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Transcript And Word Cloud Of The FOMC's "Historic" First Ever Media Pantomime
"Mr. Chairman, first, thanks for doing this. This is a tremendous development." Steve Liesman
Word cloud 1: Chairman Ben's prepared remarks:
Word cloud 2: Q&A between Ben and various sock so called journalists, all of whom were terrified to ask the questions the entire nation needed asked:
Full transcript:
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Unfuckingbelievable. I thought the Bernank was going to go on TV, persuade the world that he's got inflation by the balls, that he can instantly reverse course on the Titanic and levitate it above any icebergs or other perils. I thought he'd give the dollar a boost, drop silver and oil a couple bucks more so I could pick up some cheep.
Then, Thursday or Friday, everyone would wake up from their haze and realize that the Bernank has no fucking credibility, pile back in.
But woe is me, instead this pecker persuaded everybody that he's a clueless douchebag in real time, sending the dollar into the goddamned toilet and gold to a new record high.
Shoulda BTFD yesterday, doh.
who cares about the financial destruction of amerika? did everyone see obama's birth certificate?
This is the BUSINESS section headlines from CNN.com today....un-fucking-believable...not even a mention of the presser.
Businessbest of all...
He's what I got out of the Q&A:
a) higher inflation trends are transitory;
b) projected lower economic growth is transitory;
c) they are keeping policy in pace to help boost employment growth;
d) higher prices for commodites are a function supply and demand; while demand is flat to down in the U.S., it is still very high in the emerging markets.
So... you have a policy in place that will improve employment, spur higher economic growth, spur demand for goods and servies, and support the dollar (since moves there were suggested today to be transitory as well).
Yet... higher inflation remains transitory because inflation expectations are "low and are well anchored".
Among all the contradictory remarks, it's the one above that the Fed is slowly losing its grip upon. I don't know about you, but I can sense Genocide Ben went from confident last fall to "this QE crap may not work after all" just recently. He's at a stage where he's simply hoping that all the dominoes fall in place at the right time.
Ron Paul picked a good time politically to pick a fight. If inflation becomes a persistent problem, Paul has all the verbal ammo he needs to pick up votes. This, assuming he isn't whisked away and hidden in a private cell at Gitmo.
Bernanke's the best friend the metals ever had. He's like our bagman, frontman, economist, all rolled into one.
The Bernank truly is, the Market Maker of First Resort!
Blythe too, she does a top-job at creating uplift.
Fed FOMC meeting press debrief…first ever in history (I feel warm and fuzzy already, sarc/off). http://www.youtube.com/watch?v=c1YLPYix0kM
The most important words, from 27:55min to 28:55min…that was a Bernank “these aren’t the droids we’re looking for” moment (Stolen from another ZH member)…. entry signal to the upcoming ‘Credit Wars’.
Watch from 38:55min to 40min-ish and listen to The Bernank (you must read between the lines), he provides you with a clue as to the real reason behind the S&P downgrade...it was in essence, a threat to Congress to allow the raising of the Debt Ceiling. He says, "provide at least one more incentive for Congress Administration to address this problem...if it's not addressed it will have significant consequences for financial stability, for economic growth and for our standard of living". The terms he used were "at least one more incentive", like, an S&P downgrade perhaps????
Remember when Hank Paulson went to Congress and threatened "Armageddon" in the financial markets, Banking collapse world-wide, and then proceeded to Bail-Out the Banks with hundreds of Billions of Dollars, remember that shit??? Well, here's The Bernank giving the exact same ultimatum via Press Conference...The ultimatum: do it or Congress will cop the blame! THAT is what he is saying!
Silver to the Moon
This "press conference" had the intended effect. It put sheeple back to sleep.
It's not about facts. It's about feelings. The intent is to convey the feeling "everything is under control, no worries".
That's all sheeple care about. Things are under control.
Controlled debasement of the dollar. Sheeple don't care. They don't even know what "debasement" means.
Controlled slow gradual theft of their wealth via inflation. Sheeple don't care. If it happens suddenly they would revolt. If it happens slowly, gradually, they don't care.
If food prices rise 30% in one day or one week, sheeple would revolt.
If food prices rise 30% over a year, sheeple don't care.
Bernokio knows this. He can debase the dollar to zero slowly, gradually, and sheeple will accept it.
If it happens suddenly they would revolt. If it happens slowly, gradually, they don't care.
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