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Watch Ben Bernanke's Testimony To Congress Live, "Prepared To Respond If Stimulus Needed"
Watch live the first of two official monetary policy testimonies by Ben Bernanke, today being before Congress, and thus Ron Paul, tomorrow before the Senate. Among the critical items to be discussed are the role of fiscal policy, whether there will be QE3, and how (and when) the Fed will proceed with future rate hikes. Mostly, it is expected be a whole lot of hot air. Full text of the report can be read here. The reason everything is surging is because, as predicted, the Chairsatan appears to have just ushered in QE3: "The possibility remains that the recent economic weakness may prove more persistent than expected and that deflationary risks might reemerge, implying a need for additional policy support. The Federal Reserve remains prepared to respond should economic developments indicate that an adjustment of monetary policy would be appropriate."
Key speech highlights:
- Fed's Bernanke says economy could evolve in a way that would warrant move to less accommodative policy
- Fed's Bernanke says given uncertainties about recovery and inflation, Fed remains prepared to adjust stance of policy if appropriate
- Fed's Bernanke says possibility remains that weakness more persistent than expected, deflation risks may return implying need.
- Fed's Bernanke says most recent data attest to continuing weakness of labour market, unemployment rate to decline only gradually
- Fed's Bernanke says recent weaker-than-expected economic performance appears to be the result of temporary factors
- Fed says debt ceiling debate hasn't affected Treasury prices yet
- Fed's Bernanke says inflation has picked up so far this year, but more of recent rise appears likely to be transitory
For those curious, Citi's Steven Englaprovides a backdrop for how FX (which is where the vol and the leverage is, and thus is far more important than stocks) may interpret the testimony:
The Bernanke testimony baseline:
- Growth is sluggish, for reasons that can not be attributer to special factors -- that was the FX market takeaway from yesterday's Minutes
- QE3 not on the radar screen now
- Hikes not on the radar screen now
As we saw yesterday, small and possibly unintended deviations, from expectations of Fed policy can have visible currency effects.
We note in particular that our economists expect Bernanke to indicate a 'somewhat stronger' H2 outlook and unusual uncertainty. Yesterday FX investors saw persistent bearishness on the growth outlook in the Minutes. If Bernanke emphasizes that the Fed still sees growth as bouncing back, even tentatively, some of this pessimism may be unwound. Given that the market does not price fed funds at 50bps until the beginning of 2013, even modest optimism or hawkishness on inflation could trigger some backing up of rates and by implication currency knock-on effect.
The USD downside is if the Fed Chairman 'buys into' the weak payroll data and opens the door to QE3, as the best stimulus option out of a set of bad choices. Given the history of QE2, the initial reaction would be equities positive and USD negative. If he were to open up this door, the major beneficiaries by far would be commodity currencies, AUD, CAD, NOK, and related EM currencies (with possible spillovers into commodity prices themselves).. Given the QE2 experience investors will anticipate more of an impact of nominal asset prices than on real GDP, so the more sensitive the asset is to liquidity, the better it is likely to do.
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Fucking market manipulation everyday sucks. How can you invest in this bullshit.
It appears that Wall St loves "Bubbles" Bernanke's promise of more money creation. The monetary h-h-h-h-h-heroin addiction continues.
Who needs jobs when we have Bernanke's helicopters to print prosperity?
Payroll taxes down but offset with higher gas and food prices....... EXACTLY, you moron, inflation is a hidden tax for government!!!!!
Another accomodative stick up the taxpayers ass...
Do it, the first two did a wonderful job
EDIT: It would also be nice to propose a low to prevent investors from selling, you can just buy and hold.
Bernanke, "If the high doesn't last, and there's no reason yet to believe that it won't, then there will be plenty more free crack made available to our member banks".
Is it just my audio or is The Bernankster speaking with a lisp today? Must have recently received voice lessons from Blarney Flake
Quavery voice. Seems like the Bernank has a hangover, feeling a bit sick Ben?
HAHA TRANSITORY
Because we are going to keep doing this until we get it right. I know exactly what I am doing, I am "The Bernank".
I want to personally thank The Bernankster for bringing gold to a new all time high. Please keep talking you fucking asshole! Maybe you can get silver back to $50!
investing in these times is very easy. buy gold and silver bullion, and lots of it.......you will not lose. i am quite sure these punks will muck it up and they will never od the right thing. so get your money out of the system and get control of your own money.
And the market is heading there as well!!!
THANKS BEN!!!
Now the middle classs screwing can really begin.
Well at least this fits the Econ 101 model....QE III....higher stock prices..commodities..inflation...to bad for Granny..who has a Money Market account or a savings account....or a bond....she loses bigtime...gold and silver will be the best as countries default and the dominos fall...
ot ......
http://www.youtube.com/watch?v=SWLvve8KN20
before and after. amazing video of joplin, mo.
during these tough economic times(to put it bluntly) how are they in any useful way, going to rebuild since the states are broke and the cities are broke and the Feds are broke?
What a joke of a Chairman. Pathetic really...for him to have so many years spent at Princeton and have his entire thesis and work shredded at the end. F'that...I just cannot imagine what this will do to millions around the world who now be forced to eat once every two days by his debasement.
He is Bernank, destroyer of worlds.
Thanks Benocide. You just made my day. Now I'm gonna go off and buy some metal with the money you just made me.
Get a load of the supposedly fiscal conservative committee chairman fellating Bernanke.
Sounds like Bernank is going to take the public lab rats into unchartered waters.
stocks are completely controlled by fed and ecb...insane...so much for capitalism, and yeah, its not new, but sometimes it just hits home so hard
Reuters) - Federal Reserve Chairman Ben Bernanke said on Wednesday the central bank is ready to ease monetary policy further if the economy weakens and inflation moves lower, suggesting policymakers are actively mulling further stimulus.
Well that tells me Benny is a complete Fuck-Tard,and will always bow to the Rothschilds.
just the technicality of the debt ceiling delaying everything.
Bachus: Hey Bennie, let me show you my drawrings!
The Great Chairsatan = Clueless f'in a-hole
Goddamit, that guy is a psychopath...
Unbelievable...I am watching this from New Zealand...your politicians are duller and thicker than ours!!! Unbelievable
Yes, they are the best that money can buy!
I agree with you!! It takes them forever to ask a question.........geezz
Those politicians are ivy league edukated.
.
It has taken about three weeks since the end of QE2. Knowing full well we have QE2.5. Now he essentially comes out and says QE3 might be necessary. In my world this guy would no longer be considered useful because all of his policy has been an utter failure. This is unbelievable.
The Great Chairsatan knows QE2 didn't work and he doesn't know what else to do. Creating fiat currency and pumping the markets are the ONLY things that psychopath knows to do.
They will never get it right.
Given income disparity and unemployment rate (particularly for young males) they (the kleptocrats) are all but guaranteeing at minimum, violent social unrest and perhaps even war.
Does nobody in power see the consequences of the policies they are pursuing or worse see them but don't care?
American is not on a path to exceptionalism, it is on the path to extinction.
Has it occurred to you that that is their intention?
LOL. Ever heard of Road to Roota?
Monster move in Ag...keep talking
The Chinese look pretty smart by buying one years worth of corn during the stupid USDA downgrade last week....
Blarney Flake sounds like he's full of packed fudge
jeez dude, lay off the anal sex for a while and take some Ex-lax
Ben Bernanke's nasal voice stems from sleep deprivation and a lack of vitamins.
He must sleep more and eat more fruits, especially apples and oranges with a lot of vitamin C.
"He must sleep more and eat more fruits..."
Well, I'm sure Blarney Flake would love to hear that
I was feeling low, Then i took some vitamin NFLX. Im feeling good
<apart from the Jewish argument, which I don't support>, how the #uck did an idiot like Barney Frank get elected?
...who the fuck is talking now...some idiot Frank...fuck!!!
ChairSatan says, banksters must get more money from the poor and pensioners
Ron Paul is a retarded piece of shit, and Michelle Bachman is a horror, if the republicans can not find someone better than either of them I will vote for OBAMA out of SPITE of the stupidness.. OR I will simply not vote at all and find myself on vacation someplace enjoying life while a bunch of morons run our once great country into oblivion.
Ron Paul is the most sensible person in the House.
ABOLISH THE FED NOW !
Destroy the criminal cabale on Wallstreet !
Audit Fort Knox !
Mitt Romney is a corporate robot with a quarter of a billion dollar that he made as investment banker.
He's the incarnation of a wallstreet shill.
Spread this gem around
Mitt Romney confronted on the FED. Says FED is "already audited", transparent, "don't want congress calling shots on the FED" and shouldn't be abolished
http://www.youtube.com/watch?v=2VT0rizSxsE
you should choose the latter
I look for Rick Perry (Governor of Texas) to throw his hat into the ring. He will probably win the GOP nomination over Mitt Romney. Ron Paul has zero chance at the GOP nomination. Michele Bachmann is a lightweight.
yo sporto, sounds like with the rubbish your spewing out you have been on a vacation. Go back to sleep you gullible and docile dullard.
It's ON...
The Federal Reserve remains prepared to respond should economic developments indicate that an adjustment of monetary policy would be appropriate."
Now the Fed watches and listens...Market appears to like it...bond market not too upset...the sheeple don't know what Quantitative Easing is...nothing from them...POTUS need the markets up for relection....
It's ON
QED
wtf barney frank just said "physical" tightening...twice
Since he's the poster child of "physical tightening".
yeah, he sometimes confuses the terms Physical and Sphincter since they have many of the same letters in them.
in any case, he does enjoy bringing it up.
Sphincter tightening, that is.
Well, at least I got to live for 51 years in great country. Bankster greed has destroyed that. Soon we'll all understand why the old folks in Russia long for the days of the old USSR.
Yeah, it was a nice run, Smoothy. I have many wonderful memories of our once great and shiny past.
The guy is fucking delusional....
And you's Americans let him run the show....???
We like flouride and squalene. We know no better.
"Let them eat ca.... errr peas"
I wish one douche congressman would say to Ben, when he says "transitory'"-
HOW THE FUCK DO YOU KNOW!
MSM will be spinning the big gain in stocks today...
...of course, when yer stocks go up 1.5% but yer ag complex goes up 2.5% everyone has lost ground. That is, unless no one plans to eat in retirement.
Nice green day for the commodities. Thanks Big Ben.
As part of my hedge plan, maybe I should gain 50lbs while I can afford to eat alot and then diet next year as prices go parabolic next year.
That'd be a new meaning to capital "gains".
I wish one douche congressman would say to Ben, when he says "transitory'"-
HOW THE FUCK DO YOU KNOW!
I wish one douche congressman would say to Ben, when he says "transitory'"-
HOW THE FUCK DO YOU KNOW!
Having a hard time deciding whether to buy some SI/GC today or more .308.
I hear that, can't beat .22 with a stick either.
delete
And now Ron Paul with some actual (gasp) numbers...
Barney Frank the gerbil arse stuffing faggot and the quivering lip of Bernanke! its like watching a bad horror movie!
Don't you mean: "Prepared to respond in case it actually gets out that the government borrowed much more money than acknowledged."
Bennie says the Fed is a major profit center?!?!?! LMAO!!! Hey Bennie, I've got a few articles for you to read too!
Regarding inflation, Bernanke reiterated the recent rise in prices was mostly linked to transitory factors such as higher energy and commodity prices, and should trend back down.
SEE.....
I told you the Fuck-tard Rothschilds agent,Benny,is fucking Delusional
Gold $1,650 = Dow 15,000
Another "Wash/Rinse/Repeat" cycle triggered by absurdly low interest rates two days ago.
Speculators simply cannot resist HeatMapping stocks when rates get so low.
deleted
Why don't you do all of us a favor and pick out your favorite shotglass, sit down in front of your bathroom sink, open up the cabinet and just start pouring from anything in a plastic bottle. Wash/Rinse/Repeat that shit.
the contract 1099 processor's portfolio of widows and orphans stocks performing as expected on big up day in gold and silver:
mo down: check
vz up a tick: check
hd trading within its 1% band: check
and as ever: the old schroomer as you call him, gentleman jim sinclair, sends warm regards to the 1099 processor. offers condolences for your underperformance and offers that maybe one day you can graduate from a skirt to a man's pair of pants.
Chairsatan just said the Fed has not "spent any money"... holy #uck!
Respond if stimulus needed? I'm happy to know his prostate is fine...
Ron Paul...do you think gold is money?..Bernanke..NO! That was the best deer in the fucking headlights answer I have ever seen LOL!
I got chills from that
do you think gold is money? (blank stare)
That is AMAZING. Bernanke says he doesn't think gold is money? WTF!
LMAO!!! Is gold money? Uhhhhh..no?? Why do central banks hold it? It's a form of reserves. Why don't they hold diamonds? Uhhh...tradition? What a fucking asshole!!!!!
What's wrong with that last answer? Gold's value is derived from it's history as the most common currency of all time (in traded volumes). So yeah, it's value comes down to tradition.
Or is it's value derived from divine mandate?
Anyone see Robot today? Sure hope he picked up some miners yesterday.
the financial panics of the late 19th century were caused by the same people who created the FED.
also the FED does not spend money and is a profit center there congressman...
is gold money? aaaaaaaaaaaaaaaaaaaaahhhhhhhhhhh no........
its a asset......
why do banks hold gold? its reserves......
its a tradition boy, quit bothering me.........
ha ha ha ha ha ha ha ha ha ha
"Is gold money?" - "Ah ... no."
Instant classic.
Imposter!
I pissed melself laughing at that exchange.
Tradition......wtf the fuck is Ben smoking. I wants me some.
You could tell Bernake was really trying to judge the implications of that answer.
.
SLAM DUNK RON PAUL!!!! GREAT JOB!!!!! BENNY IS A TOTAL FUCKTARD!!!! ROFL!!!!
Chairsatan just said the Fed has not "spent any money"... holy #uck!
Regarding inflation, Bernanke reiterated the recent rise in prices was mostly linked to transitory factors such as higher energy and commodity prices, and should trend back down.
SEE.....
I told you the Fuck-tard Rothschilds agent,Benny,is fucking Delusional
So gas is going to go back to $0.29 a gallon? And we'll have 10 cent cheeseburgers again?
What a world the Bernank lives in.
Why do banks hold gold?
"I don't know, it's tradition?"
HAHAHAHAHA!!!
Tradition,.....tradition! http://video.google.com/videoplay?docid=-3698270143862427665
What a clueless (or willfully ignorant) response. Especially considering under our constitution only gold and silver are money.
Why do police have guns?
i don't know, It's tradition?
Why do ho's put out?
Why do divers carry a SCUBA?
Chairsatan just said the Fed has not "spent any money"... holy #uck!
Respond if stimulus needed? I'm happy to know his prostate is fine...
oil is giving them a little scare. if oil prices fall very much the deflationary spiral reasserts itself. yes we need cheap oil to restart economic growth, but cheap oil also implies falling asset values, home mortgages (Fed balance sheet) and the Kleptocracy in the ME which is in danger of toppling. The CIA will tell you that Muslim Brotherhood is not going to hoard pil to punish the great Satan, they will sell oil to raise money for food and medicine. imagine what would happen if the President pegged gold at $35 an ounce? (FDR did that?) that would set off a deflationary fire storm which would destroy the banking system. They desperately need inflation to help them resolve their debts. FUnny the market knew about QE#, the way they have been buying paper, just way off the map. Whatever you think of Obama, he knows the problem (so the GOP is going to give him a get out Debt Free Card, because they know the next guy will use it wisely) We are turly in one party rule now.
Oil not going down...todays numbers were we are using oil quite well...stockpiles down...oil going up ...more and more..
Markets move on the Fed's planned actions, not on the fundamentals of the US economy.
Robot traders can make billions on every Bernanke move. So the more he talks the more the robots can make. Someone shut this wanker up!
"Is Gold Money?" - Ron Paul
"No" - Ben Bernanke
OMG HAHAHA
SLAM DUNK RON PAUL!!!! GREAT JOB!!!!! BENNY IS A TOTAL FUCKTARD!!!! ROFL!!!!
Diamonds....really RP...somebody please put that handjob out of his misery
Hey dipshit, go troll somewhere else. And I don't appreciate you surfing the net on the taxpayer's dime from your shitty job at some government bureaucracy.
+1
Zerohedge needs to fix the glitches and add other options for editing comments
Paul: Is gold money?
Bernank: No.
Paul: Then why do central banks hold it? Why not hold diamonds?
Bernank: Tradition.
ROFL, this was the best thing I've seen all year.
Paul: Is gold money?
Bernanke: Not if JPM says it is not.
You know, it really is sad that guy is so slow that he can't even say "umm, because the price of diamonds is controlled by a cartel, and that the industrial uses can be filled by artificial substitutes?" Truly pathetic.
"Is Gold Money?" - Ron Paul
"No" - Ben Bernanke
OMG HAHAHA
Algos have got this for the rest of the day now.
Bernanke just said GOLD is not money.....boy what great expensive east coast schools did he go to....he lost it there
"Is Gold Money?" - Ron Paul
"No" - Ben Bernanke
OMG HAHAHA
$1600/oz Au... so nice to meet you!!!!
Every commodity class is up this morning... Silver is up +6%... Buy and hold long term is still my strategy.
HAHAHA, 'why don't central banks hold diamonds?!'
Nice Dr. Paul.. the punch in the stomach was solid! Bernanke face looked like a broken plate!
Tradition bitchez!
Tradition! http://video.google.com/videoplay?docid=-3698270143862427665
+1600
+1 no doubt
the financial panics of the late 19th century were caused by the same people who created the FED.
also the FED does not spend money and is a profit center there congressman...
is gold money? aaaaaaaaaaaaaaaaaaaaahhhhhhhhhhh no........
its a asset......
why do banks hold gold? its reserves......
its a tradition boy, quit bothering me.........
ha ha ha ha ha ha ha ha ha ha
WHY NOT DIAMONDS?
For a while there Benny was Bitch slapping Pauline.
But then Pauline did what most women would do in a nasty situation - she kicked him in the balls.
Classic theatre.
www.youtube.com/watch?v=u7yapKO2RWs
Well , i know what the next ZH article will be about.
Damn, missed most of Ron Paul.
But now you have some dipshit Negro congresscritter asking Benny how the Fed and CONGRESS can create jobs.......WTF!!!
Who let you out of your cave?
Run along oh PC POS.
Sorry to burst your bubble dude, but..... that was a women.
You sure?? I was only listening. Yikes.
Benny can just talk up confidence , that's all he got.
These clowns keep claiming the second half will improve and Bernanke talked about the customer. Well, the "customer" is continues to lose his job.
The only scenario that makes sense now is the Euro crashes causing the dollar to soar and commodities to fall off the cliff. Additional money printing to follow.
if the us ever defaults it would be a problem for treasuries.......oh my.......so default is on the table huh? imagine that.......
"We're operating in "other dimensions"..." HA HA HA.... you want to bet you're operating in another dimension.
The whole world wishes Ber-shankie was still at Princeton....probably no one more than him!
Is it just me, or does the Bernanke seem a bit more nervous and unprepared this time, compared to his last testimonies?
Ron Paul is a retarded piece of shit, and Michelle Bachman is a horror, if the republicans can not find someone better than either of them I will vote for OBAMA out of SPITE of the stupidness.. OR I will simply not vote at all and find myself on vacation someplace enjoying life while a bunch of morons run our once great country into oblivion.
I would rather hear on that retarded POS, is among the best your Country has to offer.
troll......
Don't vote. People like you who vote out of spite and not out of principle just proves the re-education of america has succeeded. Anyway, you should just sit this one out.
QE to infinity. Bennie waves a white flag, shoots off a flare, an airbag pops out of the desk and blows him off his chair.
Love to see the trolls like Bill on here ;D
The sad thing is that some people will believe that gold is not money.
Ben is not talking about helicopters?
Did he just admit that entitlement spending was a pyramid scheme??
"(entitlements) worked as long as the population was shaped in a pyramid"