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Bernanke Press Conference - Live Webcast
Having released the somewhat less exuberant economic projections (see below), the great one is about to explain the fact that his regime shift in 'rules-based'-doctrine is in fact not, as tin-foil-hat-wearing fringe blogs would suggest, a 'true' counter-cyclical policy by which investors will antithetically hope for worse economics to improve their nominal-priced 401(k)s. Over to you Ben...
- *FED: 2012 GROWTH OF 1.7%-1.8% VS 1.7%-2.0% IN SEPTEMBER
- *FED: 2013 GROWTH OF 2.3%-3.0% VS 2.5%-3.0% IN SEPTEMBER
- *FED: JOBLESS END OF 2012 AT 7.8%-7.9% VS 8.0%-8.2% IN SEPT.
Full statement to follow:
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How good is their track record with economic predictions, anyway? Oh, right ..
Mr. Turrets will be heavily medicated, AGAIN. Fuck you, Benocide, you lying POS.
Bernanke will come out, announce the FOMC has changed its mind, and they'll announce the actual decision next month. Hilarity will ensue.
FORWARD!
http://finance.yahoo.com/news/fed-ramps-stimulus-approach-support-173200...
" It committed to monthly purchases of $45 billion in Treasuries on top of the $40 billion per month in mortgage-backed bonds it started buying in September."
The Fed is only expanding its current 3 trillion USD balance sheet by 1 trillion USD per year. Drama, drama.
/sarc
Bernanke is looking more impotent by the day.
It's only $2,739,726,027 per day. We can take Ben with us and spend at least that much on a good night at Mons Venus! I guarantee impotence will not be an issue.
Since I didn't see it on the thread yet....
Fuck you Ben!
"$85bil monthly purchases." Just rolls off the tongue, doesn't it?
"One myth that’s out there is that what we’re doing is printing money. We’re not printing money." -The Bearded Potato
Algos quickly being rewritten to parse employment into more detailed slice and dice and to look for more and more disenfranchisement so rate lowers to < 6 1/2%
The numbers are so manipulated I wouldn't be surprised if they stopped counting altogether and say unemployment is at 0% when they need to.
That's the combined annual GDP of Bulgaria and Paraguay, each month. This is utterly fucking insane, and it is scaring me that nobody seems to either know it, or care.
Honestly, just how many people do you expect to know anything about Bulgaria and Paraguay, let alone their GDP?
"GDP" is just a number rich guys make up when they're asked to by political guys.
fuckin ..p p p po po pork pork porkee p p pi p ppig fells sorry for this guy......
$40B/mo to bankers to bail them out. $45B/mo to bail out Obama. With NO end in sight. This is theft on an unimaginable scale. Congrats FED!
Bernankestiltskin* is asking a whole lot of "whys" in a mangled response to a question and then responding "fiscal cliff...fiscal cliff..fiscal cliff..." in reply to his own question.
It's a funny shit show!
*"In order to make himself appear more important, a miller lies to a king, telling him that his daughter can spin straw into gold..."
This is officially QE4 to infinity. If this doesn't wake people to buy PM's nothing will.
He is so impotent he needs a booster dose of viagra and cialis to find his own willie. And the balance sheet... please.... it is loaded with worthless crapola.
So who bails out the Fed? There is no lender of last resort waiting to run to the rescue, so I guess we will have to have a one world bank pop up to consolidate the ECB, BOE, FED and all those other CBs around the world.
One currency, one government, one religion, one leader.
FTFY
nice mouth
Have you heard about IMF/BIS and their SDRs? That will be the new currency used to bail out the CBs.
Meanwhile, further down the rabbithole (looks like a chose a bad day to stop sniffing glue):
WASHINGTON (MarketWatch) — The U.S. government ran a budget deficit of $172 billion in November, the Treasury Department said Wednesday, pushing the shortfall for the first two months of fiscal 2013 to $292 billion.
In November, the government spent $334 billion and took in $162 billion in revenue.
For the fiscal year to date, the deficit is up 24% compared to the first two months of fiscal 2012.
The latest monthly budget figures came as the White House and congressional Republicans are locked in intense negotiations to avoid the fiscal cliff of automatic spending cuts and tax increases set to take effect next year. Read more MarketWatch fiscal cliff coverage.
Wednesday morning, House Speaker John Boehner urged President Barack Obama to put forth a plan that cuts spending.
“His plan does not fulfill his promise to bring a balanced approach to solving this problem,” Boehner told reporters on Capitol Hill.
The White House, meanwhile, has pushed back against Boehner and emphasized it has offered cuts, including from Medicare and other programs.
White House spokesman Jay Carney said Wednesday that Obama still believes a deal is possible before the end of the year. But he said Obama will not sign a bill that does not include higher taxes on the wealthiest 2% of Americans.
Revenues were up 6% in November, compared to the same month a year ago, thanks to increased receipts of corporate taxes and individual withheld taxes and greater Federal Reserve earnings.
Spending increased by 15% in November, as outlays for agriculture, Medicare, veterans affairs and other programs increased compared to a year ago.
The government’s fiscal year runs from October to September.
Reducing spending, LOL. Compromise, LOL. We have compromised ourselves into a 16+ Trillion dollar hole and climbing rapidly. Spending money 2.5 x faster than it is taken in will cause these problems. Sad thing is, even if they raise taxes, the will still spend 2.5 x faster. They should have all gotten F's in math class.
Remember when we used to run a $172 billion dollar deficit in a YEAR??
http://www.google.com.hk
Honk Hong is screaming to everyone to move into gold NOW because of the QE4EVAOXLUVS.
well shit...look at that, sancitions. Xmas came early.
Here is a compendium of Ben Bernanke's least proficient prognostications (which are numerous). In this case, past performance is a guarantee of future results!
http://www.youtube.com/watch?v=GbOWiJ94Xvg
Er......um.......ah.......annnnnnd......
"Growth meme, growth meme...... growth meme..... credit expansion growth meme........ solution is more credit expansion..... solution is more growth................................... modify growth meme, modify credit exapnsion.............future........ over tiiiiiiiiiiiiiiiime"
Thank you.
Fucking brilliant. +$16T
Half the growth and double the unemployment, if you care for reality. Or you can listen to Bernanke's pathological lies.
How can a central banker sleep at night knowing that he is impoverishing millions and enslaving the masses each time they go to work?
Just proves that some sub-humans who walk among us, can rationalize just about anything...
My guess is they know quite well that there are a limited number of life boats and, from their perspective, they're just trying to put the right people in them. They're also trying to keep everyone else from panicking.
When the ship goes down, somebody has to be left floating in the cold water. Sucks to be them (me).
+1
If some body is close by- will you PLEASE knock the shit out of Jeff Saut!!!
Quiverr bitchesss
We would have lost our jobs years ago with their record.
95% inflation in 80 years, not a good track record at all. I have a dream, to one day see that little cocksucker bernanke sent to prison where he is repeatedly gang raped and beaten. To steal from one person is bad enough, but to financially decimate an entire nation and possibly the world with lies, greed and deception has to have a unique and most cruel penalty!
I would agree, except I think he would enjoy the gang raping. A better punishment might be to make him poor by giving him an unlimited supply of monopoly money on which to live.
He is, after all, doing the same to us.
Just shave off a little .01% here or there and suddenly all is well.
Yea whatever.
I wondered why Silver spiked.
I wondered why gold didn't.
Gold is still a barbaric metal. Silver is required for the latest in electronic toys.
Cruise missiles and drones?
Barbarous.
I don't care either way, but just don't want Krugman to get offended.
Nov deficit $172 billion. Wow, is that a record?
Hey it's ALL good....just as long as we can keep shoveling around 1/4 $trillion/month onto generations down the road X25 by now.
For this month?
Yes it is! HA HA! Biznezzzz!
All you need to know:
Unemployment projected to stay above 6.5% until mid 2015.
Unemployment will be reported as 6.5% or higher because it's a made-up number anyway.
And that will happen just in time for the 2016 election cycle. The Democrats are going to flog that nag as hard as they can. It won't do them any good. But they are certainly going to try.
Can this MIT PHD explain in human language how they come up with these numbers which have never been correct. Based on a very simple guess, I can come up with 2%. Can they prove me wrong? If they are so stupid, why they are in charge of printing money?
Just because he's a 'PHD' doesn't mean he not just talkin' shit.
He is the Fed. They are not required to explain anything to us, but they do so out of the kindness of their hearts if they feel like it.
3+% real growth, huh? Only if the Fed can buy real GDP and make it go up.
They absolutely can buy GDP and make it go up. Would be really easy actually. But it would also signal the end of the world, so they are a little slow to go there.
+QEGDP4EVA
That is the final bullet in the chamber.
Fact. But they are going to pull that trigger regardless. Trust me, it's already been written into the plot. I'm watching this roll out over the last 5 years and I can see now where it's all headed.
And I do not like it.
Yes, at the end of a 100 year play and in the final act the Federal Reserve will destroy it's own balance sheet and demand the real owners will confiscate the underlying assets of anyone beholden to them, such as the U.S. Treasury.
Gonna become the largest transfer of assets ever seen in the entire history of the human race. And that history includes the transfer of assets that took place when pagan Rome gifted half the wealth of the known world to the Catholic Church.
And that bullet is nothing but a blank.
The economy, and the market, will not recover until Bernanke and his cohort of academic-never-had-a-proper-job idiots stop trying to act like King Cnut (Canute) was supposed to have done (in fact, whether it be revisionist history or not, apparently Cnut went to the waves to show his sycophantic courtiers that he WASN'T as powerful as God and that he COULDN'T control the waves).
DavidC
it cant be said enough, but we have truly entered the realm of the absurd. this music is chilling.
BOHICA - A one word press converence would suffice, no need to elaborate...
fuck this jew fucker. the day of reckoning draws near for his parasitic breed of central bankers.
While many of the Elite are publically other religions, privately they follow a religion in which they believe they are gods, and are uniited by the deity Lucifer.
Really important when the Day of Reckoning comes, it comes for the correct people.
Lower growth bullish for stocks.
I'm totally a contrarian. I'm here to reap the reward of no profits.
I suggest that whatever this prick says or predicts, assume the opposite is the truth.
If he predicts growth, expect a decline. If he says the economy looks good, it means it doesnt.
One thing you can be sure of: Moar PRINTING! Y'know, cuz it's worked so well so far.
These projections are absolutely meaningless. Fodder for the cattle to ruminate on.
Don't listen to what they say, watch what they do. And what they are doing is really really terrifying. They are that scared.
Let's see: As the economy improves signalling an end to flow the stock market will go down. But, as long as UE is < 6.5% flow will continue indefinately. So, what's the conundrum?
Oh, and didn't Benocide declare under oath that he would never ever monetize the debt? Well, liar, liar, pants on fire!
Oh, and holy shit! $85B in monthly injections to keep this ol' whore alive. My, my.
Why doesn't he get a job.
McDonald's won't hire him?
??????? ??????? ????!
Really? What, no reach around when you're fucking us in the ass without Vasiline? These Criminals need to be delt with extreme prejudice.
Uncle Ben Shalom Bernanke, the Destroyer of Worlds
He sounds nervous, there's a tremor in his voice.
Maybe even he can't believe he has been able to get away with this shit for this long...
he always sounds like that - douchery
Kaiser Souze!
Just think of the type of idiot they'll have to find to replace him.
As always, the movie "Idiocracy" was a documentary.
The Bernak. is quivering like a little school girl...
I haven't seen Bernanke wear a different tie than this stupid green one for months now. Does he only own one tie?
This is Gosplan on Pravda, circa 1991.
F'd up mang.
That chick on the right is kinda cute.
'kinda' being the operative word.
...we will continue confiscating and redistributing wealth until there is an improvement in the economy.
His first line was the 3.5 years of recovery......?????? Less people working today than 3.5 years ago...more on welfare...yes that is a great recovery...give this guy a Ham for Christmas..he can´t eat it
He meant to say that banker bonuses have recovered. Must have skipped over that line in the speech.
give this guy a Ham for Christmas..he can´t eat it
Wrong. He is an unorthodox joo banker. try to keep up.
Less people working = more people on vacation = #winning
Amirite?
How would you like to go to a strip club with Bernanke?
It always helps to have a pitiful fool at the table. The girls will gravitate to an obvious mark.
Sweet! Keep the 1's coming, Benny and we'll get some action for sure!
To infinity and beyond!
Why not. Obama stole Bob the Builder's slogan, "Can we build it? Yes, we can!"
Did he just say "sadistical methods of inflation...? "
No,
..it was satanistic methods of inflation
BB "policy isn't on autopilot". No kidding. It's on kamikaze pilot...
SELL Fed in PANIC MODE>
Pathway for Interest Rates - what would that be - the Yellow Brick Friggin Road.Is this guy on Crystal Meth.
Obamalaise - the Ennui Economy!
And the Fed can't organise the proverbial p!$$ up in a brewery
Buy on the Boner.. Sell on the Beard!
Quivering like a kindergarten kid on their first day of school. Bernanke knows the lies are going to cost him dearly.
Looks like both Bernanke and Obama will use the "fiscal cliff" as a means to deflect blame. They need this fiscal cliff to happen.
The narrative has already been written. Look who the OWS people were blaming. Look who they are blaming. They create the situation and the problem so they can blame the Free Markets that didn't exist in the first place. Dude, read Rothbard.
Manning the battle station...100 ES @ Sell.
Hit it.
"whether or not there is "inflation" will be determined by the opinions of economists and econometric models - and not by the prices of internationally traded commodities."
- what Ben just said
Well, gotta give him credit for being honest there. They've been doing that for 20 years anyway.
OH! He just said what they've been waiting all this time for is the 'takeoff point'....LOL, kamikazee pilot at the controls, all ready for takeoff, Cap'n Shalom!
Fucking douchebag.
Old BB seems to be predictable. Why don't you brilliant traders take advantage?
The problem with Ben's hypothesis is that if inflation begins to rise (which it will) that he can simply raise rates and halt the inflation. Lets see, with what will likely be over $16 Trillion in debt by the time that starts and interest rate of oh lets say 5% on the debt service will bring us to an anual payment on the Federal Debt service of $800 billion. Now, what would that do to our federal budget? Not possible. The Fed is locked into a death spiral with the US debt as the ECB increasingly becomes so with the EU.
From his point of view this won't matter ... he'll just print whatever he needs and whatever little people get killed in the inflartionary pyre will just be collateral damage.
He just denies there is inflation. He said there is about 2% inflation and that's about what they expected.
Which is why his hypothesis is NOT meant to be analyzed (by him or any other).
You either accept it at face value, or you've designated yourself as a terrorist by threatening "national security."
Remember, only those who hate America and freedom would ever dare to challenge the decrees emanating from Rome on the Potomac, as any decent person would not try and undermine the confidence needed to keep the facade shiny.
Wait, I think I went off script there somewhere...
Can you say hair cut?
85% off the top my good man!
but but but...the Fed will be collecting so many Treasury coupons they can buy Canada!
OK, well this little freakshow is now over....back to the Big Top for more of the 'Fiscal Cliff Clownshow'.
How can he say "the Economy continues to strenghten", when another 500,000 have been added to the foodstamp program and we added $7 Trillion more in debt in the last four years? How can he say this bollox and no one questions it?
Easy go look at how GDP is calculated. Notice the G portion of that equation. It's Socialist math. Government spending is part of the economy to Socialists, hence GDP being used almost exclusivesly by government economists. Private market economists do not use GDP.
exactly right...ever noticed how every government employeee always works 40 hours a week in the BLS statistics and the number of government employees is going up along with their wages?
another example of measuring productivity via the socialist model (every new government employee achieves the same level as every old government employee). government has no motivation to get smaller with productivity/smarter working practices since there is no way to actually measure government sector productivity.
I love the plant in the audience who always asks why the Fed isn't printing even more. Happens everytime. Expect him to take off his mask and reveal Chuck Schumer.
But, but... won't you think of...
THE CHILDREN!!!!1!!1!1
If the balance sheet gets too big it might impede market stability and functionality ......... Uhmmm too late Ben.
If.
LOLOLOL.
Well, it's a good thing it's only going up ONE trillion a year.
help me out here. profits/losses on the feds books go to the treasury, so the Fed is not a private bank (no I mean it really isn't like C).
why can't the Fed buy up all the Treasuries and simply cancel the $10 trillion out of 16 trillion of treasuries in prvate hands and simply cancel the natinal debt?
Because people don't go to all of the effort to enslave humanity merely to cancel the affair.
You're acting as if this is something other than a criminal cartel (or that laws are anything other than one person tresspassing upon the life of another).
oh
He seriously said that?
Planted question about near-term stimulus......they don't even try to conceal their biases any more. Straight up democrat shills.
The stimulus and QE were both ideas batted around by Republicans. Neither party is less guilty of any immoralities.
"new boss....same as the old boss"
It's all a puppet show with one puppet master.
keep on believing the red puppet is different from the blue one.
Give the guy a break, fellas. He's just one bad move away from being the patsy, and he knows it.
On second thought, fuck him.
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All I heard was, "Our "Empirically Proven" theoretical framework of Economics on the macro level are in reality not so Empirical and not so Proven after all. In fact they are nothing but hogwash and everyone else should take note that I'm here because I have a Ph.D. not because I actually understand the economy."
Every time that guy opens his mouth, that is what I hear. He's part of the numbers crowd that can't seem to understand that at the end of those numbers there are hundreds of millions of people there. People do not work as perfectly as math can.
I recently watched the documentary on the LTCM fiasco and now all I can think of when I see BB is the correlation with those who were running LTCM. He is just another Ph.D. who knows a lot about a very,very small area of a much larger subject, yet thinks he knows everything. The LTCM group didn't really know what they were doing, and when things went a little off course from their "limited scope," they made horribly moronic moves and spun completely out of control.
"We've innovated quite a bit in the last few years"
4 trillion of "innovation"
Your number is too small.
"Ben, we need you to stay and finish the job."
I think I'm going to vomit!
well that's interesting..maybe..6.5% unemployment rate..hmm..if the participation rate continues to decline at its current rate, the unemployment rate will be 6.5% in two and a half years (Particiaption rate dropping at 0.5% p.a. = 1.25% for the unemployment rate dropping from 7.8% current to 6.5%, all other things being equal).
Ack...nothing is not equal to nothing else being equal...more bleh
http://data.bls.gov/timeseries/LNS11300000
"Maybe things will go well"....Fed Chair Ben Bernanke 12/12/12
Good to know they're not monetizing the debt, anyway.
As I recall, his definition of monetizing was if they held the debt forever. Since they have a plan to unwind, it isn't.
Indeed. It's the rare smoker I've met who didn't have plans to quit, too.
Ben certainly graduated Magna Cum Laude from the "Baffle em with Bullshit University"
Bernanke: no policy maker should respond to markets, should respond to needs of the economy.
*BERNANKE: `I CERTAINLY HOPE THAT MARKETS WON'T HAVE TO TANK'
You can kiss the market goodbye; he does not care anymore. Took too much abuse from Gross and Zerohedge.
Now with QEternity tied to the unemployment rate - any increases in unemployment will be cheered by markets..... "lower for longer"; This guy has completely managed to screw up the operation of capital markets around the world.....
Yeah - like it will be easy to unwind 5TR of debt.... Are you kidding ? Seriously ?
Apple TV will save us all...... Halleleuja !!