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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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Obammy is just a pair of glasses and an olive beret away from morphing into Baghdad Bob.
"Cramer - Why Obama Is Bad for Stocks"...
http://finance.yahoo.com/news/Cramer-Why-Obama-Is-Bad-for-tsmf-2364771359.html;_ylt=Ag0YF9.6Jbyx9zNUVchoSR.7YWsA;_ylu=X3oDMTFmMmp0N2hwBHBvcwM0BHNlYwNleHBlcnRPcGluaW9uRHluYW1pYwRzbGsDY3JhbWVyd2h5b2Jh?x=0
While we're on the topic of Cramer. This piece about his boy wonder, Lenny Dykstra, came out yesterday.
http://www.thedailybeast.com/blogs-and-stories/2010-06-28/jim-cramer-len...
Herbert Hoover ... Jimmy Carter ... Obama
Mr. Market is giving both bozos the finger today. Well deserved, no?
the "BIG LIE"...it's still working?? isn't Ben, Ben??
Two new things come to mind to explain this:
• B E A M
-Beverage Ejected (Expulsed, Expelled, Erupted, etc.) At Monitor
-Zerohedge replacement of LOL
• B E T N A M
-Beverage Ejected (...) Through Nose At Monitor
-Zerohedge replacement of ROTFLOL (not to replace LMAO)
-Describes what just happened to me. Spill on aisle 5.
Never believe your own bullsh*t...
Could someone please think for our children
I am waiting for the great crash before I spread my seed far and wide. Then I will create and foster my own little army to rule over the land...muha-ha-ha-ha-ha!
Sorry, too many already engaged in thinking like children.
I'm teaching mine to think for themselves.
O-Bummer and Ben-O, planning new ways to screw Amrika over.
Here is Gerald Celente from 6/22. I don't think he'd agree with Obama or Bernanke...
“We’re going to see the end of the retail Christmas….we’re going to see a fundamental shift take place….putting food on the table is going to be more important that putting gifts under the Christmas tree,” said Celente, adding that the situation would be “worse than the great depression”.
http://geraldcelentechannel.blogspot.com/2010/06/gerald-celente-america-...
As first suggested on June 23, looks like the equity counter trend rally has ended.
http://stockmarket618.wordpress.com
http://www.zerohedge.com/forum/latest-market-outlook-1
When two of the biggest morons in the world agree on something, well...
Dow at 9900.
more fluffy worthless talk
It's unfortunate that Turbo Tim wasn't available for comment.
Gold just broke out above 1245.
GLD targeting 160.
Decoupling well on its way.
fine with me
Never seen so many liars in government in my life. I guess this story sums up how much of a liar both Bernanke, Geithner, and Obama are.
US auto sales seen slowing with recovery in doubt After months of improvement, Americans appear to pull back on car buying with economy in doubtya think?
The Final Solution
Canada was supposed to be the final solution. They spent $1 Billion, shut down Toronto, had their party, and had a riot to show for it, which freaked them out, because it’s a harbinger, just a tiny down payment on the future should they continue on their current course. This morning Obama and Bernanke are assuring economic growth. They are in trouble. Ok, so the digital economy has had a little scare. If you are committed to the corporate or government worlds, you have no choice but assume that we are going to reach an agreement, set a clearing price for existing talent, and both develop community-centric ecosystems and repatriate generational relationships, to develop more talent. If there is no agreement, the governments and multinationals will crash. Look at a map.
If we come to an agreement, we will be rolling out a system that increases circulation by an order of magnitude, in all directions. That is the main thing to keep in mind during the process, and the first order of business is to reopen the NPV window, to give people a sense that there is going to be a productive outlet path for their investments. No one can do your thinking for you, but we’ll go over a few examples. Keep in mind that science resides in one tail and art in the other. The primary focus of government is infrastructure and it’s the brake. When I say you want people that can turn a 5 minute job into a one week job, that means you have to get a big bang for your buck. You want some artisans on the government payroll to prototype small infrastructure improvements randomly across the community and get some feedback to get a sense of the motif needed to engender participation, before issuing contracts, for continuous community development. The corporations already have rudimentary building blocks to get core transportation of the ground, and it’s mobile. You can move it anywhere you want it as you develop, and kick the oil habit.
We have already developed micro-generation, but we are not going to bring the corporations to the threshold of macro-generation. If they want to go along for the ride, they are going to earn it, by going through biochemistry and physics to build an adaptive generator. In the case of the legacy interests, they have had so much free money for so long that they have been breeding on the desire for control again, and that need for control has been mirrored right through all their productions, to government, and back again, in a closed loop. By the time the communities are ready to release the brake, the corporations will be learning how to use the accelerator again. Corporate managers will be “fitting” talent. The bridge, or incubator, is small business, which will require community health and education systems. Talent determines the direction of the bridge, not government and not corporation; everyone has some kind of talent; and talent is a function of individual liberty.
European “leaders” were happy to use America for artificial demand, to keep their own socialist façade on life support. Now that it’s crunch time, all the costumes are coming off again, because the critters are in a corner, and there is nothing nastier than critters in a corner. If this comes down to extermination, it comes down to extermination. You do what you do; it’s a black swan / white swan event.
A mercenary force works for yesterday’s money, efficiently corrupts everything in its path, and is disposable by design. You are much better off with a handful of professional soldiers and no hesitation in clearing the battlefield before them. The Chinese “consumer” has been at this game for several thousand years. They didn’t play it to increase consumption to 70% of GDP in the last hand. The consumption there is completely artificial; the multinationals have hit the brick wall. The analog system is waking up again, and the only safe haven is adaptive skill.
Where’s the money going in Afghanistan, why can’t they develop their own resources, and what are they doing with that opium? The herd continues into the financial slaughter yard. Sharks circle for a reason. Stay out or make sure you have a unique exit. Tesla is either rolling over in his grave, or laughing his a—off at the GE show. We are going to give Mr. Black his wish, if he keeps making us laugh.
Hold off on that stroke a little while longer.
"Did IQ's suddenly drop while I was away?"
Lt.Ripley, Aliens.
(Seems an appropriate statement for the group think going on at the WH. Economy strengthening? Are they F**king serious?)
Bernanke looks like he has the weight of the world on his shoulders. His Prozac no longer works, and he knows the consequences of what he is doing and has done. Its eating away at him. The CFR minions and the back ground, are chirping in his ears regularly. Poor Helicopter Ben, you got to feel for ther guy.
Obama is oblivious to the obvious and continually repeats himself week after week, much like Bush did during his wonderful 8 years of enlightment.
The Whore of Babylon (America) is about to meet her end.
Reading the news is like watching a slow motion train wreck (to use an overused analogy). Unbelievably fascinating and horrifying, even when you know what comes next.