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Obama on Bernanke: Thanks for Coming. Now it’s Time to Go!

Pivotfarm's picture





 

President Barack Obama stated yesterday that Federal Reserve Chairman Ben Bernanke has stayed in his position “longer than he [Bernanke] wanted”. Some will be probably agreeing with Bernanke (and Obama) more than he might have expected after having said that. Although he should have stopped short of adding (for fear of hurting Helicopter Ben’s feelings?) that he has done an “outstanding job”. If it were that outstanding, he wouldn’t want to go, would he? Love you and leave you? I’ve had a party with you guys and now I have to go? But where?

But Bernanke is a man of resourcefulness. This is the guy that was hailed personality of the year back in 2009 byTime magazine. The article even mentioned that he had ‘saved the US’ from the disaster of the financial crisis. That’s an accolade, isn’t it just! Saved the US!

Bernanke was appointed by George W. Bush to the head of the Federal Reserve in 2006. But, people should have seen it coming all this quantitative easing and the print presses rolling off shiny bright new greenbacks as they fluttered down from the sky like manna from heaven when Bernanke gave his famous speech on November 21st 2002 referring to Milton Friedman and throwing money at the people like pieces of meat to lions in a cage. Bernanke should have known too then that he was going to be ripped to pieces by the gladiators in the ring if he even tried to stop feeding the lions. His statement came true when the financial crisis came along and he was able to put all of that into practice.

Then we shouldn’t forget the fated speech on March 10th 2005 when Bernanke as a newly-appointed member of the Council of Economic Advisers stated that the responsibility of the public deficit was down to a global savings glut more than excess consumption by the USA. Someone else’s problem? Shouldn’t certain people have been worried back then as to what he was going to do?

Unemployment has failed to decrease by the percentage that the Federal Reserve had predicted. The crystal ball must have gone a bit cloudy on that day. The US was supposed to be at 5.2% today with an efficient use of resources in the labor market at such a rate. The unemployment rate for May was at 7.6%. The Federal Reserve now holds assets worth to the tune of $3.41 trillion. They stood at $877 billion in 2007. Thanks to QE stimulus.

President Obama’s words are preparing the people for the fact that Bernanke might be on his way out. His current term expires next year. But who will be putting up his photo as employee of the year or even the month? Where will Bernanke be going? Is he going to be retiring to the Caymen Islands to sun himself on the beach and benefit from his well-earned retirement, or will he be ‘helping’ someone else out in the monetary problems? Who wants to wire ahead and tell them what’s going to happen? But Bernanke is still here till January 31st 2014. Will he get rid of QE4 before then, or will he leave that for the next guy to deal with?

But, the next guy might be a girl. By all accounts, it will be Janet Yellen, the Federal Reserve Vice-Chairman that gets her stint at making the economy run like clockwork as from January.

Janet Yellen

Janet Yellen

Stepping into Bernanke’s shoes will be no easy task. If she gets the appointment, she is going to be saddled with the trillions of assets at the Federal Reserve and a market that gets the jitters every time just the words of QE are mentioned.  Some are worried and wary though that Ms. Yellen will be pro-inflation. Will she worry enough when the economy picks up (if and when?) and inflation gets out of control? Will the US have trillions in assets, angry traders and a market that will be ready to rip her to pieces and chew her up when the QE gets withdrawn and to boot unemployment that is above acceptable levels and inflation to boot? Time will tell. Maybe we should be thinking ahead, though.

Originally Posted:

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Tue, 06/18/2013 - 19:00 | Link to Comment TrustWho
TrustWho's picture

Daddy Bernanke took the country down this QE path. He was called the savior of USA with QE1, so he did more. Everything he did had an objective of growing the economy by growing the Fed's balance sheet. Now, after this SOB leaves, the decisions get really tough....in fact tougher than the inflation issue Volker fasced.

Daddy Bernanke should be forced to see this thru and be held accountable. However, Obama wants someone he can control even more than he has been able to control Bernanke.......oh timmy! 

Tue, 06/18/2013 - 18:32 | Link to Comment ebworthen
ebworthen's picture

Bernanke has already told Obama he does not want another term; Obummer just spilled the beans.

I mean, if you could get on a lifeboat as the Titanic sunk and you had steered it into the iceberg would you want to go down with the ship?

Tue, 06/18/2013 - 18:12 | Link to Comment MFLTucson
MFLTucson's picture
American people to Obama, wish you never came and hope you get thrown out of office.
Tue, 06/18/2013 - 21:54 | Link to Comment bunnyswanson
bunnyswanson's picture

What Romney did to the corporation (purchased it, loaned against it, bankrupted it) is what Obama is doing to America.

IMF suggests:

35% increase in all taxes, immediately and permanently.

35% decrease in all govt checks immediately and permanently

A Brazilian cut and more.

Tue, 06/18/2013 - 17:28 | Link to Comment Hedgetard55
Hedgetard55's picture

The boyz have a spot for Ben that will make all the stress and strain of printing trillions of dollars for them worthwhile. Just as they had for Greenscam.

Tue, 06/18/2013 - 17:08 | Link to Comment paint it red ca...
paint it red call it hell's picture

Having just been shown the door, I gotta wonder, what door will open to him that bestows the rewards for a job well done?

His FED salary merely covered expenses, now where does he pickup his pension check?

Tue, 06/18/2013 - 18:29 | Link to Comment ebworthen
ebworthen's picture

Goldman Sachs of course.

Corner office, lunches with Lloyd.

Tue, 06/18/2013 - 17:29 | Link to Comment optimator
optimator's picture

I'm sure his family has made out very well with investments during his tenure!

Tue, 06/18/2013 - 16:42 | Link to Comment Colonel Klink
Colonel Klink's picture

Since it hasn't been said yet.

 

FUCK YOU BERNANKE!

Tue, 06/18/2013 - 16:32 | Link to Comment Gringo Viejo
Gringo Viejo's picture

Well, Yo Ho Blow The Men Down!

Tue, 06/18/2013 - 16:26 | Link to Comment Titan Uranus
Titan Uranus's picture

Nope, it's

 

La plus ca change, la plus la meme damn chose...

Tue, 06/18/2013 - 14:39 | Link to Comment the grateful un...
the grateful unemployed's picture

W Bush made the Fed chief an undersecretary, made him attend cabinet meetings, made him travel to China, made him repeat administration talking points, and when SHTF, he made him commit some felonies alongside Hank Paulson. of all the things a Fed chief should never do, it's commit a criminal act at the behest of corrupt political officials. (Ron Paul wants the Fed to open its books all the way back to Nixon to see if Greenspan was setting up the slush fund transfers through the Mexican bank, and later Iran Contra) Bernanke committed his crime out in the open. not only is the Fed under Bernanke no longer independent, its accesory to criminal and impeachable activity.

don't expect things to change, they'll probably get worse, and when a pallet of cash leaves Marriner Eccles and is delivered to Al Qaida rebels, and some reporter gets it, only low level heads will roll. most of the Feds trouble is that it was completely corrupted, which is nothing obama is likely to complain about. he just wants a figure head who solves his image problem with the middle class american economic situtation.

Tue, 06/18/2013 - 15:48 | Link to Comment marathonman
marathonman's picture

The privately owned central bank is a corruption.  To say that it was completely corrupted is silly.  The Fed was created to cover over the fractional reserve banking Ponzi when it would periodically collapse.  It gives enormous power to the owners of the central bank and to the government to create money out of thin air that they can corrupt anyone with.  It is a system built for corruption.  The Mafia only wish they had something like a central bank.

Tue, 06/18/2013 - 15:21 | Link to Comment disabledvet
disabledvet's picture

yep. and "no he won't be going the Caymen Islands" but probably return to academia where he will write his memoirs and collect honoraria of large sums. simply put if you value ANYTHING the Federal Government does (food stamps, social security, medicare, medicaid, a job with the Federal Government itself!...ALL OF IT)...none of could have been possible without this guy. haven't seen Mayhem Corner in a while...i still feel he's lurking around here somewhere. But if you'd told me of all the scenarios to war game relative to 2008 (and i went through a lot of them both here and at SA) that "it would pretty much be a nothing burger by 2013" would have the LAST one i would have believed. we'll see who his replacement is as obviously "this is all bad news insofar as the President is concerned."??!!! have no fear folks..."it's all uphill from even here as well."

Tue, 06/18/2013 - 13:24 | Link to Comment rustymason
rustymason's picture

Good start. It is time for a pogrom against all banksters.

Tue, 06/18/2013 - 13:05 | Link to Comment AustrianJim
AustrianJim's picture

Bernanke stays - expect more debt monetization. Bernanke leaves - expect more debt monetization. What is it the French say?

Tue, 06/18/2013 - 14:14 | Link to Comment nofluer
nofluer's picture

What is it the French say?

"Se la vie, se la guerre. Se la go home." Was that what you were referring to?

Tue, 06/18/2013 - 12:56 | Link to Comment Racer
Racer's picture

The main problem with the ChairSATAN's money chucking helicopter is that it is stuck in hover mode over FWraud Street

Tue, 06/18/2013 - 12:53 | Link to Comment kchrisc
kchrisc's picture

Let me re-title your post: "The Scumbag Bernanke is Getting Out to Avoid the Coming Crash He is Responsible For Creating" Subhead: "Who Will Be the Next Sociopath That Replaces Him"

Now the questions is, "Will he make it out, like Greenspan, before it all comes down around him?"

And the million dollar question: "Will he be able to outrun the guillotine?"

Now that's an "Amazing Race" that I would tune in to see--if I had cable.

Tue, 06/18/2013 - 16:03 | Link to Comment lolmao500
lolmao500's picture

Corzine, Krugman, Geithner, Summers or Yellen will be the next head.

It'll probably be between Summers and Yellen but you never know what that hack will do.

Tue, 06/18/2013 - 16:47 | Link to Comment knukles
knukles's picture

Made my day

 

soft sobbing sounds, wondering to where my country's gone

Tue, 06/18/2013 - 12:57 | Link to Comment Racer
Racer's picture

"And the million dollar question: "Will he be able to outrun the guillotine?"

I can just see the guillotine chomping at his heels like a crocodile

Tue, 06/18/2013 - 12:50 | Link to Comment Duc888
Duc888's picture

He came (thebernanke), he "fixed" things for the FED and their member Banksters and now it's time for him to go.

 

A job well done I'd say.

 

Sux being a non Bankster though....

 

keep voting!  By all means give them your consent for the continuing ass fucking you're getting!

 

:)

 

Tue, 06/18/2013 - 12:41 | Link to Comment Bastiat
Bastiat's picture

 

Bill Ayers thinks Obama should be tried for war crimes:  http://www.realclearpolitics.com/video/2013/06/18/bill_ayers_obama_shoul...

 

Tue, 06/18/2013 - 17:33 | Link to Comment Everybodys All ...
Everybodys All American's picture

That's like the Bill(pot) calling the Obama(kettle) black.

Tue, 06/18/2013 - 14:41 | Link to Comment the grateful un...
the grateful unemployed's picture

Vince Bugliosi thinks so as well, and he knows a mass murderer when he sees one

Tue, 06/18/2013 - 14:17 | Link to Comment steelhead23
steelhead23's picture

When you raise a dog from a pup and later in life he begins to bite you repeatedly, one tends to contemplate violence.

Tue, 06/18/2013 - 13:06 | Link to Comment Dewey Cheatum Howe
Dewey Cheatum Howe's picture

That is rich. But he seems hate the Presidency as position in general not Obama in specific when condemning the man for whatever that is worth. Both should be strung up by their balls and beaten like pinatas....

Tue, 06/18/2013 - 13:50 | Link to Comment NotApplicable
NotApplicable's picture

"I'd hit that for a dollar!"

Tue, 06/18/2013 - 12:29 | Link to Comment f16hoser
f16hoser's picture

Obummer is so predictable. I'll bet you dollars to doughnuts, Geithner is the next head. Could be a "Spit-Tail." Women tend to flock around Gay men. Weird.

Tue, 06/18/2013 - 12:20 | Link to Comment Dan Conway
Dan Conway's picture

Who would have that that even obummer is tired of helicopter ben.  I bet it is because ben isn't printing enough.  Seriously!!!!

Tue, 06/18/2013 - 12:19 | Link to Comment monad
monad's picture

Hope he leaves a suicide note.

Tue, 06/18/2013 - 12:18 | Link to Comment eddiebe
eddiebe's picture

As if Obum bum had anything to say about it. 

Tue, 06/18/2013 - 12:14 | Link to Comment involuntarilybirthed
involuntarilybirthed's picture

Anyone can spend money, I want to see him earn his pedigree by unspending it. 

Tue, 06/18/2013 - 12:14 | Link to Comment EastCoast90
EastCoast90's picture

If Ben Bernanke is on the way out I'm sure he has his very own in-home printing press or is at least taking 1 with him. 

Tue, 06/18/2013 - 13:38 | Link to Comment Andy_Jackson_Jihad
Andy_Jackson_Jihad's picture

One of the perks of the job is that they don't change the login/pass for the computer that keeps the lotus 1-2-3 file of the Fed's Balance sheet.  On page 1 of the My Little Pony notebook Bed grabbed on his first day he wrote:

Login: Da_Gr8ful_FED
( Greenie thought that was funny back in '89 and they didn't want to change the stickie note under the keyboard)

Pass: QEqe123mo$$  (<-strong password for securitah)

note to self:  this is my chairman's computer account.  The nerdy IT goy said I can just 'telnet' in and add some zero's to my Federal Reserve Credit Union account, or in the commercial banking system if I banked there (double note to self: LuLZ!) by hitting CTRL+F and typing my credit union numbers.  He said that until I've done it a few times it's no big deal because its just a rounding error.  After that, make sure to use the arrow key to enter offsetting purchase on fed's balance sheet and just enter something.  IT guy commented that greenspan thinks its still funny to enter "DeezNutz" to offset his extra zeros but nobody else does.  Be sure to think of something way funnier after retirement.

2nd note to self:  Never type"ALT+F4" in lotus 1-2-3 or US banking system and world credit markets will crash.  Probably smart to just pry F4 off the keyboard.

 

In Red Marker:  Holy shit I wish I hadn't misplaced this notebook 18 months ago!  I would have remembered that F4 key thing.  I accidentially pressed that intsead of ALT+TAB to hide my solitare game.  I'm keeping this baby in my briefcase at all times now
-Sept 2008

 

Tue, 06/18/2013 - 14:02 | Link to Comment theprofromdover
theprofromdover's picture

Lotus-123 (Supercalc even) and Solitaire -happy days in a simpler world.

Tue, 06/18/2013 - 12:09 | Link to Comment Midasking
Midasking's picture

Bernanke leaves and we will get another coin clipper... why do people fall for this?  Time to end this central bank once and for all.. http://tinyurl.com/mem7o7x

Tue, 06/18/2013 - 14:03 | Link to Comment MrBoompi
MrBoompi's picture

Coin clipper is much too generous.  These people create trillions from simple keyboard strokes.  Then the lion's share of that money sits in electronic accounts, not only here but offshore as well.  And when they "loan" money back to the filthy masses, it's not even their own money that's risked.  This money is also created from strokes on a keyboard!  How else do you get to the point where .1% have about $50 trillion and yet we have record poverty?  Because the system is fair?

Tue, 06/18/2013 - 14:57 | Link to Comment Spastica Rex
Spastica Rex's picture

The really competitive people have been rewarded - they won. If they won, why shouldn't they define the rules of any future games?

"Fair" is for hippies, communists, and fags. 

Tue, 06/18/2013 - 13:03 | Link to Comment alphamentalist
alphamentalist's picture

Doubtless that is true. What the market is failing to see is the stage being set for him to leave soon, not at the end of his term, but some time in the next month or so. His exit probably necessitates a taper, to leave "policy room" for his successor. I am sure whomever is inline--God forbid it is Timmah--would insist on that, lest they are turned into an even bigger patsy than the bernank.

Tue, 06/18/2013 - 17:12 | Link to Comment Yes We Can. But...
Yes We Can. But Lets Not.'s picture

Bernanke has been in the job longer than he wanted?

I've been in my underwater home longer than I wanted...

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