDDIE CLUNKERS......!!!!
F&&K ME !! IS THAT FOR REAL ??
WHATS NEXT CASH FOR RETAINERS ? CASH FOR KIDNEYS ?
who pays these jokers? "we love 10yr swaptions. you can make 1 point"
I was wondering if one of the leagal eagles might offer up some council on this.
Since the Federal Reserve is an independent institution, and not answerable, apparently, to the gov't. Would there be any precedence to bring a civil class action suit against them for breech of contract, that being namely the strong dollar policy, but I also think there may be other breeches that may surface.
I would totally be willing to be lead plaintiff.
No wonder they went belly up. Bernanke is not the world's expert on the great depression.
Ex- a has been
spert- a drip under pressure
Bernanke is not an economic historian.
Somehow I thought the decision to re-elect Bernanke was to take place this comming January? Was this announcement done early to keep the Chinese happy or something to that effect?
I believe the early announcement was to remind everyone that Goldman was still in charge of the Fed and Treasury.
I just double checked my assumption and was right. Obama's decision was supposed to be made in January. Why the early announcement? Something smells here!!! I hope its Gangrene and sepsis forming in the legs of this absurd stock market rally!
Given all of Uncle Ben's overt attempts to conceal information from the general public, his confirmation hearings are going to be interesting.
And what I mean by "interesting" is the take a few days off, stay at home watching C-SPAN all day "interesting".
BTW... do we have a joker face for Uncle Ben floating around???
this embodies everything that's wrong with sell side research, and the lack of analysis that analysts do (or don't do)... the thesis "it's never different this time" is exactly why the bull case is wrong... because it IS different this time. the paradigm of borrow and spend to oblivion is dead. mathematically...
This is an embarrassingly bad, sycophantic, unctious piece of dribble, which is to say exactly the kind of product one might expect from a Too Big to Fail schlockhouse like the new BofAMerrill. I hope the self-serving cheerleaders who pen this dross have the sense to use an alias.
I'll paraphrase it in one sentence:
"Ben is god because he is buying up all the garbage that my colleagues and I were dumb enough to create, guaranteeing that we can hold on to the job we do not deserve."
#49910: Sorry to play spellcheck Nazi, but it's "Unctuous drivel."
But agree 100% (times -19 plus -209 equals -2109%) with the sentiment.
BTW, yesterday's WSJ had a front-page piece on "steady Bennie", comparing pictures of his face (all with the identical emotionless pensive bearded-scholar expression) before, during and after last year's financial crisis. While reading the accompanying article it hit me who Ben reminds of ... remember Marvin the Martian from the old Loony Tunes Bugs-Bunny-goes-to-Mars episodes? You, know, expressionless "You are making me very angry..." Marvin?
"So, Chairman Bernanke - If you had to pick one thing about last year's financial meltdown which angered you the most, what would it be?"
BB: "Probably the goings-on at AIG ... we found out that AIG had been operating essentially as a gigantic hedge fund atop an insurance company, in which the hedge fund used the insurer's top credit rating to secure massive amounts of discount-rate borrowing for highly-leveraged speculative CDS transactions ... when I found out about these goings-on in Mr. Cassano's business unit, it made me so very angry..."
#49910: Pedant (in a good way) is perhaps less offensive than Nazi. Anon doesn't allow editing, and there are times when one's fingers work faster than one's brain. I've tried many times to pull the mouse button back up after clicking, but those damn electrons move too fast! Red faced, yes, but no offense taken.
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