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Watch Ben Bernanke Discuss An "Unusually Uncertain" Outlook For The Economy Live And Commercial Free
Those interested in the latest compendium of mendacious vomitus emanating from the primary orifice of the Fed chairman for about 4 hours can do so here (C-Span) or here (Closed Circuit senate camera where the interns whisper off to the side).Oh, and that rumor about the Excess Reserve interest rate cut was total premeditated BS as expected.
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watch, bitchez
ENJOY(being lied too), BITCHES
Status quo remains:
Higher volume selloff on any real news. Low volume meltup afterward.
Ballooning balance sheets almost sounds fun.
Speaking of LIES --- Why is the Federal Reserve Bank allowed to have a .gov domain name ??? That is outright fraud.
http://www.federalreserve.gov
"Why is the Federal Reserve Bank allowed to have a .gov domain name ??? That is outright fraud."
To perpetuate the belief that the Federal Reserve is a government agency. I have mostly a professional clientele including doctors, lawyers, engineers etc. Over half have 4 years of higher education and 15% are PhD's. Over the past year, during the annual reviews, I've specifically asked each of them if the Federal reserve is a governmental agency or a private bank.
Based upon my final tally, 93% were certain the Fed was a full fledged government agency. A few would not believe me regardless of the web links I showed them, including the Feds own words. People want to believe what they've been told. And most of them have been told or strongly inferred that the Fed is part of the government.
Anectdotal, but still disheartening.
I must add that my practice is within 100 miles of DC. So most of my clients are fully indoctrinated into the US Govt's method of madness. In this area of the country, 2 out of 3 people either work directly for the government, the military or for contractors for both or service organization including non-profits. So belief in the Federal Gvt is unusually strong around here, mostly because you don't last long if you don't toe the line.
The (evil) force is strong here Luke.
You have hit the nail on the head right there. I tell anyone who will listen that what we are dealing with is an insipid, destructive RELIGION. How do you destroy a religion? How did Martin Luther manage to undermine the Catholic Church? We need to know because that's what the fuck we have to do if we are going to make it out of this. Personally, I'd rather go up against Skynet.
It seems that a subversive named Gutenburg had invented the printing press about 20 years before Martin Luther was born. It was really all his fault. Luther came along and wanted to translate the Latin Bible into German so people could read it for themselves what it said. He probably was unhappy because he wasn't getting a cut of the loot the Vatican was raking in for special intersessions, divorces, and high level forgivness of sins of noble personages in his theater of operations.
So he published a German translation of the bible and preached that people did not have to buy forgiveness and did not need priests in Rome to interceed for them.
Well, you can imagine that the boys in Rome did not fool around. They excommunicated him; condemed him to the fires of hell.
Since he was condemed anyway, he decided to get married. A hot young nun named Katharina von Bora became his wife, presumebly without any serious side effects. She had escaped her Cloister in a fish wagon.
Martin and Katharina then proceded to have six children. Served him right.
Sic Semper Rebillis
LOL
Having children is the great equalizer, isn't it? You can be Ceasar and your 17 year old son can still think you're worse than slime and less intelligent. :>)
The greatest curse of them all. "Just wait til you have kids of your own."
IMO, the Catholic Church should have spent more time translating the bible from Hebrew to Latin (they probably had no access to the Sumerian texts at that time... which would have really freaked them out). My guess is that they developed the religeon and the translation specifically around their mode of power and control. They had no interest in the truth.
They knew that other translations provided others with power. Gutenberg was a threat. (I guess that is an implied "duh")
You have to court princes that have a axe to grind against the church - but more likely the princes will have to be more active in their opposition and use the new belief systems for their own personnel benefit.
@Cognitive
I believe your unofficial poll. That's why so many people get upset when they see a sign that says "End The Fed". They think it is some anarchist movement or something.
I suspect, based upon other questions I've asked people, that one of the reasons people think or believe the Fed is a government agency is that it would never ever occur to them that a private banking cartel would ever be given the power that the Fed has. It's simply and utterly inconceivable to many of them that the system would be set up as it is.
When people have been out to lunch as long as the vast majority of "citizens" have been, particularly the baby boomers, it's extremely frightening to even think that they may have been shirking their "duty". You might be surprised how many of today's professionals around where I practice were former flower children and bare foot pot smoking protesters. They went over to the dark side and they have been telling themselves lies and excuses for so long that the cognitive dissonance of reality is simply too over whelming.
They really do wish to think someone in Washington has their finger on the controls, mostly because to think otherwise would require them to 1) educate themselves on what's going on and 2) actually need to get involved because no one is driving the car. Or should I say no one is driving the car that has their best interest at heart.
but the uneducated dumshit(me) gets it. How weird and counter intuitive.
"education" teaches you how to "think" - and view the world - in a particular, fixed way. . .
sometimes it's better to educate yourself, eclectically, and let your mind remain open to possibilities that are reinforced by first-hand experiences.
Indeed CD: “Most people prefer to believe that their leaders are just and fair, even in the face of evidence to the contrary, because once a citizen acknowledges that the government under which he lives is lying and corrupt, the citizen has to choose what he or she will do about it. To take action in the face of corrupt government entails risks of harm to life and loved ones. To choose to do nothing is to surrender one’s self-image of standing for principles. Most people do not have the courage to face that choice. Hence, most propaganda is not designed to fool the critical thinker but only to give moral cowards an excuse not to think at all.”
The force barrier you have to traverse in order to come to that realization is unavailable to 95% plus of people. It is not their fault, it is their DESTINY! (Vader Inhalation).
100 miles of DC, eh? Main Line Suburbs of Philadelphia here. We could get together for a beer, but I don't drink mycotoxins anymore.
Neither do I but it's the thought that counts after all, right? :>)
I have heard Ben Bernanke himself state in a hearing that the Fed is a 'government agency'. They very actively want the public to believe that is the case, (except in those cases where they want to duck responsibility and accountability) despite the fact that it is not.
What is super fun is to realize that BB is acting from an Ex-US position and as such is not subject to its law. Much the same as Timmay. Much the same as every single attorney and officer of any type (police, court, public, etc.).
That's super fun.
The description the Federal Reserve gives of itself makes it seem as such. First three pages of the Overview http://www.federalreserve.gov/pf/pdf/pf_complete.pdf
While I know there's a lot more the story and I fucking abhor the Fed, for any regular person reading that document, the Fed does sound like government agency created by Congress.
What I wouldn't give though to get my hands on the May 1939 edition of this publication and see how much shit has been changed in their description.
Read his paper "deflation, not happening here". He repeatedly states "the Fed, with other government agencies"
Obviously those in the audience at the time didn't give much thought to that. The system is perverted from the top down.
Trickle down, bitches.
But so is Federal Ammunition and Federal Express, right?
and u.s. airways and the u.s. open
McDonalds, Budweiser, and Trojan.
Trojan HQ: Princeton, NJ.
Exactly, it should be www.federalreserve.edu. After all, Professor Bernanke is happily conducting some cutting-edge research with the US and world economy. In addition, in his little achemy lab he can produce trillions of dollars from thin air (or no air).
lol: almost, but the suffix .ied is much more apropos.
.con, .imf, .fu
Congradulations....you get a cookie!
ObamaEconomics
Despite Obama's promise of " no more taxpayers=paid bailouts", TARP's Neil Barofsky says the economy remains on government life support. His new report says federal aid to big banks and housing is up 23% this year, at $3.7T from $3T last year.
There is no a hint to a potential recovery. The underlining causes are still there and even becoming much more worse.
"Somewhat slower than projected..." Bernanke
Your plan isn't working!
Under no circumstance aside from an incredibly dangerous bubble of record proportions will rates ever be raised. No matter what..reflation at all costs.
We all knew this over a year ago that Ben would not raise rates. In the end it will not be his choice as rates will go will go naturally and each day that passes the markets are increasingly shackled to the Fed. We should all consider the stock market nationalized at this point because it has become just that and eventually nobody will want a part of the Federal Stock Market as the ruination of everything else the government has ever touched seeps into the stock market. That is why this market is unrecognizable to anyone regardless of experience...it is because it is dying and having death rattles as the free market spirit leaves it's body.
Well they may be bailing on equities but DXY is up, Treasuries are up, but they're not running to gold...yet.
They have a plan?
Sure they do, it simply changes on a monthly, weekly or daily basis depending on how 'the wind' blows. Today's plan is to thrash/crash the market just enough with fear to ensure QE2 passes.
Ben just said: "We have options."
There's a Fed app for that (see Bernanke's desktop image in previous ZH article).
PS: Bernanke admitted today the Federal Reserve illegally bought Fred/Fan notes as they are not fully backed by the full faith of the US government. Of course given the current judicial system, Bernanke will be haled as a hero instead of going out of the room in handcuffs.
Someone just shanked the euro.
and PM's.. but the dollar shot up!!
"Hi! My name is Ben Bernanke and I just love raping those idiots who short the 2 year Treasury."
Maybe he'll say it's a once-in-a-lifetime opportunity to buy stocks. I might watch if he said that if only to get the office rolling with laughter for a few minutes.
bildo of legg mason had that call this am
Remember when the Teleprompter front-ran the PPT and talked about P/E ratios - like that was the only time in his life he had ever discussed stocks?
OT: all those suckers that bought AAPL in the pre-market jizzing on the earnings must be feeling a touch stoopid. Could that be an intermediate top in the stock? Me thinks so.
look at the market plummet
No, its not plummeting..
Ben is just putting it all on sale so that we can get a once in a lifetime buying opportunity. ;)
It is all being orchestrated. Keep the markets hostage to assure Ben does not go getting any crazy ideas and sound even mildly hawkish.
well, from technical point of view sharp move down brings no surprises... perhaps everyone needed just a little push to start selling
*Clapping* thanks for the epic fail Benjy!
Beyond epic. It is time to End The Fed as they have not adhered to their mandates for many years. USD now valued at less than 4% of what it once was plus constant unemployment dips and swings too.
And...there she goes! Flash crash 2.0?
Down goes fraser - 10 yr through 2.90
Holy... and he's supposed to talk for four hours? Shouldn't they have started at 11:45 ET so that the PPT could get their 15 minutes in at the end of the day?
He'll jabber through the close (rather the Senators will try to get their soundbites of tough questions for reelection purposes). But GS, MS, JPM and others already in the know will play their usual games in the final 30 minutes. And tomorrow will have overnight catch up shenanigans. Play could be abroad for this.
outrageous. he has been touting the recovery and improvement, consistently for months. he should not be allowed to talk about any "uncertainity" or negative issues without an apology for his hyping
They never apologize or admit when they are wrong. Perhaps they might blame a "slow-down in Europe" or something like that.
Remember, he said that sub-prime was contained and FNM/FRE were just fine.
Oh, and Obama said this morning that there will be no more taxpayer bailouts.
What I find interesting is that this is coming out the same day the Financial so called Overhaul bill is signed into law. I don't know if there is any correlation, but still seems odd.
"Unusually uncertain." How many of us would lose our jobs if we used that as an excuse for incompentence? Might try and send Ben a history book from any one of a number of countries in history that experienced bubbles.
The FED does not act on behalf of the economy. Ben has one goal; maximizing member bank profits.
One example, his suggestion to increase interest paid on reserves. Why would this help the economy? Negative interest would be more effective at withdrawl of these reserves and provide an incentive for banks to lend.
The FED testimony is just for public consumption. More specifically, Congress.
Wall street reform should have split banks up as we have done in the past, into either Investment or Commercial, and abolish the notion of Bank Holding Companies. The FED clearly has failed in regulation of the BHCs and their contribution to systemic risk.
Also, it is really incredible to somehow look to the FED to control the economy. The FED does not have the tools to effect any real comprehensive change on the vast majority of macro-economic effects. To really be effective in controlling the economy, fiscal and monetary policy should be centralized, and include comprehensive control on trade and industrial policy.
----------
In reading his prepared statement, people who are working in finance day-to-day recognize that his review is lacking in any real data to support the FEDs prior actions or forecasts.
We have all these people working to understand the economoy at the FED, and this is what we get as a summary. They control the money supply and, based on their public releases, we cannot see any public benefit from their decisions.
----------
I have not listened to his testimony, but from the transcript, Ben does not talk about fiscal restraint any more???????
Why? My guess is the economic data is showing that the trend is deflationary, probably being led by real estate, and Ben would like to see increased stimulus from the administration.
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Many on ZH talk about QE2, but no real mention of how it would be carried out. Even Ben is afraid of extravagant areas of new asset purchases. The FED is not even sure how to sell MBS that it is curently holding.
The real danger for new FED asset purchase, is it cannot be justified per their charter. Any reinvest in private equity, or state debt, will come under the most rigorous scrutiny from anti-FED proponents.
---------
Bottom line is the FED is worried about member bank health.
The banks really need an economic surge to remove bad debt and tally their books in a real and honest fashion.
Prolonged economic weakness will once again unmask the true capital positions of the big banks. This will make plain the purpose of the FED, priority number one, no bank failures for TBTF.
Mark Beck
Breakin' rates in the ... hot sun
I Fought the banks and the ... banks won
I Fought the banks and the ... bank won
I needed money, 'cause I ... had none
I Fought the banks and the ... banks won
I Fought the banks and the ... banks won
I lost my 401k and I feel so bad
I guess my race is run
Well, she was the best fund ... I've ever had
I Fought the banks and the ... banks won
I Fought the banks and the ... banks won
Robbin' people with a . . . zirp gun
I Fought the banks and the ... banks won
I Fought the banks and the ... banks won
+1
I guess the trading desks were banking on a QE 2 Program in the statement..lol
OOPS
just actually said in public - "no loss to the taxpayer" are u kidding me???
There wont be. These guys actually believe in their cooked books. They dont mark-to-market so those mortgage backed securities decomposing at on the FED balance sheet are listed at face value. no loss. Gold held at the FED is at $42-something an once, unaudited. No loss.
Go ahead and say it...QE2 is coming!
If its coming, he doesnt know it yet.
Oh Damn...Ben said he might sell MBS..not what they wanted to hear. They need to their fix Ben...give em that QE II baby.
Yep, equities down (no more bullets) gold down (no QEII) and bonds to the moon.
Now we know why he wanted the banks to clean their balance sheets - because they are going to get all their toxic waste right back!
Please Mephisto do not make me giddy..lol
I cannot possibly imagine any scenario where Ben would sell those MBS until we are in another massive bubble. When this all ends it will not be by his choice. Markets should continue down until banks get their QE II.
He's SO boring to listen to!
DavidC
why not include paid obama seal clappers everytime ben tells us all the good things he has done to save the "system"
So, no hints on QEII, no discussion of further support measures. Instead a discusion of how they may sell their MBS portfolio.
He could have written this in May. Probably did, actually.
No hints. GLD has another expiration tomorrow.
http://www.youtube.com/watch?v=443Dt5uJsp0&feature=player_embedded
"Outside of a few exogenous, black swan events that my thesis's model did not correctly account for, GDP is growing at a furious pace, just as the model predicted." BSB
This joke of an economy has finally made Obama policy a late night television comedy hit from the Lenos, O’Briens, et cetera. Three jokes I heard repeated on morning radio today went something like this---
1 - One advantage of the cash-for-clunkers program is that it removed 90% of all the Obama bumper stickers from the road.
2 - What’s the difference between Obama and his dog Bo? Bo has papers.
3 - Have you heard of the new McDonald's Obama Special? Order whatever you want, and the guy behind you has to pay for it.
And now the latest joke, appearing on MarketWatch from the Bernanke testimony: The outlook for the economy is “unusually uncertain.”
Eerily reminiscent of his predecessor's "unknown unknowns".
PPT is trying to slowly pump it while Benny is dazzling the committee and MSM with some magic. "Watch me hold this underweighted index above my head".
ben endorses the 1990 pg fin fraud dodd bill. did he read it??? its a convoluted mess - particularly the tax code amendments
blaming everything on europe LOL
Wait 'till the EU opens tonight...
get to the choppa!
lol
Oh man is right. Bids are being withdrawn. Yikes, nobody buying the dip.
look at the size of the bids and ask EUR/USD
Is it obvious to anyone besides me that Dodd and Bernanke are doing a rehearsed dog-and-pony show?
Of course they rehearsed. They cannot afford any "Biden" moments on this.
Bingo!
Is Bernanke digging a hole?
Nope, just ensuring QE2.
Prostituting his position to make a sale for the WH?
“unusually uncertain.” --Some other things that were:
"The future of the island is unusually uncertain..." Krakatoa inhabitant August 27th, 1883.
"The ship's condition is unusually uncertain..." Cpt. Edward Smith.
"The future of the Reich is unusually uncertain..." A. Hitler, morning 4.30.1945
"Houston, we have an unusually uncertain problem..."
A few things are certain however:
Benji Berbubbles: "Subprime is contained" - May 7th, 2007
Mercutio: "Ay, ay, a scratch,tis merely a scratch" - Verona, Italy 1595 (After being stabbed by Tybalt)
Choppa coming but need market to tank back down to around 700. He does QEII now and market goes up only 20-30%. Looks more impressive if it goes from 700 to 1200, than 1200 to 1400.
I think it was Eric Sprott who yesterday said QEII is already here, and it's been happening for a while.
Hey, I posted that a couple of days ago. I wonder if Eric reads ZH (I hope so), and liked what I said.
We all know what would happen to POG if QEII were announced officially, and by now it's obvious to the sane that the last thing "they" want is POG going higher. If the $2T went to the banks again, pitchforks and torches.
Yep, I doubt if there will be any official "new stimulus" announced, but it is almost certainly happening, to re-inflate our deflation.
I am sure that the "may sell Agency and MBS securities" comment was intended to ramp stocks. After all, "selling Agency & MBS securities" would free up Fed balance sheet space to fund attempted reflation of another burst bubble.
Obviously not having the desired effect.
The "addict" clearly needs a much bigger dose than that. Something along the lines of $2T or so in QE.
Give em time. It's gonna turn. They just needed the effect to scare a few congress critters. By the end of the day, we'll be back to flat or around there. They have it under control.
Did he just say "purchased trillions in securities" and not asset backed securities?!? Freudian slip?
hiding his cards on QE "options" says he is still "reviewing" them - really
Really getting sick of hearing Benwah say "um". It's a nervous tell that he reflexively repeats at least once every 2-3 sentences.
Senator: " Do you think Fannie & Freddie are backed by the full faith and the credit of the United States?"
Ben: Uhhhhhhh..mmm..uhhh..nnnoo......umm..welll...maybbbee..I guess..
I heart the Ph.D's...."we have studied the issue of small business lending in great detail.......we conclude the reason for lack of credit is uncertainty."
I conclude the leading cause of pregnancy is sex. Full disclosure....i don't have a Ph.D.
http://www.bbc.co.uk/news/business-10708737
Bullish on condoms
"I conclude the leading cause of pregnancy is sex."
You sure about that? My mom said masturbation caused pregnancy. I was never sure whose masturbation she was talking about (my girlfriends or mine?......or maybe my mothers??????) because she wouldn't talk any further about the subject. :>)
Wake me when the Rothschild family is testifying before Congress, and the CEOs with the reports of how many jobs they've sent offshore, with Tata Consulting Services from India presenting their audit of the US IRS. Those W-2 forms have corporate and company name stamped in the lower left hand corner. That'll remove some of the "unusually uncertain."
The woman from California who created the Tier 5 Unemployment Extension petition got more than 25,000 signatures requested, and she wanted a large crowd to accompany it for its presentation on Capitol Hill.
Andy Gause is today’s walking authority on Federal Reserve transparency. It’s all on ANDYGAUSE.COM.:
BANKS OF THE FEDERAL RESERVE SYSTEM
Top 16 Bank Holding Companies: Rank – Name – City – State
1 Citigroup Inc.- New York - NY
2 J.P. Morgan Chase & Co. - New York - NY
3 Bank of America Corporation – Charlotte – NC
4 Wachovia Corporation – Charlotte - NC
5 Wells Fargo & Company - San Francisco - CA
6 Bank One Corporation – Chicago - IL
7 Taunus Corporation - New York - NY
8 Fleetboston Financial – Boston - MA
9 U.S. Bancorp – Minneapolis – MN
10 ABN Amro North American Holding Company – Chicago - IL
11 HSBC North America Inc. – Buffalo - NY
12 Suntrust Banks, Inc. – Atlanta - GA
13 National City Corporation - Clevland - OH
14 The Bank of New York Company , Inc. - New York - NY
15 Fifth Third Bancorp – Cincinnati - OH
16 BB&T Corporation - Winston-Salem - NC
http://www.andygause.com/index.php?option=com_content&task=view&id=246&Itemid=1
WHO OWNS THE FEDERAL RESERVE BANKS Wednesday, 01 October 2003
The Federal Reserve Banks are a privately owned consortium controlled by the eight major stock-holding families: The Rothschilds of England and Germany, Moses Seif of Italy, Lazard Freres of France, the Warburgs of Germany, Kuhn-Loeb of Germany, Goldman-Sachs of the United States, Lehman Brothers of the United States, and the Rockefellers of the United States. Only three of these families are American. This small group decides the fates of hundreds of millions of people by their financial policies and maneuvers. It was Baron Meyer Amschel Bauer Rothschild, (born in 1744 and died in 1812), who said, "Give me control over a nation's currency and I care not who makes it's laws.”
http://www.andygause.com/index.php?option=com_content&task=view&id=160&I...
Round of applause!
What happned to yesterdays bullish sentiment all over the the comments?
Where they "green shoots comments"?
Being flushed down the green comode as we speak.
I think Bunning is setting him up to say something about Ben interfering with legislation.
I paraphrase:
"Short-term we should QE2 one way or another, Long-term we should...um, do something." BB
Bunning points out that the FED now gets to pick out who is TBTF (sorry, I mean:"systemically critical") Great. Now that's 'reform' GS can get behind.
Fair assessment?
Regards
From what I just listened to, and there is obviously no doubts across the markets, there will be a QE 2.0 request sometime in the future, when that is who knows, but with the unsustainable debt we already have, Congress will have to nix it. Benny has blown his wad, he has very limited tools left, and I do believe as much as they try to pump stocks, its going to collapse. There is nothing left they can do but watch it crumble. If QE 2.0 ever was enacted, it would CRIPPLE the bond markets and the dollar. Benny just said the debt is unsustainable at current levels, so you know what it will look like if they go asking for more money for QE.
They are going to have to let the chips fall where they may, and close down businesses. They keep using the term "credit worthy borrowers", well exactly how many of those are left in this country personal or business wise?? Not many, and the number of credit worthy are falling more and more each month.
I don't see how this ends well at all.
How's the "precious?"
Bernanke is looking dumber by the minute.
The markets are looking worse by the minute.
"are you out of bullets?"
Ben: "I don't think so"
A simple yes or no would suffice.
Hey laughing boy! No more buwwetts!"
He has unlimited bullets so I can understand why he cannot answer the question. He doesnt look at the clip; he just pulls the trigger. Historically, bullets always fired when the trigger is pulled. He has lots of bullets left, he just does not want to go on record stating what they are.
He can monetize anything he wants.
The prop trading desks at the big banks (most likely Goldman) doing what they do best… start a rumor yesterday that some type of QE will be introduced by Bernanke today. Cause a huge short squeeze. Then sell the hell out of the market this afternoon. Works every time.
"unusually uncertain"
Reminds me of something Ernie the Elf, of the Keebler Elves, would say.
FuckNa, lets go! Sellsellsell!!!
I'm sitting here watching Uncle Ben and the circus clowns and I find myself getting mad. Forget Republican / Democrat. All of these clowns need to get booted out.
Bunning is hard to listen to.
Ben is surprisingly hawkish today:
1. policy is already Very accomodative - said that a couple of times.
2. Need to reduce structural govt debt.
3. They are considering and discussing further actions but nothing imminent.
market no likee.
Market off 150.
Is this what is meant by the, "Bernanke Put"?
Gold no likee, either. All that imminent QE2 talk is just rubbish, for now.
Good article on page 2 of WSJ today. Re: basically whatever options exist at this point will be considered a Hail Mary.
Yeah I believe Ben is feeling like there is really no need for more monetary stimulus - and he is looking to the money markets to signal any distress - none at the moment.
He is not signalling that he will move policy to goose the stock market or to attempt to goose employment.
Makes sense to me.
Really? Hunh. You watching this or just wishful thinking out loud?
It's possible that I missed something. One of us certainly did.
Regards
Benwanker Very vague... his msg to markets, your on your own. Talking about 'banking for immingrants' lo.
Yup - and that is all good as far as Iam concerned. If the money markets seize up - he now knows exactly what to do- but other than that I doubt there will be much coming from the Fed - other than maybe some language tweaks - "extended period" may become "prolonged period"!LOL!
"...and I'm glad you're still independent...<giggle>" what a douche.
Indeed, a toadying sniggerer of a douche.
This video of Ben has already been parodied.
http://www.youtube.com/watch?v=q03BlD22-NQ
Anyone else seen the news of the China oil spill? Good lord, wtf are these moronic companies doing? It's like they are doing this mess on purpose.
http://news.yahoo.com/nphotos/China-oil-spill-grows-official-warns-evere...
Is Sen Gregg actually wearing a RL Polo shirt? How populist.
Shit hit the fan today?
Protectionist sounding now.. getting scary.
Bernanke looks seriously ill.I mean look at his facial appearance/complexion,a true reflection of the state of the economy.The dude's probably on large doses of amphetamines so i say we go easy on the guy.
"Honey don't forget to take your pills dear before your semi annul tasty-money before CONgress".
"Dont worry baby i took 10 this morning with my breakfast"
How little we know of what they know.
blow and booze is more like it.
A deficit of 2-3% of GDP is permanently sustainable? WHAT.
He really just said that.
Yeah I did a doubletake on that one. The stated goal appears to be achieving a 'sustainable' 3% annual deficit by mid-decade.
Talk about putting the cart before the horse.
Y'all do not want to get it that he and those at the top already know that the world of work, and persistent growth in employment to get higher GDP, is OVER, OVER, OVER!!
Ever hear of Peak Oil? We passed Peak employment in 2007, likely long before that.
New paradigms must emerge as the old ones are out and if he said nothing else right, it was that GDP will and can be sustained, but only with the gradual insertion into the equation of somehow getting a medium of exchange into the hands of the ever-growing numbers of unemployed millions that will materialize over the remains of our lifetimes and beyond.
He actually said something I agree with and I wasn't even listening to him.
I agree that the 'nominal' growth in GDP can be sustained. It's just a number that they come up with...it happens to be increasingly more meaningless as time goes on, however. Just like the debt money that they create out of thin air.
The 3% deficit can be sustained for the same reason, i.e. they just make it up and fill in the gaps with magic.
Ultimately these are games that will fail. I just think it's remarkable that they put a specific number and timeline on achieving this hoped-for sustainability.
I'm not at all sure they really know that the bubble growth we've had until the past few years, is gone for good. (Until the next empire is set up, anyway.) They sure don't act like they've even considered getting rid of fiat money and fractional reserve lending.
No wonder, German export is surging. Demand for their printing presses on the rise.
I am unusually uncertain about why we keep listening to this jackass
It's like a death watch. Fascinating.
"We", kemo sabe?
I haven't spent one second of my life listening to one word he and his accomplices have spoken, ever.
Do yourself a favor and switch to last months re-runs of "The REAL housewives of Teaneck, Jew Nersey".
From now on Benranke deserves the nickname "Crash" instead of "Helicopter".
Mr. Bernanke wants ES at 500. No better trade recommendation than from the mouth of a central banker.
This posturing is like moving deck chairs on the Titanic. The US cannot meet ANY of its fiscal obligations. It is insolvent. Man the lifeboats...gold until we get rescued(if ever).
http://www.globalresearch.ca/index.php?context=va&aid=20176
"we rely on omnicompetent regulators"
ha ha ha