Obama Says He And Bernanke Agree Economy Is Strengthening

Tyler Durden's picture

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.


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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if's picture

The teleprompter also says...

That pretty much sums up life in the USSA these days.  LOL

Turd Ferguson's picture

If you ever need a perfect example of MOPE (Management of Perspective Economics), this is it!


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?

EscapeKey's picture

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?


The Merchant of Venice's picture

Can he say anything else?

I'd advise Obama to talk to President Dwayne Elizondo Mountain Dew Herbert Camacho.


"Man.  Shitz all fucked up."

Whizbang's picture

just broke february support on the daily futures. If this break is confirmed, look out below!

TuesdayBen's picture

Two words: personality disorder

jkruffin's picture

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.

GoldSilverDoc's picture

Somewhere, over the rainbow...........

ShankyS's picture

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.

ATG's picture

Another Five Year Plan and Great Leap Forward for USSA.

Only China and Russia had lower taxes and higher profits and surpluses...

emsolý's picture

Mission accomplished

Divided States of America's picture

His cluelessness is not helping the confidence of the financial markets.

dehdhed's picture

i could have sworn obama said consumer confidence was on the rise.

DonnieD's picture

Apparently you didn't get the message, we're in a "recovery summer".

Ragnar D's picture

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.

depression's picture

Glad we got all that cleared up.

Who's up for a round of golf ? Tee time at 2 !

Yikes's picture

lunatics with a plan.  This level of incompetence is not by mistake.

Mactheknife's picture

As quoted here before (and worth a repeat, LOL) "Everybody has a plan, till they get hit." Mike Tyson

papaswamp's picture

Bernanke must be a hypnotist....all is well

Teleprompter:..All is well!

The Rogue Trader's picture

Reminds me of the Enron employee who asked Ken Lay "are you on crack?"

Al Huxley's picture

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.

Testicular Cancer's picture

Good one. I could not help but laugh.

101 years and counting's picture

Extend unemployment to boost jobs?  I'd love to meet the PhD that came up with that bit of brilliance!






Fazzie's picture

 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!!

MacedonianGlory's picture

Exactly the same thing in Greece is going to happen.

"Extend unemployment to boost jobs" is the Greek Gvnt plan.

Socialism is global.

mtomato2's picture

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?

WaterWings's picture

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!

TuesdayBen's picture

The stupidity/ignorance that results from existence inside the bubble of a narcissist.

MacedonianGlory's picture

The same question we have in Greece about the Socialist PM Papandreou. Stupid or Evil? (Βλαξ η Φαυλος?)

Lucky Guesst's picture

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.........

Title: American Jobs and Closing Tax Loopholes Act of 2010


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

StychoKiller's picture

Look, votes cost currency, and we'll continue buying votes until the Economy recovers!

London Dude Trader's picture

EURCHF just hit a record low below 1.32....

Double down's picture

What an unbelievable waste of effort by the SNB to try stop anything.  I mean it..it.... (speechless).

fuu's picture

Going to need more Dow 10K hats.

ReallySparky's picture

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.

Sudden Debt's picture

The first sign of a failed government = The creation of that government

cossack55's picture

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.   

SMG's picture

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.

cossack55's picture

Why, pray tell, would anyone in their right mind wish to replace it?

Overpowered By Funk's picture

Cool. I' taking the how to reload your spent brass course.

Ripped Chunk's picture

That's great news.  I think I'll go to the movies, by myself.