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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 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

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

 

Fri, 02/22/2013 - 11:36 | Link to Comment 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 | Link to Comment tsx500
tsx500's picture

SUCK IT BERNANKE !

Fri, 02/22/2013 - 11:46 | Link to Comment Xibalba
Xibalba's picture

when things get serious, you have to lie

Fri, 02/22/2013 - 11:54 | Link to Comment 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 | Link to Comment 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 | Link to Comment whotookmyalias
whotookmyalias's picture

These are not the droids you are looking for.

Fri, 02/22/2013 - 12:27 | Link to Comment Aegelis
Aegelis's picture

I was hoping someone posted this.  Thanks :-)

Fri, 02/22/2013 - 12:41 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Jeremy Roenick
Jeremy Roenick's picture

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

Fri, 02/22/2013 - 12:26 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Pladizow
Pladizow's picture

Fish cant see the water that surrounds them!

Fri, 02/22/2013 - 12:05 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Vlad Tepid
Vlad Tepid's picture

His human horn?

Fri, 02/22/2013 - 14:38 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Blankenstein
Blankenstein's picture

 

 

 

Fri, 02/22/2013 - 13:30 | Link to Comment 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!!!!!

Fri, 02/22/2013 - 14:47 | Link to Comment Al Gorerhythm
Al Gorerhythm's picture

It's not muppets in the sense of mom and pop day traders who drive markets. It's hedge funds churning our accounts and skimming our savings. I expect there are other nefarious players providing the inflation screen but the fund guys are the ones who are pissing me off the most. Whether or not they are muppets is debatable too.

Fri, 02/22/2013 - 11:38 | Link to Comment true brain
true brain's picture

DId anyone at the meeting confront the chairsatan about his previous prediction and say to his face that his present prediction is full of shit?

No, of course they did not. Because they're all chicken shit yes men and women, who quietly place bets opposite to what the chairsatan predicted.

Fri, 02/22/2013 - 11:51 | Link to Comment Woodyg
Woodyg's picture

Actually the 'no bubble' comment was for the muppets -

A good bubble burst is Exactly what these financial coup plotters want - then they can jam any corporate wetdream they want thru in order 'to save' the system.

Of course after 2008 average wages and wealth for the bottom 99% went down - but the wealth of the richest faacists went up -

So these coupers will gladly destroy $10 of your wealth to make an extra nickle for themselves -

Funny but we hung these fascists from the nearest petro station lamp posts after WW2 - here they get to have dinner with the leaders of both parties.

As for the comment - who could have seen it coming - vis a vis the housing crash - well look no further than the shorts these very same predators engaged in - making money fraudently on the way up and then using free jack to buy up real assets on the cheap after it implodes.

Time for a Hanging Party!

Fri, 02/22/2013 - 12:38 | Link to Comment Groundhog Day
Groundhog Day's picture

Bubbleyum : The no stick bubble..that won't stick to your face

How's that for a Gum...i mean Bernanke commercial

Fri, 02/22/2013 - 13:09 | Link to Comment Never_Put_Down
Never_Put_Down's picture

Two Words - "EPIC FAIL"

Fri, 02/22/2013 - 16:17 | Link to Comment Atlantis Consigliore
Atlantis Consigliore's picture

http://youtu.be/zJ6VT7ciR1o   THERES NO PLACE LIKE FRAUD,  THERES NO PLACE LIKE FRAUD.  REPEAT AFTER ME, MEDIA, THERES NO PLACE LIKE FRAUD

Fri, 02/22/2013 - 11:34 | Link to Comment EscapeKey
EscapeKey's picture

How about the huge bubble in gold? Surely, he must have mentioned that, at least?

Fri, 02/22/2013 - 11:51 | Link to Comment Central Wanker
Central Wanker's picture

He is diligently working on that bubble.

Fri, 02/22/2013 - 14:48 | Link to Comment FEDbuster
FEDbuster's picture

The Chinese and Russians should send him a "Thank You" note.  Keep pushing it down, and he might get a "Thank You" note from me.  Silver under $20 one more time would be really nice.

Fri, 02/22/2013 - 15:30 | Link to Comment eclectic syncretist
eclectic syncretist's picture

BooYAH bitchez!   Got some locked in at exactly $27.50 and damn happy about it.  Great weekend to all!

Fri, 02/22/2013 - 11:34 | Link to Comment bnbdnb
bnbdnb's picture

I'd love to ask Ben if he could actually describe "a bubble".

Fri, 02/22/2013 - 11:36 | Link to Comment Seasmoke
Seasmoke's picture

He would say it is a barbarous relic from Atlantis.

Fri, 02/22/2013 - 11:41 | Link to Comment WhyDoesItHurtWh...
WhyDoesItHurtWhen iPee's picture

With a name like Bumfracke, he should know all about bubbles.

Fri, 02/22/2013 - 11:46 | Link to Comment derek_vineyard
derek_vineyard's picture

im pretty sure he makes bubbles in the bathtub

Fri, 02/22/2013 - 11:34 | Link to Comment madcows
madcows's picture

Bernanke is a criminal, and a liar.

Fri, 02/22/2013 - 11:37 | Link to Comment Everybodys All ...
Everybodys All American's picture

If destroying the US dollar's reserve currency status as the currency in which to trade nearly all of today's global trade is his goal then I'd say that's cause for treason.

Fri, 02/22/2013 - 11:36 | Link to Comment williambanzai7
williambanzai7's picture

BURGER BEN

Fri, 02/22/2013 - 12:13 | Link to Comment AGuy
AGuy's picture

Ha! Selling Horse and Donkey meat: Inflation contained.

CPI: "While the prices of Chicken have risen recently, consumers have switched to Donkey and Horse meat. Because of this transition, there is no need to adjust the CPI for this change. We also believe this trend will continue in the near future as conumers switch from horse and donkey meat to road kill. We strongly believe inflation will be contained for a very lengthly period as consumers continue to make adjustments to thier purchases." </SARC>

 

Montana Bill Would Legalize Roadkill Dining

http://abcnews.go.com/Health/montana-bill-legalize-roadkill-dining/story...

 

Fri, 02/22/2013 - 12:34 | Link to Comment kaiserhoff
kaiserhoff's picture

You don't like flat possom stew?  Hellsthematterwhichya?

Fri, 02/22/2013 - 13:53 | Link to Comment Solon the Destroyer
Solon the Destroyer's picture

Ben Bernanke...  Home of the Whopper!

(aka, if you're gonna lie, lie big, like entire financial system big)

Fri, 02/22/2013 - 14:40 | Link to Comment joego1
joego1's picture

Ok Bubbles, the jig is up! Drop the ink and come out with your hands up!

Fri, 02/22/2013 - 16:52 | Link to Comment Al Gorerhythm
Al Gorerhythm's picture

He's serving up shit sandwiches, Billy. Will you have fries with that?

Fri, 02/22/2013 - 11:36 | Link to Comment fonzannoon
fonzannoon's picture

Gold @642 and silver @13 flashing across as he spoke makes me feel even dumber today for not putting it together then.

Fri, 02/22/2013 - 16:33 | Link to Comment AGuy
AGuy's picture

Better yet, Look up the gold price in 2002 when he gave his "glorious" helicopter speech. When Ben starts denying a bond bubble and says "Gov't debt is contained" Load up the wagon!

 

 

Fri, 02/22/2013 - 11:36 | Link to Comment EscapeKey
EscapeKey's picture

the best part about that video is around the 1:35 mark where he says he's confident that bank regulators will pay attention to the loans made

Fri, 02/22/2013 - 11:37 | Link to Comment JustObserving
JustObserving's picture

Central bankster telling the truth?  About as likely as a bankster being arrested for fraud.

 

Fri, 02/22/2013 - 11:37 | Link to Comment Canadian Dirtlump
Canadian Dirtlump's picture

Ben Shalom Bernanke, dutifully serving his masters. The only kwerstion is... who are his masters..

Fri, 02/22/2013 - 11:45 | Link to Comment francis_sawyer
francis_sawyer's picture

 END THE FED... Oh wait!

Fri, 02/22/2013 - 11:38 | Link to Comment busted by the b...
busted by the bailout's picture

It hard to see the bubble when you are inside it.

or

Actually, this one is so big the entire globe is inside it!

or

Welcome to Bubble World.  Altogether now: blow!

Fri, 02/22/2013 - 11:38 | Link to Comment tecno242
tecno242's picture

I'm convinced humanity never invents time travel.. cause if they did, i'm pretty sure they'd come back and take out Bernanke, cause i'm pretty sure his policies are eventually going to ruin the world.

Fri, 02/22/2013 - 11:39 | Link to Comment bsdetector
bsdetector's picture

Wrong, wrong, wrong, all wrong. And he is still in charge?

Fri, 02/22/2013 - 11:42 | Link to Comment EscapeKey
EscapeKey's picture

he's very good at following orders

Sat, 02/23/2013 - 10:00 | Link to Comment e-recep
e-recep's picture

he doesn't get paid to be correct. he gets paid to lie.

Fri, 02/22/2013 - 11:40 | Link to Comment yogibear
yogibear's picture

Just like he testified to congress he wasn't monetizing.

Bubble Bernanke and the rest of the fed members are so used to lying they don't know how to tell the truth.

Recently Bernanke was asked about an exit strategy. He fumbled. They have no exit strategy.

Bernanke and the Fed print until the US dollar collapses and all faith in it as a viable currency is gone.

 

Fri, 02/22/2013 - 11:40 | Link to Comment Osmium
Osmium's picture

"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."

Seems to me they did a bunch of illegal things as well.

 

Fri, 02/22/2013 - 11:48 | Link to Comment MarsInScorpio
MarsInScorpio's picture

Osmium:

 

That was the meaning of the phrase, "and also much more . . ."

 

But for libel law purposes, you can't say it in so many words. As aggressive as ZH is, I have trouble believing they don't have an on-duty libel lawyer reviewing nearly every post they write.

-30-

Fri, 02/22/2013 - 12:10 | Link to Comment doomandbloom
doomandbloom's picture

Tyler never leaves home without a pack of condoms. #Wikileaks

Fri, 02/22/2013 - 15:44 | Link to Comment LongBallsShortBrains
LongBallsShortBrains's picture

It's all going down man. Let the chips fall where they may.

Fri, 02/22/2013 - 11:40 | Link to Comment Seasmoke
Seasmoke's picture

After seeing that

1. Why would anyone ever respect his word ever again

2. Allow this scumbag to ruin their lives. And not storm his office and arrest him. We are a very sorry group indeed.

Fri, 02/22/2013 - 11:44 | Link to Comment Cursive
Cursive's picture

Hyman Minsky was right.  BernanQE should read up on Mr. Minsky's Financial Instability Hypothesis.  Here is Minsky writing about Frederick Soddy's 1926 book, Wealth, Virtual Wealth and Debt:

 

“The practical thesis of the book is distinctly unorthodox, but is in our opinion both highly significant and theoretically correct. In the abstract, it is absurd and monstrous for society to pay the commercial banking system “interest” for multiplying several fold the quantity of medium of exchange when (a) a public agency could do it at negligible cost, (b) there is no sense in having it done at all, since the effect is simply to raise the price level, and (c) important evils result, notably the frightful instability of the whole economic system and its periodical collapse in crises, which are in large measure bound up with the variability and uncertainty of the credit structure if not directly the effect of it.”

 

Fri, 02/22/2013 - 11:41 | Link to Comment ekm
ekm's picture

Same as in 2007 when he said that there's no housing bubble, he is just trying to lure as many suckers as possible.

 

This is the clearest sign to me that Obama has signed the executive order for the next market flushout.

 

Fri, 02/22/2013 - 11:41 | Link to Comment Jones79
Jones79's picture

 Mario Bartiromo, it all makes sense now.  I always thought she was kind of mannish.  

Fri, 02/22/2013 - 11:42 | Link to Comment Flakmeister
Flakmeister's picture

Arab spring, my ass...

Budding Egyptologists should read this:

http://www.thenational.ae/business/economy/egypts-wheat-buyer-nomani-removed

and realize that Egypt no longer generates hard currency from net oil exports...

Fri, 02/22/2013 - 16:56 | Link to Comment Shigure
Fri, 02/22/2013 - 11:44 | Link to Comment q99x2
q99x2's picture

BS Bernanke.

Fri, 02/22/2013 - 11:48 | Link to Comment Shizzmoney
Shizzmoney's picture

Whenever they say there ISN'T a bubble......THAT is when I start to get scared.

Some think Bernanke, Dimon, et. all are nefarious manipulators behind the scenes. 

I actually disagree; I think they are selfish, moronic fools who simply refuse to NOT go down (while taking the system with them) and refuse NOT to admit their wrong.

I think that is why these people are allowed to stay in the places they are: they smile and wave, looking as if they have the noblest of intentions...looking all super smart with the Ivy League degrees....where really, they ARE actually the dumbest people in the room - and that to me is FAR scarier than a colluding set of "elites" trying to game the system.

Fri, 02/22/2013 - 11:47 | Link to Comment Goggles Pisano
Goggles Pisano's picture

I am terrified beyond the capacity for rational thought.

Fri, 02/22/2013 - 11:47 | Link to Comment khakuda
khakuda's picture

This is a bubble in the reserve fiat currency.  What can we say?  The biggest bubble of all, right in his face and he can't see it.  He thinks he can print away to his heart's content forever, there will be no unintended consequences and it will create wealth.

Fri, 02/22/2013 - 11:57 | Link to Comment MarsInScorpio
MarsInScorpio's picture

khakuda:

 

Never forget that the helicopter raining money upon the society is Bernanke's thesis for how the Great Depression could have been ended.

 

Why does it surprise anyone that he is doing exactly what he said be believes is the answer? He told you what he thinks needs to be done, and that is exactly what he is doing.

 

The people who amaze me are the ones to whom he tells what he is going to do in this situation, and then act surprised - and often filled with hate - becuase he does it. Those are the people that are whacked out . . .

-30-

Fri, 02/22/2013 - 12:11 | Link to Comment Cursive
Cursive's picture

MarsInScorpio

You're right.  BernanQE has been very clear about his objectives, so much so that I only write his name as "BernanQE."  What is truly marvelous, though, is his inability to see that his thesis, his policy prescription is seriously flawed.  He is clinically delusional.  He is pathologically demented.  His mental condition is so fragile that it warrants his immediate removal from office by men in white coats.  Yes, I said that and I highly suggest that course of action.

Fri, 02/22/2013 - 11:47 | Link to Comment km4
km4's picture

The Ben Bernank is more deluded and psychotic than Alan Greenspin

Fri, 02/22/2013 - 11:50 | Link to Comment Shizzmoney
Shizzmoney's picture

Deluded? Yes.  Psychotic? I don't think so; Alan Greenspan is one of the most evil people on this planet.  Plus he looks like someone you'd find in a "Faces of Death" video.

Bernanke is just a tool who thinks he knows everything; Greenspan is a economic tryant who wants everything.

Fri, 02/22/2013 - 16:12 | Link to Comment imbrbing
imbrbing's picture

He is the monkey head every sits around the table with and smashes with a hammer.

Fri, 02/22/2013 - 11:59 | Link to Comment ekm
ekm's picture

Not deluded. Psycho...yes.

 

He knows exactly what he's doing and he's on prozac or sth like that.

 

I am quite convinced that the reason he won't be re-elected is because he cannot handle the situation any longer MENTALLY.

Fri, 02/22/2013 - 12:09 | Link to Comment spastic_colon
spastic_colon's picture

re-elected?

Fri, 02/22/2013 - 12:11 | Link to Comment ekm
ekm's picture

ok,ok

re-appointed

Fri, 02/22/2013 - 12:18 | Link to Comment Dre4dwolf
Dre4dwolf's picture

Ye Dowth Question thy king? INSOLENT FOOL.

Fri, 02/22/2013 - 11:48 | Link to Comment Stonedog
Stonedog's picture

I do not think that word (bubble) means what you think it does...

Fri, 02/22/2013 - 11:48 | Link to Comment indygo55
indygo55's picture

He should have been fired. Anyone in any job anywhere would have been fired being THAT wrong.

 

Fri, 02/22/2013 - 16:00 | Link to Comment resurger
resurger's picture

Jews are different

Fri, 02/22/2013 - 11:49 | Link to Comment Monedas
Monedas's picture

Maria is a little inflated from the waist down .... talking head syndrome ?

Fri, 02/22/2013 - 13:25 | Link to Comment CaptainSpaulding
CaptainSpaulding's picture

Bloated.  She is getting older . Shit gets real after 40. She is 40+

Fri, 02/22/2013 - 11:51 | Link to Comment toys for tits
toys for tits's picture

 

 

Who better to know how to get the US out of this mess than the one who helped put us in it?

Fri, 02/22/2013 - 14:35 | Link to Comment Winston Churchill
Winston Churchill's picture

You think theres is a way out of this ?

Whose demented now ?

Fri, 02/22/2013 - 11:50 | Link to Comment Sach Mahoney
Sach Mahoney's picture

What a sham this guy is.  He's talks with such confidence back then, and as he actually does today...and back then he was EXACTLY WRONG.  Today....HE IS EXACTLY WRONG.  We are going to see a bond/equity/dollar meltdown like never before...and they've grown this problem so large now...that once it starts tilting that way...central banksters themselves will see their own corrupt portfolios imploding before their eyes and will not be able to kill enough trees to stop it

Fri, 02/22/2013 - 12:04 | Link to Comment Meat Hammer
Meat Hammer's picture

...and back then he was LYING.  Today....HE IS LYING.

Fixed it for you.

Fri, 02/22/2013 - 12:50 | Link to Comment Sach Mahoney
Sach Mahoney's picture

Thanks man. 

Fri, 02/22/2013 - 11:51 | Link to Comment Whiner
Whiner's picture

The Bernanke 2015: "We WILL NOT devalue the dollar."

Fri, 02/22/2013 - 11:53 | Link to Comment astoriajoe
astoriajoe's picture

Mission Accomplished!

Fri, 02/22/2013 - 11:53 | Link to Comment azzhatter
azzhatter's picture

Did you catch LIESman wiping the Bernanke jizm off his mouth?

Fri, 02/22/2013 - 14:53 | Link to Comment FEDbuster
FEDbuster's picture

LIESman is just a fluffer, banksters and politicians get the money shot.

Fri, 02/22/2013 - 11:54 | Link to Comment astoriajoe
astoriajoe's picture

Heckuva job xxBrowniexx  Bennie!

Fri, 02/22/2013 - 11:54 | Link to Comment Michelle
Michelle's picture

It doesn't matter what market-calming Bernanke says, it matters what he does and is the primary reason why he was chosen long ago to head the Fed.

Demographics is the primary driver of the structural problems and even Japan has demonstrated that fact. Europe is following Japan's path and the U.S. isn't too far behind. Bernanke is fooling himself believing that more money printing will correct the demographics problem.

Fri, 02/22/2013 - 11:55 | Link to Comment the grateful un...
the grateful unemployed's picture

Must be getting pretty hot in there Benny, why don't you give yourself up. You and the Droner, put your hands up and come out.

You bastards want to mark my house to market take this.. ratttatttt. (sound of the printing press)

Nobody wants your funny money Benny, and nobody wants the Droner flying over their neighborhood. It's all over.

You all lied, everbody lied, they told me I was independent. The next thing I know I'm travelling to China, making speeches about the dollar. That wasn't my idea..

Put the Droner on, Benny..

Hey, I think we can compromise on this.

Knew you'd be reasonable, Droner. Now tell Bubbles to throw down his printing press and you two come out together, hands up.

We can't do that. I promised a lot of people I'd fix their student loans.

Oh come on Droner, you're moonwalking on me again.

I'm not worried I took the bullets away from those Marines, just in case. Hahhha

These aren't Marines. They're widows and orphans. Savers you screwed out of their money, now they see you want to screw them out of their Medicare, and blame the Republicans.

Let me see that PP Bubbles, I want to print some phony bonds off balance sheet. But the backdoor is covered Droner, we'll never get out alive. The backdoor is never covered, I know these guys Okay? Let's go. (cue the Butch Cassidy and the Sundance Kid music)

 

Rattatattttaaaa. Ohhh Ahhh. Damn that didn't hurt as much as I thought.

Fri, 02/22/2013 - 11:56 | Link to Comment jay28elle
jay28elle's picture

Oh, my goodness sakes... he is, afterall, supposedly the foremost expert on what had formerly been known as The Great Depression.  In the future will be known as just a bump in the road.

Fri, 02/22/2013 - 12:02 | Link to Comment Meat Hammer
Meat Hammer's picture

In the Great Depression, TPTB pumped up the stock market and then got themselves and all of their buddies out just in time.  Then they bought everything back at pennies on the dollar and became mega-retarded rich.  FDR pushed the New Deal, gave himself more control of the economy, which made things worse, prevented a true correction, and caused the actual Depression.

The only thing that got us out of the misery was war (let that marinate for a minute).

Do we see a pattern developing here?

Fri, 02/22/2013 - 15:15 | Link to Comment Bastiat
Bastiat's picture

The only reason we were able to recover and grow after the waste and catastrophe of war was that nearly every other industrial economy  on the planet was bombed to rubble. 

Sat, 02/23/2013 - 00:36 | Link to Comment running from the law
running from the law's picture

So, we encourage the Chinese, Japanese and Koreans to really go at it, then we, the rest of the Anglosphere and Europeans clean up.  Oh, and we promise a little to the rest to the B, R and I of the Brics to keep them quiet.

Fri, 02/22/2013 - 11:58 | Link to Comment Meat Hammer
Meat Hammer's picture

I'm thinking about all of the people driving to work with big smiles on their faces after they just looked at Yahoo finance and saw the DOW go up again.  They're so happy that they raised their 401k contributions because this time it's different.  Retirement will be sweet.

 

You can't spell DOW without OW!

Fri, 02/22/2013 - 12:04 | Link to Comment natronic
natronic's picture

I'm still trying to figure out if he's just a bold face liar or just really that stupid?  I mean afterall he was educated by liberal theoretical economist professors who most of them have never worked a real job a day in their life.

Fri, 02/22/2013 - 15:44 | Link to Comment ziggy59
ziggy59's picture

He's no dummy. Another complacent and complicit actor and liar.
World is being controlled by them, surprisingly, still

Fri, 02/22/2013 - 12:05 | Link to Comment mayhem_korner
mayhem_korner's picture

 

 

Liquidity-inflated bubbles are just the foundation.  The derivatives written on those bubbles is where the true "multiplier effect" lies.  Just ask the shills that went on a spending spree on the backs of their collateralized debt obligations trading book.

2008 was just a warm up...

Fri, 02/22/2013 - 12:07 | Link to Comment haskelslocal
haskelslocal's picture

Makes me sick the psychological tricks these jokers use....

"We have a growing economy"..... Okay, if he says so.

But he continues to follow that by just saying, "jobs, income..."

You're supposed to assume that he meant those are growing too but he NEVER SAYS IT.

So yeah Bernank. We Have Jobs, We Have Income, I agree...

Fri, 02/22/2013 - 12:50 | Link to Comment edifice
edifice's picture

Ah, the wonder called "FedSpeak."

Fri, 02/22/2013 - 12:08 | Link to Comment ziggy59
ziggy59's picture

legally????  according to the crime boss of the century, of course

Fri, 02/22/2013 - 12:15 | Link to Comment ebworthen
ebworthen's picture

No second bubble now, that's why he's throwing $85 Billion/month at Mortgage Backed Securities.

It means that everything is fixed and is just fine, just like he said in 2005-2007.

(/sarc)

Fri, 02/22/2013 - 12:15 | Link to Comment css1971
css1971's picture

You know what this means people?

 

This is the infinitely growing can't lose never gonna burst bubble.

 

This is IT! ALL IN!!!

Fri, 02/22/2013 - 12:18 | Link to Comment Dre4dwolf
Dre4dwolf's picture

Hes full of it again, the hot air its escaping. 

Fri, 02/22/2013 - 12:22 | Link to Comment sodbuster
sodbuster's picture

He's either a liar or stupid, or both.

Fri, 02/22/2013 - 12:23 | Link to Comment eclectic syncretist
eclectic syncretist's picture

Where's the fucking silver Bernanke, you stupid motherfucker?

Fri, 02/22/2013 - 14:24 | Link to Comment Shell Game
Shell Game's picture

Where's LongSoupLine to tell off this motherfucker when you need him!?

Fri, 02/22/2013 - 12:25 | Link to Comment Downtoolong
Downtoolong's picture

Isn't there supposed to be background music when there is so much dancing going on?

Fri, 02/22/2013 - 12:25 | Link to Comment Edward Fiatski
Edward Fiatski's picture

I think Bernanke takes special pills to stay so cool and not twitch like Hanky did.

Fri, 02/22/2013 - 12:29 | Link to Comment Racer
Racer's picture

He uses lots of botox

Fri, 02/22/2013 - 12:31 | Link to Comment adr
adr's picture

They believe the levels reached in 1999 were justified and representative of the true value of the economy. In thier eyes the 2000 crash wiped out justifiably gained wealth. Buubles Greenspan didn't care how he got the wealth back for  his circle of worthless cronies, only that he got it back.

Just like cheating to win, as long as you don't get caught, you're still a winner. Cheating your way to riches is the preferred and oficially endorsed method of the upper class.

You cheat and make $100 million. For your crime you pay a $5 million fine. Somehow I don't see that as an adequate deterent.

The bankster class and the rest of the uberwealthy can not create wealth through work. They must rely on the transfer mechanism of the stock market. Since wealth can not be produced through productivity, every single tick higher in the stock market is a breath into the bubble.

I remember them talking about Angie Hicks who created Angie's list. They said now after all her hard work creating her site she will become a millionaire and get repaid for all that work. NO, HORSESHIT!!

Her hard work and flawed business plan created a site that couldn't make a dime. Even after 100 years, if she could last that long, she couldn't have paid herself a few million dollars. Without the "help" of Wall Street banks looking to find some new suckers, she never would have made a dime. Her millions are blood money paid to her for allowing her company to be used. The $100 junkheap that some guy got $1000 cash for so it could be used as the getaway car for the bank robbers.

Venture capital isn't about investing in productive business, it is about finding new vehicles for financial fraud to support the wealth transfer mechanism of Wall Street. The Ponzi needs new blood to take the place of the bubble corporations that popped. To keep the game going.

Is it no wonder that the most heavily invested corporations are the ones with the least amount of infrastructure required?

Fri, 02/22/2013 - 12:50 | Link to Comment eclectic syncretist
eclectic syncretist's picture

Plus infinity and beyond for the best post I've read in quite a while.

Fri, 02/22/2013 - 12:37 | Link to Comment SillySalesmanQu...
SillySalesmanQuestion's picture

"All is well"

"Deficits don't matter"

"Risk asset bubbles don't matter"

"Everything is contained"

Now go back to your jobs and earn some income so you can pay those taxes.

Fri, 02/22/2013 - 12:49 | Link to Comment eclectic syncretist
eclectic syncretist's picture

WHen you gonna smack down silver again so my bid gets hit Bernanke, you parasitic piece of maggot shit?

Fri, 02/22/2013 - 12:54 | Link to Comment zebrasquid
zebrasquid's picture

There is no beard.

Fri, 02/22/2013 - 13:00 | Link to Comment jomama
jomama's picture

ben shalom is fucking terrible at lying.

just the fact he has to come out and address it, proves contrary to his deceitful intentions.

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