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Michael Pento On The Two Biggest Lies In Bernanke's Latest 60 Minutes Episode
By Michael Pento of EuroPac Capital
Bernanke: 60 Minutes, 2 Big Lies
This past Sunday on the CBS program “60 Minutes”, Americans received a
massive dose of mendacity from our Fed Chairman. Mr. Bernanke’s shaky
delivery, and even shakier logic may cause faith in America’s economic
leadership to evaporate faster than the value of our dollar. In
particular, Bernanke delivered two massive distortions:
Lie #1 - The Fed isn’t printing money.
Bernanke stated: “The amount of currency in circulation is not
changing…the money supply is not changing in any significant way. What
we’re doing is lowering interest rates by buying Treasury securities.”
Given that it is the Treasury Department’s Bureau of Engraving and
Printing, not the Fed, that actually prints paper money, his statement
is technically correct while substantively false. However, Bernanke is
buying bank assets with Fed credit. With such an arrangement, printing
becomes unnecessary.
According to gentle Ben, credit created to buy something should not be
considered money and has no affect on asset prices? But if that’s true,
why is he concentrating his buying in the middle of the Treasury yield
curve. His stated purpose is to boost bond prices and lower yields in
order to stimulate borrowing and aggregate demand. So pushing up bond
prices is an act of inflation. Bernanke
similarly contradicts himself by saying that he isn’t creating
inflation, while at the same time claiming that his easing campaign is
designed to boost asset prices to combat the phantom of deflation.
And by the way, the Fed is causing money
supply to increase significantly. The compounded annual growth rate of
M2 is over 7% in the last quarter. Apparently in the eyes of the
Chairman, a 7% annualized increase in the broad money supply isn’t
considered significant.
Lie #2- Bernanke is “100 % confident” that, when necessary, the Fed can control inflation and reverse its accommodative monetary policy.
He stated, “We’ve been very, very clear that we will not allow
inflation to rise above 2 percent. We could raise interest rates in 15
minutes if we have to. So, there really is no problem with raising
rates, tightening monetary policy, slowing the economy, reducing
inflation, at the appropriate time.” He failed to mention that the Fed
doesn’t have the will to drain money from the
system, without which all tools are useless. The Fed has consistently
demonstrated its unwillingness to take the appropriate actions when
necessary. In claiming he is 100% confident in his ability to control
inflation, Mr. Bernanke ignores the record that during his tenure he has
misdiagnosed the economy.
In June of 2006, Bernanke culminated his inflation fighting efforts by
raising the Fed Funds target rate to 5.25%, after CPI inflation reached
4.2%. But that interest rate was enough to help burst the housing bubble
and to spark an international credit crisis. Bernanke was completely
unaware that the Fed actions had created an economy that had become
completely addicted to artificially-produced low interest rates and
inflation.
Shortly after the collapse of the real estate market and the ensuing
truncated deflationary-depression, Bernanke took interest rates to near
zero percent. But if the Fed was ever really
serious about unwinding excessive leverage, the time had clearly
arrived. Instead, the U.S. economy has become more addicted to free
money than at any other time in our history.
Commodity prices are soaring once again and the real estate market,
banking sector, and the overall economy cling precariously on the arm of
government induced bailouts and low interest rates. Even worse, our
government has massively increased its level of debt, which now stands
at just below $14 trillion. Once the rate of inflation eclipses the
Fed’s 2% target rate, which appears likely, how then will the Fed raise
rates to contain it? Could the economy then withstand an increase in the
cost of home ownership? Most importantly, when will Mr. Bernanke find
it politically tenable to dramatically increase debt service payments
for the Federal government? In truth, there is never a convenient time
to have a severe recession or a depression. Unfortunately, reality can
be extremely inconvenient.
Bernanke was accurate in saying that the economy is not expanding at a
sustainable pace. Of course, his prescription was the same as it always
is; print more money in the misguided belief that inflation will lead to
growth. As such, he indicated that it’s possible that the Fed may
actually expand bond purchases beyond the $600 billion announced last
month. (Remember that the $600 billion comes after the $1.7 trillion
that has already been printed, which failed to produce anything much
beyond a weaker dollar). Therefore, the country can look forward to yet
more inflation, continued anemic GDP growth, a poorer citizenry, and a
vastly lower standard of living.
On the bright side, the next segment on 60 Minutes outlined some of the
new social networking capabilities being created by Mark Zuckerberg and
Facebook. In other words, although our economic misery will likely
increase, it should become much easier to share the bad news with
friends.
h/t John
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Bernanke is about to lose his last shred of credibility (and Neo-Keynsian "theory" with it). I can't believe he had one left either.
confirms my view that this is Toy Town
people in positions of responsibility and power are simply actors - they have no depth at all
I do think Bernanke understand what he is doing. If you, I and most readers of Zerohedge get it, its not like its something that only Einstein could understand. If you are not dumb and have the interest to spend some time its not impossible to understand.
Its just that Bernanke can not say directly what he is doing: "Yeah, folks, I have been printing dollars to save the big banks and now I am printing dollars to save government so politicians can keep spending without limits. This will create all sort of distortions in the market that will make production less efficient and will ultimately make you poorer... Fuck you peasants!". Its easier to say: "I am printing money to create jobs and soon lollypops will fall from the sky".
fair comment
except that he first said he was printing then said he wasn't - so in that respect their is some acting (as in pandering to the audience)
Hug got it right. The reason he went to 60 minutes is that the masses of peasants who do see through his bullshit are now crying out louder. It's just not loud enough, yet. I will say, many still believe the rich elite need tax cuts to create jobs and we need the same bankers to loan money to create jobs. What's lost is, the good banks are being bought up so they can participate in the con game of TBTF strategy. Honest banking in America, never with the FED who is not a branch of the U.S. government. The FED is a patsy for the elite in charge.
Excellent comments and spot on. He knows exactly what he is doing. In the past, (BZH, or before Zero Hedge), fewer understood and the FED didn't have to say much at all. Now more of us understand, and are crying "BS!" He now has to come out on 60 Mins and give the unwashed masses and explanation they can buy. Not that the truth ever had a chance at crossing his lips, but he must give us something to hush up the critics that are getting louder every day...
10 yr up about 60% since the QEII announcement.. As a wise man said on ZH: Plan acccordingly..
Interesting that rates are up and PM down....buy the rumor and sell the news?
Bob Janjuah spoke about this months ago - the US needed to undertake voluntary austerity pronto - or risk the austerity measures and terms to be dictated to them involuntarily..
funny how the bond market understands this.. but the stock market keeps on chugging along.
One question - if bonds are relatively 'less risky' - and they are falling in value.. then what should be happening to the relatively more risky asset in stocks?
If there is less risk in the market - then where did the risk go?
Its all just about buying another day at this point.
I know I know.. 'just buy the fucking dip...'
lolz
And the days keep getting shorter and shorter. They really have created the perfect storm and that's why the lip was quivering. He has backed himself into a corner and knows the consequences will be staggering when the dollar crisis gains speed. Meanwhile China and the other USA wannabes are waiting in the shadows to close the deal once it commences.
where did the risk go?
The taxpayer.
True - which then begs the question - what ever happened to that whole, "no taxation without representation" thing..
I guess it got the boot in favor of "Dancing with the Stars"....
Oh well..
Apparently the "bond market" is severely lacking in technology...as in HFT?
It's Congress and the American people who are making the deal with the Devil, the Father of Lies, who would be in this analogy, The Ben Bernank. Let's just not start another conspiracy theory like in Wiemer and blame any particular group.
Yep, never blame any particular group.
YouTube - The Expulsion of Jews Throughout History
Although it's a pretty well known fact that the "money masters" are indeed historically Jewish, keep in mind, they would get nothing done without the FULL cooperation and endorsement of high level Anglos. There is plenty of blame to go around in this one.. Let's not focus too hard on one and allow the other guilty parties to get a pardon.
White people stole world's Gold for many centuries(Queen Victoria/East India company/Spanish Royal ???). Cobblers from Britain became masters in the colony.
That Gold then moved to US treasury. No one is a saint.
This isn't a government for, of, by the people. It is a government controlled by oligarchical aristocrats better known as the Illuminati. Some Illuminati have jewish surnames, but are not actually Jewish. They are actually Lucifer worshiping Illuminati, bent on simply gaining as much power as possible. They believe themselves to be gods after all.
The common people are going to have to seize power back if they want to improve their lives.
If it's just a game of adding zeros to bankers' accounts(which Benny has confirmed on national TV), then why don't they add a couple to my bank account, and the rest of Americans' accounts as well? Since it's all play money and computer generated wealth right?
This is the picture people don't see. Let's say for a minute that they aren't printing money, which we all know is a lie (because everytime they monetize Treasury debt every week, that is exactly what they are doing), but lets assume they are not printing, then the facts are the wealth created is fake, the economy is all fake, the recovery is all fake, and will be wiped out completely as soon as the zero's are removed from the computer. Doesn't that pretty much sum it up in well less than 60 minutes?
I'd love a few more zero's added on my bank account. Im sure Ben Shalom Bernank will do it.
Somehow, your post made me imagine the Bernank as "Captain Zero", zooming over the skies of Gotham in his red cape with a big fat "$" on the chest, leaving a spreading wake of dollar bills behind him to shower down on the grateful citizens. Shit, who needs a helicopter?!
and PM´s are down big...I can´t figure that one out....I am buying more..its the only safe haven for me...
If anyone doubts that PMs are the biggest single threat to the power of a fiat printing organ (an organized theft racket) like the Federal Reserve Bank, this is strong evidence of that fact.
The central fraudsters, backed by government militaries, although certainly not acting with the best interests of society-at-large in mind, will never WILLINGLY let anything serve as a substitute to the dope they've got the monopoly to distribute.
Does anyone really think government is going to let its citizens go around and pay for goods and services, accept payment for goods and services, and conduct all sorts of commerce in ways that can't be tracked, taxed and so forth by the government?
The government would lose its mojo quickly, and might have to actually serve the needs of the people. How would the corporate lobby bribe Congress, then?
A forced monopoly doesn't serve the needs of non-predatory people as a whole. You need free markets in adjudication, enforcement/security, and especially money. There is never any such thing as taxation with representation for the non-predatory if the "taxation" is something that is involuntary.
Instead, if any have a service to offer (that people have referred to as "governmental"), let their service stand the test of a free market, not the tyranny of imposing one groups will upon the peaceful choices of non-predatory individuals. A person's free voluntary choice through voluntary exchange is the best way to be represented. And a person honoring those voluntary choices and offering a valuable service or good that can in turn attract a voluntary purchase is a true indication of being of service to your fellow man and not the thief (politician) who takes by force or fraud. Political systems based on anything other than voluntary exchanges will ultimately always fail. They are an abrogation of ones personal responsibility as a sentient being to bear the responsibilities of one's actions and in fact, where the first use of force or fraud occur, are the very antithesis of civilization. Let those who do not wish to be victims of thieves, stop empowering thieves! One must ALWAYS retain their fundamental "power of the purse" or face the eventual consequences of failing to do so: slavery.
1) The Bernank has stopped us from a depression...
2) The Bernank isn't printing money...
3) The Bernank is 100% sure that he can ameliorate inflation in 15 minutes if the need arises...
4) The Bernank will ensure that interest rates stay low, even though he admits that QE is an expensive measure to do so...
"We'll see," said the Zen Master.
Maybe they can call their more efficient spin-off "60 Seconds"...if everything else is more efficient why not 60 Minutes as well?
Oops...I forgot lying usually takes longer than telling the truth...
I actually remember the days when 60 Minutes actually went around exposing corruption and crooks in high places and all that...sad every bit of media has turned into state run propaganda.
So true. Disagree with one's politics or not, the courage of Rather going head to head with Nixon in press conferences is a thing of the past. Now the questions are softballs, and no matter how outrageous the statement, the interviewee is never questioned with hard follow up. The "fear" is, of course, that the network or paper will no longer receive "most favourite nation" status. Access over truth.
60 Minutes Viewers Couldn't Tell You What Bernanke Does...
The idiot sheeple class who look deeply into their TeeVee for reality via overwhelming ruling class propaganda, like 60 Minutes...
Could not understand or comprehend anything Bennie said anyway...
But while viewing 60 Minutes... at least these sheeple were programmed to ask their doctor about Big Pharma's cure for their depression, irritable bowel and restless vagina syndromes....
Ben Shalom gots Chutzpah.
Lets see if Erin invites him on to say this.
i would call for Bernanke's scalp but, well...
Sad thing is, I doubt there was a single word in his poor performance that wasn't scripted. Shoot the jester, ignore the kingdom.
who does he think he is, the teleprompter-in-chief?
60 Minutes = Cartoon Network! ZERO credibility! Nothing to learn here! Watch 60 Minutes on Nick at Nite! JOKE
Why would anyone look at Bernanke and expect anything that comes out of his mouth to be anything but crap? How many times must you be shown evidence to the contrary? Shame on you for sure.
You are right about one thing: this is likely 2007 redux and the same commodity/stock bifurcation is about to manifest itself. To what end? Only time will tell.
who wants to wager me that the bernak will try and pass off price rises in the economy as economic growth......anybody wants a wager??????
"who wants to wager me that the bernak will try and pass off price rises in the economy as economic growth"
I can hear the quote now...."gasoline is up 25%....this is showing us the economy is growing".....lol
Wasn't Ben about 100% certain there for a while that the housing sub/prime difficulties were not going to be a problem?
Michael Pento and Peter Schiff are so dead stinking wrong. No Hyper-Inflation. No Deflation. No Great Depression 2.0
The worst is behind us!
Bernanke is DEAD-On this time. The very fact everyone is slamming him is the very reason nothing else is coming and PMs bull run is long over!
2011 is shaping up to be a Great year for the US!
I smell a SHILL here.
Yep, this is a babyboop / DrBernake TROLL of the highest order. A PAID FOR FED SHILL
WARNING WARNING toathis A FED SHILL
Don't feed the trolls.
Junked, because Cass Sunstein is a fascist.
Michael Pento Beans is a Blow Hard Idiot.
agreed. Europac is a terrible brokridge firm. I hate them!
Peter Schiff is going to look like a fool when the dollar doesn't collapse and his thesis is proven incorrect (As it is now).
I expect Europac to be severely downsized and/or go out of business entirley.
Ben Shalom is the man! HE has got the bears by the balls this time.
It's your move, now. Time to place your beats.
I smell a SHILL here.
Yep, this is a babyboop / DrBernake TROLL of the highest order. A PAID FOR FED SHILL
WARNING WARNING toathis A FED SHILL
It's probably Ben's mom.
Try to be nice to the lady, okay?
Gold hasn't even tested the bottom support of it's long term upward channel and you're calling the top already? You are just the next in a long line of Johnny Bravos. You definitely aren't the first poster to shoot their credibility all to hell like this. I myself am curious as to just how much leverage underlies gold but there is a lot of support to take out before anybody can call the bull run over. So far the technicals just say gold is taking a breather.
Micheal is passionate in his beliefs. He simply does not abide hopium as a replacement for funadmentals and reality.
The Ben Bernank in A Few Good Men
http://www.xtranormal.com/watch/7933323/
With the Fed as an enabler, the Treasury Dept is the purchaser and the supplier all in one. In substance, loaning the Fed the funds to buy their own Treasuries. Wonder what would happen to Walmart share price if it was discovered they completely funded through a middle corporation their own purchasing of their products. A buyer and lender be. Tim and Hank have zero credibility, none.
It'll be interesting to see what SNL does with bennie this weekend. "I can end inflation in 15 minutes" reminds me of "I can see Russia from my house".
And of course there is no inflation. Ex- core, what else is left in the basket? women's apparel? of course there is no "wage-price" inflation ex-core because women's skirts prices have not inflated at all or to the same degree or actually deflated because some 14 yr old girl, fresh off the farm in china is getting paid 22 cents a day to make a stich. This guy acts as if wage-price is the only conduit to inflation and that the rest of us are too stupid to figure it out sans our princeton phds.
The history books will remember Timothy Geithner and Ben S Bernanke in the same vain as the Founding Fathers.
because of their actions, the US is now in recovery and avoided and Second American Depression!
holy schitt, that there is some weapons-grade stupid.
Someone came over from The Onion to yank our chain.
Okay guys we're on to you! Nice one. Ha ha you guys rock. Seriously. The Onion is 4 teh w1n.
eh, I used to do the same thing to the dumbasses on huffington post - just put some libertarian shit on there to piss them off and watch them get their little panties all in a knot - somebody's fuckin with us - that's all...
you keep waiting on history like the chimp from crawford. tool. and btw you can stick your "recovery" up your fat ass.
Kudlow, is that you?
I smell a SHILL here.
Yep, this is a babyboop / DrBernake TROLL of the highest order. A PAID FOR FED SHILL
WARNING WARNING toathis A FED SHILL
The dude's post is dripping with sarcasm. Even Benny the Bandit wouldn't believe that stuff about him. Everyone needs to turn up the dial on their sarcasm detectors a few clicks, and stop reposting over and over.
I think toathis is right. The history books like to leave out some facts here and there.
"History is a set of lies agreed upon"
-Napoleon
Now you are starting to understand trolling. You want to put at least 2 lines out. 4 would be best (use outriggers for this)
Nice to see that you are expanding your bounderies.
http://www.everwonder.com/david/worldofdeath/accident/20.html
http://www.everwonder.com/david/worldofdeath/accident/20.html
Wow you are one sick fuck! I must have really pissed you off.
Indeed sir!
I would rather be sick than a TROLL. What have you learned reading Zero Hedge for three years? Your pent up wisdom finally posting its full brilliance today?
Who are you and why do you care?
Nope, its a picture of a person that was torn in half. I cropped it.
http://www.everwonder.com/david/worldofdeath/accident/10.html
Why did you wait until today to post your wisdom? (Feel free to continue lying)
http://www.everwonder.com/david/worldofdeath/accident/14.html
http://www.everwonder.com/david/worldofdeath/accident/18.html
What fun! Don't you agree?
To tell you the truth, I have no idea. There is not a reason for why we do everything. Sometimes you just feel like it.
By Troll do you mean informing people?
!
And trolling would require my comments being off topic.
I generally post on topic until I run across a TROLL. Then, and I have to be honest here, I can get down right mean. And post "off topic".
Your post have more to do with altering direction than opinion on the story. Would you not agree? That friend is TROLLING
Why so against the 1st ammendment "my friend"?
I'm not really, why are you so against it? You think I should be suppressed while you can continue freely spew your dog shit rhetoric hiding behind your keyboard and IP address.
No one is suppressing you?
You have not answered one fucking thing that you were asked. You say you have followed this site for 3 years and have never posted. I say you are a fucking liar.
You talk liposucktion fat avatar to get a rise out of the audience, I show you people torn apart. Just like the millions in this country, the good ol USA, that did everything right and now find themselves and their children homeless or close to it. And they saved and spent $100k or more on their child's education but now there are no jobs, exported to Asia. What they see is their retirement "nest egg" destroyed. Destroyed by greed and a system that does not give fuck about them and hopes they die before they take up arms and take this country back.
You are just a fucking crank. Shut the fuck up. Don't bitch about your 1st amendment rights. You don't have the balls to march and try to make things right. So don't count up your rights. You are excrement.
We all die one day and I don't believe anything can be promised. You don't understand me one bit and all you try to do is insult me. And let me tell you something we all march in our own way and the best way we can do that is by affecting the people closest to us. We all have our own personal battles, and those are the most important ones.
But you did not insult and curse people out on the other thread. Eat shit piss drinker.
I think I already told you that I don't take lessons from asshole fuckers like you so stop the "let me tell you something" shit.
Yeah I cursed them out because they were both dick heads!
But you aren't? No! Can't possibly be.
Yeah I can be a dickhead when I need to be. It's funny cause this all started with a joke.
24/7
I care as deeply about these problems as you do. We are on the same team. I will try and not stray too off topic from now on. Agreed?
If you die and have someone send me your death certificate, certainly! I agree with you if you would die. Die for the cause. I will memorialize you in both song and literature.
What is wrong with you? Are you dying for the cause?
Yes I am, within 6 months. Any more fucking questions bitch?
six months huh? You are being rather vague.
I didn't think so. What are you CIA? Do try and get people to explode bombs in public and then switch it with a fake and arrest their ass.
Is that why you are here? to collect soft minded terrorist recruits? They give you a one way ticket to Guantanamo for that shit you TROLLING FUCK PIECE OF SHIT.
I don't believe in decieving people. I believe in the TRUTH.
I've got news for you Ripped Chunk. You are the antithesis of everything this website represents!
Any news you have for me I have no use for. You don't have a fucking clue what this web site represents. Moron.
Well we're going to have to learn how to get along because you are inspiring me to start posting on this site everyday!
Can you afford to take time out from your daily activities of masturbating and swindling people?
I'll squeeze it in there
At least you admit you are a swindler
I know exactly what this website represents and what it's goals are. You are inhibiting them for whatever reason.
There is plenty of server space and bandwidth. They can delete my ravings anytime they like. Come up with an argument that works scrog breath.
Censorship is not the answer. You are trying to inhibit me from speaking my mind. Why?
Because you are here under false pretenses. You are a TROLL. But you don't have the balls to admit it or at least come back later with a new post name.
I got in a heated exchange with someone on something that was completely on topic and it strayed. Do not tell me what my intentions were.
Your intentions are to be a TROLL and to misdirect discussion. Fuck you.
My intentions are to have discussion
Bullshit!
You're reasoning is very flawed and you are exposing yourself as possibly being a gatekeeper to keep people like me from posting information that has not been accessed by the general population. Not to say the readers of this website are part of the general population.
I am a gatekeeper? Come up with somthing that works and we can talk.
That is exactly what you are. When did you sell out your country?
When are you launching your campaign for office? Twist, bend, turn statements around and accuse your rival of anti - American, non - traditional family values. While at the same time you ass fuck the news boy, fuck your wife's sister and swindle the poor guy on the corner. I am pretty sure I am conversing with a government agent at this point. So again, I invite you to a personal meeting.
I am as honest a man as I can be. You do not seem like the type of person that I would meet with.
Honest as you "can" be. Being sort of honest is like being sor ot pregnant no?
Because you are not a genuine person who cares about this country. That is clear when you accuse others of being anti - American. Oldest trick in the book. People know it. People are tired of it. If you feel being shouted down is a violation of your 1st Ammendment rights and unfair my advice is develop a louder voice. Don't accuse the shouter of being anti - American. It really shows where you are coming from. Self serving dickbag land.
You are clearly anti-american because you have taken everything that I have said today, everything that I have laid out... empirical evidence that gives people ideas about things that they never understood and twisted it into this. I have not asked you. What do you think happened on 9/11?
You posted emperical evidence? Shut the nitrous tank down for the day. Rest up, recollect. Or, just go look at what you posted? I thought you were busy and could not post anymore. was it over that quick?
Last comment then I'm done with you for the day. Yes I posted empirical evidence of a media coverup during 9/11.. you know recordings of actuall news briefings of the events of 9/11 and each of them show the gigantic flaws with our media. That is empirical evidence. Maybe you should go check out the post. See you tomorrow!
Seriously is this your job? Don't you have to get back to real life? Because I do.
Listen, I don't have time to talk anymore today. But I will be back tomorrow and I am sure you will find me again.
I hope you die in your sleep
This is a wretched world.
So do us a favor, exit it.
The only way I'm leaving is to be taken.
With all due respect babyface, fuck U. ;)))
Many bank stocks like STI and credit card companies like COF up over 4%.
Meanwhile, the poor "doomers" are disappointed once again.
Keep being the TBTF cheerleader. You obviously don't have kids or care about the future. Just keep living for today just like the market Robo.You need to change your name to RobotCrony seeing how you think market manipulation is a solid foundation for this country.
Robo provides a service, intending to or not. The service of being a different voice.
ZH runs the risk of becoming a bunch of cheerleaders rooting for a team and not a nation. And that sort of narrow focus is actually extremely damaging. Rigid systems with no parallel processes are vulnerable to single points of failure, and this includes systems of thought. I don't want it here at ZH any more than I want it in the media or in Congress (though the battle may have been lost in those other places).
Differing voices can eventually be proven correct and then we are glad we had them. In fact that is what ZH is all about; different and just possibly correct.
Discount it all if that's your thing. Have a laugh. But do not misunderstand (nor underestimate) its utility.
c@
Cougar - I'm all for alternative views. But Robo's not really providing a viewpoint. It's a drive-by comment just for getting a rise out of people. It's not an opinion. It's just a selection of some stock that's up and a useless attached comment. And then a chart in a self-supporting time frame. Like BAC being up x%, but not suggesting it's off from $18 from earlier this year.
How about a chart of MW, TLB, or CWTR today? Smaller retailers all getting crushed. Lots of jobs in danger there.
So, again, love the alternative opinion. But I don't think robo's really providing that. I believe he's nothing more then a troll...
Robo is actually thoughtful, whose genuine views (and trades) are not dissimilar to many here (and I don't mean of Harry's ilk). He posts to provoke, but I believe out of a sense of "I-can't-believe-this-shit-throw-hands-up-in-the-air" despair at the loss of real markets.
On the other hand, maybe I'm just saying that so he posts better gifs.
gifs ftw
An opinion however contrary when wrapped around a DDD with pretty eyes will receive my full and uninterrupted attention. Fact.
Is DDD an "investment grade" rating?
Could be I take the role a bit more seriously, is all. Because actually I'm doing the same thing. Perhaps you noticed. If you didn't notice then I really am good at it.
We didn't notice because you don't post gifs.
RobotSuckMyBalls, your trolling is becoming really, really lame --- positively HarryWanger-esque. And you didn't even add your trademark soft porn! Not that I actually miss anything you might post here, though.
Robo, it tooks like a blow off top. Dollar to the ditches as well as stocks.
I am re-organizing. BTW I am not a a trader nor an economist but just a average joe.
Pento Beans, I get it now!
...and fuck bernake.
I am so happy I get to share this! Oh the hypocrisy!
Jon Stewart, The Bernank & printing moneyhttp://blogs.marketwatch.com/fundmastery/2010/12/08/jon-stewart-the-bern...
Bernanke's lies are unnecessary and pathological. You have to wonder about his grip on sanity. As was once said of the Clintons, he lies even when the truth would serve him better.
Or perhaps he is trying to create an alternative universe simply by saying the same thing over and over again.
This actually works by the way. It's the day 1 discussion in any good Propaganda 101 class. You stick to your story like glue until it is simply assumed correct by the majority, who would rather not think to hard about things anyway.
Ben understands "animal spirits" and has said so. He has said he intends to kindle them and save the economy. The failure here is an intellectual one; he (and the rest of his kind) think their world view is the only one that matters, and they will have it that way. Period. It doesn't help that a lot of people agree with them.
However it doesn't matter for shit in a real world outside intellectual mind games and academic posturing. I like to say that in the real world "gravity wins" not because I'm a gravity fanboy ... but because fucking gravity fucking wins. Oh sure you can kindle anti-gravity spirits if you want to. You can jump up real high so people can see how you defy mere gravity like some kind of Roman god. But gravity wins. It is intellectually dishonest to claim that just because you can jump real high you defeated gravity, and it doesn't matter if everyone saw the picture you took of yourself while 12 inches off the ground and accept that as proof that you really did nullify gravity.
No you didn't.
Gravity wins. Don't be on the wrong side of gravity winning the bet.
Ben has us on the wrong side of gravity. He's going to keep us there as long as he can by whatever means he must deploy including illusion. Until he can't and gravity finally wins.
fooking gravity, fooking wins. everytime. +1
And when it all finally crashes, it will be China's fault for selling us too much cheap plastic crap. How convenient.
no that would be the corporations and margin chasers' fault, try again.
I'd love to see a Pento - Farange tag team have a go at Bernanke - Krugman. That would would be one massive brawl. We can have Erin Brunette and Handy Mandy do the refereeing.
Only if it is in a ring and on PPV.
The Ben Bernank's Two Biggest Lies:
What about the dimension of the bernak trying to break the yuan peg....what are the ramifications of that for the US?
I find it amazing how many folks are weighing in on the Bernanke 60 minutes thing. And they keep focusing on the two things that I laughed my ass off while watching the TV Sunday Night.
1. The "not" printing
2. 100% sure to control inflation
Casey's Conversation today is about Bernanke, someone posted something about the 30 stupidest things Bernanke has said publicly, and now Pento steps it up.
Last night Judge Nap had a couple of comments and on the Bernank. I think Peter Schiff is interviewing Ron Paul tonight on his radio. And I'm sure this will be a topic no doubt.
Bernanke. Ha! Someone give him a wedgie and a swirly. He's done. If he had a shred of credibility it is now completely gone after the 60 Minutes interview. I loved the "tough" questions that dude gave him too. What a freaking joke!
surprised Mr. Pento is still alive