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Watch Bernanke And Ron Paul In Two Separate Hearings Discuss The Impact Of Monetary Policy On Jobs
Federal Reserve Chairman Rudolph Shalom Von Bernankestein will testify before the House Budget Committee starting at 10 am Eastern today. Congressional employees of the Fed and the Banking syndicate are expected to question the Fed's plans on avoiding inflation and the current unemployment rate. We expect more of the same "QE is working because after spending $2 trillion we got 650,000 part time jobs, and we are certain it is working because rates are surging, and wholesale mortgage are now again at the higest since April, which doesn't make sense but I am a Princeton economist (Ph.D.) and you don't get this complicated stuff."
The full hearing can be watched on C-Span by clicking on the link below after 10am.
Concurrently, and maybe more importantly, at the same time The Subcommittee on Domestic Monetary Policy now headed by Ron Paul will hold a hearing on the topic of “Can Monetary Policy Really Create Jobs?”
That hearing can be watched at the link below.
Full Bernanke speech:
The Economic Outlook and Monetary and Fiscal Policy
Before the Committee on the Budget, U.S. House of Representatives, Washington, D.C.
February 9, 2011
Chairman Ryan, Ranking Member Van Hollen, and other members of
the Committee, I am pleased to have this opportunity to offer my views
on the economic outlook, monetary policy, and issues pertaining to the
federal budget.
The Economic Outlook
The economic recovery that began in the middle of 2009 appears to
have strengthened in the past few months, although the unemployment
rate remains high. The initial phase of the recovery, which occurred in
the second half of 2009 and in early 2010, was in large part
attributable to the stabilization of the financial system, the effects
of expansionary monetary and fiscal policies, and the strong boost to
production from businesses rebuilding their depleted inventories. But
economic growth slowed significantly last spring and concerns about the
durability of the recovery intensified as the impetus from inventory
building and fiscal stimulus diminished and as Europe's fiscal and
banking problems roiled global financial markets.
More recently, however, we have seen increased evidence that a
self-sustaining recovery in consumer and business spending may be taking
hold. Notably, real consumer spending rose at an annual rate of more
than 4 percent in the fourth quarter. Although strong sales of motor
vehicles accounted for a significant portion of this pickup, the recent
gains in consumer spending appear reasonably broad based. Business
investment in new equipment and software increased robustly throughout
much of last year, as firms replaced aging equipment and as the demand
for their products and services expanded. Construction remains weak,
though, reflecting an overhang of vacant and foreclosed homes and
continued poor fundamentals for most types of commercial real estate.
Overall, improving household and business confidence, accommodative
monetary policy, and more-supportive financial conditions, including an
apparently increasing willingness of banks to lend, seem likely to
result in a more rapid pace of economic recovery in 2011 than we saw
last year.
While indicators of spending and production have been encouraging
on balance, the job market has improved only slowly. Following the loss
of about 8-3/4 million jobs from 2008 through 2009, private-sector
employment expanded by a little more than 1 million in 2010. However,
this gain was barely sufficient to accommodate the inflow of recent
graduates and other new entrants to the labor force and, therefore, not
enough to significantly erode the wide margin of slack that remains in
our labor market. Notable declines in the unemployment rate in December
and January, together with improvement in indicators of job openings and
firms' hiring plans, do provide some grounds for optimism on the
employment front. Even so, with output growth likely to be moderate for a
while and with employers reportedly still reluctant to add to their
payrolls, it will be several years before the unemployment rate has
returned to a more normal level. Until we see a sustained period of
stronger job creation, we cannot consider the recovery to be truly
established.
On the inflation front, we have recently seen increases in some
highly visible prices, notably for gasoline. Indeed, prices of many
industrial and agricultural commodities have risen lately, largely as a
result of the very strong demand from fast-growing emerging market
economies, coupled, in some cases, with constraints on supply.
Nonetheless, overall inflation is still quite low and longer-term
inflation expectations have remained stable. Over the 12 months ending
in December, prices for all the goods and services consumed by
households (as measured by the price index for personal consumption
expenditures) increased by only 1.2 percent, down from 2.4 percent over
the prior 12 months. To assess underlying trends in inflation,
economists also follow several alternative measures of inflation; one
such measure is so-called core inflation, which excludes the more
volatile food and energy components and therefore can be a better
predictor of where overall inflation is headed. Core inflation was only
0.7 percent in 2010, compared with around 2-1/2 percent in 2007, the
year before the recession began. Wage growth has slowed as well, with
average hourly earnings increasing only 1.7 percent last year. These
downward trends in wage and price inflation are not surprising, given
the substantial slack in the economy.
Monetary Policy
Although the growth rate of economic activity appears likely to
pick up this year, the unemployment rate probably will remain elevated
for some time. In addition, inflation is expected to persist below the
levels that Federal Reserve policymakers have judged to be consistent
over the longer term with our statutory mandate to foster maximum
employment and price stability. Under such conditions, the Federal
Reserve would typically ease monetary policy by reducing its target for
the federal funds rate. However, the target range for the federal funds
rate has been near zero since December 2008, leaving essentially no room
for further reductions. As a consequence, since then we have been using
alternative tools to provide additional monetary accommodation. In
particular, over the past two years the Federal Reserve has further
eased monetary conditions by purchasing longer-term
securities--specifically, Treasury, agency, and agency mortgage-backed
securities--on the open market. These purchases are settled through the
banking system, with the result that depository institutions now hold a
very high level of reserve balances with the Federal Reserve.
Although large-scale purchases of longer-term securities are a
different monetary policy tool than the more familiar approach of
targeting the federal funds rate, the two types of policies affect the
economy in similar ways. Conventional monetary policy easing works by
lowering market expectations for the future path of short-term interest
rates, which, in turn, reduces the current level of longer-term interest
rates and contributes to an easing in broader financial conditions.
These changes, by reducing borrowing costs and raising asset prices,
bolster household and business spending and thus increase economic
activity. By comparison, the Federal Reserve's purchases of longer-term
securities do not affect very short-term interest rates, which remain
close to zero, but instead put downward pressure directly on longer-term
interest rates. By easing conditions in credit and financial markets,
these actions encourage spending by households and businesses through
essentially the same channels as conventional monetary policy, thereby
strengthening the economic recovery. Indeed, a wide range of market
indicators suggest that the Federal Reserve's securities purchases have
been effective at easing financial conditions, lending credence to the
view that these actions are providing significant support to job
creation and economic growth.1
My colleagues and I have said that we will review the asset
purchase program regularly in light of incoming information and will
adjust it as needed to promote maximum employment and stable prices. In
particular, we remain unwaveringly committed to price stability, and we
are confident that we have the tools to be able to smoothly and
effectively exit from the current highly accommodative policy stance at
the appropriate time. Our ability to pay interest on reserve balances
held at the Federal Reserve Banks will allow us to put upward pressure
on short-term market interest rates and thus to tighten monetary policy
when needed, even if bank reserves remain high. Moreover, we have
developed additional tools that will allow us to drain or immobilize
bank reserves as needed to facilitate the smooth withdrawal of policy
accommodation when conditions warrant. If necessary, we could also
tighten policy by redeeming or selling securities.
As I am appearing before the Budget Committee, it is worth
emphasizing that the Fed's purchases of longer-term securities are not
comparable to ordinary government spending. In executing these
transactions, the Federal Reserve acquires financial assets, not goods
and services; thus, these purchases do not add to the government's
deficit or debt. Ultimately, at the appropriate time, the Federal
Reserve will normalize its balance sheet by selling these assets back
into the market or by allowing them to run off. In the interim, the
interest that the Federal Reserve earns from its securities holdings
adds to the Fed's remittances to the Treasury; in 2009 and 2010, those
remittances totaled about $125 billion.
Fiscal Policy
Fiscal policymakers also face significant challenges. Our
nation's fiscal position has deteriorated appreciably since the onset of
the financial crisis and the recession. To a significant extent, this
deterioration is the result of the effects of the weak economy on
revenues and outlays, along with the actions that the Administration and
the Congress took to ease the recession and steady financial markets.
However, even after economic and financial conditions return to normal,
the federal budget will remain on an unsustainable path, with the budget
gap becoming increasingly large over time, unless the Congress enacts
significant changes in fiscal programs.
For example, under plausible assumptions about how fiscal
policies might evolve in the absence of major legislative changes, the
Congressional Budget Office (CBO) projects the deficit to fall from its
current level of about 9 percent of gross domestic product (GDP) to 5
percent of GDP by 2015, but then to rise to about 6-1/2 percent of GDP
by the end of the decade.2 In
subsequent years, the budget situation is projected to deteriorate even
more rapidly, with federal debt held by the public reaching almost 90
percent of GDP by 2020 and 150 percent by 2030, up from about 60 percent
at the end of fiscal year 2010.
The long-term fiscal challenges confronting the nation are
especially daunting because they are mostly the product of powerful
underlying trends, not short-term or temporary factors. The two most
important driving forces behind the budget deficit are the aging of the
population and rapidly rising health-care costs. Indeed, the CBO
projects that federal spending for health-care programs will roughly
double as a percentage of GDP over the next 25 years.3 The
ability to control health-care spending, while still providing
high-quality care to those who need it, will be critical for bringing
the federal budget onto a sustainable path.
The CBO's long-term budget projections, by design, do not account
for the likely adverse economic effects of such high debt and deficits.
But if government debt and deficits were actually to grow at the pace
envisioned, the economic and financial effects would be severe.
Sustained high rates of government borrowing would both drain funds away
from private investment and increase our debt to foreigners, with
adverse long-run effects on U.S. output, incomes, and standards of
living. Moreover, diminishing investor confidence that deficits will be
brought under control would ultimately lead to sharply rising interest
rates on government debt and, potentially, to broader financial turmoil.
In a vicious circle, high and rising interest rates would cause
debt-service payments on the federal debt to grow even faster, resulting
in further increases in the debt-to-GDP ratio and making fiscal
adjustment all the more difficult.
In thinking about achieving fiscal sustainability, it is useful
to apply the concept of the primary budget deficit, which is the
government budget deficit excluding interest payments on the national
debt. To stabilize the ratio of federal debt to the GDP--a useful
benchmark for assessing fiscal sustainability--the primary budget
deficit must be reduced to zero.4 Under
the CBO projection that I noted earlier, the primary budget deficit is
expected to be 2 percent of GDP in 2015 and then rise to almost 3
percent of GDP in 2020 and 6 percent of GDP in 2030. These projections
provide a gauge of the adjustments that will be necessary to attain
fiscal sustainability. To put the budget on a sustainable trajectory,
policy actions--either reductions in spending, increases in revenues, or
some combination of the two--will have to be taken to eventually close
these primary budget gaps.
By definition, the unsustainable trajectories of deficits and
debt that the CBO outlines cannot actually happen, because creditors
would never be willing to lend to a government with debt, relative to
national income, that is rising without limit. One way or the other,
fiscal adjustments sufficient to stabilize the federal budget must occur
at some point. The question is whether these adjustments will take
place through a careful and deliberative process that weighs priorities
and gives people adequate time to adjust to changes in government
programs or tax policies, or whether the needed fiscal adjustments will
come as a rapid and painful response to a looming or actual fiscal
crisis. Acting now to develop a credible program to reduce future
deficits would not only enhance economic growth and stability in the
long run, but could also yield substantial near-term benefits in terms
of lower long-term interest rates and increased consumer and business
confidence. Plans recently put forward by the President's National
Commission on Fiscal Responsibility and Reform and other prominent
groups provide useful starting points for a much-needed national
conversation. Although these proposals differ on many details, they
demonstrate that realistic solutions to our fiscal problems do exist.
Of course, economic growth is affected not only by the levels of
taxes and spending, but also by their composition and structure. I hope
that, in addressing our long-term fiscal challenges, the Congress and
the Administration will undertake reforms to the government's tax
policies and spending priorities that serve not only to reduce the
deficit, but also to enhance the long-term growth potential of our
economy--for example, by reducing disincentives to work and to save, by
encouraging investment in the skills of our workforce as well as new
machinery and equipment, by promoting research and development, and by
providing necessary public infrastructure. Our nation cannot reasonably
expect to grow its way out of our fiscal imbalances, but a more
productive economy will ease the tradeoffs that we face.
Thank you. I would be pleased to take your questions.
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Mr Helinanke,Does the US have a structural employment problem that will persist for decades and create a third world country formerly known as The United States of America?
the stock market is going up because growth is so strong....
not one of these morons on the committee have a clue as to what is happening...
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I'm not sure about that, I think he's just wrong.
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-- --- .-. . | - .... .- -. | .--- ..- ... - | -... .- .-.. .-.. | .-.. .. -.-. -.- .. -. --. | --..-- | | - .... . -.-- | .- .-. . | .... . .- ...- .. .-.. -.-- | .. -. - --- | ..-. . .-.. .- - .. ---
Mr. Ben Shalom, What numbers do you use to gauge inflation and why have they changed the way these numbers are calculated? Also do these numbers give any feel for inflation in the real world where americans eat,pay bills and fill their tanks?
I'd love to hear that. But the pols are too clueless to realize that the CPI is intentional garbage.
Mr. Chairman, why is it that middle class America must have two incomes to make ends meet and 70% of people live check to check?
WHERE ARE THE REAL QUESTIONS YOU TALKING FUCKING MONKEYS!?
Ben sure seems to be HOPING for alot of results
I plan on winning the lottery and using the funds helping my family meet or exceed growth expectations. Using current projections we believe we have a better chance of winning the lottery than being eaten by a mountain lion while jogging in N.Y.C after being struck by lightening,so we believe there is a chance of winning.The cost of not winning could be catastrophic and would cause massive financial ruin for generations to come. So,yes,things are looking positive.
This is no hyperbole on my part:
A psychiatrist should do a case study on Bernanke to demonstrate the attributes of pathological lying & sociopathology.
Can't we get a SINGLE representative who knows how to trap what should be an easily trapped rat? These officials are USELESS.
i know, this is insane. not a one of these people.....
anyone of us could take him apart in a heartbeat////
how about a simple question -- hey bennie boy....gas prices.....no inflation? What happens when gas goes to 3.5, and the half of the nation making 26K or less CANT GO TO WORK CAUSE THEY CANT AFFORD THE GAS?????????????????????????????????????????????
is that a difficult question to formulate?
apparently so for our legislators.
How the f*** the Bernank can go on 60 minutes and say stone cold that he can contain inflation with the flip of a switch without even a smirk let alone a groucho marx wink is truly impressive!
Chairman Rudolph Shalom Von Bernankestein, Dam that jus has a ring to it don't it.. Did he play bad santa in some movie or jus in real life ....love the Sarcasm Mr. Durden ...:)
Ben,what were these models saying in 07 when you said there was no housing bubble?
Personally i just call him Wacky Bernacky , but that is being rather to nice to him isn't it..?
It seems to me that most of the Congressional "bobble heads" spend more time pontificating about theor opinions and positions than they do grilling "the expert"
It's kabuki so that the Ignorati back home won't think that they wasted their vote.
oh yeah, bennie, tell the Chinese to raise their currency.....take the price of everything in walmart 20%....that will take out a lot of the peasants...
quick way to lower the unemployment rate
BAHAHA...so sad its funny
Ber-Nan-Key
Key...like Keynesian
Nan...Keynes had a nanny
Ber...like Beer,
Hey, Keynes Nanny liked Beer!!!!!
________________________________
Ben: "It's not monetization, because it's not permanent."
Ohhhhhhh.....
M.A.D....rates would be MUCH higher if no QE. More job losses/saved if no QE.
He's got the coolest job.
__________________________________
Mr. Bernanke: What's the answer to life, the universe and everything?
Mr. Chairman, if all this koolaid you are feeding us turns out to be utter bullshit,are you willing to put your testicles on the chopping block?
Watching the DUMB ASS POLITICIANS, who are elected by WE THE PEOPLE mind you, all I have to say about it is it any wonder that our children are being robbed blind. These politicians are beyond STUPID.
Quick, I need to find a hole to get SICK IN.
stop voting "sides" - think of the children.
If body language means anything, the Bernank looks terrible. His eyes are those of a stressed and worried man. When you are living a lie, it takes a toll on you physically. His eyes have never looked this bad.
He didn't get much sleep last night. He was too busy screwing the middle class.
this is so sick
ben is "worried" about unemployment ... like he can influence it ... giving cash only to major banksters which go around the world robbing countries and traders etc
and why small banks don't have money to lend? ooooh they are pressed by market blah blah we have meetings 3 time a year blah blah ... I am not in charge for fiscal policies but it would be good to cut deficit...
ok how much deficit is acceptable? I don't care
truth is that ben can not let the money flow down to small business because that will lit up hyperinflation and that's not controllable. they still need usd as ultimate WMD.
it's much easier to control big buddy banksters and few "friendly" central banks messing up all fin markets around the globe. and wait until they buy all valuable assets from crony regimes and dictators... than, after bottom of deflation cycle, banksters will return gratitude percentage.
sick sick lies and pretending - underlined by hypocrisy of some congressman and uncompetence from others. God help us if he/she is still around because we did not deserved it. This scam will continue until people stand up
Been watching The Bernanke testifying before the House committee all morning. More incisive than his BS is the nature of questions. The Bernanke asserts “Don’t screw around with the debt limit but fix the fiscal problem.” The conservatives (varying in intensity) ask ‘do you think the Congress WILL deal with the deficit?’
The best question was “You mentioned in a previous speech that we should NOT worry about the municipal markets because states and munis prioritize payment of principal and interest are at higher level than other payments. Would you say it prudent that the US Govco prioritize payments on debt ABOVE other payments?”
Uh oh, The Bernanke was “hoisted on his own petard.” (“Hoisted on his own petard” is Shakespearian and, though variously interpreted, is most frequently considered to be one sniffing one’s own fart bomb.)
My read is these boyz are gonna raise a great big debt limit ‘stink’ before all is said and done in March.
Sorry but in Dr. Paul's just ended hearing Thomas DiLorenzo did not do a very good job
Do you think Congressman Paul will ask for that clay jar containing his pickled gonads when he retires?
What I learned by watching the Great One:
1. Rising prices of food are due to droughts in Russia - nuttin to do with the Fed.
2. Oil prices are up because of China and Brazil - aint nuttin I did.
3. Unemployment will remain high - people need to get educated - aint nutiin I can do.
Honest answers those. So - why the hell does'nt someone ask exactly what -in the real world - does the Fed affect by moving around digits in a computer.
It surely has no effect directly. It can have a huge effect as it affects people's motivations.
A general feeling that everything the Fed does if Unfair - is not motivational to most workers and businessmen. I wish these questions would focus on the fairness of the Fed's actions. How they are destroying motivation and society's values ( cronyism, bailouts, bonuses etc). And that "fairness" is about the only thing the Fed can actually accomplish .
REP. Schultz...Id hit it
OMG you got to be the most desperate person in the world, shes a fuking ghoul!
There is a really annoying banner ad that makes a noise like a continual rapid fire mouse click on a hypertext link.
The banner is Forexyard.
It's maddening and it drives you to simply close the page and come back again later.
Here's your fix:
http://www.mvps.org/winhelp2002/hosts2.htm
Follow the directions
FUCKING ROKITA FOR THE MOTHER FUCKING WIN!
The can you name a time when the fed put the brakes on quick enough bit? Can't believe Chairsatan had the gall to cite Volker as a fed tightening success, especially given his view on the current fed governance.
He should have added a small tid bit about how THIS fed chairman missed a screaming missle called the housing bubble whiz past his head and do a 180 and land in his asshole....housing bubble? what housing bubble?
Yeah, capture is a bitch. What still makes me go "humm" is China's copycat bubble in housing ... I've always wondered why a central command authority would be so quick to succumb to populous pressure for "free" markets, guess I need to ask Rothbard about that one.
Who is this Debbie Wasserman genius?
"Draconian spending cuts from the other side of the aisle..."
Uh, hey dumbass, we are out of money.
In fact, we are SO out of money that we have to essentially keep printing new money nonstop just to keep this ponzi boat afloat.
I don't care what side of the aisle you are on - We ARE out of money and we WILL be living within our means in the relatively near future...it's just a matter of time. We have two options for this transition - we wither do it by choice or we let the market force it upon us. Either way it's going to suck...but option one will allow for a softer landing, so to speak...but it requires politicians who act like adults.
For this reason, along with "experts" like Debbie Wasserman, my money is on option two.
why are all the Wasserman types, always such physically unkempt messes
"Debbie Wasserman-Schulz is Nancy Pelosi's pet gerbil."
- Todd Schnitt
I asked myself
Why the guys in congress don't bring a huge flat TV to Bernanke's hearing and show him in his face how he has mislead us?
youtube: Ben Bernanke was Wrong
http://www.youtube.com/watch?v=9QpD64GUoXw&feature=player_embedded#
I hope somebody read this and take my recommendation.
Looks as if Ben has invested in assertiveness training - sounds a tad more confident in his lies than in his 60 minutes quavering voices and lip tell....
"I don't know what you're talking about with the Swiss..... errrr"
Bernanke just admitted unequivocally that $4+ / gal gas will slow down the economy.
Perhaps some day, I will get the inside goods on these pricks. Then I will be Malkovich in "Red". Completely paranoid and non delusional. May they find me under ten bodies.
Thanks for the non blood bath tip TD. First the dentist then this. Wanted to see the Texan go rodeo on his ass.
Ventura/Paul '12
Kahre 2012.
"Federal Reserve Chairman Rudolph Shalom Von Bernankestein will testify before the House Budget Committee starting at 10 am Eastern today."
i would have used less varnish: "Federal Reserve Chairman Rudolph Shalom Von Bernankestein will lie before the House Budget Committee starting at 10 am Eastern today."
and no, i am not talking about lie in the biblical sense of getting laid...
BERNANKE: "“with output growth likely to be moderate for a while and with employers reportedly still reluctant to add to their payrolls, it will be several years before the unemployment rate has returned to a more normal level.”
HAHAHAHAHAHA! LOSER! LOSER! LOSER ! LOSER! L!L!L!L!L! QE II was never intended to creat jobs!!!!
You know. I have been reading every article on this blog for a long time.
I am afraid however today is the first day I understand what the meaning of this place really is. "FREEDOM." I don't know what to do. I have two small kids and a really great job. But yet I see no future in this country for my family.
The lies that are spread from the mouths of these total liars are causing me to lose sleep at night. Some days I just want to wash my hands of all this and just walk away. But by doing that I am cheating myself and my family of the truth.
How do we come together as a country and as a people and "PUT A STOP TO THIS?"
The truth is right here on this sight. But people don't want to take the time to read and understand. They just want to believe in God and that everything will be okay.
It would be willing to slop toilets for food if it would allow this country to take responsibility for its actions and start over and promote true freedom instead of debt slavery.
Just saying.
be willing to slop toilets for food if it would allow this country to take responsibility for its actions and start over and promote true freedom instead of debt slavery...
I still believe the solution is for the US to begin immediately to coin intrinsically valuable coinage for circulation. Our treasury department should issue US notes redeemable in said coinage.
There is no need to "stop the Fed". Mr. market will do what he's always done. If the fed is valuable in the marketplace, let it stand on their own with no help from the US government. 2/3 of their script is offshore at this time anyway.
As it is, our mint punches out tokens and "collectibles" and our treasury sells interest bearing mortgage notes. This is completely unacceptable for a free citizenry.
We have no one to blame but ourselves.
Deal with it.
He voted for TARP.
True BS when you hear it:
http://www.c-spanvideo.org/program/USEconomicOutlook19
Responding to Congressman Scott's questions at about 42 minutes into the hearing Mr. Bernanke tells us we are not monetizing the debt because it is not our intent to do so but if we intended to monetize the debt this is how it we would do it. Therefore we are monetizing the debt but don't worry about it, its only our intent to do it short term.
The US like all nations whose economies are run by the Western Cabal of bankers, Fed, ECU, BOJ, BIS, IMF, and same people behind all, have used credit (Debt) to grow. Democratic elected governments financed by this banking scheme have created the index of repeated historic imperial collapse as studied by Nial Ferguson and Plato.
Nothing is really new except for the size of the World population and depth of debt inequalities created as result of these bankers and their politicians faith that
"This time its Different", which like Reinhard and Rogoff showed it is not different. Ironically, they used the IMF and Feds own historical records to prove the point in their book "This time is Different" the false belief of these very same bankers.
How will this all end? Deflation? Inflation? Default? Insult? Famine? War? Pestilence? All combined and more perhaps. But what most people want to know is how it will play out. There are strong currents which are not likely to turn or ebb anytime soon, which means that without strong and smart leadership at the helm, these nations will wreck.
I pick war. That's the way it always ends.
I have two sons, 6 and 1 y/o, and I hope you are wrong.
I have a 7 and 3. I hope he's wrong too.
I have an 18, 16 and 13. I keep hoping all this is just a nightmare and I'll wake up soon.
Observation. Bernanke sounds like he has some kind of cold, he sounds ever so slightly raspy. The pressure and criticism is getting to him so everybody keep on the pressure. It is game over for these guys it is just a matter of a short while longer. This guy has the gaul to say markets for federal debt are not distorted by QE, what is this guy smoking? We obviously have all ready exceeded our "natural" debt limit or else this guy wouldn't be buying up the curve the way he has.
Also, I wish everytime these assholes on capital hill use the word government in their spechifying they would insert the phrase taxpayer instead. Fuck all these assholesl!
So many 'famous last words' among this bullshyte.. (hearings)