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Watch Bernanke Thank Banking Committee For Making Him Regulator Of Everything, And Other Aspects Of Foreclosure Fraud

Tyler Durden's picture


Ben Bernanke has started his speech on the Fed's role under Frank-Dodd, and specifically on Bernanke's role as head regulator of everything. His prepared comments were released Tuesday evening. He
did not address either the status of the economy or monetary policy.
He focused on how the Fed is helping to establish the new Bureau of
Consumer Financial Protection (CFPB). The speech and Q&A can be followed here.

Full docket:

Oversight of Dodd-Frank Implementation: A Progress Report by the Regulators at the Half-Year Mark

Thursday, February 17, 2011
10:00 AM – 01:00 PM
538 Dirksen Senate Office Building

The witnesses will be: The Honorable Ben S. Bernanke, Chairman, Board of Governors of the Federal Reserve System; The Honorable Sheila Bair, Chairman, Federal Deposit Insurance Corporation; The Honorable Mary Schapiro, Chairman, U.S. Securities and Exchange Commission; The Honorable Gary Gensler, Chairman, Commodity Futures Trading Commission; and Mr. John Walsh, Acting Comptroller of the Currency, Office of the Comptroller of the Currency.
All hearings are webcasted live and Individuals with disabilities who require an auxiliary aid or service, including closed captioning service for webcast hearings, should contact the committee clerk at 202-224-7391 at least three business days in advance of the hearing date.
Panel 1
•    The Honorable Ben S. Bernanke Chairman
Board of Governors of the Federal Reserve System
•    Honorable Sheila Bair Chairman
Federal Deposit Insurance Corporation
•    Honorable Mary Schapiro Chairman
U.S. Securities and Exchange Commission
•    Honorable Gary Gensler Chairman
U.S. Commodity Futures Trading Commission

•    Mr. John Walsh
Acting Comptroller of the Currency
Office of the Comptroller of the Currency




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Thu, 02/17/2011 - 11:36 | Link to Comment AldoHux_IV
AldoHux_IV's picture

This guy is engaging in social class genocide and gaining more and more power.  I even heard a reporter tout his flawed idiotic economic beliefs-- that a synthetically induced currency debasement mixed with a speculative environment he helped create by re-capitalizing the TBTF's means 'good' inflation as inflation obviously means economic prowess and growth, right?  What a fucking joke!

Thu, 02/17/2011 - 11:36 | Link to Comment Misean
Misean's picture

"Bureau of Consumer Financial Protection"--Banks receiving free, riskless money from the Feral will NOT be allowed to charge more than 69.99% APR on any loan. Can't allow gouging...

Thu, 02/17/2011 - 11:39 | Link to Comment apberusdisvet
apberusdisvet's picture

I wonder if this actual CEO of America prepared the latest laughable budget for the chief puppet.

Thu, 02/17/2011 - 11:40 | Link to Comment Racer
Racer's picture

I cannot stand looking at this man any more because of what he is doing

Thu, 02/17/2011 - 11:40 | Link to Comment Hedgetard55
Hedgetard55's picture

Bernanke belongs in a cell next to Madoff with Big Bubba as a celly. No wonder he shakes uncontrollably when speaking. He knows it's coming. They will throw him under the bus in a nanosecond when necessary.

Thu, 02/17/2011 - 11:48 | Link to Comment Shameful
Shameful's picture

I have a different idea.  When things go wildly out of control expect him to have an unexpected heart attack, die, and have a small closed casket funeral.  He knows where to many of the bodies are buried, and I don't think he is hard enough to not crack under the pressure.  If he really dies or not is in the air, but he will be dead to the public.  Also will create the spin that "Bernanke had a plan but his untimely death spun the markets out of control".  But that's just one guys read of the situation, could be wrong.

Thu, 02/17/2011 - 12:09 | Link to Comment Snidley Whipsnae
Snidley Whipsnae's picture

You mean a 'Ken Lay'?

I have lumped all these sudden deaths and disappearances into one phrase; 'a Ken Lay event'...


Thu, 02/17/2011 - 12:16 | Link to Comment Shameful
Shameful's picture

Well if you were the big boys would you want someone asking Ben hard questions?  The story is so easy.  Release some docs that he was having health problems working so hard to try to save the economy, and his poor heart just gave out from the burden of trying to carry the weight of the world on his slender shoulders.  Hell do it right and media blitz could turn him into a hero and sell his death as a tragic moment and the reason for the coming collapse.

And either he really is taken out, or more likely shaves the beard, gets a good hair piece and spends his golden years as a wealthy expat in some 3rd world nation.

Thu, 02/17/2011 - 13:13 | Link to Comment Snidley Whipsnae
Snidley Whipsnae's picture

This...'or more likely shaves the beard, gets a good hair piece and spends his golden years as a wealthy expat in some 3rd world nation.'

...and a bit of plastic surgery here and there...

Thu, 02/17/2011 - 13:24 | Link to Comment Logans_Run
Logans_Run's picture

Ah! You beat me to it!

Thu, 02/17/2011 - 12:09 | Link to Comment WSP
WSP's picture

HedgeTard5, you wrote:

"Bernanke belongs in a cell next to Madoff with Big Bubba as a celly. No wonder he shakes uncontrollably when speaking. He knows it's coming. They will throw him under the bus in a nanosecond when necessary."


I absolutely do not want to sound condescending or anything else, but let me make one thing very clear:

NO THEY WON'T!  Not clear---NO "they" ABSOLUTELY WILL NOT.  And who is "they"---the corrupt elite.  Yes, they may throw Bernanke under the bus, but that will change NOTHING!

Listen people, the game is rigged, the players running it are corrupt, and whether you like it or choose to believe it or not, NOTHING WILL CHANGE.  Yes, the "appearance" of change will occur from time to time, but what you are witnessing is human nature in progress.   While at some times the corrupt nature of humans is more obvious than others, the sad reality is complaining about it is pointless and useless; the elites will shut you down, shut you up, or most likely, just ignore you and the masses will go right back to watching Oprah.


Thu, 02/17/2011 - 12:18 | Link to Comment newworldorder
newworldorder's picture


There will be no change to the current cleptocracy against the middle class until it is forced by action or change of governing power.

Thu, 02/17/2011 - 11:43 | Link to Comment terranstyler
terranstyler's picture

I feel like puking

Thu, 02/17/2011 - 11:44 | Link to Comment Snidley Whipsnae
Snidley Whipsnae's picture

"He [Ben] focused on how the Fed is helping to establish the new Bureau of Consumer Financial Protection (CFPB)."

The CFPB will insure that consumers (formerly known as citizens) will not be taken in by ruthless Precious Metals sellers...and the CFPB will tell us where and when we can spend our money...and, on what.

What is the purpose of having a CONgress or Excutive Branches of Gov when Ben is calling the shots? Of course we still need the Judicial Branch to sanctify Ben's decisions...assuming any are ever challenged in court.

Democracy my azz...

Thu, 02/17/2011 - 12:12 | Link to Comment newworldorder
newworldorder's picture

+ 1000%

Thu, 02/17/2011 - 11:46 | Link to Comment jobs1234
jobs1234's picture

And then I have to listen to this idiot squawk about "deficit" control. It doesnt "protect" consumers to keep rates at zero and force us to buy NFLX and AMZN to make any return on our savings.


US Treasury's Geithner says US at minimum must get deficits 'comfortably below' 3% of GDP for a sustainable period to reduce debt


Thu, 02/17/2011 - 11:52 | Link to Comment GoinFawr
GoinFawr's picture

is it just me or is everyone taking events just a bit too lightly?

Like the above concentration of power, the consolidation of exchanges everywhere, onerous privacy destroying PM laws... is the shit just being piled on too much too fast or something?

Isn't the combining of bourses  a huge fucking move?!!

Looks like those crazy Canucks may try to nip their takeov....I mean 'merger' in the bud.

Have I just missed the ZH'ers railing about this shit?

Sorry if it seems a bit off topic, but if you think your 'regulators' are claiming they can't do their jobs properly because of 'opacity' now...

Thu, 02/17/2011 - 12:01 | Link to Comment AldoHux_IV
AldoHux_IV's picture

It's like watching Hitler gain power through the ranks and consolidating his power... you're right no one cares and the media loves it-- this must be how it was like living in early Nazi Germany.

Thu, 02/17/2011 - 22:58 | Link to Comment Fiat Money
Fiat Money's picture

 " this must be how it was like living in early Nazi Germany." 

 (sigh) so damn true.  And - hate ta be the one to point this out - the bob Rubin crew is making an honest man of the ol' Bavarian corporal and his "blame you know who" rhetoric. 

Thu, 02/17/2011 - 23:00 | Link to Comment Fiat Money
Fiat Money's picture

 Actually, in complete contrast to how our "modern" textbooks teach history,   LIVING IN TERROR is  THE NORM for the vast majority of human history: never knowing when a rival tribe, kingdom, or empire would come stomping out of the mist to rampage over your & your homeland (like the Huns or Mongols or Israelites falling on Caanan);  or, of course, you & your friends and family falling victim to a local, home grown despot.    See Shakespeare's Richard III,  the movie with Annette Benning & Ian McKellen is a hoot -

 for how the gods & fates just seem to  LOVE putting  ordinary humans in harm's way for the benefit of scheming rulers...  (for example, how the 2 princes must have felt, as their uncle had them taken away "for their own safety" to the tower of London, the last place the 2 princes would ever see alive.)

Thu, 02/17/2011 - 11:49 | Link to Comment Shameful
Shameful's picture

Why not just have the Fed set all asset prices on the planet every morning?  Could do away with the charade of the market and bask in the infinite wisdom and efficiency of a centrally planned economy.  Zimbabwe Ben must know what is good for us, he has a beard AND a suit!

Thu, 02/17/2011 - 12:01 | Link to Comment Snidley Whipsnae
Snidley Whipsnae's picture

The charade is all of the curtain that remains between 99% of Americans and the bare azz fact that there is no free market.

The crash will be a watershed moment. In future all conversation will start with 'Well, before the crash I ____' or, 'After the crash we had to ____'...

Ben will be the first economist in history mentioned in the same sentence with Hitler, Mao, Stalin, and the like.

Thu, 02/17/2011 - 12:16 | Link to Comment WSP
WSP's picture

On the surface your point "appears" to make sense, but ignores the reality of what the market is.  The market exists solely to separate the masses from their money.  While it takes different forms at different times and the "players" have different motives (money, greed, power, etc.), at the end of the day, the players all have one common goals---to separate the masses from their money.

Sadly, nothing will change because the players control the "market".  While I agree with you, those who control the corrupt market will continue running it as is as long as they get suckers to feed the system, and that most assuredly will continue because of corrupt state pensions, corrupt financiers, the "caliphate" of corruption. 

Bottom line is I agree with all of you, but complaining about is pointless, NOTHING WILL CHANGE.  Appearances "may" change from time to time, but the goal is always the same---to use the masses money for the benefit of the "insiders".  For the life of me I cannot understand why people cannot see that.  It is so obvious yet everyone always seems to think it is a "conspiracy".  I realize the corrupt marketing department (the media) brainwashes people, but common sense should make it apparent.  I also understand that a sucker is born every minute and when older players figure the game out new ones come along, but it still baffles me.

Those that control the markets must laugh themselves to sleep every night and say "what a great country"----where else can you legally destroy others lives on a daily basis for your own benefit.  Where else can you steal peoples life savings either quickly or slowly through inflation and the majority are none the wiser?

Unbelievable that most people just don't get it; nonetheless, that is why all the doomsayers like Prechter and most of the contributor to Zero Hedge while "right" in principal, are wrong on direction because they just don't get who controls this market and the tools they have available.  We are in a new paradigm with computers and information technology, and the concept of "market" has bee rewritten FOREVER.

Thu, 02/17/2011 - 12:28 | Link to Comment newworldorder
newworldorder's picture

The "why" of market control has different needs depending on who you are and what you are looking to get from it.

To the "Bankster" market control means rigging the outcome in your favor and stealing money with inpunity.

To the "Governing class" market control means control of the sheeple through the positive spin of Behavioral Economics. This is the ultimate symbiotic relationship and will continue as long as possible.

Thu, 02/17/2011 - 12:57 | Link to Comment WSP
WSP's picture

Exactly, you summed it up quite nicely in several sentences---for the life of me, I will NEVER understand why what you said is so difficuilt for the masses to understand---it really is not complicated at all, even for an idiocracy like America.

Thu, 02/17/2011 - 13:23 | Link to Comment Snidley Whipsnae
Snidley Whipsnae's picture

Excellent points...and WSJ also pointed out the age factor...not to be overlooked.

A person in their 20s-30s has a different take on markets than a person in their 50s-60s. Those in their later years have likely been fleeced a few times and have become more skeptical of markets than younger people with less real world fleecings.

Please do not construe my remarks as a put down of any age group... It's just the facts as I see them.

Thu, 02/17/2011 - 13:26 | Link to Comment Logans_Run
Logans_Run's picture

Viva la black market!

Thu, 02/17/2011 - 11:51 | Link to Comment countryboy42
countryboy42's picture

I am glad my sound card is on the fritz, so I could not listen to it. When I read "The Honorable Ben S. Bernanke", I started puking blood.

Well, back to the salt mines. Keep working kids, millions of people on welfare are counting on you.

Thu, 02/17/2011 - 12:10 | Link to Comment GoinFawr
GoinFawr's picture

Unless you mean 'corporate welfare' you have just provided yet another shining example as to why Americans will never get their country back: by making them fight each other over the crumbs that get brushed off their plutocrats' tables, they are so easily divided.

The poor sod clinging desperately to his house on 99 weeks of unemployment bene's he's paid into every paycheque for the last 30 years of his life, and the even poorer schmuck buying Monstrous Santa fructose treats on his SNAP card; these are not your enemies. If you think they are then that sinking feeling you have in the pit of your stomach is actually originating from you kicking yourself in the balls.



Thu, 02/17/2011 - 12:25 | Link to Comment countryboy42
countryboy42's picture

I agree with you 100%. Bad attempt at gallows humor. I have watched the business I am in going down the drain over the last 2 years due to the commercial real estate market tank (I'm in steel fabrication).


Thu, 02/17/2011 - 13:56 | Link to Comment GoinFawr
GoinFawr's picture

oog. Wrong peeps paying the price for this shit show, as usual.

Thu, 02/17/2011 - 11:53 | Link to Comment Agent P
Agent P's picture

Poor John Walsh...must suck being the only non-honorable witness.

Thu, 02/17/2011 - 12:01 | Link to Comment buzzsaw99
buzzsaw99's picture

He focused on how the Fed is helping to establish the new Bureau of Consumer Financial Protection (CFPB)...

Next week he will announce the Fox Guarding Hen House (FGHH) initiative.

Thu, 02/17/2011 - 12:02 | Link to Comment New Revolution
New Revolution's picture

"Those who make peaceful Revolution impossible, make violent Revolution inevitable" - JFK

Thu, 02/17/2011 - 12:06 | Link to Comment DavidC
DavidC's picture

It would certainly be an interesting thought that he knows what's coming but is unable to do anything other than destroy the economy because of what might happen to him, personally, otherwise.

Conspiracy theory!


Thu, 02/17/2011 - 12:07 | Link to Comment luk427
luk427's picture

Bernanke is just the front line stooge carrying out orders for the real culprits.

Thu, 02/17/2011 - 12:11 | Link to Comment alangreedspank
alangreedspank's picture

Nice. Government keeps creating new bureaus and institutions with the stated goal of "protecting" the tax livestock, but all the ones they created before fail abysmally all the time anyways...


Thu, 02/17/2011 - 12:14 | Link to Comment OMG
OMG's picture
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Thu, 02/17/2011 - 12:16 | Link to Comment Caviar Emptor
Caviar Emptor's picture

I knew it!!

There's a movement forming already to repeal the Dodd-Frank Financial Reform bill! 

They can't stand more than 5 minutes of responsible behavior, and they can't earn their way out without reverting to the old ponzi+fraud methods. 

CNBS discussing this now! 

Thu, 02/17/2011 - 12:19 | Link to Comment williambanzai7
williambanzai7's picture

Thu, 02/17/2011 - 13:25 | Link to Comment Snidley Whipsnae
Snidley Whipsnae's picture

Great image!

Thu, 02/17/2011 - 13:27 | Link to Comment newworldorder
newworldorder's picture

Love the great caricature. Keep them coming.

Not all Ben's fault however. Obama re-appointed him and he should get most of the blame. Obama has appointed every Clinton/Rubin connection he could get his hands on. What a waste of a good Ivy league education.

Thu, 02/17/2011 - 12:19 | Link to Comment EireWhiteTrash
EireWhiteTrash's picture

I seriously want to vomit everytime ben "The Douche-Nozzle" shalom bernanke opens is trap!



Thu, 02/17/2011 - 12:41 | Link to Comment Xkwisetly Paneful
Xkwisetly Paneful's picture

I just don't get why the academic theoreticals get so much credit in society in general.

The fed chairmen are the poster children for the singular biggest problem with these people.  While they are accumulating data they should be acting. It is why the fed is always late and by being late they exacerrbate every bubble and every trough-the obvious implication being if they acted on time they curtail it in both ways.


Yet instead of the academic theoretical being devalued in society the exact opposite has taken place. They have more power than ever in more positions than ever and their group think dynamics are wreaking havoc on the entire human race.

Thu, 02/17/2011 - 12:45 | Link to Comment Convolved Man
Convolved Man's picture

In order to provide rationale to the floundering situation, the Titanic is now classified as a deep sea submersible and will soon dive to ocean floor.  All passengers are permitted to enjoy the ride.

Thu, 02/17/2011 - 13:20 | Link to Comment rosiescenario
rosiescenario's picture

In case you missed it, apparently the folks in D.C. are clueless as to where the $$$ are going:

Thu, 02/17/2011 - 13:37 | Link to Comment treasurefish
treasurefish's picture

What a great photo of Ben!  Big old shit-eating grin while he is flipping off America.  Speaks volumes.

Thu, 02/17/2011 - 13:22 | Link to Comment ziggy59
ziggy59's picture

Ahhhhh...Its good to be King!!

Thu, 02/17/2011 - 13:23 | Link to Comment JR
JR's picture

I noticed that the only unhonorable witness in the list is Mr. John Walsh.  It makes one wonder what characteristic the “honorable” witnesses have in common.

Nathan Martin on Nathan’s Economic Edge tells it like it really is, Bernanke's "testimony" and Congress be confined to Hell:

“When will Americans learn that banks (‘a “Fed” throwing trillions at its banking members’) don’t create jobs?  We need to throw the ‘Fed’ out the window (many members belong in prison) and take back the power to create money.  That is the only way true employment is ever going to increase…not one new net job (over the past decade by charting an increasing population against a declining number of people who actually have jobs) for all the trillions of debt, that’s called Debt Saturation, or as some people are calling it now ‘the Keynesian End Point.’  No matter what you call it, it’s the point were there is so much debt (profiting the bankers) that incomes can no longer support the debt.  Thus we have zero interest rates and money creation now billions every single day.  But no new jobs

“…Just inflation – that profits you know WHO.

“Surprise!  The CPI comes in ‘hotter than expected.’ By who?  The truth is that inflation is many times, as in multiples, higher than data released by the ‘Fed.’  Still, headline CPI came in a .4% for the month of January’; that is an annualized rate of 4.5%.  And that’s less than the .5% reported for December, but is more than the .3% expected. ‘Core,’ less food and energy, came in at .2%, and the ‘Fed’ reports that because it removes the volatility, lol, as if people don’t need food or energy.  And the insidious truth is that as food and energy increase in price while wages stagnate, they consume a greater percentage of one’s income over time, and thus should be weighted MORE, not less.  C’est las vie…revolution is in the air…

“No, interest rates can’t rise.  That is not unless you wish to crash the entire debt saturated planet.  Welcome to the impossible math created the day the ‘Fed’ stole the people’s rightful ability to control the production of money.  Interest expense, from that day forward, went to benefit a few individuals instead of the general good of the people.  Thus our money system is not ours.  Note the word ‘Note’ printed on every bill inside of your wallet.  That term denotes a LOAN, it is not money, the ‘Federal Reserve Bank’ is not Federal, they possess no reserves when marked to reality,. And they are not even a bank.  And then we wonder why we have no jobs, we’re losing our homes, and what jobs we have are all menial.

“We have the ‘freedom’ to pursue happiness, yet we wonder through life producing nothing of meaning, not really happy, failing to advance humanity, while we await the next shoe to be dropped – American spectator style.  Quite the reality show…  Perhaps we can all stage a virtual sit in – somewhat Egyptian style?  Of course if we all stopped our current ‘productive efforts’ I wonder if anyone would even notice? 

“But since inflation is so ‘low’ then the ‘Fed’ can justify their continued printing of trillions, right?  But what if we simply measured inflation like we did in the year 1980, before the several administrations tinkered with it?  Well, that’s how John Williams at ShadowStats tracks inflation, and he says inflation traced that way is pushing 10%."

Thu, 02/17/2011 - 14:23 | Link to Comment working class dog
working class dog's picture

Make it right Ben Bankster,

Take the money from the primary dealers bank coffers and give it to eachWORKING AMERICAN FAMILY an equal share. Than bring the congress up on financial waste charges, with giving themselves a raise every year, and using pork barrel legislation to enrich themselves, oh by the way , recomend that all congressional members be placed on the same medical plan - Medicaid as the private sector, and all retirements converted to social securities, and no insider trading thru bullshit family trusts. Do you think he heard me?

Thu, 02/17/2011 - 14:23 | Link to Comment working class dog
working class dog's picture

I thought Ben Bankster and Timmay and Gensler and Shitpiro were going to regulate the OTC derivitives market, how about you esteemed honrable members?

Thu, 02/17/2011 - 17:52 | Link to Comment Eireann go Brach
Eireann go Brach's picture

If you remove the small amount of hair from the sides of Bernankes head, he would look like a pale faced quivering crack head with HIV and not an "economist"! Once the sell off starts in the markets he will hit the crack pipe I am sure.

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