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No Third Term For The Chairman

Tyler Durden's picture


While the theater of the presidential election hits peak season, and InTrade odds for this candidate or that are approaching flash crash territory, the one person who truly runs not only the US, but the entire "developed" world, Ben Bernanke, is going nowhere. At least not until January 2014. At which point he may be going somewhere - retirement. Reuters cites the NYT: "U.S. Federal Reserve Chairman Ben Bernanke has told close friends he probably will not stand for a third term at the central bank even if President Barack Obama wins the November 6 election, the New York Times reported." In other words: the republican Fed Chairman who mysteriously became a Democrat president's bestest friend (and has been publicly threatened by every other GOP candidate, including Romney, although that would be merely to replace him with Bill Dudley, not Glenn Hubbard)  that $4 trillion that the Fed will have in assets at the time of Ben's departure, and $5 trillion at December 31, 2014, just became someone else's problem. Good luck to that someone else unwinding a Fed balance sheet which as we explained previously, will at one point in the next 2 years hold well over half of the marketable US Treasury debt inventory. How the sale of this inventory will happen in a time of spiking rates (because that's what the Fed wants - inflation) is literally anyone's guess, because in practice it will never happen.

From Reuters:

Republican presidential nominee Mitt Romney has already said he would not re-nominate Bernanke if he wins the presidency. Bernanke's term as chairman ends in January 2014.


The Fed's unconventional efforts to spur growth have been criticized by many who argue that they threaten future inflation and abet profligate spending in Washington.


Treasury Secretary Timothy Geithner has already made it clear he wants to leave by the end of the year.


Former Treasury Secretary Lawrence Summers would be at the top of Obama's list to replace Bernanke if he did not offer for re-nomination, columnist Andrew Ross Sorkin wrote.


Longer shots include Janet Yellen, the vice chairwoman at the Fed, and economist Alan Krueger, a former assistant secretary of the Treasury for economic policy -- or even Geithner, Sorkin wrote in his "Dealbook" column.


Glenn Hubbard, who headed the President George W. Bush's Council of Economic Advisers, is often mentioned as Romney's most likely nominee for the Fed job.

Nothing much to add here: when even the man who created this mess can't wait to get out, that's when it is time to finally lift the offer on that central European real estate in a quiet Tyrolean region you have been eyeing for some time.


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Tue, 10/23/2012 - 07:54 | 2912098 GetZeeGold
GetZeeGold's picture



Ben Shalom.....four more years.


The Sheriff approves this message.....he's a rightous dude. 

Tue, 10/23/2012 - 08:07 | 2912126 MillionDollarBonus_
MillionDollarBonus_'s picture

Summary of the achievements of Benedict S. Bernanke:

  1. Succeeded in fostering maximum employment and price stability
  2. Saved Europe from recession with dollar swap lines
  3. Put America back on the road to recovery
  4. Avoided a double dip recession
  5. Kept inflation under control
Tue, 10/23/2012 - 08:10 | 2912132 LongSoupLine
LongSoupLine's picture

lol MDB...perfect satire listing.  nice job this morning.

Tue, 10/23/2012 - 08:15 | 2912147 ndotken
ndotken's picture

MDB, you forgot #6:

6.  Inflated the Fed's balance sheet to such astronomically unsafe levels that when the impending bubble finally does burst, the resulting economic implosion will be beyond the scope of anyone's wildest nightmare.

Tue, 10/23/2012 - 08:31 | 2912179 Thomas
Thomas's picture

There are three kinds of intellects: those who can do math and those who cannot.

Tue, 10/23/2012 - 09:00 | 2912283 Big Slick
Big Slick's picture

In a perfect world, The Bernanke would be forced to be prez of this crap pile until it was fixed.

(Maybe that's what hell has in store for Him)

Tue, 10/23/2012 - 09:37 | 2912423 malikai
malikai's picture

In a perfect world he would be in prison. But since this is hell, he is operating the flame thrower for his masters.

Tue, 10/23/2012 - 13:18 | 2913172 TruthInSunshine
TruthInSunshine's picture

Bernanke wants to quiety spend time with his small family, in relative privacy,and certainly not be in the limelight, when the comparisons to 1929 through 1937 are finally being made by the MQLSM (Main & Quite Lame Stream Media).

Tue, 10/23/2012 - 08:11 | 2912135 insanelysane
insanelysane's picture

6. Caused a crash that destroyed the entire economy. (coming Fall 2013)

Tue, 10/23/2012 - 08:22 | 2912159 new game
new game's picture

7) ben for prez, paul for v.p.

mdb for treas sec.

Tue, 10/23/2012 - 08:33 | 2912183 dcb
dcb's picture

OH, that would be the second time he did this

Tue, 10/23/2012 - 09:11 | 2912302 BeetleBailey
BeetleBailey's picture

Summary of Effects of the Reign of Benjie Shalom Berschmanke

1. Succeeded in destroying whatever value was left in the clown buck.

2. Became Chief Ass-Wiper in the inner bowels of the Chinese hierarchy's toilet shack (using aforementioned clown bucks disguised as....well, clown bucks)

3. Did not darken the door of any supermarket, retail store or business, leaving the shopping to his butler, Mr. Magoo, and his maid, Ms. Tri-focals; both armed with no limit SNAP cards, and told not "worry about the prices, and not to keep receipts".

4. Lied with aplomb to a Congress numerous times, as they were so dazzled as to not calling the beard on it - as they are all liars too.

5. Kept the cost of iPoo low, as to the aforementioned ass-wiping expertise.

Tue, 10/23/2012 - 09:18 | 2912359 solgundy
solgundy's picture

Bernanke won't stand for another term.......lmao.....when you are about to be run out town on a rail, get out infront of the mob & turn it into a parade.....

Tue, 10/23/2012 - 10:52 | 2912724 LMAOLORI
LMAOLORI's picture



Bingo you win an up vote Romney said he would give him the boot. I like how they speculate on who will replace him how the hell do they know? It all depends on which Mainstream News you believe I guess.

Casting Dual Roles, at Treasury and the Fed


However, Mr. Bernanke has told close friends that even if Mr. Obama wins, he probably will not stand for re-election.

 Lots of names are regularly bandied about for both positions. But they are not always thought about in tandem. So here is a field guide to handicapping the next Treasury secretary and Federal Reserve chairman:

 The top Democratic name that pops up when discussing the Treasury position is usually Erskine Bowles, the former White House chief of staff under President Bill Clinton who reinvented himself with his Simpson-Bowles bipartisan plan to reduce the deficit. The business community, on both sides, appear to love the plan and say they love him.

Now, on to the role of Federal Reserve chairman under President Obama.

It is slim pickings. At the top of the list is Lawrence Summers, Treasury secretary under President Clinton and director of the National Economic Council for President Obama. He’s a serious economist who knows his numbers and has a worldview that is similar to the president’s. He would be expected to continue the loose money policy of Mr. Bernanke.

There are a couple of other names in the Democratic economist world, but virtually all of them would be long shots: Janet L. Yellen, the vice chairwoman of the Federal Reserve. She would be the first woman to run the Federal Reserve and could provide some continuity. Alan Krueger, an economist who was briefly an assistant secretary of the Treasury for economic policy under President Obama, is less of a classic choice, but is considered highly by the president.

If you want to be really daring, let’s add one more name to the list, perhaps the perfect candidate from the president’s perspective: Mr. Geithner. He would have had a year to recover from his current position and may have tired of the speaking circuit. Given his former role as the president of the Federal Reserve Bank of New York during the financial crisis, he would bring steadiness to the job with Mr. Bernanke’s departure, and a level of comfort for the president.

Now, if Mr. Romney wins the presidency, the chessboard for possible appointments for Treasury secretary and Federal Reserve chairman becomes a little more crowded.

Glenn Hubbard, who headed the Council of Economic Advisers under President George W. Bush and is a top adviser to Mr. Romney, is often mentioned as a top candidate for the Federal Reserve job — and the Treasury secretary job. It is likely that he would get one of the two.

So the question is, who gets the other? If Mr. Hubbard takes the Treasury secretary job, the other candidates for Federal Reserve chairman are N. Gregory Mankiw, who also headed the Council of Economic Advisers, and John B. Taylor, a Stanford economist, though he is considered more of a long shot.

If Mr. Hubbard gets the Federal Reserve job, however, the Treasury role becomes wide open.

Robert B. Zoellick, former president of the World Bank, is said to be among the names in the hopper for the Treasury secretary job. (He was previously a managing director at Goldman Sachs, but his role at the World Bank may have cleansed him of his Wall Street association and Mr. Romney is less concerned about ties to finance given his own background.)

Also on the list is Rob Portman, the senator from Ohio, who has become very close to Mr. Romney and knows a spreadsheet: he was director of the Office of Management and Budget under President Bush. Whether Mr. Romney would be willing to give up Mr. Portman’s seat in the Senate is a question mark.

Finally, there is Mike Leavitt, the former governor of Utah, who is a close confidant and adviser to Mr. Romney. He is likely to get a big role in Mr. Romney’s cabinet.

Oddly enough, given Wall Street’s support for Mr. Romney, there are very few bankers or other business people on his short lists.

Tue, 10/23/2012 - 08:24 | 2912165 Ruffcut
Ruffcut's picture

Running out of lies and bullshit.

Tue, 10/23/2012 - 08:31 | 2912180 Thomas
Thomas's picture

He's worried as Pimco goes bullish on gold that somehow he won't be able collect on the debt owed to him.

Tue, 10/23/2012 - 07:55 | 2912099 malikai
malikai's picture

How the sale of this inventory will happen in a time of spiking rates (because that's what the Fed wants - inflation) is literally anyone's guess, because in practice it will never happen.

You're beating a dead horse. But I guess the unitiated could gain from it. However, I suppose they figure rates will never spike as long as they are in control. Of course, 'them in control' always lasts forever, doesn't it?

Tue, 10/23/2012 - 08:07 | 2912124 GetZeeGold
GetZeeGold's picture



Much like Ben is flogging PMs this morning? Excuse me but if Ben is out....where am I going to get my cheap gold?

Tue, 10/23/2012 - 08:31 | 2912181 Thomas
Thomas's picture

Today is "sell fucking anything you can sell" day.

Tue, 10/23/2012 - 09:06 | 2912299 fuu
fuu's picture

Only if you have to, otherwise today is just overcast, slightly rainy, and there is a sale on gold and silver.

Tue, 10/23/2012 - 07:54 | 2912100 Flounder
Flounder's picture

St Anton is a nice place for schussing.

Tue, 10/23/2012 - 07:53 | 2912102 swissaustrian
swissaustrian's picture

Welcome to Goldman! Thanks for all the goodies...

Tue, 10/23/2012 - 08:09 | 2912128 GetZeeGold
GetZeeGold's picture



Subsidized gold.......Mmm Mmm.....good.


Now could you do something about gas....I don't care what Bam Bam sez....that crap is way too high.

Tue, 10/23/2012 - 07:54 | 2912103 Cursive
Cursive's picture

Is this why the futes are red this morning?  Benron The Great Stock Market Manipulator says he's going to the farm?

Tue, 10/23/2012 - 07:57 | 2912111 swissaustrian
swissaustrian's picture

Wait until robots find out who is going to replace him. I guess the Paul Krugman rumor will be published arround 3 pm ET.

Tue, 10/23/2012 - 08:18 | 2912154 Mae Kadoodie
Mae Kadoodie's picture


Tue, 10/23/2012 - 07:54 | 2912104 slackrabbit
slackrabbit's picture

Ben will be replaced by a HFT drone or just a killer drone   or both...

Tue, 10/23/2012 - 07:55 | 2912106 swissaustrian
swissaustrian's picture

Obama would replace him with Larry Summers, lmao.

Tue, 10/23/2012 - 07:59 | 2912110 francis_sawyer
francis_sawyer's picture

At least the humming & whirring of the printing presses might keep him from nodding off on the job... Plus, the box of doughnuts look like the "0's" he'll need for the new currency...

Tue, 10/23/2012 - 08:52 | 2912258 hedgehog9999
hedgehog9999's picture

That fat slob would be worse!!!!

But at least he will preside when the shit splashes on his fat face after hitting the fan ................

Tue, 10/23/2012 - 07:54 | 2912108 f16hoser
f16hoser's picture

Dump the Biotch!

Tue, 10/23/2012 - 09:16 | 2912340 Chupacabra-322
Chupacabra-322's picture

How about no Federal Reserve Charter re newal for 2013 and beyond.

Tue, 10/23/2012 - 07:57 | 2912109 Bobbyrib
Bobbyrib's picture

The Economist (still a shitty magazine) cover where Alan Greenspan is in a relay race handing a stick of dynamite that has been lit to the sucker in front of him and all you can see is his hand comes to mind. The next guy is even more fucked than Bernanke, who fucked up the economy even worse than the housing bubble economy he inherited from Greenspan.

Tue, 10/23/2012 - 08:34 | 2912186 machineh
machineh's picture

It's gonna be a great sequel:

Chairsatan II -- For a Few Trillion More

Tue, 10/23/2012 - 07:58 | 2912112 new game
new game's picture

a little late; the printing is done printed...

when the dirty shirt gets soiled beyond recognition, well, ben will be the man that studied the drepression

and with kens/krug doctrine fully deployed took er down single handedly...

history repeating, just need a war, ah what is that i hear over there?

another false flag, petro dollar getting desparate...

print us a war ben, tptb need to lend some money for arms-crank it the fuck up-all for humanity, of course...

all so predictable and truely a sad stmnt about humanity...

Tue, 10/23/2012 - 08:01 | 2912114 fonzannoon
fonzannoon's picture

if he is smart he will have vanished like a fart in the wind by the time the next guy gets this thing dumped on his head.

Tue, 10/23/2012 - 08:36 | 2912190 Dr. Engali
Dr. Engali's picture

If it hasn't all blown up before then. Let's hope that is the case.

Tue, 10/23/2012 - 08:02 | 2912117 lolmao500
lolmao500's picture

Ben just doesn't want to reap what he sowed.

Tue, 10/23/2012 - 08:04 | 2912121 Rentier
Rentier's picture

Ben figures it's time to pull a Greenspan and bail before the next leg down in the economy comes from his failed policies just like Greenspan did.


Tue, 10/23/2012 - 08:10 | 2912133 lolmao500
lolmao500's picture

Yeah well, he won't avoid the backlash even if he flees to Europe. Someone, at some point, will get payback and Ben will beg like the little bitch he is.

Tue, 10/23/2012 - 08:09 | 2912131 gjp
gjp's picture

I sincerely hope with every fiber of my being that that wish is not fulfilled. If there is any justice, this thing will fall apart on his watch. Surely two more years is enough?

Tue, 10/23/2012 - 08:43 | 2912221 a growing concern
a growing concern's picture

Gotta be.  I don't see how they can keep this thing levitated for 6 more months, let alone 2 years.  They now throw trillions at the market and the bump lasts for a few days.  Unless we start talking about quadrillions soon, I think Ben will be at the helm when this sinking ship goes vertical.

Tue, 10/23/2012 - 08:05 | 2912122 MrBoompi
MrBoompi's picture

It's really an easy job.  All you have to do is inflate the money supply and bail out who you're instructed to bail out.

The hardest part is lying in public that your "decisions" are intended to either keep prices stable or improve employment.

There are plenty of people qualified enough to take orders from the financial elite.

Tue, 10/23/2012 - 08:06 | 2912125 Sandy15
Sandy15's picture

When Romney does well in the polls, The Bernack stops pumping the market so much....... hmmm, futures down after Romney wins 3rd debate......... could this be Benny having to dump whats on his books before the truth comes out.


Let's hope after Jan 2013, Benny is unemployed!

Tue, 10/23/2012 - 08:07 | 2912127 LongSoupLine
LongSoupLine's picture

If Dudley is truly the replacement, I will sell a kidney for more gold. That fuck is twice as bad as Bernank...if that's even possible.

Tue, 10/23/2012 - 08:12 | 2912144 swissaustrian
swissaustrian's picture

None of the likely candidates is any good. They're all mad printers and that's exactly why they're beeing considered.

Tue, 10/23/2012 - 09:14 | 2912309 fuu
fuu's picture

His replacement would have to come form the board of directors.


  • Bernanke 1/31/20
  • Yellen 1/31/24
  • Duke 1/31/26
  • Tarullo 1/31/22
  • Raskin 1/31/16
  • Stein 1/31/18
  • Powell 1/31/14
Tue, 10/23/2012 - 09:20 | 2912349 wearef_ckedwith...
wearef_ckedwithnohope's picture

Yes, Larry Summers - excellent choice.

Wasn't he the guy who, before he was forced to resign as president of Harvard, came up with this barbaric statement to the effect:


-  Innate differences between men and women might be one reason fewer women succeed in science and math careers  -


The fat man was also responsible, along with Robert Rubin, for pushing for deregulation.  Yes, he would make an excellent Fed chairman. 



Tue, 10/23/2012 - 09:23 | 2912380 Cpl Hicks
Cpl Hicks's picture

Ben Stein....hell yes!

Tue, 10/23/2012 - 09:29 | 2912401 fuu
fuu's picture

Win Ben Stein's Warez was the name of that one...

Tue, 10/23/2012 - 08:10 | 2912136 new game
new game's picture

next leg down he has no control over-treasuries-it is bigger that he can print without market panic.

think china, pensions, or better said: he who owns this faith backed ponzi scheme of debt will be the ultimated bag holder of valueless instruments backed ultimatly by a military that is funded by this very scheme to keep the petro dollar going.

what could go wrong?

Tue, 10/23/2012 - 08:11 | 2912138 cabtrom
cabtrom's picture

He knows better than to be around when this shitstorm hits us. The sick bastard probably so full of himself that he thinks we should consider ourselves lucky he stuck around this long. I can just hear him saying "you assholes have any idea how hard it is to spend that kind of money". Reminds me of brewsters millions. *sigh. We are in hell.

Tue, 10/23/2012 - 08:12 | 2912140 Mad Mohel
Mad Mohel's picture

Retirement!? Seriously? When there are so many muppets left to fleece? That motherfucker has a nice corner office waiting for him at Squid headquarters.

Tue, 10/23/2012 - 08:12 | 2912141 rsnoble
rsnoble's picture

Does it matter? The elites will just install some other worthless POS that follows the plan.

Everyone better plant a turnip garden and stock up on lots of beano and invest in fly spray mfg's.

Looks like Agenda 21's goal of turning the US into a shitpit is finally taking shape.

Tue, 10/23/2012 - 08:18 | 2912149 thesecondslowes...
thesecondslowestantelope's picture

Why wouldn't they just retire the debt.  The money is already in the system.  We all know this is all about flow not stocks.  Or simply roll it over as a book keeping entry.  

Do any of you geniouses know if the $11 trillion of US debt held by the public includes the $4 trillion that they fed holds?  Is real debt held by the public only $7 trillion?  $3 trillion of which central banks will continuously roll over?  So real US debt held by the public might be only $4 trillion or 24% of nominal GDP?

Not trying to defend him, cant wait until he is gone.   Cant imagine anyone being worse thant the Maestro but the Bernanke has given him some nice competition.  3 out of the last 4 fed chairman have been disasters, how can that institution be defended.

Tue, 10/23/2012 - 10:19 | 2912544 socalbeach
socalbeach's picture

The $11.3 trillion in publically held debt does not include the $2.7 trillion in base money created by the Fed, or even the $1.7 trillion of Treasuries held by the Fed. 

The problem with the Fed's money printing is going to come when/if price inflation and interest rates take off, and the Fed has to reduce it's then even larger than $2.7 trillion balance sheet at a loss. 

Tue, 10/23/2012 - 08:18 | 2912153 The big unzip
The big unzip's picture

Im holding out for Ben to launch a Fed IPO, then go short and crash it.  He'll walk way with millions!

Tue, 10/23/2012 - 08:20 | 2912155 overmedicatedun...
overmedicatedundersexed's picture

is there another JEW stupid enough to take his job? best we get a Kenyan lawyer next time. what could go wrong?

Tue, 10/23/2012 - 08:39 | 2912208 machineh
machineh's picture

Im holding out for Ben to launch a Fed IPO, then go short and crash it. 

Sorry, Ben's already lined up with J-P Trichet and Jon Corzine to start the 'Three Blind Mice Rehypothecation Fund.'

Tue, 10/23/2012 - 08:24 | 2912164 batterycharged
batterycharged's picture

"the one person who truly runs not only the US"

Do you call it "running" when you have people like Jamie Dimon with his hand up your ass like a sock puppet?

Bernanke is a figure head and a shill for banks. He runs nothing. He pushes the buttons as he's told.

Tue, 10/23/2012 - 08:25 | 2912168 dcb
dcb's picture

but it seems Obama would make another historic blunder in the next person he appoints as well. I honestly don't understand appoiting these people with historic records of failure on impt issues. Summers, the guy who ran born out of town!!!! Nope, Yellin, I never met a printing press I DIDN'T LOVE. gEITHNER, i'M WALL STREETS BITCH BOY.





Tue, 10/23/2012 - 08:42 | 2912215 DavosSherman
DavosSherman's picture

"Federal Reserve Chairman Ben Bernanke has told close friends [read: Satan] he probably will not stand for a third term at the central bank even if President Barack Obama wins the November 6 election," 

Tue, 10/23/2012 - 08:45 | 2912225 hedgehog9999
hedgehog9999's picture

He is going straitght to hell!! hopefully sooner than later after ruining so many people's lives and killing so many others indirectly through his failed policies.

Tue, 10/23/2012 - 08:44 | 2912228 Hobbleknee
Hobbleknee's picture

Does it really matter what the puppet's name is?

Tue, 10/23/2012 - 08:47 | 2912242 Brokenarrow
Brokenarrow's picture

Would you like your grandkids to call and say, "the kids at school say you are the most hated man in the world."

He is ready to quit today.

And, he's a much bigger whore than Greenspan. He'll be at BlackRock in a blink.

Personally, I hope he drops dead this afternoon

Tue, 10/23/2012 - 08:52 | 2912256 Vince Clortho
Vince Clortho's picture

In Bernanke's case:

Retirement = Run for cover and hide from the masses of people you screwed.

Tue, 10/23/2012 - 08:57 | 2912270 hedgehog9999
hedgehog9999's picture

He better had lots of money to hide in a safe place. When the shit hits the fan , they'll be coming after him with pitchforks !!!

Tue, 10/23/2012 - 09:17 | 2912323 sessinpo
sessinpo's picture

Wow, a thread in which I was probably the only poster on ZH that predicted or even suggested that this would be BB last term. I am honored.


But as a contrarian on certain matters, I would have to say that maybe it is BB that is looking for the door. How many times has BB made speeches in which he expressed the problem was fiscal, not monetary. In other words, he is seeing he writing on the wall and is trying to disassociate himself from it and lay the blame on Congress.


The truth being, however, both are at fault. But why not save your own ass? I certainly would and those honest with themselves would probably too.

Tue, 10/23/2012 - 10:30 | 2912603 sessinpo
sessinpo's picture

Just as a reminder, my other predictions were as follows on ZH.

Dollar strength. As noted as to blame for certain corporate earnings weakness as of late. Since the low of 2011, Dollar index has been up approximately 10%. However, I made my suggestion during 2012 so I didn't catch that bottom.


Second, I suggested that the stock market equities would experience a 1987 style crash. Hasn't happened yet. Still see it as a great possibility. I've also posted when I've put in a small equity short position which is still the case. Small because I knew there was still a chance of a ramp up, a long squeeze, so I limited my exposure. It's looking good right now.


Third, I suggested a moderaly rising PM's market, not a huge bull market. Reason being, cash (US Dollars) needed to service debts. That would also include liquidation in a declining equities market. If you get a margin call (of which I have in my early years trading commodities), you better have cash - even if it means selling some or all of your PMs. Money flows from weak hands to strong hands. I learned that the hard way decades ago. Having said that, I still hold a small portion of my assets in physical PMs and I recommend others do too.

Tue, 10/23/2012 - 09:14 | 2912329 tmosley
tmosley's picture

Rats, sinking ship, etc.

Wonder if he'll make it out in time?  2014 is a LOONG way away, given the speed at which these things often move.

Tue, 10/23/2012 - 09:24 | 2912382 Winston Churchill
Winston Churchill's picture

Amazing how everything is lining up for 2014.

Kudos to John Williams @ shadowsts on his prediction of the meltdown year.

Tue, 10/23/2012 - 09:16 | 2912333 sbenard
sbenard's picture

Hoisington's latest quarterly review showed some fascinating charts depicting the effect of QE. We all know of Bernanke's QE impact on the S&P 500, food, and energy. But the most startling chart for me in Hoisington's review was the impact of QE on WAGES and disposable incomes. With each QE, incomes of the middle class tanked due to the impact of higher inflation! The correlation was startling! Once QE ended, food and energy commodity prices dropped, and incomes began to recover somewhat.

Here is a link to that incomes/wages chart:

Tue, 10/23/2012 - 09:27 | 2912393 HD
HD's picture

Larry Summers?!  Jesus, I'd rather have Ben. Yes, I wrote that.  I have to go lay down...

Tue, 10/23/2012 - 10:10 | 2912540 Richard Head
Richard Head's picture

Could he do us all a favor and take a flying leap from a great height now?

Tue, 10/23/2012 - 10:38 | 2912660 toomanyfakecons...
toomanyfakeconservatives's picture

There is no statute of limitations for pissing on the Constitution. Let the MASS ARRESTS begin...

Tue, 10/23/2012 - 10:39 | 2912663 Achilles
Achilles's picture

Bernanke has a new job with his buddies at goldman....

Tue, 10/23/2012 - 11:17 | 2912814 Downtoolong
Downtoolong's picture

Once he knows where all the hidden secrets and traps on the Fed balance sheet are, he'll be worth a fortune to a hedge fund, and himself. You watch.

Massive wealth accumulation for those on the inside of the centrally planned monetary system is not only easy, but, inevitable. It's embedded in the structure of the system itself. You would have to be a saint to avoid it, in which case, you would definitely be kicked out before you even get a chance to think about retiring. 

Tue, 10/23/2012 - 11:20 | 2912828 resurger
resurger's picture


Tue, 10/23/2012 - 12:32 | 2913034 bgbarrelridr
bgbarrelridr's picture

Off topic, kind of, but what do ZH's think of this:

Tue, 10/23/2012 - 13:33 | 2913222 helping_friendl...
helping_friendly_book's picture

I will be contacting my congressman and demand he support this bill. Fuck the Jew scum FRBNY.

Tue, 10/23/2012 - 12:37 | 2913054 rosethorn
rosethorn's picture

Glad to hear that BB is going, but if Larry the Hutt is the replacement that would be terrible.

Tue, 10/23/2012 - 12:45 | 2913078 thesecondslowes...
thesecondslowestantelope's picture

Thank you,  I am glad to know that there is at least one genious on here.    So debt in public hands is really about $4 trillion.  Any loss would be deminimus in the grand scheme of things, seriously.   

Tue, 10/23/2012 - 21:18 | 2914645 honestann
honestann's picture

Bernanke will be replaced by Paul Krugman.

Really folks, this is so obvious.  Why do you think Bernanke was selected?  Because the predator-class knew they were driving the world economy into depression, and wanted someone who would print, print, print their butt off... and hand all that free cash to them (the predators).

So they looked around and found the papers and speeches from Bernanke offered to dump endless money... out of helicopters if necessary... at the first sign of anything remotely like "depression".  And so they selected him for what they knew was to come.

What they want next is a hyper-Bernanke, and Paul Krugman has been purposely quite vocal about how he would make Bernanke look like a piker when it comes to printing.  But also, Krugman advocates ever more egregious centralization and extreme, crude, vicious authoritarianism, which they also love.

Yup, the next fed chairman will be Paul Krugman.

This is also why Krugman was given the Nobel... to provide justification and rationalization for selecting Krugman (and ultimately also "cover" for the catastrophe he will necessarily cause).

Can you spell Krugmania and Krugmanianism (the more virulent form of Keynsianism)?  Coming soon to a world near you.

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