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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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The Bernank to Mark Warner: "I had an excellent time meeting with you and your collegues recently!" This means I had an excellent time while you were blowing me and all of your other friends were giving me a rim job while I came up with current monetary policy! Geeze you assholes are easy to read and dumb as hell. Let me put out more finance-speak and chart porn and you will have no idea that you and everyone in your states is getting fucked in the ass with no lube! Have a good one everybody!
Hey! Lets not demean perfectly reasonable sex acts by associating them with our disgusting fascist/corporatist/sell out/globalist overlords. :)
"Where Fed Audit is code for Congressional intervention in monetary policy issues. That's where I would have a concern" - paraphrase of the Bernank, in response to a question on openness to an Independent Audit.
The power of the purse lies with Congress, not the Federal Reserve; Mr. Bernanke.
"is the Fed considering any policy that will hurt the long-term vaibility of community banks?" ... The bernank "No! blah. blah, blah Basil III, blah, blah, blah, Bullshit, blah, blah blah, FUCK YOU!!!! These questions are ridiculous!
Thanks for the picture of the new Miss Liberty on the home page. Almost as hilarious as the BLS numbers.
BS flexing his puny muscles! He is pathetic. Printing monie to increase the ponzi does not stimulate growth. There is no mechanism to trigger growth in his policy.
BS Bernanke is really looking into the future today. His outlook is bleak and threatening. He notes the massive debt, and the fact that 'America has future liabilities that America may choose not to pay.'
He patronizes Congress with his used rhetoric. There is Bernanke's way, or the highway. He has a mean look to him this time. Like he is determined to twist Congress into a big fat pretzel.
And a trillion dollars of unfunded liabilities on the States balance sheets, uh oh. Will the Fed bail them out too? Bernanke doesn't say.
Bernanke: If you stand in the way of the Fed's planned "recovery" I will shit on the US government, and please remember, I am not a part of your failed government.
And could someone please take Ms Stabenow out back.
Don't forget that when he takes that shit on the US it will be with a diarrhea pile of USD, as per the earlier photo.
And could someone please take Ms Stabenow out back.
All the questioners are pretty unimpressive if you ask me. Where is the urgency? Where is the understanding that the economy is F-----? That the Central Bank policy has totally and completely failed? These are not people looking for answers...these are people in sleepy mode playing the usual political ass-kisser game.
Bernank was asked by Cornyn about the ability of the FED to buy state/local debt. He said they were very limited by dodd/frank to some short term. But of course if Meredith Whitney's 50-100 good size municipality default rolls around it will be a new CRISIS and the Bernank will jump into action.
Rahm emmanuel spilled the truth when he said the elites just wait to take advantage of every crisis, many times they strive to manufacture crises to take advantage of.
"It's the first duty of every taxpayer to lie to central banks."
Rainman tax code. About a 100 dollars.
Whoa! CNBS just agreed with me!
In a hectabox discussion of Ben's blatant BS denial response to "did QE2 raise oil prices?" , Steve Leesman said "I think the consumer is getting a double hit" of higher prices without a reduction in consumer interest. All other panelists were in agreement. That's biflation in action, baby!
Bonus points: They think Ben's just ducking and I think he is in deep denial that Friedman style economics don't work anymore and are actually worsening the problems.
"Dodd-Frank legislation limits the FED's ability to participate in the debt of an insolvent institution..." This is an outright lie! How then are doing daily business with PD's or monetizing everything in sight??? Fucking asshole!!!
"I don't have a forecast of future default risks." WHAT? WHAT? WHAT? I'm boiling now. Come on, somebody in the room needs to call bullshit. At least Cornyn is asking legitimate questions. Man Ben doesn't want to answer this series of questions.
Bernanke will only lend to the States and Municipalities after they all fail.
State bankrupcy? Sounds good to Bernanke, he will sit back and let the States succumb to his Fed, the IMF, and all the oilgarchs that run them.
ben just told the states to go fuck themselves.
i mean, it is way, way way more important to provide BAC, GS and JPM with cash than a bunch of peasants living in some godforsaken state...
don't these idiots get this? Yet?
I took it as him saying after Congress does a dog and pony "Extensive study" that as a last resort could occur. Since we here know that the last resort is inevitable in coming years Ben will have to buy it but first will come the austerity riots and martial law threats. Fear, Panic and then a savior.
bernanke on record that the FED will not bail out the states. and the subprime crisis is contained...
Ben is laying the groundwork for Muncipal bond buying. He just said he has "Very limited authority" to purchase bond buying. He did however start out stating he can purchase for short term time frames.
Now the Senator is starting to line up the Muni bailout saying Congress should look at considering extending "assistance" to states until they can get their fiscal house in order. And Ben assures us that no state default has occured in 160 years and is very unlikely.
QE3 here we come.
Isn't it odd that we had a TARP, STIMULOUS, a QE light, and a QE 2, and we are only on QE 3?
As Lew Rockwell says, “The Onion understands Keynesianism (Bernanke/Fed) :
The ONION
America’s Finest News Source
http://www.theonion.com/articles/revamped-wpa-to-create-50000-new-jobs-by-disassemb,18727/
Forget the muni-meltdown (http://seekingalpha.com/article/243462-trading-the-muni-meltdown), what happens when states go bankrupt? Should congress do something to allow states to go bankrupt mr. bernanke? Mr. Bernankles: "Well it's been 160 years since a state defaulted..." so its unlikely to happen again. Last time a state defaulted? Just the civil war.
All the Senators continue to entertain this thought. Using the word Draconian makes them smile. Ain't politicians wonderful!
Bernank saying that he won't help municipalities. Of course there are limitless amounts of money for speculative banks, but when it comes to municipalities who deliver most of the services ordinary people receive, sorry take a hike.
He also says that states/municipalities should not default. Surprise surprise. It all follows exactly what has been happening for years and as Michael Hudson so accurately describes. They'll continue to saddle the government with debt, and when it comes to paying the debt, no default, just austerity and selling of state assets into private hands.
All this economic talk mumbo jumbo is just non-sense to cover the further povertisation of regular people while enriching the few at the top.
Where do I get a copy of that bernank Picture?
I'd love to buy the t-shirt, the bumper sticker. How about a comemorative plate set?
Bare but Ben, with money flying out his ass and all of this on the bottom of my bowl after eating my corn flakes. Priceless I tell. How do you put a price on a million word picture that exposes the truth and Ben's ass at the same time?
It's a shame jew set I tell you, and all of that for 19.95? what's not to love?
What are they talking about SPORTS for?! OMG! Something about "Oregon" - I don't even follow sports but dang, our government officials deserve to be smashed when this all goes down.
It is all fun and games when you have the master alchemist curing the worlds problems I suppose.
They were punning about 'Sports,' as in the kind hookers and johns play, of which the Senators are all too well-versed.
Dollars flying out of his butt! Priceless!
This is embarassing for Oregon right about now...
seriously - enough with this pessimism about states going bankrupt. lets just not think about it. on to more important issues - oregon or auburn?
ARRRGGHH! Stop Talking about your favorite sports teams in attempt to relate to the common man. The common man is going to light your hair on fire then eat your heart out with a dull soup spoon while you burn! Fucking fools. Children, this is why selling out your consience/heart/morallity is bad...soup spoons.
Did Merkley just say corn markets? It sounded like porn markets.
Red States get to watch Blue State bailouts due to their gross fiscal negligence and bloated welfare voter base. What was that war about 150 years ago.....
The Ben Bernank: "USA has the largest manufacturing sector in the entire world." HUH?!!!
Take a look at America's MANUFACTURING SECTOR:
http://members.tripod.com/airfields_freeman/TX/GlobeFactory_watertow_02.jpg
Yes, and unemployment is caused by productivity gains...it's all good...
Please remind me who was the gov of FL for the past 10 years?
*DERP*
But that's not a dollar printing factory.
Bernanke just made the Most Gold Bullish Statement of the Year!
When confronted in the hearing and asked if QE2 caused oil prices to rise he said No!
And her blamed it on 'strong emerging markets'.
He doesn't see it (or is purposely denying it): It's ALL the cumulative 40 years of excess dollar printing that are causing oil, food and general inflation throughout the world! And in the US it's a double whammy because we're not a developing country and instead are a post-bubble economy with deflation in housing and real incomes.
As we said all year long: your buying power is going to be CRUSHED! whether you're rich or poor. ONLY GOLD can save your wealth, savings and future financial well-being.
I noticed that too.
They are going to reduce the questioning time to 4 minutes "so they do not impose too much on the Chairman's time". FUCK YOU ASS HOLE!
Then again.... this is just a charade... so... who cares any more....
He! It's Friday and happy hour at the Hard Fed Cafe! He can't miss out on that now does he?
I was eating breakfast when that Bernank picture came up, Tyler...
Here we go, states and municipalities that are having budget problems, start talking to Barnes and Noble about selling your libraries, or Blackwater to buy your police department, or Bechtel to run your water.
Senate: "Would it help if we destroyed regulation and started creative monetary measures?" (in context of bailing out states)
Senate: "Not if the states get the money. But deregulation is good. This is all so very confusing"
Beranke: "Correct: states are only sovereign and responsible with regard to their self issues debts, with which I am not going to help except to impliment austarity measures on them. *singing* 'Isn't it ironic!' I am the grand sovereign debt issuer, all lesser issuers bow before my USD poop!"
Bernanke: "Rare earths? Yeah those are going to cost more in the future."
avatar test. Sorry Tyler, that pic is too good to pass up. Not many pic's out there that tell the whole story without saying a word.
"Bernanke: "Rare earths? "
What is he still talking? I'd rather spend my time masturbating, that way when I'm done, I got a little something to show for it.
(credit George Carlin)
Senate: "The chairman is about to run away. Show's over!"
So according to The Bernak, the money supply is not expanding....do they not read their own money supply report?
Last I heard, it cost too much money to produce those charts of the money supply. I wish I was joking...
Didn't get to watch it.
Were there 12 or 13 clueless idiot congressmen?
And 1 or 2 of the opposite? How am I doin so far?
Oh, and how are Food and Fuel excluded from the CPI? Again?
Final Analysis: Buying toxic MBS from most-favored-playa TBTF banks with taxpayers' monies, and monetizing the federal deficit, causes one to defecate USD in vast quantities.
Check this out:
Fed's Hoenig Says Gold Standard "Legitimate" Systemhttp://abcnews.go.com/Business/wireStory?id=12547488
OMG! Get this. Trish Reagan [lovely] just pants'd Steve Liesman over at the Blow Horn [CNBC].
LOL!
It fell to Trish to comment that, "Isn't that questionable here the Fed Chairman would measure success by mentioning stock prices?"
To which Liesman said, "That's old school, Trish. The new thinking is the Fed should use the stock market to..."
LOLOLOLOLOL! Liesman pants'd by Trish Reagan! Oh man, it gets richer every day in the world of propaganda.
Go Trish! You go girl!!
“That’s old school, Trish—who cares about the economy? Jobs don’t mean anything. The economy doesn’t mean anything. We’re talking stock market here. Fed policies are working because they are working… P.S., it’s a secret what we are doing.”
IOW, I’m successful because I’m successful.
As I said earlier, the lies are becoming unsustainable…
Ben, we need some creative financing to save the states. How about you, Timmy, Lloyd and Zuckerberg get together and see what you can come up with. We should be able to induce the states to surrender their assets to the Fed's SOMA holdings. We need to keep this low key, through private channels so to speak, below the SEC's and ZeroHedge's radar. We'll let CNBC provide the commentary so it will jive with the building a stronger America, green shoots story line. Let's see, what else. Oh, don't call it quantitative easing -- that's political suicide.
LOL
Sessions: "With regard to quantitative easing on the federal purchases, that money is, that you paid back, is money that came from the Treasury. Is that right?"
Bernank: "Well, yes, but it's of course, um, it's ... another way of looking at it is that it's interest that the Treasury didn't have to pay to the Chinese."
Nice to see what that Avatar really is. I thought it was some amazon woman in her body building suit. OBviously it is much better than I imagined.
Every government is run by liars,” independent journalist I.F. Stone observed, “and nothing they say should be believed.”
You can take that to the bank, well anyways in days past when they had a scintilla of respectability...