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Bernanke: "There Is No Bubble"
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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These are not the bubbles you are looking for.........
Ben was raised on the Talmud, which teaches him to lie, cheat, and steal from the goyim. So, what do you expect? In the future, people should believe the opposite of everything he says.
HOSER: Bernanke is a Fucking Moron. Simple really. Can't wait for "Open Season" on Central Bankers. I heard they taste like Chicken!
Made from the same rubber of those FRN's.
The 'end' is so close now you can taste it.Ben will be an ornament on
lampost,hope it was woth it Bennie boy.
Bernanke: "There Is No Bubble"
Except the one between your ears!
Most of these clowns still believe in 'efficient markets' as defined in their textbooks. Therefore, based on the efficient markets hypothesis and related theory there is no such thing as a bubble (i.e., prices can never stray from fundamental or economic value), because according to their textbook theories they simply cannot exist. If you look in say the academic finance literature, there are few, if any articles on financial bubbles until about 2007-2008 (the term isn't even used; e.g., you are more likely to read financial articles about herpes). Sure the Benank is a liar, an idiot, a member of the tribe, etc., but he does still believe the markets are always efficient; and by doing so it likely allows him sleep better at night. In short, if finance is really just about discounted present values and central banks have power over the discounts rate(s), then it is clearly the case that they cause bubbles. But to admit that would be tantamount to admitting you are a stupid, lying, demonic hack, and I don't think he or anyone like him will do that unless it saves his skin or is authorized by those paying the piper. For what it matters, the Bernank and his tribal predecessor have blown what are arguably the greatest financial bubbles in human history; and as they unwind and mutate we have a fairly good website to document the ride (pass the popcorn).
Like the Deceiver in Chief, Bubbles Bernanke's entire strategy is to LIE. It's pathological! Lying is not merely his strategy, either. It's his NATURE!
Seriously though, if everything was fine we wouldn't even be hearing from these retards. All they're doing now is "Damage Control." Nobody is buying their bullshit. I would like to know why they sold OUR and Germany's Gold to China? "Well; I'm waiting."
Bernanke "Summer of 2009"
http://www.youtube.com/watch?v=6p_aIDwggu8
Bloody Hell. Anyone see Santilli talking about the next off balance sheet non-GSE ponzi? We're hosed.
Missed it, maybe ZH will post it when CNBC does; he's been a regular here right around 2:00 p.m. Hope so.
No Bubbles until Bubbles suddently Burst.
Was Bernanke chosen by Greenspan to be his successor ? Did Greenspan create a credit bubble for Y2K in 1999 which caused the Dot.com Pump & Dump Boom/Bust ? Did Greenspan then inflate Housing to restore Bank Solvency ? Has the whole policy of Greenspan and Bernanke been simply to serve a Constituency of Money Centre Banks that happen to be board members or drinking buddies of the Fed Chairmen ?
At some stage the American Citizen is going to have to get off his rump and start holding someone to account -
The main qualification you must have to be a politician or bankster is: Professional Liar.
Don't fool yourself into thinking this man is stupid.
And above all else, lie with sincerity!
Bubble: "There Is No Bernanke"
QE explained
http://www.youtube.com/watch?v=PTUY16CkS-k
with any luck benny will take a job with the iranian govt.
#liesbernankesays
This must be doctored. He is the most studied person on the Great Depression. He should be able to spot bubbles well in advance and is beyond question. The spinning plates will continue forever. BERNANKE WILLS IT!!!
...Maria you silly girl, "Could even cause a Recession at some point"!
LOL, Risk has been eliminated. There is no downside risk, no recession, no need for a budget, no end to the prosperity. Goldiloks on steroids forever.
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.
The 15-member Treasury Advisory Borrowing Committee is made up of representatives of companies including JPMorgan Chase & Co., Goldman Sachs Group Inc., Pacific Investment Management Co., and Bank of America Corp.
anyone care to guess which 3 of the 15 made those "anonymous" comments?
betya a silver dime that PIMPco is one of em.
The bubble IS the goal.
he said the same thing about housing before the SHTF... for god's sake, the entire planet earth is in a bubble wrap of a quasi-hyperventilating fiat`ozone mirage-- as an analogy i'm going to use the fed's Qen+infinity as a common denominator, and the altruistic cyber printing press as quantitative CFC's, and added to the compounded interest sum?, anti-ischemia hal[o]n,`a nano-amorphous liquidity Link catalyst... with a dash of N2O!
this bernak, self-destructive Fiat-Bubble-Busting`manhattan project should do the trick, and blow this whole fucking wanton catharsis... this,`Fiat-Ozone`Mirage' curse undue?, to the farthest side of the 'solar-banking-system' universe!
u go bernak,... butt, naught w'out a fight!?
Bubbles are for amateurs, and kids. We have here something so much more glorious...
The Financial Hindenburg
No bubble, just a blimp....no hot air, just 100% hydrogen, too...just like the original
indeed, were it not for the flammable paint?
..., as the fed paints the tape today with flammable ink!
Like Jamie Dimon said collapses happen every 5-7 years. Better get your waders on the shit storm must be coming (and if you start building an Ark in your backyard when the neighbors ask tell them it's an animal sanctuary).
The Fed is going to do whatever it wants to do, for as long as it wants to do it. Nobody is challenging them. Our sheepoticians have neither the courage nor the understanding of the capital markets and the perils of current FED policy. Print to oblivian. Manipulate bond, stock and currency markets. Collude with other central bankstas. If the private sector financial community coordinated and colluded like our central bankstas do, they'd be thrown in prision for 5-10 and maybe even tried as enemy combatent and sent to Guantanamo.
Oooohhhhhhh, look at me. I'm Ben bernanke, a dildo-jackin', azzhattin' fuckwit who likes to be pivot man at the bankster circle-jerks.
The only thing the Fed can do is print money and hand it over to the too big to fail banks in the form of QE which lead to lower standard of living for all the citizens of a country except for the beneficiaries of the bailouts. The poor people in any country live hand to mouth and do not contribute to tax revenues. The others who earn their living by small businesses or salaries pay taxes at a much higher rate than the rich individuals or big businesses. This is due to the loopholes in the taxation system which enable them to declare maximum profits in countries which have the least tax rates. So effectively in the long run the governments route the money collected as taxes from the middle class of people to the banks so that the bankers can enjoy enormous bonuses. We are in times of privatizing the profits and socializing losses for those who are well connected to the governments and the law makers.
The money which TBTF banks get in the form of QE is used to speculate in currency, stock, commodities and bond exchanges. None of this reaches the main street and hence recovery in the actual economy is not possible through QE. Moreover speculation in commodities like Oil and agriculture products lead to higher prices thus making the lives of the very middle class paying taxes and the poor more miserable.
http://www.marketoracle.co.uk/Article35345.html
www.letstalkmoney2012.in
I have always dreamed of having a farm in the country so I keep a close eye on land prices. In WI they dropped pretty good during the 2008-2011 time frame, then they surged dramatically in the past year. Thanks so much Mr. Bernanke (not)
everyday i'm reminded of just how far out of touch these people are. sometimes, when one of them opens there mouth only to provide the latest wtf? moment I have to remind myself these people don't think like the rest of us do. they are not normal, rational, caring, grounded human beings, they live in a world, in a culture most of us have never seen and will never understand. and it's not just about money it takes a certain mentality to be welcomed to this club, psychopathic liars who don't really care who gets hurt or what gets destroyed so long as there own twisted little world view remains there reality.
a good example, I just read the French President Holland was awarded the UNESCO peace prize...
funny, but I thought a peace prize was reserved for those who found ways to avoid wars, not start whole new ones.
but in this brave new world war is peace I guess.
maybe they should create a whole new award for bernanke, he did engineer the greatest global economic recovery in history after all.
stagnation and the death of individual economic independence, freedom and security is prosperity now, so ben obviously did his job well.
so let me just say in Orwellian speak, thanks ben beranake for everything you've done from one grateful American.
"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."
Slight correction... "Of course, three years later the Fed had to do everything it legally (and illegally) could, and also much more, to prevent the modern financial system from terminally imploding.
read once more , your correction is a repetition of what he already wrote
Slight correction?
Learn to read, dickhead.
Ben Bernanke, Destroyer of Worlds.
"I found Mr.Bernanke's statements to be highly prescient and creditable."
Jon Corzine
Bens nose grows bigger everytime he speaks.
"We took care of that P/M bubble just this last week and if it comes back, we'll monkey hammer the prices again."
Wonder if Bernanke believes himself?
Beautiful! Thanks Tyller! :):)
Where is long soup line?
FUCK YOU B!!!!
Bernanke: "There Is No Bubble"
Correct.. there WMD's, "bubbles" is sooo 2007.
No Ben.
"There is no spoon." ~ the Matrix
Right, and today is no indication of that.
The Pud has a strange interlude with Ben Bernanke
Bernanke's a disgrace and an idiot! A slide rule economist who is incapable of thinking outside of the box or long term. He beilieves trendline economic growht to be 3.5% and by God he's going to get it there.
Just the kind of guy whore street, I mean, wall street wants as a "regulator"
Drone you Bernanke!
Remember, Ben: There's no "i" in "team," but there is a "u" in "cunt"...
This is management by saying "it is so". Next will be management
by hiding on the toilet.
Being the symbolic figurehead of a system of FRAUD BACKED BY FORCE puts one in a predicament where career success is based on being able to tell lies with a such a straight face that ordinary people find it impossible to recognize that. The Chairman of the Federal Reserve Board is the figurehead speaking for a system of runaway triumphant fraud. He is necessarily a first class professional liar, and an immaculate hypocrite!
The long history behind this process generates the situations where the figureheads of these systems become so awesomely evil, and yet, personally successful within those established systems, that the outside observers no longer have any way to judge the degree of delusion, or possible psychosis, presented by those figureheads.
There are deeper problems created by the best organized criminals, the biggest gangsters, the banksters, being ABLE to gradually take over almost total control of the government, and thereby become able to legalize their crimes, and legalize the enforcement of those runaway frauds! The parasites become so totally entwined through and through their host that there appear no remedies left.
Everyone has to have money to live. However, the monetary system itself is TRIUMPHANT FRAUD, as indicated by the legalized counterfeiting of "money" made out of nothing, as debts.
The original idea that gold and silver were going to back up the meaning of money was gradually subverted, and eventually perverted to mean the OPPOSITE of what "money" used to mean. The runaway triumph of the Federal Reserve Board is the runaway triumph of fraud totally taking control of the government, in order to be able to force everyone else to live their lives as if that fraud was the truth.
The entire "money" supply of the whole nation, and almost throughout the whole world, is runaway triumph of organized crime, legalizing lies, and legalizing the violence to back those lies up.
The full faith and credit of the USA is backed by the total power of its police and armed forces, able and willing to enforce the "rule of law" which has become almost totally the rule of the Fraud Kings, the central banks!
The whole world IS, and must be, some system of organized lies, operating organized robbery. The police and other armed forces have to have a system in place for them to be able to obtain food, fuel, weapons and ammunition, etc.! They too operate inside of the established monetary system, and provide the murders to back that up.
We can never stop needing to have resources to consume, or else we stop living. Our methods of living like that require that we take those, and also overcome any others that stand in our way of taking them. Those factors have been basic to the nature of all animal life, for a very long time!
Civilization has grown those basic realities up to an astronomically amplified size. Along the way, the ability to lie about doing that became vital to being able to successfully continue to do it. In the person of Ben Bernanke we observe the manifestation of a professional liar, backed by the force of the police and military power of the government, promoting his specialized brand of bullshit.
OF COURSE, over and over again, we witnessed that what Bernanke stated turned out to be the opposite to what happened, and yet, over and over again, we also witness that he never admits that, but only continues to double down on his deceits.
Bernanke is merely the current figurehead of the overall system of legalized lies, backed by legalized violence, continuing to grow bigger and bigger, faster and faster. Bernanke is the spokesman for the parasites that have almost totally taken over the host, to the degree where there no longer appears any realistic remedies, other than the eventual death of the host itself.
That is especially true because the host, namely the vast majority of the American people, are mostly brain dead zombie sheeple. The only public opposition to the vicious wolf people controlling them is also almost totally controlled. That controlled opposition deliberately stays within the same set of old-fashioned bullshit, in the form of various religions and ideologies which refuse to respect the deeper reasons WHY human realities are always organized lies, operating organized robberies. Therefore, that controlled opposition continues to promote the same sets of false fundamental dichotomies and their related impossible ideals, which assist the ruling classes to continue to rule.
The host/prey people are controlled by the parasite/predator people. However, the deeper understandings of that situation would require unitary mechanisms be used, to understand how and why that situation actually evolved, and therefore, what kind of realistic means are possible to ameliorate the current political economy and human ecology problems.
The best theoretical solutions require that the sheeple relearn their power to be wolves. However, the entire system was set up to brainwash them to believe that they should respond by being better sheep.
Bernanke symbolizes a shepherd, from a long line of shepherds, that have been fleecing the sheeple, more and more, while setting them up to be eventually slaughtered. The USA appears to be reaching a point where the banksters, as the controlling shepherds, are getting ready to engage in provoking mass slaughter of the sheeple, after finishing totally fleecing them one more time. More and more, Bernanke is that kind of shepherd, speaking that kind of message to the sheeple.
"There is no bubble. There is no such thing as oxygen. Nobody has ever seen oxygen. So there is no bubble."
Ben Bernanke : Half bubble, half pig!
Shades of DSK on the fiat whore machine.
He makes my ZH username look honest... :(
Ben "Bubbles" Bernanke.
lol!!!!
The Fed has never been able to spot a bubble even as they created them.
Expect more BS on on/by Mar.5.
Every time Bernanke opens his Pie-Hole, I have this insatiable urge to buy Silver bullion. Hey, just bought a tube of 20 Oz's. YIPEE!
i like my cheer leaders with short skirts and big tits,
why is this man here wearing a beard?
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Look into my eyes…
Look into my eyes…
There is no-oo-oo-oo bubble!
Okay: How about "This is not the bubble you're looking for…"
The net neva fagets.
•J•
V-V