Watch Ben Bernanke's Testimony To Congress Live, "Prepared To Respond If Stimulus Needed"

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Wed, 07/13/2011 - 10:00 | 1451391 TaxSlave
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Watch Ben Bernanke's Testimony To Congress Live



Wed, 07/13/2011 - 10:09 | 1451415 French Frog
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by the sound of it, there must have been a hint of more easing in his prepared speech looking how stocks and €/$ have just gone up 


edit: apologies...if i'd look up rather than giving up on the video feed i'd have realised that this was already stated by ZH

Wed, 07/13/2011 - 10:27 | 1451504 TheTmfreak
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So now Bernanke is saying "Temporary" instead of Transitory. Nice. I like to know how prices will "come down" when the dollar is intentionally kept low, meaning the cost of gasoline (regardless of other factors) could possibly come down? Hum....


Edit: Well I was wrong. There goes the transitory nonsense again.

Wed, 07/13/2011 - 10:47 | 1451623 gmrpeabody
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Watching Barney Frank makes me want to give my breakfast back.

Wed, 07/13/2011 - 10:51 | 1451647 TheTmfreak
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Just wrote basically the same thing. While I'm not going to disagree with 100% every thing he says. The classic "even a blind squirrel gets a nut" applies in this situation.

Wed, 07/13/2011 - 10:57 | 1451712 TheTmfreak
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IS BIG BEN CRYING? Wow. haha. He is quivering for real. Clearly Ron Paul has broken his monotone coooool roboticism.

Wed, 07/13/2011 - 11:00 | 1451751 RockyRacoon
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Dr. Paul gets the truth out of Bernanke:   "Is gold money?" -- Bernanke says, "No."   Dr. Paul:  "Why do banks hold gold?"   Bernanke:  "It's an asset."   Dr. Paul:  "Why don't they hold diamonds?"   Bernanke:  "It's tradition."

There ya have it in a nutshell.   Ben got bent over the barrel.

Wed, 07/13/2011 - 11:04 | 1451782 TheTmfreak
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I was definitely blown away during that part. Glad I was watching just for that.

Wed, 07/13/2011 - 11:18 | 1451884 El Oregonian
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Bullets are an asset...

Wed, 07/13/2011 - 11:24 | 1451913 TheTmfreak
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So apparently is Linkedin and Angry Birds stock. Bernanke's words are probably an asset as well.

Wed, 07/13/2011 - 12:07 | 1452249 eureka
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All for love of US empire, which will die without such assets.

Wed, 07/13/2011 - 12:08 | 1452256 TheTmfreak
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Wed, 07/13/2011 - 12:32 | 1452404 fallout11
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Gents, you just know QE# will be here any day now. No other path left but to inflate to the moon. USD = the new reichmark

Wed, 07/13/2011 - 13:48 | 1452739 eureka
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Zieg Heil NAZImerikan Federation MUST RULE - PRINT PRINT PRINT.

Wed, 07/13/2011 - 11:30 | 1451953 dark pools of soros
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why hold pennies(bullets) when they get to hold gold(nukes)?

Wed, 07/13/2011 - 12:20 | 1452334 arby63
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Guaranteed eventually worth more than any other "asset" on the planet. Time will prove this absolutely correct; and the clock is ticking.

Wed, 07/13/2011 - 10:49 | 1451633 TheTmfreak
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I know I'm being redundant but Barney Frank is a completely and total moron. He keeps saying "reducing the debt." Nobody, not even Rand Paul (but he states this) is talking about reducing debt, rather deficit. Funny how some on the House Financial Services Committee cannot distinguish the difference.

Ok so "deal with the deficit later." I want somebody just one person to talk about interest on the debt increasing. If Ron Paul would ask this question and put somebody the spot to answer it, it would make my day. I'm not going to expect any answer to debt interest.

Wed, 07/13/2011 - 11:14 | 1451860 Max Hunter
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Not only is our Congress dumb as a box of rocks (most of them) they are also for sale to the highest bidder.. Pretty bad combination.. This will not end well..

I agree Barny is very difficult to listen too and even harder to watch at the same time..

Wed, 07/13/2011 - 10:53 | 1451661 Don Birnam
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I assumed Bernanke must be speaking ex cathedra somewhere in D.C. :

As this is written, silver is riding the Orion booster to $ 38.07.

Wed, 07/13/2011 - 10:57 | 1451674 SWCroaker
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I had always thought that the word transitory meant "in a state of transition", where the word temporary meant more "at a current state only for a bit of time".   The two aren't quite the same, and technically neither word hints at the nature of the following state.  You could conceivably "transition" from low, to higher, to higher still, and still describe that movement as "transitory".  Each level held on the climb could in turn just be at that level "temporarily". 

See, the Chairsatan has been speaking the truth all along.  Up to now, he's been saying that inflation, in his view, "is in a state of transition".  Now things have reached a cusp of serious movement, and it is more accurate to claim that inflaiton levels are "probably about to change from their current state".

Not his fault if the media/world has atrophied language skills and can't read the subtle nuances in his word choices...

Wed, 07/13/2011 - 11:03 | 1451770 TheTmfreak
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So you're assuming that when he uses the word transitory that he means it to the specific definition of what you say? I can clearly see and understand your specific definitions, and I'll yield to that point.

However, from what I gather, his language means transitioning through a "soft patch" and then back to "normal" ok levels. Meaning the same as temporary.

Wed, 07/13/2011 - 11:39 | 1452034 SWCroaker
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I'm only half pressing tongue to cheek when I remark on his odd use to date of the word transitory, and subsequent change to the word temporary. 

IHMO, the Fed Chairman is a vewy vewy cwever weasel when it comes to word choice.  He's apt to pick words with multiple meanings, and often lean on the 4th or 5th obscure definition when it suits him.  Given that we're trying to diagnose the speech of an intelligent individual, one who prides himself on his mastery of language, I'd think twice about the fact that he has altered the word he is using to characterize a situation.  He sees some difference, that is almost certain.

The "return to prior state" assumption is an assumption, as strict definitions of "transitory" and "temporary" do not imply what comes next.  The listener may assume that further qualification, but Ben would be justified in claiming he never said that.

Wed, 07/13/2011 - 11:58 | 1452056 TheTmfreak
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Depends on whos definition of justification you might take. I'd say he could say that, but I wouldn't let him get away with him.

Its very clear from his ridiculous outlooks is that things will "get better" if things kind of stay as the status quo (with debt ceiling raised).

Edit: He just (in my mind) accepted this statement, when he was questioned about "being transitory and then residing."

Wed, 07/13/2011 - 12:04 | 1452218 Sleepy Weasal
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So maybe this is the summer of recovery...the last one was both transitory and temporary. 

Wed, 07/13/2011 - 10:49 | 1451636 Cone of Uncertainty
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Don't let that fucking happen again.

Wed, 07/13/2011 - 12:36 | 1452426 bonddude
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For the first time I like Maxine Waters. She's roasting the Bernank on the Real Housewives of

Wall Street. hahahahaha

Wed, 07/13/2011 - 11:15 | 1451444 DavidC
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A succinct and pithy response - which made me laugh!


Wed, 07/13/2011 - 10:28 | 1451531 tarsubil
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Ben is just so stiff, so haggard, so robotic in his reading of his statements. I wonder what would happen if he went a day without medication/narcotics.

Wed, 07/13/2011 - 10:48 | 1451632 fuu
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Silver over $38.

Thanks Ben! +1.94/oz

Wed, 07/13/2011 - 10:54 | 1451675 redpill
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And rising!  PMs going orbital.

Wed, 07/13/2011 - 10:57 | 1451707 fuu
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Wed, 07/13/2011 - 11:33 | 1451988 dark pools of soros
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you sound like a stock pumper...  wasn't silver at $48ish?  keep the oven door closed while it bakes..

Wed, 07/13/2011 - 12:07 | 1452241 dark pools of soros
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ha i get junked for this..   i was one of the few on here that actually sold at $48 and bought back down at $41 and $36..  so i don't mind the small recent run but how about all you 'NEVER SELL' crew..  how can you get excited at $38? or even $45?  you act like you are getting rich but you never make any realized gains anyway..  just die already

Wed, 07/13/2011 - 14:07 | 1452439 fallout11
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Disturbingly prescient comment there dark pools.

The selling price in fiat script is immaterial if one never sells for fiat script.

Wed, 07/13/2011 - 11:22 | 1451900 jerry_theking_lawler
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i wonder how many Chinese this is gonna piss off....oh yeah, and Russians, too....

Wed, 07/13/2011 - 11:30 | 1451957 slaughterer
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I do not see one sign of "deflationary pressure" on the market today.  The market can forget about QE3 if it maintains this trajectory.  BB's Catch 22.

Wed, 07/13/2011 - 10:02 | 1451393 Dr. Engali
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Inflation in check......soft patch....transitory...blah blah blah

Wed, 07/13/2011 - 10:19 | 1451479 Paper CRUSHer
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Careful there Doc'.......Benny Boy stated 'soft recovery' not 'soft patch.'

Its still good to know that the Fed has reached a consenus on an exit strategy once the economoney recovers.Roughly translated....never.



Wed, 07/13/2011 - 10:33 | 1451548 Translational Lift
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This is like watching a toilet back up..............

Wed, 07/13/2011 - 10:36 | 1451557 Calculated_Risk
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Wed, 07/13/2011 - 10:58 | 1451727 LongBalls
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Wed, 07/13/2011 - 10:02 | 1451395 francis_sawyer
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Welcome to today's "jerkle cirk"... Pull up a chair an prepare to get hosed

Wed, 07/13/2011 - 10:10 | 1451436 Dr. Richard Head
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A bukkake kabuki?

Wed, 07/13/2011 - 10:15 | 1451462 francis_sawyer
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good one!... definitely a "fuster cluck"

Wed, 07/13/2011 - 12:05 | 1452223 GoinFawr
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What a bunch of cunning stunning stunts.

Wed, 07/13/2011 - 10:02 | 1451396 caerus
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lol..."economic uncertainty"

Wed, 07/13/2011 - 10:23 | 1451509 A Man without Q...
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= we know it hurts but we haven't finished transferring what's left of the middle class's wealth to the banks....

Wed, 07/13/2011 - 10:46 | 1451615 Ricky Bobby
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Austerity for the peasants

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