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Bernanke Testimony Day Two Webcast - This Time Before The House Committee
Yesterday Bernanke testified before the Senate: today it is the turn of the House to grandstand. The prepared remarks are the same, but the Q&A will certainly be different, and will focus mostly on political talking points surrounding the sequester, with little to no talk of actual monetary policy. After all, the last thing anyone in Congress wants is the man who provides the deficit funding to pull the punch bowl.
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bilderburgers and diebold
.................and Hinojosa ends his remarks by offering to lick the Bernank's boots.
Looks like he would rather lick salty balls
I miss Barney Frank too.
Massive brick shitting going on...
WTF are these morons making speeches instead of asking BB questions?
They are not informed enough to form a question to ask. They obviously have no idea of what BB is doing.
They act as if BB is the cause of the sequestration and like he can do something about it.
these idiots haven't even read his statement let alone understand it.
I didn't know Mel Watt could read???
His aids read it to him.
There is no volume in the market today.
The only fear you'll see in Sugar Daddy Bernanke is when US dollar dumping gains momentium.
Several representitives confronted Bernanke on his unlimited QE and diminishing returns, and I hail them. So many reps, in their opening remarks, kissed his ass and said what a great job he is doing. What do they have to gain kissing his ass, or is this just proper etiquitte for reps that are moving up the political ladder? I hate kiss-asses!
mickd asked:
"What do they have to gain kissing his ass"...,
They're hoping to save their ass by kissing his for when the Jews take over completely. Well known that wherever the communists have come to power the first ones they execute are the ass-kisser goy that brought them to power.
"The Jews were now free to indulge in their most
fervent fantasies of mass murder of helpless victims.
Christians were dragged from their beds, tortured and killed.
Some were actually sliced to pieces, bit by bit, while others were branded with hot irons, their eyes poked out to induce unbearable pain. Others were placed in boxes with only their heads, hands and legs sticking out. Then hungry rats were placed in the boxes to gnaw upon their bodies. Some were nailed to the ceiling by their fingers or by their feet, and left hanging until they died of exhaustion. Others were chained to the floor and left hanging until they died of exhaustion.
Others were chained to the floor and hot lead poured into their mouths. Many were tied to horses and dragged through the streets of the city, while Jewish mobs attacked them with rocks and kicked them to death. Christian mothers were taken to the public square and their babies snatched from their arms. A red Jewish terrorist would take the baby, hold it by the feet, head downward and demand that the Christian mother deny Christ. If she would not, he would toss the baby into the air, and another
member of the mob would rush forward and catch it on the tip of his bayonet.
Pregnant Christian women were chained to trees and their babies cut out of their bodies. There were many places of public execution in Russia during the days of the revolution, one of which was described by the American Rohrbach Commission: 'The whole cement floor of the execution hall of the Jewish Cheka of Kiev was flooded with blood; it formed a level of several inches. It was a horrible mixture of blood, brains and pieces of skull. All the walls were bespattered with blood.
Pieces of brains and of scalps were sticking to them. A gutter of 25 centimeters wide by 25 centimeters deep and about 10 meters long was along its length full to the top with blood.
Some bodies were disemboweled, others had limbs chopped
off, some were literally hacked to pieces. Some had their eyes put out, the head, face and neck and trunk were covered with deep wounds. Further on, we found a corpse with a wedge driven into its chest. Some had no tongues. In a corner we discovered a quantity of dismembered arms and legs belonging to no bodies that we could locate.'" (Defender Magazine, October 1933)
Where did you take this from?
why the fuck does the fed even attend these things? do they enjoy splurging lies? lol why not just stay home and play sick that day and keep postponing it... why even go through the trouble this close to the end?
Bernank just said that the reason Japan failed in its decade of QE was that they didn't QE enough. Oy!
"Bernanke call for long-term fixes". It's just another way of saying let's keep kicking that can down the road as long as we can.
http://online.wsj.com/article/SB120424639824701397.html
The Bernanke Reflation
Naturally, the Fed and its most vocal constituencies -- Wall Street and politicians -- see nothing much to worry about. Wall Street sees a reflation as a way to ease its credit problems, as price increases ease debt burdens and perhaps reflate housing values. Congress and the White House see a way to perhaps avoid a near-term recession, which might get them past the election.
As for the Fed, its Governors are dusting off their favorite intellectual justifications. We are told that inflation isn't as bad as it seems because "core inflation" -- which excludes food and energy prices -- isn't rising as fast as the consumer price index. However, food and energy are what most Americans are having to spend ever more of their paycheck to buy. Thus the Bernanke reflation is in part self-refuting even as a short-term recession antidote, because it robs consumers of some of their discretionary income just when the economy needs it.
Meanwhile, even the Phillips Curve is making a comeback. That's the notion -- popular before it was discredited in the 1970s -- that there is a trade-off between inflation and economic growth. In its new version, argued by Fed Governor Frederic Mishkin, the Phillips Curve doesn't exist in the long term but does in the short term. Thus the Fed can afford to open the monetary flood gates now because the slower economy could lead to lower prices later this year. Then when the economy recovers, the Fed can afford to tighten money again.
This is a beguiling intellectual construct, but it puts a great deal of weight on Fed Governors to know when to tighten again. They were supposed to do something similar in 2003-2005, but they were terribly wrong. Then as now they were also dismissing such forward-looking price signals as gold and oil and instead focusing on such misleading indicators as "core inflation" and the money supply. Mr. Mishkin may be seen as a monetary wizard at the Fed, but to investors around the world he is beginning to look more like a high-class inflationist.
The people who aren't being fooled by all this are the American people. They don't pay their bills with "core" dollar bills, and they know those dollars buy less with each passing month. This explains their rising economic anxiety -- and anger -- better than trade or job losses do, especially since the job market has remained relatively healthy. Inflation is the great thief of the middle class, as even Americans who don't recall the 1970s are learning. With its all-in reflation bet, the Bernanke Fed is gambling with their money.