• BullionStar
    05/30/2016 - 21:24
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Live Webcast Of Bernanke Testimony To Senate

Tyler Durden's picture




 

At 10 am Eastern the Chairman will go before Senate to deliver his agency's semi-annual Monetary Policy Report to lawmakers. Tomorrow he will do the same before the House. Speaking before the Senate Banking Committee, Bernanke will face questions about the nation's current economic situation.  He is also likely to field lawmaker's comments on how the nation's economy will be impacted by sequestration. Perhaps someone will inquire about the Fed's exit plans, but that is unlikely as there are none. Perhaps someone else will inquire what Bernanke's closing print target for the S&P and the EURUSD are. We, and numerous GETCO synthetic momentum algos, are looking forward to both.

    *BERNANKE SAYS BENEFITS OF EASING OUTWEIGH COSTS, RISKS
    *BERNANKE SAYS FED HAS TOOLS TO TIGHTEN MONETARY POLICY
    *BERNANKE SAYS MORE QE MAY ERODE CONFIDENCE IN FED EXIT ABILITY
    *BERNANKE SAYS VERY LOW RATES `COULD IMPAIR FINANCIAL STABILITY'
    *BERNANKE SAYS FOMC INTENDS TO SUSTAIN EASING AS LONG AS NEEDED
    *BERNANKE: FED TREASURY REMITTANCES MAY DECLINE IN COMING YEARS
    *BERNANKE: SEQUESTRATION COULD CAUSE SIGNIFICANT ECONOMIC BURDEN

Watch it live at C-Span-3 link after the jump.

 

Summing it all up:

Inflation 11, Risk 10, Debt 9, Cost 9, Balance Sheet 5, Benefit 3, Gas Prices 1,
Exit 1, Unicorns 0

 

Full bernanke speech:

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Tue, 02/26/2013 - 10:56 | 3277435 fuu
fuu's picture

Fuck you Bernanke!

Tue, 02/26/2013 - 10:57 | 3277444 Buckaroo Banzai
Buckaroo Banzai's picture

Let the mummer's farce begin!

Tue, 02/26/2013 - 11:00 | 3277459 I think I need ...
I think I need to buy a gun's picture

who's in the starting rotation today against bernanke,,,,,no knuckleballs please just straight beer league softballs

Tue, 02/26/2013 - 11:15 | 3277478 hedgeless_horseman
hedgeless_horseman's picture

 

 

I love you
You love me
This is co-de-pend-en-cy.

The third option is for the Federal Reserve to create credit to pay the bills Congress runs up. Nobody objects, and most Members hope that deficits don't really matter if the Fed accommodates Congress by creating more money. Besides, interest payments to the Fed are lower than they would be if funds were borrowed from the public, and payments can be delayed indefinitely merely by creating more credit out of thin air to buy U.S. treasuries. No need to soak the rich. A good deal, it seems, for everyone. But is it?

 

The “tax” is paid when prices rise as the result of a depreciating dollar. Savers and those living on fixed or low incomes are hardest hit as the cost of living rises. Low- and middle-incomes families suffer the most as they struggle to make ends meet while wealth is literally transferred from the middle class to the wealthy. Government officials stick to their claim that no significant inflation exists, even as certain necessary costs are skyrocketing and incomes are stagnating.

 

http://www.lewrockwell.com/paul/paul334.html

 

Tue, 02/26/2013 - 11:18 | 3277533 I think I need ...
I think I need to buy a gun's picture

how about steve leisman? will he get to throw a pitch today?

Tue, 02/26/2013 - 11:19 | 3277555 ParkAveFlasher
ParkAveFlasher's picture

I'd love to whack a liner right off his pasty dome.

Tue, 02/26/2013 - 11:22 | 3277571 smlbizman
smlbizman's picture

meanwhile in the metals market.........right on schedule...whom could have possibly know?

Tue, 02/26/2013 - 11:25 | 3277585 ParkAveFlasher
ParkAveFlasher's picture

If this keeps up, I might be able to afford more sooner than anticipated. 

Tue, 02/26/2013 - 11:29 | 3277613 derek_vineyard
derek_vineyard's picture

Change the channel to 'the price is right'.

Tue, 02/26/2013 - 11:34 | 3277633 Joe Davola
Joe Davola's picture

Can we make a trade:  chicks don't have to fight in the army if we can banish the male spokesmodels.

Tue, 02/26/2013 - 11:59 | 3277774 fuu
fuu's picture

Ben has a belt and 2 pairs of suspenders. Also he thinks we should get rid of deflation.

Tue, 02/26/2013 - 12:02 | 3277791 Xibalba
Xibalba's picture

When shit gets real, you have to LIE through your beard

Tue, 02/26/2013 - 11:35 | 3277641 espirit
espirit's picture

Unless Bernanke's testimony is something like SEC porn...

I'm not wasting my time.

Tue, 02/26/2013 - 11:34 | 3277634 smlbizman
smlbizman's picture

this is like watching those red bull events....where the first guy flys off the peir into the water, than the next and next all with the same result...except i am sure the only differences between those redbull dudes and benny and the inkjets is the redbulls  know they cant fly.....

Tue, 02/26/2013 - 11:25 | 3277591 Joe Davola
Joe Davola's picture

Can one of our gutless 'representatives' ask him what will replace the retirement wealth illusion from rising stocks when the scavenger in thief forces everyone's 401k's into t-bonds.  Oh right, that's how he's going to unwind the private coalition that issues our currency's bond holdings.  I've got to replenish my liquor cabinet soon!

Tue, 02/26/2013 - 12:22 | 3277894 RockyRacoon
RockyRacoon's picture

He just called Corker a liar.   We now have a fully developed Baghdad Bob on our hands.  I can visualize him standing outside the smoking remains of the Federal Reserve building telling us how great things are -- while in the background the homelss stand around barrels burning bundles of 100 dollar bills for warmth.

Tue, 02/26/2013 - 12:39 | 3277986 Joe Davola
Joe Davola's picture

We are pounding them

Tue, 02/26/2013 - 13:14 | 3278117 wisefool
wisefool's picture

That was yucky. All he had to do was say "Lehman Brothers or AIG." Or any idiot who is going to get hauled off to prison to pay for "The debt held by the people including the federal reserve" + "the unfunded liabilities, which is our promises we made to people (see also IRS)" + "Well Fannie, freddie and sallie are not debts per say, they are garentees, but yeah, we tell our IRS agents to get it all and let God sort it out"

Tue, 02/26/2013 - 11:21 | 3277567 mayhem_korner
mayhem_korner's picture

 

 

Liesman is in the closet, polishing his stinger to the sound of the Bernank's voice.  This speech is going to ramp everything out of the mudpit...and then set the stage for a real ugly dogfight later in the week.

Tue, 02/26/2013 - 11:38 | 3277660 Kirk2NCC1701
Kirk2NCC1701's picture

"I hate you, you hate me, this is a codependency..."  Fixed it for ya.

Tue, 02/26/2013 - 11:04 | 3277482 MillionDollarBonus_
MillionDollarBonus_'s picture

Sorry guys, but when I look at the 4-year chart of the S&P, all I'm seeing is up up up. When, and ONLY when, I see that chart going down, will I change my outlook for stocks.

Tue, 02/26/2013 - 11:11 | 3277501 francis_sawyer
francis_sawyer's picture

To MDB:

~~~

- The DJIA had a low [in Dec 2008] of 8148 & a high of 8934... Making a median of 8541

- The DJIA, now, is 13845

- The median price of gasoline in Dec 2008 [nationwide] was $1.65

- The EIA 'projects' the median price of gasoline for the rest of 2013 to be $3.57

Sincerely,

BLOW ME you cocksucking sycophant moron

PS ~ How are you doing with that 'double dip' you took on Facebook at $30?

Tue, 02/26/2013 - 11:23 | 3277574 MillionDollarBonus_
MillionDollarBonus_'s picture

That's because of speculators, moron. What free marketers don't understand is that if you regulate the speculators, gas prices will fall and stocks will rise even more.

Tue, 02/26/2013 - 11:31 | 3277620 francis_sawyer
francis_sawyer's picture

are you running for Congress in 2014?, or just trying to get a job on CNBC?

Tue, 02/26/2013 - 11:35 | 3277638 FL_Conservative
FL_Conservative's picture

You didn't know?  MDB is Steve LIESman.

Tue, 02/26/2013 - 11:40 | 3277663 francis_sawyer
francis_sawyer's picture

That explains alot ~ But all I really wonder about this:

~~~

To get his beard so neatly trimmed, does Bernanke use the SUCK KUT

http://www.youtube.com/watch?v=_b4Z5Kg08PY

Or, does he actually have to look at his own image in the mirror & say "I SUCK"? 

Tue, 02/26/2013 - 11:40 | 3277666 espirit
espirit's picture

On a more serious note, everytime I hover my mouse pointer over Tylers avatar, it looks like he's showing the finger.

Now, where are those configuration options...

Tue, 02/26/2013 - 11:50 | 3277646 LawsofPhysics
LawsofPhysics's picture

You want to end speculation.  Go ahead and make margins 100% motherfucker.  Make everyone take delivery, then who will you blame for the rising cost of food and fuel you ignorant shit?  Wages matter, the vast major of folks don't have any investment in the casio, they depend on wages, period.

Tell me MDB, what's the "price" of something that you need to survive but that I refuse to sell or that is not available at all?  You eCONomic theories are not based in reality, supply lines have very real and very finite inputs and the world is tired of paper promises.

Tue, 02/26/2013 - 11:20 | 3277516 FL_Conservative
FL_Conservative's picture

Bet you said the same thing in 2005 about real estate prices, you douchebag.

Tue, 02/26/2013 - 11:35 | 3277636 ydderf1950
ydderf1950's picture

Check the value of the dollar dickhead

Tue, 02/26/2013 - 14:03 | 3278326 Imminent Crucible
Imminent Crucible's picture

Yeah, Bogus, the 4 year SPX chart is up. In fact, it looks EXACTLY like the SPX chart from 2003 to 2007. By the time you "change your outlook", it will mean you dinked around until your gains are gone and you realize it wasn't time to "buy the dip". Because BTFD means Buy The Fed's Depression.

Tue, 02/26/2013 - 11:04 | 3277484 redpill
redpill's picture

Take a shot for each mention of inflation being well contained.

Tue, 02/26/2013 - 11:05 | 3277492 krispkritter
krispkritter's picture

There's 30% less alcohol in my alcohol and it costs 40% more! WTF!

Tue, 02/26/2013 - 11:20 | 3277560 ParkAveFlasher
ParkAveFlasher's picture

Use two glasses and drink them at half-speed.

See?  No inflation.

Tue, 02/26/2013 - 11:22 | 3277573 mayhem_korner
mayhem_korner's picture

 

 

My scotch is made with horse meat.  Helluva kick, I tell you.

Tue, 02/26/2013 - 11:45 | 3277693 espirit
espirit's picture

I always seem to be face down in the grass whispering "moo".

Tue, 02/26/2013 - 11:08 | 3277504 Nothing To See Here
Nothing To See Here's picture

And another shot for each suggestion that QE may end at some point in the near or distant future...

Tue, 02/26/2013 - 11:00 | 3277461 Dr Paul Krugman
Dr Paul Krugman's picture

He and the Fed are just doing the job Congress asks them to do.

Tue, 02/26/2013 - 11:01 | 3277465 krispkritter
krispkritter's picture

Fuck you Krugman! (sorry, had to get that off my chest)

Tue, 02/26/2013 - 11:07 | 3277493 Kirk2NCC1701
Kirk2NCC1701's picture

Paul, you must mean: "He and the Fed are just doing the job Congress asks them to do.  And given the Prime Directive of the Fed's crypto-shareholders and their goals".  There, fixed it for you.  Always remember the think or say "and to increase the value of the shareholders", and you won't stray far.  ;-)

Tue, 02/26/2013 - 11:09 | 3277510 Dr Paul Krugman
Dr Paul Krugman's picture

The Fed is an independent establishment that uses the science of economics to determine proper monetary policy.

Tue, 02/26/2013 - 11:15 | 3277530 Rusty Trombone
Rusty Trombone's picture

That's fucking IT  Krugman !   We let sit at the adult's table once , and you come out with this shit.  Get back to your glory hole.

Tue, 02/26/2013 - 11:25 | 3277578 TruthInSunshine
TruthInSunshine's picture

 "...uses the science of economics..."

 

LULZ.

You're The Best Around & Nothing's Ever Gonna Keep Ya' Down

Tue, 02/26/2013 - 11:16 | 3277535 yogibear
yogibear's picture

How independent is it when it's the governments enabler to print to infinity? This Fed is political. Unlike the fed of the past it lacks integrity. Bernanke perjured himself when he testified that he wasn't monetizing debt.

The Fed will continue monetize until the US dollar collapses to pacify the politicians in DC and Wall Street.

Tue, 02/26/2013 - 11:21 | 3277565 Dr Paul Krugman
Dr Paul Krugman's picture

You are using the term "monetizing" too loosely.  Bernanke is using the tools he has to stabolize the economy, and he is purchasing bonds.  When they come due, yes, he gets the priciple, and then he is able to reinvest.  WHen we have a recovery, then he will unwind his positions, but we are far away from a recovery, and so the Fed needs to continue with its easy monetary policy, less we wind up in a worse spot then we are in currently.

Tue, 02/26/2013 - 11:27 | 3277605 tarsubil
tarsubil's picture

What does he use to buy the bonds? Where does that come from?

Tue, 02/26/2013 - 11:34 | 3277632 Dr Paul Krugman
Dr Paul Krugman's picture

The Fed is in charge of regulating the money supply, and that is how he makes the purchases.

Tue, 02/26/2013 - 11:37 | 3277654 tarsubil
tarsubil's picture

He uses regulations to buy bonds? Regulations actually serve as legal tender in Washington?

Tue, 02/26/2013 - 13:19 | 3278145 TBT or not TBT
TBT or not TBT's picture

Sure. Mandate this, ordain that, without funding it. Just fund enforcement of it. Coercion. Make people do things you want or stop them doing things. Little money is needed. You do need "gun" control though.

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