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Watch Bernanke's Testimony To The Senate Budget Committee Live
Watch Bernanke sweet-talking his puppets in the Senate Budget Committee live and commercial free after the jump.
And if the link above fails, you can watch it at the Committee's website direct
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Where is The American Dream cartoon, please?
It is being animated in China the moment we're watching Ben 'Bernank' testimony.
Significant profit position, bitchez! Bermakey is makin' bank!
how is it possible that bernanke - especially in that pose - didn't make it on the sexy geek list that you were on yesterday, TD?
couldn't stand the competition?
I do love that picture of The Ben Bernank with $ hanging out his ass.
The Bernank: "The labor market won't 'normalize' for 4-5 years".
LIESman: "Justification for continued QE".
WHAT ABSOLUTE LIES AND PROPOGANDA!!!! WITHOUT QE, RATES WOULD SKYROCKET AND THE WELFARE/MILITARY PONZI COLLAPSES!!!! LIES! LIES! LIES! LIES! LIES!
Then there's this headline:
News Headline Summary White House Economic Adviser Goolsbee says economy headed in right direction after December jobs reportLIES! LIES! LIES! LIES! LIES!
CNBC (or the Onion?) "Bernanke: recovery on track but not enough to create jobs"
Turd , I wish you'd come out with it and just tell us if their lying
He! He said that jobmarket will recover in 5 years!
SO, only 5 more years like we had in 2010 and all will be well!
Oke, the DOW will be up to 50 trillion and the deficit will also be at 50 trillion, but everything will be fine by then!
and otherwise it will be up to his successor to fix things and start all over.
My personal take:
I still remember the 2006/2007 days when we had the discussions here in Europe (we where at a economic all time high, remember that) that in no way we would be able to guarantee that we would be able to pay for the pensions in the next 10 years. Social security was already a mayor problem then. Drastic cuts needed to be made.
Tax Revenue was at a all time high and we would not be able to pay for it anymore.
Now, then we had this thing called the "banking crisis" (for the people who are just tuning in, they where flat broke and lost it all X100 on the dogtracks) and whatever money that was left was used to save and guarantee the bankers pensions to say it mild.
Now tax revenue is down 37% last year. The ageing continued and the crisis even made sure that people at the age of 50 where put in retirement because that was the trick to "save jobs".
So, it doesn't only need to recover (it:economy), IT NEEDS TO DOUBLE! NOT TOMORROW, BUT NOW!!
In short = WE ARE FUCKED WHATEVER THE OUTCOME.
And this week, I was amazed by the bullish sentiment. People actually thought all the problems where gone like that!
It's not 1 problem that needs to be fixed. THERE ARE THOUSANDS OF PROBLEMS.
And more debt make it even more hard to meet the obligations. Let alone that those obligations are ALSO STILL RISING. We can not recover with the current system. The system needs to change and not only show "improvements".
They Said they're Not Lying.
Let me run the unemployment surveys, I will have 100% employment in no time.
"Do you work?" "No"
"How do you eat?" "I dumpster dive and go to food shelves"
"That must be hard work" "Yes, it is"
"So you are employed. Thank you for your participation"
now thats funny
Hey Turd,
Blythe taking the moring off, where is the premarket raid, I wanted a little more discount before getting back in....
Bitch never cooperates!
“It’s always improving, it’s always improving, but not so much that we can’t quit taking over the taxpayers and having them fund the financial sector. The lies get to the point where the lies are unsustainable and unmanageable—like the jobs report. And that’s when the Ponzi bursts.
>I do love that picture of The Ben Bernank with $ hanging out his ass.
It's monetary diarrhea.
monerrhea
I know I'm answering a rhetorical question but that animated video was recently moved with no forwarding address. Here it is: http://www.youtube.com/user/theamericandreamfilm
Anybody have a link to a larger jpg of The Bernank?
Sessions from Alabama right on target
Alabama is not bailing out California
Then he quotes Christy's cuts in New Jersey
Then Bernacke says yes spending cuts are needed -- Now
They are all sitting around trying to manage a free market
Which by definition is not free if it is mangaged
Don't they understand that they are incapable (needing to be re-elected) of
managing the economy. Don't these arrogant bastrd understand that their polite twisting and turning of the valves of the economy (like the wizzard behind the curtain) is the reason (subprime we are all screwed.
In that photo is it Bernanke or Cliff Asness?
For my Fiction fix, I prefer the zany antics of Snooki and her buds from Jew Nersey.
At least there I get a money shot or two.
I heard Bernanke gives them a list of questions congressmen are allowed to ask. They go along with his rehearsed responses. Should be worth "NOT" watching. I would rather watch little Chinese midgets play Ping-Pong.
Yup. The only thing I'm interested in is whether or not he is quivering like a nervous chihuaha like he did on the 60 Minutes interview. It's not worth my time. I'll wait for T.D.'s analysis later.
that's how everything works now.
the other two branches forgot there's three.
Hey everyone, look at that painting - Bernanke is wiping his ass with the dollar, just like in real life!
looks more like ... money coming out the wazoo
wait till the diarrhea kicks in
Yes it does. However, the after-effects will be the monetary equivalent of cholera, upon the U.S. economy.
FRN's shooting out of his ass.
My first impression was of FRNs clamped in his cheeks, sorta like a bag of chips with a snack clip.
That is the more disgusting picture of 2011, no more photoshop for you
Tyler, do something about that picture of Bernanke. I just threw-up on myself. I will not be back until it's gone. Thanx
Sympathy hurl.
are you one of the three blonds the TSA found?
Bernank is also merely a puppet, make no mistake about it.
Propaganda chief.
His job is to "inspire confidence", regardless of whether it means lying through his teeth.
"Inspire confidence"? The convoluted greenspan-speak did a better job at that. Remember when Ben first started this gig? He would sit in congressional hearings and smirk at Ron Paul. Now he has been reduced to a shifty-eyed, stammering, nervous train wreck.
A perfect example of how it is sometimes better to baffle them with bullshit, than ..dazzle them with bullshit
Bingo!
Viva' Ben. Dollar denominated debt bitchez'
Jeff Sessions didn't do so hot in "reading aloud" in 4th grade
Yea these puppets apparently cant even read the scripts that are handed to them...pathetic.
is this picture necessary so early in the morning?
Bernank looks like shit...has he slept in a week?...he's been drinking cheap malt liquor and doing blow off a skank's ass for four straight days...
The lame ass senators are all daydreaming about food and hookers.
opm food and hookers - the best kind
And now we definitively know why Bernanke doesn't even feel the need to prep for these jokes called 'hearings.'
He could literally sleep through and sleep talk through these inane, rambling questions from these totally clueless, incompetent, esteemed senators.
they do steam me
Arg! The pain! Picture hurts eyes! Must gouge eyes out with grapefruit spoon!
I like caves. I like shadow puppets. I like the incidental music my chains make when I squirm.
Pure poetry.
inflation has been declining over the past 3 years, right.
See no inflation...it will be subdued for some time. And it will only take 4-5 years for jobs to return to normal. No worries at all. Recovery in full bloom.
Great news, a 4-5 year recovery for jobs should take care of the obesity problem in the US.
Benny B : "Whose touching my ass?, You want to touch my ass?"
inflation...his comments on inflation. ?????????????
does he live on the same planet as the rest of us?
we are concerned with low inflation?????????????????????????????????????????????????????????
You didn't get the memo?
Ben Bernanke: Inflation Levels Too lowAccording to CNBS, Bernanke said, "consumer inflation continues it's downward trend"
different planet for sure
definitely pluto. not even sure if it's a planet http://space.about.com/b/2010/12/14/should-pluto-be-a-planet-the-counter-argument.htm
Is that a Rhetorical question?
The obvious answer is no.
He's still talking about deflation in real estate and wages. There will always be wage deflation for the middle class as long as corporations can send the jobs overseas at the drop of a hat. And he might be the only person in America who considers a bubble bursting "deflation".
The Bernank has many psychopathic qualities. I think he gets off on having the power to create something out of nothing, consequences be damned.
Yep, he made damn sure he qualified his remarks with the infamous "excluding the volatile sectors of food and energy."
In other news, it seems he got a tan over the holidays.
I thought Benny had more hair.
dang ... now I have to wash my eyes with bleach ...
How much do you want to bet that those "politicians" in the room have NO IDEA what The Bernank is saying?! To them it's all "Bla....Bla...Bla...". As long as they get their money, they don't care about the lingo.
Ta-bernake! If you know what I mean...
The Bernank: "Smooth withdrawal of money from banks when conditions warrant it."
Yeah, right!
Why is he reading out loud? Why don't US congress men *first* study those documents and then come up with relevant questions?
Because that would:
1) Take away time Bernanke can effectively kill;
2) Require senators to do any real work;
3) Require dead-weight staffers of senators to do any real work;
4) Make sense, and be efficient & rational;
5) Make for an entirely constructive hearing, and expose pernicious truths to the sheeple (assuming they're not playing Call of Duty);
6) Expect entirely way too much of our American Process.
don't worry, "at the appropriate time we will sell these asset backed securities back into the open market".
I'm sure they'll be lining up to buy all the goodies the fed has accumulated recently
Well, he is actually stating the current debt & deficits are unsustainable. Talks about 'fragile recovery'. Does not seem to be a positive scenario he is currently stating.
I sort of agree, seems like over time he has selected the answer E. "all of the above", which, of course, is an epic fail.
no inflation...lol....and 185% debt to GDP in the future..it will never get there...we will be broke or have 10,000% inflation first....
you have to wonder if Bernanke understands that HE and his policies are the major threat this country faces.....
gold trying to break the JPM chokehold now......CTFC should step in here and stop it.....maybe they could outlaw ownership among the peasantry
So, you're saying Bernanke & The Federal Reserve constitute a 'clear & present danger' to the United States of America???!!!!!!!!!!!
I agree.
+1.2 Quadrillion Derivatives
The Ben Berbanke knows exactly what his policies are doing to our country,
Maybe it is a good thing we don't use Gold as currency at the moment because seeing gold come out of his ass would completely be a buzz kill for PM's.
Stevie Liesman is getting owned on CNBC right now by Mark Haines no less on the unemployment rate calculation. Very amusing...
Heard Obama and Ben would join A tribe called quest to be doing a new version of can i kick it.
+1
double
"stabilize the debt", "lowering would be a bonus" (Bernanke)
how can a guy who has printed all the money warn us about our massive debt? and are we having this meeting because the recover is complete and Q3 isn't necessary?
if banana ben is talking does that mean gold is going to surge?
senate commission states the FED is not taking into account the current world we live in.
Apparently so, tough to tell with paper setting the price.
Oh My god Tyler,
That picture is just wrong on so many levels.....lol
buffed out dude, the bernank is. robo's type, i suppose†
seems to be Bernanke has all the time in the world.....No worries
Mr Sessions: "bonds are a bad investment". LOL
Banana: "inflation looks very stable"
"If congress can't get the deficit down and I raise rates, there may be inflation."
these questions are embarrassing!!!!!
I'm watching this shit and people are popping in to steal candy off my desk and looking at me like I'm some kind of whacko - I guess because I'm watching this shit.
And then...it dawns on me...Jeff Sessions is functionally retarded.
I would give so much to be able to interview Ben S. Bernanke, live, uncensored.
On the question: "where is your masterplan to save the US", Banana simply does not answer, instead goes on about QE.
Sessions: Do you or the administration have a plan? Is it written? Can we see it?
DaBernank: We do have a plan. We pull it out of my ass every morning. Actually we pull several plans out of my and TurboTaxBoy's ass and then we throw darts at them to figure out what we can try.
what assholes. we are in an economic crises, bernanke has a stock market that will crater a heartbeat after he stops buying.....
and these jerks are making jokes about football teams and ties.
what assholes. and you're right, sessions is retarded.
what assholes. we are in an economic crises, bernanke has a stock market that will crater a heartbeat after he stops buying.....
and these jerks are making jokes about football teams and ties.
what assholes. and you're right, sessions is retarded.
The pawns that control the proles probably should be a bit retarded, and completely without consience and spine. At least if you have an interest in controlling a "democratically elected" government for the purpose of supporting globalism and banking.
Nice to see Ragnarok's avatar in a larger format.
Is his VOICE TREMBLING/QUIVERING again?
That's because Obama is giving him a blowjob under the table.
Why do you think they said it would only take 3 minutes?
Mr. Wyden: " It would be bad if we were to raise the corporate tax rate."
Me: They still pay taxes? I though that went out of fashion in the eighty's, with loop holes and being legislatively favored and such!
Mr. Wyden: That's correct, but I don't want the tax rates for my fascist masters raised from zero, that would be bad.
Me: Obviously bad.
" the labor market won't normalize for 4 - 5 years." ......... why do the AMERICAN PEOPLE accept this !!! throw these sob's out / get rid of them ! ......... we're all just slaves to the Federal Reserve Bank . They reap money off our labor via income taxes.
He calculates it like that:
in 5 years there will be about 17.5 mln babyboomers retired, population growth around 7.5 mln so in 5 years there will be gain of 10 mln jobs!
And he doesn't have to do anything!
What the hell?! Can only take this nonsense in small doses, you'd figure a tolerance would increase after hearing this for this long.
Bernanke pulling the "Federal Reserve is independent from the Administration" card.
Government officials talking about college football teams.
Asking Ben "Ghetto Fab" Bernanke about what's good for the economy.
The Fed Res is independent of all government and is controlled by private banking through regional fed private banking control. Money supply is under the direct control of private big banking.
Bernanke: The whole thing will come down if people get a look at the men behind the curtain! http://www.youtube.com/watch?v=AidBugvVqpw
"Take the power back" -RATM http://www.youtube.com/watch?v=rqkMsXcHQYg
Ben Schlomo Bernanke: "debt will increase to heaven if we don't do anything about it."
Finally he is honest, but at the same time doesnt give a shit about the future
Bernanke just said inflation is 1%, which includes everything that people buy.
Unbelievable.
banging my calculator on my desk...something must be wrong with it, rise in gas from 2.54 to 3.12, it is showing more than 1%....what kind of calculator do you guys use?
The kind that includes rent. Did yours go up this year?
My rent went up 4% this year, I wanted to haggle since home prices dropped around me by 30% in the past two years but they wouldn't budge.
Bernanke keeps falling back on the CPI, one of these people needs to question where his faith in the CPI comes from. They're too busy thinking/talking about the upcoming bowl game though.
He's quoting CPI, which excludes food and energy; which is of course where the increases are occuring. I'm sure he knows that, but he's in a corner and has to lie.
BSB: "the dollar was quite stable last year"
and I thought he would finaly become an honorable and honest man.
Lies, lies and more lies.
He's a fucking joke
The dollar has only lost 35% against the yen.
Just like with inflation, anything under 100% is insignificant.
That picture arghhhh my eyes.
There are some things even a shark won't touch.
...and... cue...LIE -
"QE is not fueling oil/gasoline price inflation, demand from emerging markets is."
Riiiiiiiiiight....
No investors are leaping into commodities like oil because QE has driven fixed income yields to near all time lows...
Riiiiiiiiiight...
Will Sen. Ron Paul be asking questions today?
Rand is in the Senate, while his father, Ron, is in the House of Reps.
Do you have a picture of Ben wipping his ass with usd? Would have been less disturbing than that photo ...
Maybe we should all be quite a bit more disturbed in general.
Inflation at 1% INCLUDING food & fuel? Did he mean this morning?
At this point he can say anything he wants. After all no one is questioning him, they're only there for political theatre. Really sad.
are there any CPA's in CONgress?
They are all freakin lawyers trying to sound financially smart. But are fools. You just know the Bernank has a big laugh after his "intensive drilling".
I read that over HALF of all members of CONgress are lawyers. What do lawyers do? They get paid to produce documents and keep things complicated by using their own sophisticated language to guarantee their jobs.
I heard the Bernank say inflation is 1% including energy and food and nobody challenged him on that or how it is calculated. Because they are lawyers and they don't know anything but want to sound smart. They are in awe of the Bernank.
Meanwhile China is run by engineers, so I've heard.
Of course, they can certainly manage to over-engineer, just like Hoover did.
What a sad display. These people are our representatives, no wonder we're in such deep shit.
Umm... no. They do not represent you or me in any fashion.
Like all humans, they represent their own self-interest. Which, is not a bad thing, but a natural thing. The bad part is the idea that they represent others, as this is the lie that empowers their criminal ways.
The only way another person can represent you, is if you are free to withdraw your support at any time (a.k.a. voluntary assembly).
Did The Bernank just say that "inflation including food and fuel are only 1%?" In what universe is this fucking asshole living? The fucking senator who asked the last question just accepted this answer with a smile on his face! The ministry of truth is in rare form this morning, especially after the NFP bullshit numbers this morning! What a bunch of shitsucking, motherfucking assholes!
+1 revolution
Yes he did. Doesn't it amaze you that no one challenged his answer. It's amazing!
Mark Warner appears to be a goof ball. This entire group is about as clueless as Obama himself. So far all I can tell is nothing is going to change except that our taxes are definately going up.
Total kangaroo court, completely scripted and apparently not rehearsed at all as the senators cant even read the scripts that were handed to them without stuttering and sounding out words per syllable. This is pathetic.
Stuttering, ignorance, lack of soul, pasty complexion could be from all the inbreeding up there. Sitting up there drooling on themselves. Seems historically accurate to assume. Besides if it looks like a duck...
What is wrong with you people?
What % of your monthly budget is rent? 40%? Probably. Did it go up this year?
Probably no.
That's 0% on 40% of your budget. Tack on the price of cars not going up (20% of budget amortized) and you have 60% of your budget not going up. Or declining.
THAT IS WHY INFLATION IS QUOTED AS LOW.
Yes, food is up sharply and so is fuel and so is healthcare. But they are not 60% of your monthly budget. The low or no rising items are.
He's not lying.
duplicate
Rent is 0% of my monthly budget. Mortgage is 0% of my monthly budget. Car payments are 0% of my monthly budget.
Education (my kids are in college), taxes, food, insurance, medical and fuel make up the largest part of my monthly budget, in that order. All of these costs are skyrocketing.
He is either lying or making assumption as you are and using improperly weighted data.
Note that when housing costs doubled over the last decade (up until the crash), inflation was still 3% ish. Can't have it both ways.
Lies, lies and damn lies.
well...if 40% of your budget has gone up 15% your net increase is not 1% it is 6% or 600% higher that what he indicated....so yes, he's either lying, shrewd or stupid...but his answer is not accurate
dbl
Crash,
Your comments are just flat not accurate. Everything is up except the cost of anything electronic. You mentioned cars. Have you looked at the cars that are supposedly economical? They are pieces of crap, stripped down, tiny, cheaply built pieces of crap. Price any mid sized vehicle and especially anything classified as luxury and you will find that prices have skyrocketed. Even used vehicles are way up. I know first hand because we are currently searching for a used vehicle.
I build homes and I just bid a new project and prices across the board are up sharply from just last year, which were up sharply from 2009 and this is in an industry that is broken beyond repair right now.
I get a little heated about this. You, Bernanke and anyone who thinks inflation is low are flat ass wrong and probably don't buy much.
Guys, rents are not rising. I don't have a mortgage either and thumbs up to the guy above, but I'm not normal and neither is he. Housing costs in various forms of rent are indeed 40% of budgets and they are flat or declining.
Cars are not rising. A Toyota Camry base model in 2000 cost 10% less than today's base Camry. That's 1% per year in a vehicle for which the base model has many more features now than then. You can't ignore feature addition with no costs. They are real manifestations of what you must conclude is a price cut. If you tried to buy some of those base features (I'll guess, not sure, anti lock brakes and all passenger airbags? Not sure) in 2000 they would have cost you $10,000 more as custom additions. Now they are part of the base car. And yes, a lot of those features are electronic. That's all part of the price cut.
That can't be ignored. YOU may not care about it, but it's there because some people do care. I may not care about rent because I paid off my declining house price home, but I have to accept that those paying rent aren't seeing increases.
Go look at the CPI methodology. Those people don't get up every morning and go to work to lie. They try to be accurate. They have done good measurements.
Inflation is low.
Congrats on not having paid off your home.
Taken from your comment: "But I'm not normal and neither is he". This suggests to me that you have made great decisions throughout your life and experienced or created enough good luck to propel your personal finances to a level that insulates you from the current economy. I am blessed with this feeling as well.
Your quote also tells the story plaguing our lawmakers and especially our Fed. They are out of touch with the Average American. You should do some research and interview your house keeper, lawn service, mechanic, or better than that just talk to your employees, if you have any. They are all feeling pinched. Many have not been as wise as you, but a large portion have and they still struggle. This inflation issue didn't just start. The very nature of our monetary system and banking system (Fed and Banks) demands and produces inflation in a World that also demands that incomes stay down. Couple this with a debt designed economy in lieu of a production designed economy that is highly promoted by the Fed that sucks down billions of dollars in interest and you get exactly what we have.
No, I am not insensitive to the way the math plays out. Food inflation for China, or Nigeria is hugely more serious than for the US because food is about 15% or so (I have not looked it up in the CPI survey -- approximate I guess) of an American's budget, but it is 70ish% of a Chinese citizen's budget and 90+% of Nigerian citizen's budget.
Yes, for sure, when food is a big % of a budget, food inflation hits that budget, and person, harder. Of course.
But it's NOT a big portion of the average American citizen's budget, and the operative word is average. Yeah, I paid off my house, but I don't have domestic staff or employees. I just paid it off via decades of focus. Not via elitism. It doesn't require elitism for that.
The point being, an average is an average. The CPI survey people investigate these questions of average budget. They are not stupid and they don't get up and look in the mirror every morning and know they are going to work that day with the intention of lying to the public.
Rents are not rising. If you thought they were, you'd go out and buy rental property. They aren't. THAT is why inflation is low.
You work on the staff that produces this number?
If food and fuel make up a small part of the average American's budget, then they need to drop the qualifying "excluding food and energy" statement from every release. Bunch of greedy bastards produce these statistics. JYF
dbl
Sorry Virginia. Mark Warner is a lemming looking to make things nice and soft for the Bernank.
You can take 10 minutes of this hearing, unedited, put it in a documentary about how/why empires fall, and case closed.
The end.
+1000!
had to stop listening! Makes me sick to look and listen to these incompetent sleeze balls.
step away from the TV, just step away†
They will.
Agreed, in video game parlance: "I am become death incarnate" populace vs. "epic fail" Bernanke.
All your base are belong to us
http://www.youtube.com/watch?v=qItugh-fFgg
So, what are the options tor TPTB?
1. Hang on long enough to collapse China before the West collapses, and then be the only game left in town.
2. Do an alternating restart. China got its restart, so now it would be time for the West to restart and come into power as China once again collapses (several hundred year cycles).
3. Globalize and share power
4. Destroy the world
I am not sure it is evident that TPTB have a f'n clue what they want to accomplish in the long term.
"Nobody doubts the US has the ability to pay it's bills" - The Bernank
What a complete asshat!
They can print it away....so that is technically true. The consequences would be world-shaking though...so his statement is very misleading.