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QE3 Off? Bernanke Says Fed Not Prepared To Take Action At This Point
When in doubt, baffle them with male cow manure: Bernanke Says Fed Not Prepared to Take Action at This Point, but, Bernanke Says Recovery 'Still Rather Fragile'. Is Bernanke finally channelling his inner Greenspan. Oh, and just in case the Moody's threat was missed, Bernanke adds that a US default would trigger a crisis and would lead to "chaos." Will someone just give the president a three-page termsheet already.
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"when she says no it means yes"
+1
Its real simple. This isn't anything new. He has stated, and I believe him (wow), that if there is not growth, and we're looking at deflation, he/they will act. I think its pretty safe to say, deflation is absolutely guarranteed without more credit pumping and money printing (oh wait its not money printing, its reserves). Therefore, yes, there will be a "qe+."
A no from a snake always means yes.
I'm not prepared to buy groceries or fill my tank with gas, "at this point".
But, my survival dictates that eventually I will HAVE TO. So it is with Benocide.
Just a matter of semantics.
Well said.
Bernake has already greenlighted QE and the debt ceiling raise.. This is all posturing.
If the FED were doing QE now, they'd do it.
It's all about jobs. The unemployment situation wont improve, and that is the marker he uses.
He is just keeping his options open, and if he affirmed QE readiness, it's the same as doing it.
By "Not prepared", he means he still has to go to his computer and double click the "create money" icon.
And how much credibility do we want to assign a Federal Reserve Chairman who says gold isnt money?
By "not prepared" I think he meant he can't do until the clowns finish their debt ceiling circus.
Those of us that totally called theis yesterday must be feeling mighty smart now!
QE3 is backed into the cake - but ye didn't think they were going to just tell you they were going to do it and roll on from QE2 did ya?!??!
They'll have to have a crash first - and even then it'll be QE2.5, QE2.56 etc etc
never take what he says at face value, and be careful of being long PMs right now - but feel free to stack physical in small increments
OK, well Im still waiting for the deflation to appear anywhere in the markets which sit near all time highs.
None of which has to do with the propping up of central monetary policy, such as "printing" money?
End the Fed. The time has come.
The FED is ending itself anyway. There is chaos already you don't have to not raise the debt ceiling for that.
All O'Bummer needs to do is spend 7% of GDP to maintain the survival of the unfortunate and the unemployed and prevent them from pitchforking him until 2012 and he is home free. Sad
Its a trap!
Confusing the rational consumer! Genius!
Its all part of his "No Stock Left Behind" policy
lol +1
Banana Ben basically said until you dweebs panic like Jul/Aug 2010, no sugar for you.
Realization is a very horrible thing.
Idiots shouldn't have priced that shit in . . . unless they were also positioning for the fast ride down. Which, of course, they had to be doing. We might have some fun ahead!
And still equities stay on green. Sackman is gonna be late for dinner tonight, he has helluva lot of "buying" to do...
he can just ban all short selling..
maybe he got b*tch slapped last night and told no one believe QE helped jobs...stocks, yes, but jobs, NO! and inflation ain't transitory
Yesterday's hints at QE3 dropped the DXY back to where he wanted it, no need to overdo it.
Trying to wean the markets off the "strong dollar" policy?
Hahaha...
Attempt to stamp out the run in precious metals.
lol little more than an attempt. It's going to be so funny watching the entire exchange burn while i'm laying in my bathtub full of silver, doing the breast stroke a-la Scrooge McDuck.
+1
+2
The flipside is that you have more metal for your ever worthless paper.
Bernank, reassure the market for I still have much metal to accumulate!
"Not prepared to take action at this point", however, at a point right after conclusion of this testimony is a different story.
Duly noted TC, for a point has no area.
Therefore, the point would rather be a parameter, between say, August and November.
Education - it's what's for dinner.
Not only Moody's threat but SP's too... SP : miss any payment on anything and you get downgraded.
http://www.chicagotribune.com/business/breaking/chi-sp-to-us-any-missed-...
Standard & Poor's has privately told U.S. lawmakers and top business groups that it might cut the U.S. credit rating if the government fails to make any of its expected payments -- including Social Security checks -- even if it makes all its debt payments, the Wall Street Journal reported citing people familiar with the matter.
GOOD for S & P.....................
Do it you lying scum, I hate no man,but despise this one, and his minions.
Esp the imposter at 1600.
They will all roast in hell.
S&P: We'll Drop U.S. Debt Rating From AAA to D in August
http://www.theatlantic.com/business/archive/2011/06/s-p-well-drop-us-deb...
Please do it?
Does S&P still sell ratings?
I'd pay my comparatively meager M0 of hard earned money to see that (CHF, Au, or Ag - their choice).
Did anyone ever notice that Ben Bernanke sounds just like Woody Allen?
not prepared to take action at this point...ES hasn't tanked yet
You didn't say pretty please
...dumb all over, yes, they are...
http://www.entendance.com/forums/viewtopic.php?f=17&t=783&p=18130#p18130
Silver taking off again
So much for those that said the end of QE2 would be bearish for the PM complex, including my clueless Keynesian economics professor last semester
Cue Ag margin hikes in 3 ... 2 ...
won't matter this time. It will just reveale how desperate they are to hide the fact the COMEX is a ponzi
@justprintmoreduh: Shhhh!!! You have to wait until Friday afternoon to say that because The Bernankster's buddies need time to frontrun it.
Damn it man, get with the program!
No soup for you, bitchez ?
Gold, Euro, ES all getting dumped at the same time.
Same crap over and over.
Risk On, then Risk Off
10-yr. unfazed, yield is still an absurd 2.92%
Refer to last nites poleaxeing of Robo by Tyler himself....funny stuff.
Did you fade yourself again Momo?
Which thread, dawg?
Akaka's a nice looking corpse.
Go long Hawaii while he's still breathing. Earmark Central.
Looks like he just tanked the commodities from what was going to be a nice chubby of a green day...
Someone at JPM must have told him to pull back on the reigns until they extort more physical silver.
That's why PMs are selling!
Keep talking Ben, I want more.
ICEBERG!...Dead ahead!
Response: Icebergs are transitory. All leaks can be fixed within 15 minutes anyway - we just need more fuel to go faster - call Turbo, get me more fuel!, more speed!, more glory!
The Bernank: Your lives are transitory and all your base are belong to me.
Today is proof that the commodity markets (especially PM's) are so skittish, traders run for the hills on the slightest bit of "jawboning" from the Fed.
Imagine what another series of margin hikes will do...
LOL....
"Imagine what another series of margin hikes will do..."
make me a shit load of money on the dip, that's what. The margin hike is a clear signal in a world that isn't. A hike per day for a week would be a challenge, but there is a recent series to use as a template.
Get ready to stack and go long the if there's another hit and run on the PMs...
silver sub $32 and Gold sub $1500 will be a gift come august
(not saying its going to happen, but get ready if it does; not sure about US customers, but for us europeans - that could be why the frank dodd thing was introduced)
the 1099 processor learns what most of have known for years. his history goes back 90 days as if jawboning is some sort of new process.
i guess in short order he'll tell us that silver is volatile.
robottrader: the sound of a shrieking woman.
"traders run for the hills"?
Let me get this straight. Gold set an all time closing high today and you post this nonsense? What's wrong with you Robot? Can't you read a chart?
London AM fix $1592.50 PM fix $1590.50
Imagine what another month of liquidating of silver bullion will do. Why would I care about a margin hike when I want delivery of the underlying asset? I would go somewhere else. The margin hikes are going to put those exchanges out of business.
july 15th ban
OTC contracts
that don't close with in 28 days...
what is this about ....
while(true) qe++;
and....the markets drop...
What Bernanke fails to realize is that "chaos" is acceptable to a lot of people currently stuck on the bottom. It would break up the current economic paradigm allowing some "very important people" to fall right on their a$$es. Is Bernanke concerned he would be a street beggar in this new world?
I'd say he realizes that chaos is acceptable to a lot of people at the top, who will own everything for next to nothing, which is why he is never prepared to act, one, because he doesn't really do anything, and two, he's yet to be told what to act like he will do.
I was just happy he used the word chaos, instead of slandering anarchy like so many are wont to do.
True economic chaos has no predictable outcome. The people on top do not want that. The only reason they are able to take advantage of bankrupt countries is because order still exists in 80% of the world. However, the collapse of the USD would undoubtedly be a global phenomenon.
Interesting market reaction. Is that what caused today's Pollyanna Party to suddenly (but temporarily) end?
Ben Bernanke speaks
hahahahahahaha
How long will this farce go on? I do not even care about market directions but when will stop being relative to what this dude says? Was not the CB stepping away from market manipulation with the end of QE2?
Don't get pulled into this binary sentiment shit. Watch the big gears, not the little ones.
Robslobs Hitchhiker's Guide to the Destruction of the Dollar
"Congress, The Fed, Corporations, Banks and You!"
Economy is great during QE sessions > Fed says no more easing needed > Easing stops > Economy stalls > Easing needed again > Economy looks good again > repeat.
Corporations will continue to lay off forcing the Fed's mandate of "lower unemployment" which forces the Fed to ease more which causes even more unemployment therefore forcing the Fed to ease more.
The U.S. ponzi will go as follows...print, print, print , print....default (Gold standard).
Congress will do the right thing...when they are finally done doing ALL the wrong things.
+42 :-)
This explains a lot. The answer is not enough if we are not asking the correct question.
I wonder if Bernanke understands that the higher the market goes, the more people get angry, as it is perceived as what it is: Wall Street Winning!
Catch 22. Pump, pump, pump may bring pump, fire, pump, fire, pump, fire, reload. Unintended consequences are a bitch...
Com'on man... really? Why apply your biases to the art of self-enrichment? That's a recipie to get yourself wiped out. Anger is a very blunt tool.
Nifty Updates :::
http://markettechnicals-jonak.blogspot.com/
> Will someone just give the president a three-page termsheet already
Hillarious and the title should be Extend and Pretend with new False Hope and Change
Aaaaand on topic, here's a good clip starring Bruce Willis as "The American People" The Bernankster as "The Gimp" and can you spot Jamie and Lloyd in this clip?
http://www.youtube.com/watch?v=nJBng7Ge3Y0&feature=fvst
I thought it would bring comic relief to the testimony...
"...mmmm, mmmh, mmmh, my bernankster"
Might be good for the PMs to pull back a little, find some support, establish base for next leg up. I'd be worried if they didnt (see ESI April 2011)
Bernanke: I am not going to qe at this point. when i get the call from j. dimon then i will qe.
Chaos is a friend of mine. -Bob Dylan
Bring it! We need focus.
What country or countries are solvent and can absorb the amount of debt the US is issuing? Answer: NONE So, is there any question about QE3?
Good to keep in mind a comment I heard decades ago by John Mitchell while he was Attorney General under Nixon, "Watch what we do, not what we say," or something to that effect. Misdirection is a frequently used tactic, but it is absolutely routine in government.
You can't really say that they lie a lot. It's more accurate to say that they don't know how to tell the truth. If someone in government says that the sun rises in the East, my reaction is to wait till the next morning to check it out.
“The Speaker has told the White House he sees no need to go to Camp David this weekend.”
I guess the jello is still not firm ;)
"chaos."
Am I supposed to be afraid?
I need to be saved from order, at this point. All these systems, underwritten by institutionalized violence, have run their predictable course of oppression and destruction. Their elaborate interlocking fragility proceeds inevitably from the first instinct of officious bastards (hence, government officials) -- impose order. Every problem demanding a solution, a patch. A patch on top of a patch on top of a patch, until the complexity becomes unmanagable.
So sorry, assholes: entropy always wins.
I don't want your order. Good riddance.
+1000
You said it all right there my friend. I couldn't agree more.
He will let S&P sink to 1100 before announcing QE3 after Jackson hole in late August. Till then it is all the way down for the stocks till Aug 2nd when there is brief rally and then another dip from the 'bad news' from europe.
Expect S&P to hit 1500 by November.
They LOVE IT when a plan comes together!
Watch the YouTube Video 'Global Debt Crisis & WW3!'
http://www.youtube.com/watch?v=iZawTyfMf1U
In my opinion, we are months away from a false flag terror event...
OMFG the "Bernank" has to be the dumbest asswipe in the whole world.
Talk about creating uncertainty. (his gift for words fucked him today)
and I have to say that Robo Trader has to be the biggest idiot on the planet for thinking investors move the markets !
hey azzhole....printed paper, 22 year old algo programmers and mouse clicks move the markets now.
LOL
The market is a big, rigged casino, and it is made to make its owners rich at the expense of the gamblers they pull in. Some lucky souls manage to hit the jackpot, some manage to leave with theri money, and most get fleeced. In my opinion it is best to stay out of the casino, buy silver and hope that you will not need it.
Been farming all my life, never seen a male cow.
But then that makes as much sense as the tripe that benny utters from his trap