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Bernanke Press Conference - Live Webcast

Tyler Durden's picture


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:

Fomc Proj Tabl 20121212


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Wed, 12/12/2012 - 15:04 | 3056757 cxl9
cxl9's picture

How good is their track record with economic predictions, anyway? Oh, right ..

Wed, 12/12/2012 - 15:08 | 3056768 nope-1004
nope-1004's picture

Mr. Turrets will be heavily medicated, AGAIN.  Fuck you, Benocide, you lying POS.


Wed, 12/12/2012 - 15:10 | 3056781 TruthInSunshine
TruthInSunshine's picture

Bernanke will come out, announce the FOMC has changed its mind, and they'll announce the actual decision next month. Hilarity will ensue.

Wed, 12/12/2012 - 15:15 | 3056800 krispkritter
krispkritter's picture


" 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."

Wed, 12/12/2012 - 15:20 | 3056821 TruthInSunshine
TruthInSunshine's picture

The Fed is only expanding its current 3 trillion USD balance sheet by 1 trillion USD per year. Drama, drama.


Bernanke is looking more impotent by the day.

Wed, 12/12/2012 - 15:30 | 3056873 AlaricBalth
AlaricBalth's picture

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.

Wed, 12/12/2012 - 15:35 | 3056895 Slewburger
Slewburger's picture

Since I didn't see it on the thread yet....

Fuck you Ben!


Wed, 12/12/2012 - 15:37 | 3056904 Dalago
Dalago's picture

"$85bil monthly purchases." Just rolls off the tongue, doesn't it?

Wed, 12/12/2012 - 15:40 | 3056921 crusty curmudgeon
crusty curmudgeon's picture

"One myth that’s out there is that what we’re doing is printing money. We’re not printing money."  -The Bearded Potato

Wed, 12/12/2012 - 15:49 | 3056953 CClarity
CClarity's picture

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%

Wed, 12/12/2012 - 17:32 | 3057391 Harbanger
Harbanger's picture

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.

Wed, 12/12/2012 - 15:42 | 3056931 bagehot99
bagehot99's picture

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.

Wed, 12/12/2012 - 16:32 | 3057143 NotApplicable
NotApplicable's picture

Honestly, just how many people do you expect to know anything about Bulgaria and Paraguay, let alone their GDP?

Wed, 12/12/2012 - 16:43 | 3057182 blunderdog
blunderdog's picture

"GDP" is just a number rich guys make up when they're asked to by political guys.

Wed, 12/12/2012 - 17:26 | 3057377 smlbizman
smlbizman's picture

fuckin ..p p p po po pork pork porkee  p p pi p ppig fells sorry for this guy......

Wed, 12/12/2012 - 15:38 | 3056908 asteroids
asteroids's picture

$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!

Wed, 12/12/2012 - 15:44 | 3056930 TruthInSunshine
TruthInSunshine's picture

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..."

Wed, 12/12/2012 - 17:24 | 3057366 Harbanger
Harbanger's picture

This is officially QE4 to infinity.  If this doesn't wake people to buy PM's nothing will.

Wed, 12/12/2012 - 15:29 | 3056877 Chief KnocAHoma
Chief KnocAHoma's picture

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. 

Wed, 12/12/2012 - 15:52 | 3056961 EscapeKey
EscapeKey's picture

One currency, one government, one religion, one dear leader.


Wed, 12/12/2012 - 17:14 | 3057312 Jake88
Jake88's picture

nice mouth

Wed, 12/12/2012 - 15:57 | 3056992 laozi
laozi's picture

Have you heard about IMF/BIS and their SDRs? That will be the new currency used to bail out the CBs.

Wed, 12/12/2012 - 15:18 | 3056830 EscapeKey
EscapeKey's picture

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.

Wed, 12/12/2012 - 15:24 | 3056861 Beam Me Up Scotty
Beam Me Up Scotty's picture

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??

Wed, 12/12/2012 - 15:40 | 3056917 CPL
CPL's picture


Honk Hong is screaming to everyone to move into gold NOW because of the QE4EVAOXLUVS.


well shit...look at that, sancitions.  Xmas came early.

Wed, 12/12/2012 - 15:21 | 3056838 AlaricBalth
AlaricBalth's picture

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!

Wed, 12/12/2012 - 15:12 | 3056796 Bay of Pigs
Bay of Pigs's picture


Wed, 12/12/2012 - 15:21 | 3056842 tickhound
tickhound's picture

"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.



Wed, 12/12/2012 - 16:00 | 3057007 VisualCSharp
VisualCSharp's picture

Fucking brilliant. +$16T

Wed, 12/12/2012 - 15:18 | 3056831 vast-dom
vast-dom's picture

Half the growth and double the unemployment, if you care for reality. Or you can listen to Bernanke's pathological lies.

Wed, 12/12/2012 - 15:25 | 3056863 Poor Grogman
Poor Grogman's picture

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...

Wed, 12/12/2012 - 15:31 | 3056883 Spastica Rex
Spastica Rex's picture

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).

Wed, 12/12/2012 - 16:53 | 3057218 Poor Grogman
Poor Grogman's picture


Wed, 12/12/2012 - 15:14 | 3056809 Stoploss
Stoploss's picture

If some body is close by- will you PLEASE knock the shit out of Jeff Saut!!!

Wed, 12/12/2012 - 15:17 | 3056819 ZippyBananaPants
ZippyBananaPants's picture

Quiverr bitchesss


Wed, 12/12/2012 - 15:24 | 3056860 khakuda
khakuda's picture

We would have lost our jobs years ago with their record.

Wed, 12/12/2012 - 15:26 | 3056871 Ookspay
Ookspay's picture

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!

Wed, 12/12/2012 - 15:38 | 3056906 Chief KnocAHoma
Chief KnocAHoma's picture

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.

Wed, 12/12/2012 - 15:40 | 3056919 SheepDog-One
SheepDog-One's picture

Just shave off a little .01% here or there and suddenly all is well. 

Yea whatever.

Wed, 12/12/2012 - 15:08 | 3056775 swissaustrian
swissaustrian's picture

I wondered why gold didn't.

Wed, 12/12/2012 - 15:12 | 3056793 Long-John-Silver
Long-John-Silver's picture

Gold is still a barbaric metal. Silver is required for the latest in electronic toys.

Wed, 12/12/2012 - 15:17 | 3056825 fuu
fuu's picture

Cruise missiles and drones?

Wed, 12/12/2012 - 15:29 | 3056876 TruthInSunshine
TruthInSunshine's picture


I don't care either way, but just don't want Krugman to get offended.

Wed, 12/12/2012 - 15:07 | 3056767 spartan117
spartan117's picture

Nov deficit $172 billion.  Wow, is that a record?

Wed, 12/12/2012 - 15:32 | 3056881 SheepDog-One
SheepDog-One's picture

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.

Wed, 12/12/2012 - 15:41 | 3056925 CPL
CPL's picture

For this month?


Yes it is!  HA HA!  Biznezzzz!

Wed, 12/12/2012 - 15:07 | 3056769 swissaustrian
swissaustrian's picture

All you need to know:

Unemployment projected to stay above 6.5% until mid 2015.

Wed, 12/12/2012 - 15:10 | 3056784 Long-John-Silver
Long-John-Silver's picture

Unemployment will be reported as 6.5% or higher because it's a made-up number anyway.

Wed, 12/12/2012 - 15:16 | 3056815 cougar_w
cougar_w's picture

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.

Wed, 12/12/2012 - 15:07 | 3056771 YesWeKahn
YesWeKahn's picture

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?

Wed, 12/12/2012 - 15:33 | 3056886 SheepDog-One
SheepDog-One's picture

Just because he's a 'PHD' doesn't mean he not just talkin' shit.

Wed, 12/12/2012 - 17:24 | 3057365 Jake88
Jake88's picture

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.

Wed, 12/12/2012 - 15:08 | 3056779 Glass Seagull
Glass Seagull's picture



3+% real growth, huh?  Only if the Fed can buy real GDP and make it go up.



Wed, 12/12/2012 - 15:12 | 3056791 cougar_w
cougar_w's picture

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.

Wed, 12/12/2012 - 15:15 | 3056813 Tsar Pointless
Tsar Pointless's picture


That is the final bullet in the chamber.

Wed, 12/12/2012 - 15:18 | 3056827 cougar_w
cougar_w's picture

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.

Wed, 12/12/2012 - 15:22 | 3056847 LawsofPhysics
LawsofPhysics's picture

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. 

Wed, 12/12/2012 - 15:32 | 3056880 cougar_w
cougar_w's picture

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.

Wed, 12/12/2012 - 17:03 | 3057257 SheepDog-One
SheepDog-One's picture

And that bullet is nothing but a blank.

Wed, 12/12/2012 - 15:09 | 3056780 DavidC
DavidC's picture

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).


Wed, 12/12/2012 - 15:12 | 3056790 DrDinkus
DrDinkus's picture

it cant be said enough, but we have truly entered the realm of the absurd. this music is chilling.

Wed, 12/12/2012 - 15:12 | 3056794 Fix It Again Timmy
Fix It Again Timmy's picture

BOHICA - A one word press converence would suffice, no need to elaborate...


Wed, 12/12/2012 - 15:12 | 3056795 KarlGDenninger
KarlGDenninger's picture

fuck this jew fucker. the day of reckoning draws near for his parasitic breed of central bankers.

Wed, 12/12/2012 - 17:18 | 3057328 SMG
SMG's picture

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.

Wed, 12/12/2012 - 15:12 | 3056799 mdtrader
mdtrader's picture

Lower growth bullish for stocks.

Wed, 12/12/2012 - 15:44 | 3056935 CPL
CPL's picture

I'm totally a contrarian.  I'm here to reap the reward of no profits.

Wed, 12/12/2012 - 15:14 | 3056802 Zap Powerz
Zap Powerz's picture

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.

Wed, 12/12/2012 - 15:14 | 3056804 cougar_w
cougar_w's picture

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.

Wed, 12/12/2012 - 15:22 | 3056807 Commander Cody
Commander Cody's picture

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.

Wed, 12/12/2012 - 15:14 | 3056808 q99x2
q99x2's picture

Why doesn't he get a job.

Wed, 12/12/2012 - 15:15 | 3056814 krispkritter
krispkritter's picture

McDonald's won't hire him?

Wed, 12/12/2012 - 15:15 | 3056817 thedrickster
thedrickster's picture

??????? ??????? ????!

Wed, 12/12/2012 - 15:16 | 3056823 Chupacabra-322
Chupacabra-322's picture

Really?  What, no reach around when you're fucking us in the ass without Vasiline?  These Criminals need to be delt with extreme prejudice. 

Wed, 12/12/2012 - 15:17 | 3056824 Bay of Pigs
Bay of Pigs's picture

Uncle Ben Shalom Bernanke, the Destroyer of Worlds

Wed, 12/12/2012 - 15:17 | 3056826 GoldbugVariation
GoldbugVariation's picture

He sounds nervous, there's a tremor in his voice.

Wed, 12/12/2012 - 15:20 | 3056844 Traianus Augustus
Traianus Augustus's picture

Maybe even he can't believe he has been able to get away with this shit for this long...

Wed, 12/12/2012 - 15:24 | 3056854 inevitablecollapse
inevitablecollapse's picture

he always sounds like that - douchery

Wed, 12/12/2012 - 15:27 | 3056870 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Kaiser Souze!

Wed, 12/12/2012 - 16:36 | 3057154 NotApplicable
NotApplicable's picture

Just think of the type of idiot they'll have to find to replace him.

As always, the movie "Idiocracy" was a documentary.

Wed, 12/12/2012 - 15:17 | 3056829 Yen Cross
Yen Cross's picture

 The Bernak. is quivering like a little school girl...

Wed, 12/12/2012 - 15:18 | 3056832 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I haven't seen Bernanke wear a different tie than this stupid green one for months now.  Does he only own one tie?

Wed, 12/12/2012 - 15:18 | 3056834 thedrickster
thedrickster's picture

This is Gosplan on Pravda, circa 1991. 

F'd up mang.

Wed, 12/12/2012 - 15:19 | 3056836 Dan The Man
Dan The Man's picture

That chick on the right is kinda cute.

Wed, 12/12/2012 - 16:28 | 3057130 jomama
jomama's picture

'kinda' being the operative word.

Wed, 12/12/2012 - 15:21 | 3056839 e-man
e-man's picture

...we will continue confiscating and redistributing wealth until there is an improvement in the economy.

Wed, 12/12/2012 - 15:20 | 3056845 youngman
youngman's picture

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

Wed, 12/12/2012 - 15:34 | 3056889 cougar_w
cougar_w's picture

He meant to say that banker bonuses have recovered. Must have skipped over that line in the speech.

Wed, 12/12/2012 - 15:51 | 3056958 buzzsaw99
buzzsaw99's picture

give this guy a Ham for Christmas..he can´t eat it

Wrong. He is an unorthodox joo banker. try to keep up.

Wed, 12/12/2012 - 16:37 | 3057156 NotApplicable
NotApplicable's picture

Less people working = more people on vacation = #winning


Wed, 12/12/2012 - 15:21 | 3056846 Fix It Again Timmy
Fix It Again Timmy's picture

How would you like to go to a strip club with Bernanke?

Wed, 12/12/2012 - 15:52 | 3056968 Kilgore Trout
Kilgore Trout's picture

It always helps to have a pitiful fool at the table. The girls will gravitate to an obvious mark.

Wed, 12/12/2012 - 15:55 | 3056980 LFMayor
LFMayor's picture

Sweet!   Keep the 1's coming, Benny and we'll get some action for sure!

Wed, 12/12/2012 - 15:25 | 3056866 s2man
s2man's picture

To infinity and beyond!

Wed, 12/12/2012 - 15:30 | 3056875 mademesmile
mademesmile's picture

Why not. Obama stole Bob the Builder's slogan, "Can we build it? Yes, we can!"

Wed, 12/12/2012 - 15:27 | 3056867 mademesmile
mademesmile's picture

Did he just say "sadistical methods of inflation...? "

Wed, 12/12/2012 - 15:40 | 3056923 Racer
Racer's picture

No, was satanistic methods of inflation

Wed, 12/12/2012 - 15:27 | 3056868 ceilidh_trail
ceilidh_trail's picture

BB "policy isn't on autopilot". No kidding. It's on kamikaze pilot...

Wed, 12/12/2012 - 15:31 | 3056884 virgilcaine
virgilcaine's picture


Wed, 12/12/2012 - 15:38 | 3056901 Goldenballs
Goldenballs's picture

Pathway for Interest Rates - what would that be - the Yellow Brick Friggin Road.Is this guy on Crystal Meth.

Wed, 12/12/2012 - 15:39 | 3056911 sbenard
sbenard's picture

Obamalaise - the Ennui Economy!

Wed, 12/12/2012 - 15:39 | 3056915 Racer
Racer's picture

And the Fed can't organise the proverbial p!$$ up in a brewery

Wed, 12/12/2012 - 15:40 | 3056916 virgilcaine
virgilcaine's picture

Buy on the Boner.. Sell on the Beard!

Wed, 12/12/2012 - 15:40 | 3056918 Everybodys All ...
Everybodys All American's picture

Quivering like a kindergarten kid on their first day of school. Bernanke knows the lies are going to cost him dearly.

Wed, 12/12/2012 - 15:42 | 3056929 e-man
e-man's picture

Looks like both Bernanke and Obama will use the "fiscal cliff" as a means to deflect blame.  They need this fiscal cliff to happen.

Wed, 12/12/2012 - 16:19 | 3057101 NidStyles
NidStyles's picture

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.

Wed, 12/12/2012 - 15:42 | 3056933 virgilcaine
virgilcaine's picture

Manning the battle station...100 ES @ Sell.

Wed, 12/12/2012 - 15:45 | 3056944 Everybodys All ...
Everybodys All American's picture

Hit it.

Wed, 12/12/2012 - 15:43 | 3056934 Madcow
Madcow's picture

"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 



Wed, 12/12/2012 - 15:51 | 3056955 phoolish
phoolish's picture

Well, gotta give him credit for being honest there.  They've been doing that for 20 years anyway.

Wed, 12/12/2012 - 15:50 | 3056939 SheepDog-One
SheepDog-One's picture

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.

Wed, 12/12/2012 - 15:46 | 3056943 Hohum
Hohum's picture

Old BB seems to be predictable.  Why don't you brilliant traders take advantage?

Wed, 12/12/2012 - 15:48 | 3056948 Duffminster
Duffminster's picture

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.

Wed, 12/12/2012 - 15:52 | 3056970 phoolish
phoolish's picture

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.



Wed, 12/12/2012 - 16:54 | 3057227 XitSam
XitSam's picture

He just denies there is inflation. He said there is about 2% inflation and that's about what they expected.

Wed, 12/12/2012 - 16:42 | 3057171 NotApplicable
NotApplicable's picture

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...

Wed, 12/12/2012 - 18:04 | 3057474 helping_friendl...
helping_friendly_book's picture

Can you say hair cut?

85% off the top my good man!



Wed, 12/12/2012 - 18:19 | 3057521 hooligan2009
hooligan2009's picture

but but but...the Fed will be collecting so many Treasury coupons they can buy Canada!

Wed, 12/12/2012 - 15:53 | 3056973 SheepDog-One
SheepDog-One's picture

OK, well this little freakshow is now over....back to the Big Top for more of the 'Fiscal Cliff Clownshow'.

Wed, 12/12/2012 - 15:58 | 3056989 jubber
jubber's picture

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?

Wed, 12/12/2012 - 16:17 | 3057092 NidStyles
NidStyles's picture

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.

Wed, 12/12/2012 - 18:16 | 3057512 hooligan2009
hooligan2009's picture

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.

Wed, 12/12/2012 - 16:00 | 3057005 khakuda
khakuda's picture

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.

Wed, 12/12/2012 - 16:43 | 3057179 NotApplicable
NotApplicable's picture

But, but... won't you think of...

THE CHILDREN!!!!1!!1!1

Wed, 12/12/2012 - 16:01 | 3057014 Dr. Engali
Dr. Engali's picture

If the balance sheet gets too big it might impede market stability and functionality ......... Uhmmm too late Ben.

Wed, 12/12/2012 - 16:03 | 3057026 bagehot99
bagehot99's picture



Wed, 12/12/2012 - 16:47 | 3057193 NotApplicable
NotApplicable's picture

Well, it's a good thing it's only going up ONE trillion a year.

Wed, 12/12/2012 - 16:22 | 3057115 hooligan2009
hooligan2009's picture

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?

Wed, 12/12/2012 - 16:46 | 3057189 NotApplicable
NotApplicable's picture

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).

Wed, 12/12/2012 - 18:12 | 3057497 hooligan2009
hooligan2009's picture


Wed, 12/12/2012 - 16:35 | 3057152 Village Smithy
Village Smithy's picture

He seriously said that?

Wed, 12/12/2012 - 16:03 | 3057022 bagehot99
bagehot99's picture

Planted question about near-term stimulus......they don't even try to conceal their biases any more. Straight up democrat shills.

Wed, 12/12/2012 - 16:15 | 3057082 NidStyles
NidStyles's picture

The stimulus and QE were both ideas batted around by Republicans. Neither party is less guilty of any immoralities.

Wed, 12/12/2012 - 17:58 | 3057457 helping_friendl...
helping_friendly_book's picture

"new boss....same as the old boss"

It's all a puppet show with one puppet master.

Wed, 12/12/2012 - 16:24 | 3057117 jomama
jomama's picture

keep on believing the red puppet is different from the blue one.

Wed, 12/12/2012 - 16:05 | 3057035 dolph9
dolph9's picture

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.

Wed, 12/12/2012 - 16:06 | 3057039 earthling
earthling's picture

uhh euhhh uhh euhh uhh uhh uhh eu uhh euhhh uhh euhhh uhhh

uhh euhhh uhh euhh uhh uhh uhh eu uhh euhhh uhh euhhh uhhh

uhh euhhh uhh euhh uhh uhh uhh eu uhh euhhh uhh euhhh uhhh

uhh euhhh uhh euhh uhh uhh uhh eu uhh euhhh uhh euhhh uhhh


Wed, 12/12/2012 - 16:37 | 3057074 NidStyles
NidStyles's picture

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.

Wed, 12/12/2012 - 17:46 | 3057416 Blankenstein
Blankenstein's picture

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.  

Wed, 12/12/2012 - 16:14 | 3057079 mademesmile
mademesmile's picture

"We've innovated quite a bit in the last few years"


4 trillion of "innovation"


Wed, 12/12/2012 - 16:25 | 3057120 NidStyles
NidStyles's picture

Your number is too small.

Wed, 12/12/2012 - 16:19 | 3057098 Being Free
Being Free's picture

"Ben, we need you to stay and finish the job."

I think I'm going to vomit!

Wed, 12/12/2012 - 16:20 | 3057104 hooligan2009
hooligan2009's picture

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

Wed, 12/12/2012 - 16:30 | 3057134 Benjamin Glutton
Benjamin Glutton's picture

"Maybe things will go well"....Fed Chair Ben Bernanke 12/12/12

Wed, 12/12/2012 - 16:32 | 3057144 blunderdog
blunderdog's picture

Good to know they're not monetizing the debt, anyway.

Wed, 12/12/2012 - 17:17 | 3057325 XitSam
XitSam's picture

As I recall, his definition of monetizing was if they held the debt forever. Since they have a plan to unwind, it isn't.

Wed, 12/12/2012 - 18:24 | 3057542 blunderdog
blunderdog's picture

Indeed.  It's the rare smoker I've met who didn't have plans to quit, too.

Wed, 12/12/2012 - 16:34 | 3057150 Skyprince
Skyprince's picture

Ben certainly graduated Magna Cum Laude from the "Baffle em with Bullshit University"


Wed, 12/12/2012 - 16:38 | 3057158 Iam Yue2
Iam Yue2's picture

Bernanke: no policy maker should respond to markets, should respond to needs of the economy.


You can kiss the market goodbye; he does not care anymore. Took too much abuse from Gross and Zerohedge.

Wed, 12/12/2012 - 16:45 | 3057177 DollarDive
DollarDive's picture

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 !!

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