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Obama Says He And Bernanke Agree Economy Is Strengthening
The teleprompter also says that economic headwinds are due to concerns about Europe, and that the US must extend unemployment benefits to boost jobs. What can one even say at this point... The lunatics are firmly in control. We will keep listening to hear when Obama tells the general public that the Fed will stage another year long melt up as he did in March of 2009, and report promptly.
Below is a transcript of the Bernanke & Co speech:
THE PRESIDENT: Well, I just had an excellent conversation with Chairman Bernanke. This is a periodic discussion that we have to get the Chairmans assessment of the economy and to discuss some of the policy initiatives that we have here at the White House.
I think in our discussions, we share the view that the economy
is strengthening, that we are into recovery, that its actually led by some interesting sectors like manufacturing that we havent seen in quite some time — the tech sectors are strong; we have gone from losing 750,000 jobs per month to five months of job growth now; private sector job growth that is obviously so important to consumer confidence and the well-being of the economy overall.
But what we also agreed is that weve still got a lot of work to do. There is a great concern about the 8 million jobs that were lost during the course of these last two years, and that weve got to continually push the pace of economic growth in order to put people back to work. That ultimately is the measure for most Americans of how well the economy is doing.
And although weve seen corporate profits go up, we have seen
some very positive trends in a number of sectors, unfortunately, because of the troubles that weve seen in Europe, were now seeing some headwinds and some skittishness and nervousness on the part of the markets and on part of business and investors. And so were still going to have to work through that.
The thing that I think both of us emphasized was that if we can make sure that we continue to do the things that were doing, deal with folks who need help — so passing unemployment insurance, for example; making sure that we are working to get credit flowing to small businesses that are still having some difficulties in the credit markets; strengthening consumer confidence — then we think that the general trends will be good, but were going to have to keep on paying a lot of attention to the labor markets and helping people who have been displaced during the last couple of years get back into the labor market. So thats going to be a major challenge.
We also talked about the financial regulatory reform package
that has now cleared both the House and the Senate conferees. It will now be going to both the House and the Senate. This was a result of terrific work, I think, by my economic team, by members of the committee and Chairman Dodd and Chairman Frank, and some good advice from Chairman Bernanke in consultation during this process.
Not only will completion of the financial regulatory reform bill provide some certainty to the markets about how we are going to prevent a crisis like this from happening again, but it also ensures that consumers are going to be protected like never before on all the things day to day that involve interactions with the financial system. From credit card debt to mortgages, consumers are going to have the kinds of protections that they have not had before.
Were going to be taking a whole range of financial instruments that had been in the shadows and were going to be putting them in the light of day so that regulators can provide the oversight that potentially would prevent a future crisis. Were going to be in a position to resolve the failure of one institution without seeing it infect the entire financial system.
And this weekend at the G20, we talked about how we can
coordinate effectively with the international community to make sure that high standards for capital and reduced leverage apply not just here in the United States but across the board.
So, overall, I think that, listening to Chairman Bernanke, I continue to be convinced that with financial regulatory reform in place, with a recovery well underway, that we have enormous potential to build on the hard work thats been done by this team and put people back to work and keep this recovery and the economy growing over the next several years.
But we cant let up. Were going to have to continue to be vigilant. I know that the Chairman feels the same way with respect to his role. And we look forward to working together in our respective institutions to make sure that we keep this recovery going on track.
CHAIRMAN BERNANKE: Thank you. We had a wide-ranging discussion; Im very appreciative of the chance to do that. We talked about the outlook for the economy. We talked about financial regulatory reform. The President talked about some of the issues in that area. But I think very importantly, we also talked a lot about the international context. Whats happening around the world in the emerging markets, in Europe, affects us here in the United States and its important for us to take that global perspective as we discuss the economy.
THE PRESIDENT: All right.
Q: Mr. President, are you at all concerned that the passing of Senator Byrd jeopardizes regulatory reform? And how big a blow would that be to the economic recovery? THE PRESIDENT: Well, Im concerned about the fact that a giant
of the Senate and a personal friend of mine passed away. I dont think about that in the context of financial regulatory reform.
Im confident that given the package that has been put together, that senators, hopefully on both sides of the aisle, recognize its time we put in place rules that prevent taxpayer bailouts and make sure that we dont have a financial crisis that can tank the economy. And I think theres going to be enough interest in moving reform forward that were going to get this done.
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That pretty much sums up life in the USSA these days. LOL
If you ever need a perfect example of MOPE (Management of Perspective Economics), this is it!
BREAKING NEWS:
President Obama: He, Bernanke agree economy is strengthening
What an absolute fucking joke! Does President Teleprompter not realize that any credibility he hoped to have is rapidly vanishing with each subsequent display of lunacy?
Not only that - given that they practically release a bullshit press release from someone allegedly in charge, that everything is just a-OK... isn't that sort of an indicator that it isn't? What's the need of continuously stating the - allegedly - obvious?
Can he say anything else?
I'd advise Obama to talk to President Dwayne Elizondo Mountain Dew Herbert Camacho.
"Man. Shitz all fucked up."
It's got what plants crave.
Electrolytes!
just broke february support on the daily futures. If this break is confirmed, look out below!
Two words: personality disorder
This type of thing clearly shows that our President is nothing but a stooge puppet. He is not in control of anything, and does what he is told to do by TPTB. Namely the Rothschilds and their banking conglomerate.
Somewhere, over the rainbow...........
NEWS FLASH - Rainbows over gulf expand to 22 colors as oil in the atmophere adds to the delight of rainbow viewers everywhere.President Teleprompter says it is a sign from Allah that economic turbulence is coming to an end.
+10
Another Five Year Plan and Great Leap Forward for USSA.
Only China and Russia had lower taxes and higher profits and surpluses...
Mission accomplished
His cluelessness is not helping the confidence of the financial markets.
i could have sworn obama said consumer confidence was on the rise.
Apparently you didn't get the message, we're in a "recovery summer".
No you peon, Barry said we would recover during summer.
If Al Gore screws things up again and we have a "year without summer", well he's off the hook.
That's the beauty of being a law professor, and if you can't understand the nuance, then it'll make for a teachable moment.
Let me be clear.
Glad we got all that cleared up.
Who's up for a round of golf ? Tee time at 2 !
lunatics with a plan. This level of incompetence is not by mistake.
As quoted here before (and worth a repeat, LOL) "Everybody has a plan, till they get hit." Mike Tyson
Bernanke must be a hypnotist....all is well
Teleprompter:..All is well!
++
He is a Yedi knight.
What brings you out of your evil lair mole? :)
Reminds me of the Enron employee who asked Ken Lay "are you on crack?"
Stupid Europeans, if they would just get their shit together and be responsible like us, everything would be fine. But I'm sure relieved that the economy is strengthening - all those numbers from the news, and everything I see around me, were making me think things are getting worse. But now I can relax, whew.
Good one. I could not help but laugh.
Extend unemployment to boost jobs? I'd love to meet the PhD that came up with that bit of brilliance!
rofl!! This must be one of those "dynamic effects with feedback" complexities that the Phd was referring too.
Well he must be right, the lord high master of economics and the messiah himself just told us dumb people that the economy is "strengthening" while simultaneously begging congress for UE extension!
Damn!! How much more "strength" can the economy handle!!
+100, PROOF.
Exactly the same thing in Greece is going to happen.
"Extend unemployment to boost jobs" is the Greek Gvnt plan.
Socialism is global.
I was wondering how many lines I would have to scroll down before I found this. I love it: "Paying people to NOT work will decrease unemployment..."
My God.
The Question: Stupid or Evil?
Evil**2
Telecommuting except you can do whatever you want.
---
Evil: those that thought it up
Stupid: those that implement it and give speeches
Or is that the other way around? You got me thinking...thanks!
The stupidity/ignorance that results from existence inside the bubble of a narcissist.
The same question we have in Greece about the Socialist PM Papandreou. Stupid or Evil? (Βλαξ η Φαυλος?)
The unemployment benefits are just a way to appeal to the people and make any politician voting NO, look like an asshole.
The people who wrote this bill are very obvious by reading it. Its really about energy, unions, teachers, health care, banks, satellite restrictions and lots more
some examples in the bill but I encourage everyone to have a look.........
H.R.4213
Title: American Jobs and Closing Tax Loopholes Act of 2010
http://thomas.loc.gov/cgi-bin/bdquery/z?d111:HR04213:@@@L&summ2=m&
Title I: Extension of Expiring Provisions - Subtitle A: Energy ...
(Sec. 111) Extends through 2010: (1) the tax deduction for certain expenses of elementary and secondary school teachers;....
Part II: Low-income Housing Credits ....
Sec. 131) Extends through 2010: (1) the tax credit for increasing research activities; (2) the tax credit for employment of members of Indian tribes; (3) the new markets tax credit;.....
(11) expensing of environmental remediation expenditures; (12) the tax deduction for income attributable to domestic production activities in Puerto Rico; (13) tax rules for payments to controlling exempt organizations; (14) the exclusion of gain or loss from the sale or exchange of certain brownfield sites from the unrelated business income of tax-exempt organizations; (15) the reduction in the rate of tax on the net timber gain of corporations and rules for the treatment of a timber real estate investment trust (REIT); (16) tax rules relating to regulated investment company (RIC) dividends and the treatment of RICs as qualified investment entities; (17) the subpart F exemption (which excludes such income from the shareholder's foreign personal holding company income) for active financing (insurance, banking, financing, or similar businesses) income earned on business operations overseas; (18) rules for adjusting the basis of stock of S corporations making charitable contributions of property; (19) tax incentives for investment in empowerment zones and renewal communities, the District of Columbia, and American Samoa; and (20) the increase in the limitation on the amount of distilled spirits tax covered (paid over) into the treasuries of Puerto Rico and the Virgin Islands......
Subtitle D: Additional Provisions - (Sec. 431) Amends title XVIII (Medicare) of the Social Security Act to reduce the funding level for the Medical Improvement Fund in FY2014.......
Title V: Satellite Television Extension - Subtitle A: Statutory Licenses ......
(Sec. 615) Allows direct payments to taxpayers for the purchase of energy efficient appliances in lieu of the tax credit for such appliances......
The last one is the one that is doing me in. GE is getting a big boost in sales but the appliances are being destroyed so no more appliance repair for us. Government picks the winners and we lose.
*edited spelling
Look, votes cost currency, and we'll continue buying votes until the Economy recovers!
EURCHF just hit a record low below 1.32....
What an unbelievable waste of effort by the SNB to try stop anything. I mean it..it.... (speechless).
Going to need more Dow 10K hats.
I read somewhere that the first sign of a failed government is the fact that the public no longer takes elected officials, bureaucrats seriously. They ignore them. The final sign is when those elected officials and bureaucrats don't take themselves seriously. We are now between these two paradigms.
The first sign of a failed government = The creation of that government
I think the final sign is when said bureacrats are swinging from the lamp posts along Pennsylvania Ave. I am taking advanced noose construction at the local tech college.
Even if you got rid of the entire governement it wouldn't really matter. The government that replaces it would be infiltrated as well. They are not the real powers. Until you get rid of the people behind the curtain, (or on top of the pyramid if you will), nothing will really change.
Why, pray tell, would anyone in their right mind wish to replace it?
Cool. I' taking the how to reload your spent brass course.
That's great news. I think I'll go to the movies, by myself.
bring your own popcorn...
Great job Benny!
That was my first thought too...
"You're doin' a heck of a job, Benny. A heck of a job."
Is the recovery in all 57 states?
56, Texas want's out ;)
They can't get out but are allowed to divide in six parts to boost vote count.
+++ very nice
Yes. That is truly funny. I needed that. BTW, Turd, that's also a funny hat. S'big.
I think I need to buy more wheat.
I need some extra weed also...
Go with Pork & Beans. More protein and fats for the winter.
200 lbs more on the way, my weekly gold and silver shopping sprees have gradually been phased out as I load up on the absolute essentials and leave the remainder to cash. 55 gallon drums of gasoline will be next.
Michelle
Don't forget to load up on soap products. Every time people who lived through the depression talk about the difficulties they faced they always bring up how much they missed soap. I also bought a case of the .98 cent shampoos at Wallymart, if I never need them I will use it as dog shampoo.
Good points. Back when CVS actually had good ECB deals, I loaded up on tons of hygiene stuff. We've got one closet that is full floor to ceiling with bins of soap, shampoo/conditioner, razors, toothbrushes/floss, lotion, diaper cream, etc.
It will be nice to have the little "luxuries" when everything goes to pot.
I guess I'll see you on the dark side of the moon.
He doesn't sound too confident right now on TV.
Sorry credit creation is negative, unless you can sustain the unsustainable... it's game over. Let me know when the Wizard of Oz shows up with his infinite power.
For what it's worth - I thought Helicopter Ben looked relatively uncomfortable. Like a guy that knew the market was down 200+, that European liquidity was getting worse, and his plan wasn't working...
The stage, the cast, the audience, the fire...
The stampede to the exit.
John Exeter's Pyramid strikes.
+1600 (price of physical gold)
Ron Paul -- President 2008
Now Who Threw Away His/Her Vote?
You voted for this Hope & Change piece of shit...so SHUT THE F**K UP !!!!!
I voted for the other black guy. Sorry but McCain wouldn't have us in any better position. I got tired of trying to decide between the lesser of 3 evils. When the voter finally breaks from the 2 party mentality we may get somewhere...otherwise it will be more of the same.
People are easily conned. I can't count the number of people who told me "Oh no, he's different! This isn't just a political line!"
People will not wake up until it's to late. They will wake up one day and ask "Why do I own nothing? Why is my wages down around China's level? Why am I living in a police state?". Only when the people have nothing left will they even begin to wake up to the problems.
Various people I know mentioned a certain speech the teleprompter gave that won them over. There are many historical unmentionables that were also good at giving speeches. I don't want to be considered a racist.
Did Leo write the speech?
Did they edit out the part he wrote - "Buy the dips you dips."
That's the first thought that went through my head when I read the headline. "Gee did BHO read Leo's post this morning?"
Is that the same 'strengthening as in "sub-prime is well contained" type strengthening?
You want the 2007 version, 2008, 2009 or the 2010 version?
Yes, us economic actors out here are very motivated....to save what we can from this wealth destroying nabob. He's incentivizing what we want less of and punishing what we want to maximize, and surprised its not working? BS. I'm going with evil, not stupid.
I'm watching Benny just sit there, as if in a stupor. Looks like he'd rather be anywhere than sitting next to President Teleprompter!!
Like at his trading desk pumping tax dollars into the markets?
He looked like he was drugged!!
Turd,
The President's words are just for PR. Ben's dissipointment was Obama's unrational lack of fiscal restraint. You will see Ben get increasingly upset. Eventually, Ben will be forced to debase the currency through QE. When this point is reached Monetary policy is a farce. Meaningful control of credit requires fundemental trust in the currency and capacity to pay debt. When this is gone, fundementally the Federal Reserve cannot achieve its mandate. It is no longer needed.
Mark Beck
Wow Barack, way to be late on your April Fools joke. You seriously need to work on your timing.
I think BB and Obama thought it would be cool to call a press conference after getting stoned.
Yeah, I want some of whatever they're smoking.
I thought I saw a bag of Doritos behind Benny's chair...
lol +1 goes to the turd
In what fucking hole do these aholes reside????????
Remain Calm. All is well:
http://www.youtube.com/watch?v=zDAmPIq29ro
These guys are fools running us into the ground. And what will unemployment benefits do.........nothing but get us more and more in debt. These guys have totally F***** the economy up. Every single asshole in office needs to be booted out now!!
To be fair, Hondo - and trust me it kills me to try be "fair" to his ass-holiness known as "The Won" - but we were already on that trajectory and rather far down the road on that vector, and have been for a long, long time.
Barry and Benny are just making sure we hit the wall at Warp 9, or Ludicrous Speed, take your pick.
Bernanke just had a look on his face that told me to beware. I sensed a "oh shit things are going South".
It's funny how all Socialists use the same words.
Here in Greece we hear the same from our Socialist Gvnt.
+1
Can you tell us what is going on over there from the perspective of your citizens? We hear it from the media, for whatever that is worth.
What is the general mood of the Greeks?
People here are anxious because Gvnt cuts everything. Even in the private sector all wages are about to freeze for 3 years. As for pensions......it's a disgrace for people that worked all those years to receive a piece of bread. It might sounds strange but the model here is tottaly different than in US.
At the place where I work everyone is angry and thinks that those "lamoya" (greek word for those who steal and say they serve the country) must be excecuted.
Greek society is in turmoil and a general riot (like 1789) is not far. All we need is a spark.
Sorry to hear things are that bad. At some point, it will get so bad that people will have nothing left to lose, and that's when things will really come apart.
My guess is given the general mood of the citizenry, the Greek government is probably not cutting military and police budgets as severely as everything else. :)
Thanks for the "boots on the ground" report.
Gvnt cuts wages to everyone. Even the the military and the police have -30% cut. Socialists don't care anymore. And for the money Gvnt officials ate, they say that these money are "sponsorships". Can you believe it? It's vile. 200 billion euros for sponsorships during the last 20 years. Exploited from EU money and taxes. Socialists are thieves.
Well ok Barry and Ben, let's grow a pair:
1. End ZIRP and start raising interest rates
2. Stop extending unemployment benefits since jobs will be plentiful
3. Remove the $23 trillion in guarantees to various financial instituions
4. Give the PPT a well-deserved vacation.
As Clint would say: Are you feeling lucky punk?
Translation:
"Although Ben is really itching to get going now, we agreed that we must wait till November".
Sounds like Leo is now writing speeches for POTUS. Obama proves once again he's a noob at this governance gig.
When Goblin in chief and President agree on economy, this means only one thing: Things are SO BAD, F***** UP. We should talk and calm the markets.
Must be a sign that negative interests rates are on the horizon.
OBAMA DEBT LADEN
http://williambanzai7.blogspot.com/2010/06/obama-debt-laden.html
Nice, but can you do it with Barack's face instead of Osama's?
"Bernanke Obama agree"?
I don't believe what Bernanke says.
I don't believe what Obama says.
Therefore I would call the statement false.
"
I don't believe what Bernanke says.
I don't believe what Obama says.
Therefore I would call the statement false."
But don't two negatives equal a positive?
desperate times people.
they are going back to playbook circa spring 2009. and it is not working.
it started with the european TARP, continuing with leaked bank stress tests and media appearances accompanied by confidence inspiring speeches (btw, any claim that the Fed isn't politicized, should be laughed off in the same way as "i didn't have sexual relations with that woman" was).
when bernanke makes a 2nd appearance on 60 mins, that is the signal that the feds balance sheet is about to be expanded to the $5T mark.
Agreed. Although QE2.0 probably wouldn't happen until after the November elections. But I guess a war in Iran would probably bring up an earlier need for more money printing.
Some Hollywood types were pimping savings bonds on the tube this am - not a positive sign
Lizzy! Was just the other day wondering what had happened to you.
The genius of Harvard and MIT on full display.
and the cookie monster and i agree that there is no need to be hiding the cookie jar, mom.
"...extend unemployment benefits to boost jobs."
Huh? WTF??? Is this a joke or ??? Anyone care to decipher because it makes no sense to me (nonsense).
The word "doublespeak" came to mind, but that's just me.
No way that made the teleprompter. It should have read "extend unemployment benefits to save or create jobs."
I think that even TOTUS is getting tired of the doublespeak. - Ned
"extend unemployment benefits to boost jobs"=="borrow money to get out of debt"=="expand public sector to fix unemployment"=="print money to buy debt"=="lie to tell the truth"
If you are still confused, just think of the sound of one hand clapping. If you can understand that, there's a job waiting for you at treasury or SEC. Plus, all the porn surfing you can handle - gratis!
+1000
Edmon, you call it "one hand clapping". I call it a bitch slap upside our heads...
+1
Now if you'll excuse me while I replace my keyboard...
wow what a saviour all he has to do is open his mouth and all is saved
He told the gulf coast residents that the sea will be as good as new after they have cleaned the millions of gallons of oil and chemicals up
and now the economy is good
wow perhaps he really is the messiah
I just got a visual in my mind.....two aholes sitting in a canoe about to get swept over a waterfall saying, "what's to worry about....look how calm the water is!!!
And the next wave starts
http://www.economicroadmap.com/2010/06/congresswoman-raises-red-flag-on-...
Call it a variation on the cockroach theory: the fact that the individuals who are causing all sorts of problems to our south are attracting and banding together with a whole host of other troublemakers. As the following report, "Congresswoman Raises Red Flag on Hezbollah-Cartel Nexus on U.S. Border," from FOXNews.com suggests, the situation in Mexico seems to be getting more frightening by the day
Iran-tied terror group Hezbollah may be colluding with drug cartels along the U.S.-Mexico border, a Republican congresswoman warned, calling on Homeland Security Secretary Janet Napolitano to establish a special task force to figure out how to "clamp down" on this "national security" threat.
The Lebanon-based group has long-standing and documented ties to South America and its drug gangs, but reports have recently surfaced that it may be expanding its influence to Mexico and the U.S. border.
In her letter to Napolitano, Rep. Sue Myrick, R-N.C., called on Homeland Security to find out and report more on the extent of the problem. She cited several troubling developments that would point to Hezbollah creeping closer to and inside the United States, with the help of Mexican drug gangs.
"It is vital we know what is happening on our border, especially as crime and violence continue to rise there and as terrorist plots and threats are increasing inside the U.S.," she wrote.
Myrick outlined a complex set of potential threats and evidence of their existence. She said "Iranian agents and members of Hezbollah" are thought to be learning Spanish in Hugo Chavez-run Venezuela before trying to obtain false documents to enter the United States as purported Mexicans. She said Hezbollah, known for its tunnel-digging skill, could be receiving drug money from cartel operations in exchange for help forging better tunnels across the U.S. border for trafficking.
She said gang members in prisons in the American southwest are starting to show up with tattoos in Farsi, implying a "Persian influence that can likely be traced back to Iran and its proxy army, Hezbollah."
FoxNews.com has reached out to the Department of Homeland Security for comment on the numerous claims.
Myrick cited the opinions and findings of former intelligence officials and others in her detailed letter. One of them was a "high-ranking Mexican Army officer" whom she said believes Hezbollah could be training Mexican drug cartels to make bombs.
"This might lead to Israel-like car bombings of Mexican/USA border personnel or National Guard units," she wrote.
At a minimum, Hezbollah has a foothold in South America, according to official reports.
Yea, well w
Take five minutes to watch this. Made by an Atlanta TV station, no less...
http://www.wsbtv.com/video/23438021/index.html
Important video as DC lets the barbarians in the gate...
maybe that's why they just started flying drones over the border
coming soon to town near you
The stairclimber said the border can never be fully contained. We should probably create more DMZs. No American citizens allowed: "It's just too dangerous."
Was he wearing his Dow 10k v3.0 hat at the time?
Market agrees with BB and Step an Fetchit--down 222 on dow and S&P at 1049. 9:25 Mtn time. Milestones
"green shoots"
I have reached the point where I don't bother with what either these two have to say at all (geithner too). Because I know it is a lie. the approval ratings starting to show (just like Bush) we have started t figure out when we are being lied to
It's just like the Book 1984. what these people have to say has no relation to relaity. But it allows the fiction of our free markets to make more money.
http://www.financialsensebeta.com/contributors/d-sherman-okst/why-we-are...
O/T: Is it just me or does Elena Kagan look like an older, more arrogant Rachel Maddow?
LOL, +10 Grifter! One of them probably fantasizes about the other most nights, but which one?
Kagan, Nepolitano, Maddow they are all clones,turkey baster brats ..damn that sperm bank.
She looks like a bullfrog to me...
or a younger, more elitist helen thomas?
-1
FAIL
WTF?
Elena Kagan, very Mannish Baby!
Politics is showbusiness for ugly people.
+ dittos
In photos of Kagan, something is always amiss. I finally realized recently what is missing: a big ol' stogie hanging from the corner of her mouth.
LOL
Thought she looked more like George the doctor on greys anatomy. Then he got hit by a bus or something, And she still looks like him.
I hear we're getting a new national anthem: http://www.youtube.com/watch?v=kIjkW6iyXNo
Yeah, but that link was wrong:
http://www.youtube.com/watch?v=BFtv5qe5o3c
Or: http://www.youtube.com/watch?v=roAWodrsZXI
(Complete with vuvuzela option!)
Has Zimbabwe Ben every made a correct economic call or forecast? I mean this is Capt. Contained of Sub-Prime fame after all. Is his record a clean 100%, wrong?
Do they really think anyone believes their shit anymore?
Somewhere, over the rainbow, bluebirds fly.
Why then, oh why, can't I?