Watch Today's 2:15 pm FOMC Press Conference Live And Interruption Free Here

Tyler Durden's picture

While today's 2:15 pm FOMC press conference is still some time away, it is never too late to reserve your seats: the conference will be presented below live. We will liveblog the event in the off chance Bernanke says something that may be even modestly unexpected, such as the truth.

In case anyone is still confused about what is going on:

Chairman Ben S. Bernanke will hold press briefings four times per year to present the Federal Open Market Committee's current economic projections and to provide additional context for the FOMC's policy decisions.

In 2011, the Chairman's press briefings will be held at 2:15 p.m. following FOMC decisions scheduled on April 27, June 22 and November 2. The briefings will be broadcast live on the Federal Reserve's website. For these meetings, the FOMC statement is expected to be released at around 12:30 p.m., one hour and forty-five minutes earlier than for other FOMC meetings.

The introduction of regular press briefings is intended to further enhance the clarity and timeliness of the Federal Reserve's monetary policy communication. The Federal Reserve will continue to review its communications practices in the interest of ensuring accountability and increasing public understanding.

Live link. We have picked a green frame border for obvious reasons.


Video clips at Ustream



The Chairsatan speaks.

Supposedly, despite the drop in the economy, Bernanke still sees strength in the employment trend.

Bernanke's voice sounds like a Stradivarious tremollo.

Bernanke remains confident he can tighten whenever needed. When the tie for tightening comes, he will consider both parts of his dual mandate. Nothing about the third mandate.

Bernanke expects Q1 GDP of under 2% but believes slowdown is
"transitory", factors are the "weather", weaker construction, and "less

On how Bernanke's policies are destroying the middle class: we care about low inflation and attracting foreign capital to boost the dollar. Pinocchio is spinning in his grave.

What will the Fed do on surging fuel prices? A.Gasoline prices have risen quite significantly. This is a bad development (and an understatement). All of the increase in demand for oil has come from emerging economies. On supply side we have disruptions in MENA, which has driven gas prices up. All of the increase in the inflation forecast comes from the jump in gas prices. Nothing the Fed can do about surging gas prices without detailing growth. "The Fed does not print oil." But Fed will try to stop pass through costs from rising (whatever that means).

How is Fed working to create sustained job creation? A. Labor market is improving. Must make sure it is sustainable. Is encouraging to see improvement in recent months, although pace is quite slow.

Is there anything the Fed can do to prevent the public from believing higher inflation is coming? A. The inflation expectations we are worried about are medium term. In the indexed bond market see near-term inflation expectations rise significantly, but "for the most part" it is fair to say medium term expectations have not moved very much, and "indicate confidence in the Fed." In the short run can communicate what our policy is attempting to do, and what steps we are willing to take. If inflation persists, there is no substitute for action.

What will be the impact on the economic recovery when QE2 ends?  How long with the Fed continue reinvestments? A. Will complete program without tapering. End of program is unlikely to have effects on market or economy. We hope to have telegraphed what we are planning to do. We subscribe to a stock view of securities purchases, which means that what matters is not the pace of ongoing purchase, but size of portfolio of Fed holdings. The amount of securities will remain constant so we don't expect an adverse effect from halting QE2. As for ending reinvestments will base decision on evolving outlook.

QE2 appears to have been ineffective. Can you end the program in June with unemployment rate still at 9%? A. I do believe QE2 was effective: we saw that first in the financial markets: we saw increases in stock prices, and reduced spreads. You would expect that based on decades of economic data that easing financial conditions would lead to easing economic conditions [but have not]. The conclusion that QE2 has been ineffective is wrong as it did the things it set forth to do. The trade offs are getting less attractive at this point. Unclear we can get improvements in payrolls without additional inflation risk, and if we are going to do a sustainable recovery, we need to keep inflation under control.

Can Fed effectively reduce long-term unemployment? A. LT unemployment is the worst it's been in the post WWII world. More people are unemployed for over 6 months than ever. Blah Blah Blah.

Do you think the US will be downgraded? A. This event [S&P warning] will provide one more incentive for congress to resolve the fiscal US problem. It's constructive.

Isn't it possible that the Fed's policies could be providing the reason for inflation? A. We don't view our policies as different from ordinary monetary policy. Problem is chosing the appropraite path of tightening, we have lots of experience in doing so? [Oh really, how many times has the Fed actually tightened under Bernanke's control].

What do you think will happen to the dollar? A. It will eventually rebound. Next question.

Some question about Rogoff and America's imminent bankruptcy. Same worthless answers.


This whole conference has been a complete and utter disappointment, and a disgrace for the jouranlistic profession. All the "reporters" who were there and asked the completely irrelevant questions they did will not be forgotten.

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Cassandra Syndrome's picture

Mr Bernanke, Are we Fucked?

Oniram's picture

Bernanke: Of course not! USA! USA!

Bernanke: Uh, seeing that we are for sure "not fucked"...why dont you buy some T-bonds....huh? Sound good? ......uh.......Please?

Fish Gone Bad's picture

Why does anyone actually care that the Bernank has a talk show today?  Perhaps people think he will say something either truthful or helpful.  Time would be better spent cutting grass or washing ones car.

The writing is on the wall.  It has been there for a while now.  Things are bad.  Things will then get worse, worser, and eventually worsest ever.  One can not borrow their way out of debt.  It ends in ruin because it has always ended in ruin.

Wynn's picture

but can you print your way out of debt?

Conrad Murray's picture

Really depends on what you mean. Can one do it? Sure. Can one do it without destroying the reserve status of the currency and the economy...?

Wynn's picture

My comment was in jest. Ben might think he can print his way out of this jam, I don't. Every day my confidence in the currency erodes further, that's why I hold PM's.


TruthInSunshine's picture

The Bernank's thesis:

"Digging oneself out of a hole requires perpetual motion."

rocker's picture

This bastard makes me want to puke. Steve Liesman's question was not answered. He has not addressed the old lady in retirement and what he has done to their small savings.

If I could, I would puke right on him.  Put him in Jail, he lied and old folks die.      

nope-1004's picture

What I take from this, more than anything Benocide actually said, was the intense and overwhelming lack of confidence in the room of the Fed's policy (ie. 'transitory inflation') by the more skilled journalists asking questions.

This, of course, excludes Steven Liesman, the so obviously planted Fed mole.  "Thanks Steve".


Sam Clemons's picture

I think the peak of his popularity and influence has already been reached.  What is the old phrase about once everyone knows the secret, the secret is useless?  This press conference is merely showing that the secret is now officially out of the bag that following the Fed is all one has to do while investing. 

In other words, I think the peak of the Federal Reserve's pretend influence on the markets has been hit and will never again be reached.  He is about to lose control of everything that he believes he can control.

SWRichmond's picture

Agree.  I only watched this briefly but it looked like a "setup to fail" moment.  "Get your ass out there and be responsible for this."  I wonder who gets Ben's parking place?




medicalstudent's picture

ben s. will release a new note, only a few will be printed, they will read one hundred billion dollars.


a few to many will be sealed and flown into an albatross.


the bird will then beak them over to chinese leadership.


he will then self destruct over japan on the way home.

Fish Gone Bad's picture

People can believe anything they want...  That still does not make it so.

TruthInSunshine's picture

Zero Hedge picked an oh so appropriate picture of The Bernank, from years gone by, when his lizardian blood was more vibrant and Molech/Moloch beaming eyes were brighter.


Bernank is easy to spot in this video:

Bee Gees - Stayin' Alive
Hard1's picture

Is that a pickture of the Bernank or Kareem Abdul Jabar?

velobabe's picture

hey sunshine, why did tylers pick a green border for the video, i know it is obvious to most?

TruthInSunshine's picture

I don't know?

Ben was a midnight toker?

We know he's a fiat joker.

anyways's picture

the color of the sooner or later worthless us dollar paper money is green.

JW n FL's picture

Bank of America Building Downtown Miami (YouTube Video) Why does the military train to rescue bankers?



Maybe this??? Federal Reserve Pays Banks 8 times more in interest for deposits than “We the People” get! 

Rigged Market Capitalism & Propaganda within the U.S. by the U.S. PLUS! PLUS!!

AN0NYM0US's picture

Why does anyone actually care


because we are all CNBC

Bubbles...bubbles everywhere's picture

Desperate times require desperate measures.

MrBoompi's picture

It ends in ruin because it has always ended in ruin.

For the suckers maybe, but not for crowd Bennie runs with.

AN0NYM0US's picture

"Well, this fear of inflation, I think is way overstated. We’ve looked at it very, very carefully. We’ve analyzed it every which way. One myth that’s out there is that what we’re doing is printing money. We’re not printing money. The amount of currency in circulation is not changing. The money supply is not changing in any significant way. What we’re doing is lowing interest rates by buying Treasury securities. And by lowering interest rates, we hope to stimulate the economy to grow faster. So, the trick is to find the appropriate moment when to begin to unwind this policy. And that’s what we’re gonna do."

nope-1004's picture

And Benocide also said:

"Rising food prices in developing nations is, I suspect, a result of peoples' diets becoming more sophisticated."

Can a guy be that dumb?

Or can a liar be that brazen?


SheepDog-One's picture

Yes the peasants in 'developing countries' are no longer eating bowls of gruel, theyve stepped up to $9 burritos obviously.

Oh regional Indian's picture

Hey! hey now!

We were doing just fine by ourselves till Coke came along. After that, it's been downhill...


Eally Ucked's picture

It looks to me that in next few years Americans will have to depend on their "services economy" and live on massages and nail polishing. Those eating gruel are used to it and will survive, but what about you, and me, guys in NA? No burgers, no burritos, no beer because gruel eating guys will stop delivering goods and money. Tough future, and I forgot: no best army in the world financed by puppets all around the world.

still kicking's picture

We grow a lot of grain here in NA so beer probably will still be produced in abundance and fairly affordably, my guess is it will be part of the "bread" in the bread and circuses meme.

slaughterer's picture

I have my vomit buckets and rotten tomatoes ready in the 3rd row, center.

TruthInSunshine's picture




Wake me up when The Volcker shows up to strangle The Bernank, on live teeeveeee, with a telephone cord, and holds him down and shaves his beard off.

It's oh so highly ironic that The Bernank is setting up the next Great Depression.


Problem Is's picture

Shave off The Bernank's beard and put a blonde wig on him and you've got...

Hillary C...

The Volck would drop the phone cord and run for the hills...

BTW: Obummer is a complete replay of that idiot One-Term-Carter...

JW n FL's picture
by TruthInSunshine
on Wed, 04/27/2011 - 11:21






Obama ='s Lil Bush Part Duex 2nd Term of Less Privacy (for Citizens, Corporations of course will have yet MORE! Protections offered), More Tax Breaks (of course the sales pitch will be that some how the Tax Breaks will be GREAT! for the economy! even though the Tax Breaks will only end up effecting the top tiers bottom line) and more Privatization of anything and everything that the Government can give away to Corporate America that belongs to "We the People"!


You fucking Republicans, with your abortion, austerity, tax breaks and of course Austerity Measures... make sure you leave your "W" sticker on your car.. PLEASE!!! I got fucking liberal for you, I will give each and everyone of you cowards I can find some liberal love! better yet I will bank roll some extra love for you fucking ignorant fucks.. and I am a firm believer in nipping the bud, let that shallow gene pool you were spawned from as well be removed from any future threat to America.. You can pick you and yours up and go live in whatever police state you choose.. but my Country will not become a fucking 3rd world police state that caters to Corporate America. This Country will be taken back and those who did in fact promote this line of Less Taxes for the Rich and Less for everyone else.. will be found, or at least while things are crazy be open game! Quote me scumbag!

barkster's picture

"I have my vomit buckets and rotten tomatoes ready in the 3rd row, center."

My sentiments exactly. A 30 second clip of that weenie makes me want to projectile vomit.

Zedge Hero's picture

It's all about the Bernank, he doesn't care if your Obama, Clinton, Carter, Bush, Mccain just as long as your not RON PAUL, which he still might giggle at.  BEN IS GOD, now go through the five stages.

Stormdancer's picture

Looks like 64,324.6 troy ounces of silver are about to make one hell of a lump under someone's mattress.

Just one more silver investor who has adopted the understanding that

"If you don't hold it, you don't own it."

...and is moving accordingly.

fries_with_that's picture

Thanks for that - much appreciated. Are there any clients of BullionVault out there who have an opinion onthe "safety" of their bullion with BullionVault? I would love to hear the opinions of ZH readers on this matter should you guys have the time to comment.

nope-1004's picture

I don't have first hand experience with BullionVault, but I do with another company.  They were "reputable", but still engaged in fractional-reserve-metal-lending.  They claimed they were storing my metal, when in fact they weren't.  When I asked for delivery, they simply sourced it from the mint.

Seems there is some hesitation from individual investors to figure out how to store their own metal, which then results in a heck of alot of trust being put in whomever you store it with and creates this type of lazy storage practice.

I personally think none of those storage places actually store 100% of bought metal.  With todays supply issues increasing in Au and Ag, I'd be pretty wary of trusting any of these places.


EvlTheCat's picture

It depends on how you define, “.........”.  Remove the word "is" and replace this with the word "fucked".

SparkyvonBellagio's picture


Not suggesting anything but will the lizard be sunning himself on a rock?

A Lunatic's picture

Armageddon is change............

SRV - ES339's picture

Mr Bernanke, Are we Fucked?

S/B... Mr Bernanke, how fucked are we?

WhiskeyTangoFoxtrot's picture

Maybe we'll get a "deranged gunman" surprise. <fingers crossed>.