• Tim Knight from...
    04/28/2016 - 00:27
    I was expecting a few boring candidate statements of the U.S. Senate - AKA the World's Most Exclusive Club - but, boy, was I wrong. Just take a look at some of these gems.
  • Tim Knight from...
    04/28/2016 - 00:27
    I was expecting a few boring candidate statements of the U.S. Senate - AKA the World's Most Exclusive Club - but, boy, was I wrong. Just take a look at some of these gems.

Bernanke: "There Is No Bubble"

Tyler Durden's picture




 

It was only two weeks ago that Fed governor Jerremy Stein delivered a speech titled "Overheating in Credit Markets" in which he observed the obvious and warned that a new credit bubble was forming (not to mention housing, tech, student loan, GM channel stuffing and much more). And it was only yesterday that we learned that Bernanke, after a 6 year hiatus, just had his latest "everything is contained" moment. From BusinessWeek:

 "Federal Reserve Chairman Ben S. Bernanke minimized concerns that the central bank’s easy monetary policy has spawned economically-risky asset bubbles in comments at a meeting with dealers and investors this month, according to three people with knowledge of the discussions.

 

The people, who asked not to be identified because the talks were private, said Bernanke made the remarks at a meeting in early February with the Treasury Borrowing Advisory Committee. Fed spokeswoman Michelle Smith declined to comment.

 

The Fed chairman brushed off the risks of asset bubbles in response to a presentation on the subject from the group, one person said. Among the concerns raised, according to this person, were rising farmland prices and the growth of mortgage real estate investment trusts. Falling yields on speculative- grade bonds also were mentioned as a potential concern, two people said.

For those who are confused, the TBAC, or the Wall Street-committee, headed by a Goldmanite and a JPMorganite, that effectively runs the Treasury, warns Bernanke that new bubbles are forming (although certainly not in government bonds - that would imply the US government is a Ponzi scheme of course), and the Chairman promptly brushes it off.

In other words: "it's all contained", and just as when Maria Bartiromo asked him in July 2005 "what is the worst case scenario if prices come down substantially", so now his response, as then, is "I guess I don't buy your premise, it's a pretty unlikely possibility. We have never had a decline of house prices on nationwide basis." Of course, three years later the Fed had to do everything it legally could, and also much more, to prevent the modern financial system from terminally imploding.

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Fri, 02/22/2013 - 11:32 | 3266930 GetZeeGold
GetZeeGold's picture

 

 

He was talking about the jobs market. Stawks are good to go up forever.

 

Fri, 02/22/2013 - 11:36 | 3266954 vmromk
vmromk's picture

Man, would I love to jam a toilet bowl full of shit right into Beranke's SCUMBAG mouth.

Fri, 02/22/2013 - 11:43 | 3267002 tsx500
tsx500's picture

SUCK IT BERNANKE !

Fri, 02/22/2013 - 11:46 | 3267019 Xibalba
Xibalba's picture

when things get serious, you have to lie

Fri, 02/22/2013 - 11:54 | 3267058 Manthong
Manthong's picture

Everything is good..

as long as he continues to not monetize the debt like he said over a year ago and there is no chance that our credit rating is lowered like Secretary Geithner said back then and we get the 10 Trillion dollars in deficit reduction like Obama is promising now.


Fri, 02/22/2013 - 11:59 | 3267082 kaiserhoff
kaiserhoff's picture

There is no bubble, and I AM THE MALTESE FALCON.  Can you prove that I'm not?

What a fucked up world the Jew media live in.

Fri, 02/22/2013 - 12:04 | 3267099 whotookmyalias
whotookmyalias's picture

These are not the droids you are looking for.

Fri, 02/22/2013 - 12:27 | 3267176 Aegelis
Aegelis's picture

I was hoping someone posted this.  Thanks :-)

Fri, 02/22/2013 - 12:41 | 3267182 nope-1004
nope-1004's picture

He's a first rate liar.

 

"I assure you that the Fed will not monetize their asset purchases."
-Ben

"Current talk and fears of inflation are largely overstated.  Rising food prices in developing nations can be attributed to the citizens of those nations seeking more sophisticated diets."
-Ben

<Central banks hold gold because> "of tradition, I guess."

and my favorite.....

"current demographics support higher house prices."
-Ben

 LMAO

Fri, 02/22/2013 - 12:51 | 3267260 tarsubil
tarsubil's picture

He was wrong over and over again. And he is still the Fed Chair 5 years later. Interesting.

Fri, 02/22/2013 - 13:04 | 3267299 Cognitive Dissonance
Cognitive Dissonance's picture

The King holds the throne only as long as the King's court allows him to.

He is the public puppet of the court.

Fri, 02/22/2013 - 13:18 | 3267315 Richard Chesler
Richard Chesler's picture

"Fundamentals are up very strong. We got a growing economy, jobs, incomes..."

Did anyone notice his nose getting larger?

Fri, 02/22/2013 - 14:21 | 3267529 Beam Me Up Scotty
Beam Me Up Scotty's picture

"Did anyone notice his nose getting larger?"

Someone should ask him if he is wearing a hot pink thong.  When he says no and his nose grows, then we will all know the truth about everything.

Fri, 02/22/2013 - 14:22 | 3267534 Shocker
Shocker's picture

Everything is contain, not to worry.

Just don't open your eyes at all

Layoff/Closing List

http://www.dailyjobcuts.com

-

Fri, 02/22/2013 - 15:34 | 3267762 WayBehind
WayBehind's picture

Who needs a job?! Its much easier to get paycheck from .gov without the work hassle. Dont ya know our .gov has magic printer and can pay us all? 

Fri, 02/22/2013 - 22:57 | 3269085 Half_A_Billion_...
Half_A_Billion_Hollow_Points's picture

 

 

Bernanke: "There is no bubble."

THIS IS THE THIRD FIRM SELL SIGNAL.

 

We've had the shoeshine boy moment --> http://video.cnbc.com/gallery/?video=3000146541&play=1

(Background of 1929's shoeshine boy for those in a coma: http://en.wikipedia.org/wiki/Joseph_P._Kennedy,_Sr.#The_Crash)

 

We've had the "stocks seem to have reached a permanently high plateau" moment --> http://www.zerohedge.com/news/2013-02-15/greenspan-ignore-economy-only-s...   

Greenspan: "this means that it's going to be very difficult to get stocks down. it's very much like saying the earnings price ratio is at a level which it cannot basically go down very much"

 

 

Same thing in 1929: http://en.wikipedia.org/wiki/Irving_Fisher#Stock_market_crash_of_1929

 

Prepare for the great crash of 2013.  

All the devils are here.

 

Fri, 02/22/2013 - 13:06 | 3267308 ATM
ATM's picture

But he is telling the right lies, at least if you are a dick sucking bureaucrat.

Fri, 02/22/2013 - 14:47 | 3267611 Gordon_Gekko
Gordon_Gekko's picture

"Fed" is just a label for a criminal mafia banking cartel/elite. And Bernanke is just a figurehead doing what is ordered and spewing bullshit in his spare time. If you look at things knowng this then it all makes sense, and you can even "predict" what they will do/happen next.

Fri, 02/22/2013 - 13:09 | 3267319 A Nanny Moose
A Nanny Moose's picture

"the impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained," -Ben Dover

Fri, 02/22/2013 - 14:43 | 3267601 Liquid Courage
Liquid Courage's picture

No, no. He’s not lying ... he’s ensuring that expectations remain anchored, because if a sufficient majority of people can be convinced that something is true, then - in Keynesian-Krackpot-land - it IS true by definition. So if “everyone” comes to believe that it’s true, then how could he have been lying?

The “everyone” that believes is, of course, the obverse of the “nobody” who actually saw this whole shit-storm coming. See how that works?

Fri, 02/22/2013 - 15:30 | 3267757 Chupacabra-322
Chupacabra-322's picture

Really Benny?  Perhaps we should take a page from Iran.

Iran to Execute 4 Bankers on Fraud Charges

Iran’s judiciary system recently worked through the biggest banking fraud case in the nation’s history.

According to The New York Times, the outcome of the case was made official on Monday. Results were dramatic to say the least.

Judiciary spokesman Gholam-Hossein Mohseni-Ejei told reporters that four people had been officially sentenced to death on charges of corruption and “disrupting the country’s economic system.”

The guilty party was responsible for mishandling $2.6 billion of funds – using forged documents in order to receive credit from banks, permitting them to purchase state-owned companies.

From PressTV:

According to the indictment, the owners of Aria Investment Development Company, which is at the center of the controversy, had bribed bank managers to get loans and letters of credit. The company has more than 35 offshoots which are active in diverse business activities.

http://www.infowars.com/iran-to-execute-4-bankers-on-fraud-charges/

Fri, 02/22/2013 - 17:17 | 3268150 Liquid Courage
Liquid Courage's picture

If only.

 

But in the west:

FRAUD = NATIONAL SECURITY

A vicious proposition doomed to end in spectacular failure.

Fri, 02/22/2013 - 13:28 | 3267377 Jeremy Roenick
Jeremy Roenick's picture

You didn't build that bubble..... Or in this case, you did.

Fri, 02/22/2013 - 12:26 | 3267172 Cognitive Dissonance
Cognitive Dissonance's picture

The high priest of the banking cult simply cannot deny the premise for its own existence without denying the cult itself.

<It all falls down after that point.>

Fri, 02/22/2013 - 15:20 | 3267725 kaiserhoff
kaiserhoff's picture

Just wondering.  Who lives in a cave, and doesn't know that Jews and only Jews decide every damn thing that goes on the Boob Tube 24/7?  Sometimes reality chafes your ass, but the truth is it's own defense.

Fri, 02/22/2013 - 11:59 | 3267084 spastic_colon
spastic_colon's picture

never thought I would say or even think this but...............

 

Credibility score;

Bartiromo - 1

Bernanke - 0

 

/s

Fri, 02/22/2013 - 13:43 | 3267421 WTFUD
WTFUD's picture

bruv your probably right but still the only thing i'd like to give Fartiromo is herpes.

Fri, 02/22/2013 - 11:59 | 3267085 Pladizow
Pladizow's picture

Fish cant see the water that surrounds them!

Fri, 02/22/2013 - 12:05 | 3267102 King_of_simpletons
King_of_simpletons's picture

Looks like only bonafide nut-jobs make it to the top.

Fri, 02/22/2013 - 12:08 | 3267114 mayhem_korner
mayhem_korner's picture

 

 

The game is not over.  It remains to be seen who will be on top when the tower collapses into a heap of rubble.

Fri, 02/22/2013 - 16:12 | 3267884 Not Too Important
Not Too Important's picture

"Britain's central bank has been eyeing such a deal for some time, saying last month it was ready "in principle" to adopt a currency swap line with its Chinese counterpart as the yuan starts to emerge as a world reserve currency."

http://www.telegraph.co.uk/finance/currency/9888141/Bank-of-England-clos...

There has always only been one WRC. Will there be two, or is the US Dollar finished, and that's why America is for sale to the highest bidder?

Fri, 02/22/2013 - 18:08 | 3268344 ATM
ATM's picture

It's for sale because the world is awash in fiat paper dollars. They spend real good in the Ol' US of A.

Fri, 02/22/2013 - 12:57 | 3267275 Vince Clortho
Vince Clortho's picture

There are tons of nut jobs out there.  Many of them are in prison, or institutions, or just annoying everyone around them.

Only a very select few possess the proper credentials to rise above the ordinary nut jobs and slither to the top.

Fri, 02/22/2013 - 14:06 | 3267493 NoClueSneaker
NoClueSneaker's picture

Nope,  Timothy Geithner and Honk Paulson r going to cash the next Nobel Prize for Economy and assure their intellectual superiority over the Muppets ....

Fri, 02/22/2013 - 15:19 | 3267723 Liquid Courage
Liquid Courage's picture

Surely you mean The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel?

 

This can't be said often enough ... there is NO Nobel Prize for Economics. That which is so-called is an example of Central Bankers "pushing in" so that they may be seen by association to be among "those who ... shall have conferred the greatest benefit on mankind" as the stipulation in Alfred Nobel's will has it. Then again, Nobel invented dynamite, so the whole deal looks pretty dodgy anyway.

More like "those who shall have inflicted the greatest detriment on mankind may thereby salve their tormented consciences" with the hearty huzzahs of similar hypocrites who have done likewise, all washed over with generous lashings of ill-gotten loot. It seems - certainly with the "political" awards - less so perhaps for the "hard science" ones - to become more of a sick parody of self-adulation with each passing year. The economic boyz no doubt think that their category is among the latter but, of course it's as political as it gets right from their cloven hooves to the tip of their pointy horns. Evil always masquerades.

Fri, 02/22/2013 - 16:59 | 3268073 WTFUD
WTFUD's picture

You're correct! However, i hereby nominate Mr Durden for services rendered to economics & human resources &&&&&. Without his devotion to Democracy many of us would be as lost in a sea of horseshit sheepledom. The struggle continues.

Fri, 02/22/2013 - 17:22 | 3268163 Liquid Courage
Liquid Courage's picture

So few are willing to take the blinders off. It turns your world-view on its head, so cognitive dissonance is preferable.

Better the tissue of comforting lies than to face the ugly truth.

Fri, 02/22/2013 - 12:18 | 3267148 kaiserhoff
kaiserhoff's picture

@Plad,

The fem-bitch reign of censorship terror seems to be lifting a bit.

Check out F22 in the article below this one.  Since you were the reigning champ, I thought you should know;)

Fri, 02/22/2013 - 12:10 | 3267124 FL_Conservative
FL_Conservative's picture

So, basically, he's acknowledging that the shit is about to hit the fan.  Thanks for the heads-up, Bennie.

Fri, 02/22/2013 - 13:04 | 3267290 Professor Fate
Professor Fate's picture

Stop the Bernank Bashing!  This is a "Gift Horse" (or Gift Horse's ass depending on your view).  This wonderful idiot is about to hand those in-the-know traders / investors one of the greatest opportunities to generate wealth in the past 100 years.  Long puts, long "the precious one" at just the right time and, thanks to this certified economic moron of galactic proporations, you will have little to worry about for the rest of your life (other than hiding cash and "the precious one" from the libtard dumpster divers).  Let this bond market correct with some aggression and with a little vigilante and European help...the sleigh ride begins.  It simply can't be far off.  There is dissention in his own ranks and the country is in an unrecognized depression.  Its coming.   

Fate the Magnificent

"Push the Button, Max"

Fri, 02/22/2013 - 13:19 | 3267349 Stock Tips Inve...
Stock Tips Investment's picture

The Fed policy has many errors and risks. However, on this occasion seems it them if they are right in what they say.

Fri, 02/22/2013 - 14:36 | 3267577 chunga
chunga's picture

That is a tender notion but you're forgetting something very important.

Unless you cut off his horns he and his ilk will just come back to life as a politician.

Fri, 02/22/2013 - 15:52 | 3267829 Vlad Tepid
Vlad Tepid's picture

His human horn?

Fri, 02/22/2013 - 14:38 | 3267585 El Oregonian
El Oregonian's picture

He said that there is no bubble? Ben, yes there is, right between your ears!

Fri, 02/22/2013 - 14:52 | 3267629 Al Gorerhythm
Al Gorerhythm's picture

He is a disingenuous sack of shit. Their whole business model is one of creating bubbles. He's an obfuscating liar, It's what they do, it's what he's paid to do.

There's always a bubble.

Fri, 02/22/2013 - 16:15 | 3267888 Poor Grogman
Poor Grogman's picture

No bubble = no debt (now known as "credit") = no USD = no "war on terrorism" = no more global empire =

"?????????????????"

Look people it's the long lost constitution, we found it at last after all this time..

Fri, 02/22/2013 - 11:36 | 3266964 Taffy Lewis
Taffy Lewis's picture

Ha, the article was released to jack up the markets the usual 1.5% or more but it went over like a lead balloon.

Bernanke is fading fast. In the photo, he looks like a scared little girl.

Fuck you, Bernanke.

Fri, 02/22/2013 - 11:55 | 3267062 oleander garch
oleander garch's picture

It would be appropriate to caption run the ensuing collapse and its costs over the next four years as streaming headlines while Chairman Bernanke - with all the information and resources at his fingertips - is spectacularly wrong about the collapse.

From the Princess Bride:

Vizzini: Inconceivable! 

Inigo Montoya:  You keep using that word.  I do not think it means what you think it means.  

Fri, 02/22/2013 - 14:18 | 3267520 Blankenstein
Blankenstein's picture

 

 

 

Fri, 02/22/2013 - 13:30 | 3267383 SheepDog-One
SheepDog-One's picture

No REALLY there's no 'BUBBLE'....and we just had a spectacular 'once in a lifetime' -100 point 'dip' in equities from all-time highs....BUY BUY BUY you damn muppets BTFD BUYYYY!!!!!

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