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Moroccan Pottery Classes, Shrimp On Treadmills And Obamaphones - Bernanke's Biggest Bloopers Tie It All Together

Tyler Durden's picture





 

Those who listened to Bernanke's three hour oratory before the House Committee today noticed something different: the Chairman's tone was far more resigned, and as noted previously, on occasion devolved into incoherent, illogical ramblings that may be satisfactory for an introductory economics class at Clown College (aka Princeton), but certainly are inappropriate for the man who runs the world's most important printer.

And while as expected the bulk of the Q&A session focused on the sequester, there were enough pearls one could shake a GDP hockeystick at. We have extracted the best of these exchanges below. However, the definitive five minutes comes from this fiery confrontation between Sean Duffy and the Chairman, in which the republican has obviously had enough with the monetary policy chief coming in Congress and telling Congress how to conduct fiscal policy, when it is Bernanke's deficit-monetizing actions that allow zero-cost borrowing and thus profligate, indiscriminate spending to result in such lunacy as total US debt just hitting a record 16,618,701,810,927.77.  

From the negative jobs impact resulting from cutting Moroccan Pottery Classes, no longer handing out Obamaphones, stopping the payment of travel expenses for the watermelon queen in Alabama, and most importantly preventing shrimp from running on a treadmill, to Bernanke explaining how a 2% cut in the budget would result in mass mayhem, in the context of a 1% interest rise resulting in $100 billion in additional interest expense, and much, much more, the Chairman ties it all together.

And much more:

On having tamed inflation:

MCHENRY: So to this point about inflation, many of us have this concern about how you're going to unwind this unprecedented portfolio that -- that you preside over or how your successor will unwind this or your successor's successor.

 

And the concern that we have is that you only can see inflation with hindsight. And the question I have to you is, with -- with the record of the 1970s, where in 1973, expected inflation was 3.75 percent -- that was a market expectation -- the Feds said 3.9 percent. The actual was 6.2 percent. 1974 inspected inflation was predicted at 6.7 percent. The Feds said 8 percent. Yet, the actual inflation was 11 percent. 1979, inspected was 7.3 percent. Feds said 7.5 percent -- actual was 11.3 percent. 1980, expected inflation was predicted at 11 -- 11 percent. The Feds said 7.5 percent, yet the actual was 13.5 percent.

 

The Fed has consistently gotten it wrong. Are your tools better now to see inflation than they were then when we had this great period of inflation?

 

BERNANKE: Our tools are better. But the environment is much better, because we now have 25 years of success in keeping inflation low and stable, not just in the United States but around the world. Inflation expectations are very well anchored, and wages are very -- growing very slowly.

Well, actually no:

"You Can Have It Both Ways"
 
GARRETT: With regard to the positive indications that you've indicated, you said the stock market and the housing market have gone up because of your monetary policy. But previously you have said that the Fed's monetary policy actions earlier this decade, 2003 to 2005, did not contribute to the housing bubble in the U.S.

 

So which is it? Is monetary policy by the Fed not a cause of inflationary prices of housing, as you said in the past? Or is it a cause of inflating prices of housing? Can you have it both ways?

 

BERNANKE: Yes.

The "Saver Has Many Hats": Apparently One Of Them Is Not To Save And To Invest In A Market That Has Doubled

CAPITO: You mentioned gas prices as a reason that's hurting our economy in general and certainly all of our constituents are feeling this very much. I think energy economy there again could answer in -- in a small way, and maybe a large way, the issue of gasoline as we move towards energy independence, so, you know, I would like to hear you talk about the energy economy more as part of our broader economy because I think it -- you said it's a bright spot, let's feature it as a way to pull ourselves out -- out of a slower recovery. So I would encourage you to do that.

 

My other question is on seniors. Many of us are in that sandwich generation trying to help our parents, and our parents are doing a pretty good job trying to help themselves.

 

But they're relying on their good planning and investments, if they've been lucky enough to invest. And the dividend and interest availabilities to them are crushing our seniors, as they see their health care costs go up. And some of the policies that -- that you've put forward I think and that -- and that the Fed has, has caused concern for those of us who are concerned about seniors who don't have the ability to get another job, can't -- you know, that's played out for them.

 

What -- what can I tell my seniors back home that is gonna give them some optimism that they're gonna be able to rely on that good planning that they had to carry them through to their senior years?

 

BERNANKE: Well, I'd say first that savers have many hats. They may own fixed income instruments, like bonds, but they also may own stocks or a house or a business. All of those other assets benefit when the economy strengthens.

 

BERNANKE: And those values have gone up, the stock market has roughly doubled, as you know, in the past few years. So from an investment perspective, there are alternatives.

Finally, contrary to prior confusion Bernanke does NOT offer financial planning seminars to 90 year olds

GARRETT: So the other area you indicated why we should say your policies are working in a cost-benefit analysis is the stock market. I'm sure you're familiar with Milton Friedman's work that says that people only really consume off of their permanent income, which basically means that you don't increase consumption because your stocks have gone up in the marketplace.

 

And to that point, I know Ms. Capito asked the question as to what seniors should do in this indication, and you said, "Well, take it out of some fixed assets and put it into the stock market." Heaven forbid that my 90-year-old mother would take her money out of fixed markets and put it in the stock market. I think that's probably the worst advice that's out there.

 

And when you consider that a 1 percent increase in the stock market only has infinitesimal, maybe one-hundredth percent increase in the GDP, I really don't understand, A, how you can give that advice; or B, how you can suggest that the increase in the stock market is a positive indicator of your work in a cost-benefit analysis of the rest of the economy.

 

BERNANKE: I was not giving financial advice. I apologize if I gave that impression. I was just saying that...

 

GARRETT: (inaudible) asking -- asking you the question: What should -- what should we be doing in the benefit to the seniors? What shall we say to the seniors? And your advice -- your comment was...

 

BERNANKE: My advice -- what I was saying was that the economy will get stronger because of good policies, and that, in turn, will cause rates to rise in a sustainable way. If we were to raise rates prematurely, we would kill the recovery and rates would come down and we would have a long-term situation with very low rates.
 
GARRETT: But would you -- wouldn't you have, A, provided for the certainty in the marketplace so you could have more price transparency? Earlier, you said that some risk-taking in the market is appropriate. That was one of your opening comments. Sure, risk- taking is appropriate, but appropriate when there is actual price discovery. When you have a market that is distorted as it is right now by the -- by the Fed's monetary policy, you really don't have true price discovery.

 

And so when you do risk-taking now, it's based upon not really knowing what the appropriate value is of land prices, equity market prices are. So risk-taking now is worse than risk-taking is when the Fed's actions do not distort the marketplace.

 

HENSARLING: The time of the gentleman has expired.

 


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Wed, 02/27/2013 - 22:01 | Link to Comment fonzannoon
fonzannoon's picture

Balls.

"Fallen star Heebner places astronomical bet against Treasuries"

http://www.investmentnews.com/article/20130227/FREE/130229950

Wed, 02/27/2013 - 22:03 | Link to Comment MrX
MrX's picture

you know what I have to think about that.....this: http://vimeo.com/15056028

Wed, 02/27/2013 - 23:51 | Link to Comment flacon
flacon's picture

The American way:

HENSARLING: The time of the gentleman has expired.

Thu, 02/28/2013 - 00:04 | Link to Comment flacon
flacon's picture

> Clown College (aka Princeton)

 

The irreverence shown to these academic institutions (particularly Princeton) is simply exhilarating to say the least!

Thu, 02/28/2013 - 06:19 | Link to Comment smlbizman
smlbizman's picture

the bernank thought it was happy days when ron paul retired......now he has to deal with mr. sean duffy.....and i better get my kiln fired up today and glaze my bowls....the rug is being pulled out from under my morracan pottery class......fucking priceless

Thu, 02/28/2013 - 07:33 | Link to Comment Go Tribe
Go Tribe's picture

Balls of plutonium.

Wed, 02/27/2013 - 22:03 | Link to Comment DaveyJones
DaveyJones's picture

"devolved into incoherent, illogical ramblings" ...much like his policies

Wed, 02/27/2013 - 22:49 | Link to Comment Cdad
Cdad's picture

Keep it up, Tyler.  From start to finish, this particular Humphrey Hawkins gathering is literally a bonanza of Bernanke slip ups, confessions, and flat out bullshit.  Quite frankly, I am surprised that I am not hearing more on the MSM per this subject...but I expect  more in the coming days.

Total and complete disaster, Mr. Bernanke.

Thu, 02/28/2013 - 06:39 | Link to Comment Stoploss
Stoploss's picture

Bernanke explaining how a 2% cut in the budget would result in mass mayhem..

He did not explain how a 2% payroll tax increase brought what was left of the economy to it's knees in 48 hours...

 

They're kinda funny like that.

Wed, 02/27/2013 - 22:07 | Link to Comment SILVERGEDDON
SILVERGEDDON's picture

Bernanke Klingon, meet Uranus. What goes around, comes around, to fuck oneself.

Someone stuff an apple into this pig's mouth, and roast him.

All he'es good for is joining the chestnuts roasting on an open fire..

Wed, 02/27/2013 - 22:27 | Link to Comment max2205
max2205's picture

Suck it and die seniors". Nice Ben

Wed, 02/27/2013 - 22:05 | Link to Comment hannah
hannah's picture

WOW..our bought and paid for politician sure showed that fucking jew banker what was what....and this changed anything how....?

Wed, 02/27/2013 - 22:11 | Link to Comment Mr. Hudson
Mr. Hudson's picture

Shrimp on a treadmill will be declared "unclean", and will be forbidden to be eaten in any Kosher diet.

Wed, 02/27/2013 - 22:23 | Link to Comment Xibalba
Xibalba's picture

And Moroco will gain a point in gdp due to a less 'skilled' American{t} labor force

Wed, 02/27/2013 - 22:06 | Link to Comment IEVI
IEVI's picture

Why can't any of these congress fuckers pull up a chart like the one above when the Bernanke starts spouting his bullshit?

Wed, 02/27/2013 - 22:48 | Link to Comment tekhneek
tekhneek's picture

He can pull out every chart and reference available. It would literally do nothing.

"Sources for charts by Representative X questioned."

 Crazy times indeed.

Wed, 02/27/2013 - 22:10 | Link to Comment DaveyJones
DaveyJones's picture

funny they'd cut out the Moroccan since most of the economy is held up by green tea and mint 

Wed, 02/27/2013 - 22:08 | Link to Comment Mr. Hudson
Mr. Hudson's picture

Bernanke quote of the day: "By having low interest rates, it helps boost the economy, which helps raise interest rates".

??????

Wed, 02/27/2013 - 22:24 | Link to Comment NoDebt
NoDebt's picture

Yeah.  That one is a classic.  In another thread here someone remarked "I think he's starting to lose it" about that comment.  Couldn't agree more. 

Wed, 02/27/2013 - 22:43 | Link to Comment tekhneek
tekhneek's picture

I think it may be more of "I can't believe this is lasting this long." He's just rearranging the deck chairs...

All hail consumer confidence.

Thu, 02/28/2013 - 07:36 | Link to Comment Go Tribe
Go Tribe's picture

He said that, seriously? Fuckin' madman. And obamafonesalesman pulls a ship out of the Persian Gulf. Another madman.

Thu, 02/28/2013 - 13:57 | Link to Comment BorisTheBlade
BorisTheBlade's picture

What he meant to say is that to raise interest rate, one has to keep them low. Mathematically speaking, only way achieve that is (wait for it): to keep them unchanged. TADA. Here, can I has a PhD?

But honestly, what people do expect to hear from him, truth? Here, that's probably how truthful testimony from BB would look like:

"Dear Senator, Dear Members of Congress, Dear Americans,

I want to start my testimony from a enough simple question: what you f~cking morons still do not understand?! Here: our monetary system is broke, our entire system in fact is broke. Anything I say or do will not change that fact. We are broke and we f~cked up. Listen, even a 5 year old could comprehend the fact if the nation consumes more than it produces for a prolonged period of time, it goes broke. It's a simple fact, isn't it? So, what else is there to understand? Listen, we did everything, we hired rocket scientist (no, really, we did) to design financial instruments that nobody except them could understand, we pretended that debt can be called asset and most importantly convinced the entire world of that and we succeeded. During that period, you could overconsume and the rest of the world could overproduce and everyone was happy. Well, sort of happy, but you can't make everyone happy, can you? Those poor bastards in the 3rd world producing stuff we throw away are probably not happy, but f~ck 'em, nobody made them do it. Well, sort of. It's all one big clusterfuck at this point, I have interest rates to play with, but guess what, it's no longer working. Why? Simple, if I raise them, our debt loaded economy will crumble. Should I keep them unchamged, it will still crumble, only later, because in the meantime economy will amass even more debt. And of course I cannot lower interest rates, because they are already ZERO and you can't make them nominal negative, can you? It's all one big pile of debt that nobody can repay. Sh~t, even our unborn children already own us shitloads of money. Those little bastards are in for a big nasty surprise, hehe, but fuck 'em, nobody makes to be borne. Well, sort of. 

And adding insult to injury, the rest of the world already knows it's over and it's only you who still listens to me expecting that I say something that will magically fix everything. Nobody will buy into the same story again and AAA paper is as good as toilet one, I can still buy it and put it on our balance sheet, but nobody else would. Pesky Russians pulled out, Chinese sort of still here, but only because it's a clustefuck of its own to explain to one billion Chinese that 2 trillion they amassed while working hard is essentially worthless. Japanese? Yes, still here, but we'll soon glow in the dark after eating their sushi and indefinitely flipping debt with them. What do you expect me to do or say? You wanted truth, here it is: for the rest of your life you will work harder than ever before, wou will pay more taxes, you will owe more and more and will probably die poor and hopefully young. Pensions? Poof, gone long time ago. 401k? Poof, gone. Game over, go home. Oh sh~, bank repossesed it, tough luck.

And you Senator, you think you are better than me? F~ck you! You being here bought and paid by the fact that the Government can borrow and spend like a drunken sailor. You can try and question me further or we can pretend that everything is still fine, that the economy will grow again, pensions are still there and we are well into the recovery. This way nobody's getting hurt. Well, sort of.

Yours, Ben".

 

Wed, 02/27/2013 - 22:09 | Link to Comment MoneyThangs
MoneyThangs's picture

Bernanke minus well of plead the fifth on every question meanwhile im sure authorities will find Sean Duffy's body butt naked in some farm in Iowa tomorrow and blame it on a hardcore meth addiction

Wed, 02/27/2013 - 22:53 | Link to Comment akak
akak's picture

 

Bernanke minus well of plead the fifth

 

??????????

Wed, 02/27/2013 - 23:36 | Link to Comment faustian bargain
faustian bargain's picture

I think he meant to say "Midas Well".

Wed, 02/27/2013 - 23:56 | Link to Comment akak
akak's picture

Actually, for all intensive purposes, I took it for granite that he did.

Wed, 02/27/2013 - 22:09 | Link to Comment buzzsaw99
buzzsaw99's picture

bernaked chats it up with the peons in congress

Wed, 02/27/2013 - 22:09 | Link to Comment Z'
Z''s picture

Okay, the shrimp on treadmills piqued my interest.  I HAD to know more...

From the Washington Times:

In one instance, he said NSF employees, in their spare time, engaged in a jello-wrestling contest at the agency’s McMurdo research station in Antarctica. In another instance, the agency paid $559,681 to test sick shrimps’ metabolism, which one researcher said was “the first time that shrimp have been exercised on a treadmill.”

Mr. Coburn’s report noted that the researchers found sick shrimp “did not perform as well and did not recover as well from exercise as healthy shrimp.”

An NSF spokeswoman said they have a “gold-standard approach to peer review” for the projects they spend money on.

Read more: http://www.washingtontimes.com/news/2011/may/26/tax-dollars-shrimp-treadmills-jell-o-wrestling/#ixzz2M9hfHId2
Follow us: @washtimes on Twitter

There you have it... the profound discovery!  BTW, I don't actually have much of a problem with the Jello wrestling on their own time, what else is there to do in Antarctica?  I'm just wondering when the Jello Wrestling Shrimp study will commence.

Wed, 02/27/2013 - 22:30 | Link to Comment directive10-289
directive10-289's picture

Sick Shrimp? The treadmilling shrimp in the video below looks pretty healthy to me. I can see why a comittee of governement funded researchers had to study this pressing question. 

http://www.youtube.com/watch?v=cMO8Pyi3UpY

 

 

Thu, 02/28/2013 - 14:18 | Link to Comment Z'
Z''s picture

Great video!  Really brings home the point.

.

Okay, I guess I'm getting a little punchy here, waiting to start plans for the evening...

Wed, 02/27/2013 - 22:14 | Link to Comment The Axe
The Axe's picture

Scott Garrett for President!!!!!

Wed, 02/27/2013 - 22:47 | Link to Comment tekhneek
tekhneek's picture

He better own the lions share of Diebold.

Wed, 02/27/2013 - 22:20 | Link to Comment Capitalist
Capitalist's picture

Blind leading the blind.

Wed, 02/27/2013 - 22:36 | Link to Comment jtz5
jtz5's picture

What does it say about our country that the best politician we have got his start on MTV Real World: Boston. I think Sean did a great job, maybe that's the key...we have to elect everyday Americans and not privileged Ph.D a-holes.

Wed, 02/27/2013 - 22:27 | Link to Comment NoDebt
NoDebt's picture

Havng a member of Congress whipping on the Chairman of the Federal Reserve is like having your left arm beat up your right arm.

Wed, 02/27/2013 - 22:30 | Link to Comment ebworthen
ebworthen's picture

Bernanke's mind must be like one of those M.C.Escher prints where the stairs go up and down at the same time - and an arch is a pillar and a pillar an arch.

Wed, 02/27/2013 - 23:36 | Link to Comment Pareto
Pareto's picture

That!  is fucking funny!  +100

Thu, 02/28/2013 - 09:59 | Link to Comment jimijon
jimijon's picture

And therin lies his genius. I am sure Dr. K would agree.

Wed, 02/27/2013 - 22:35 | Link to Comment Implicit simplicit
Implicit simplicit's picture

The weight of all the bags of money printed are weighing on his eyes. Notice the dark bags under the eyes. he will be happy to exit before tthe shit hits the windmill. His third eye knows the truth.

Wed, 02/27/2013 - 22:37 | Link to Comment nightshiftsucks
nightshiftsucks's picture

Bernanke got verbally bitch slapped

Wed, 02/27/2013 - 22:39 | Link to Comment booboo
booboo's picture

They better be careful, this grilling of Bernanke will get them on the Anti Defamation League's shit list and hell hath no fury like a Jew Banker scorned. No Matzo Ball soup for you bitches.

Wed, 02/27/2013 - 22:46 | Link to Comment edb5s
edb5s's picture

LOL. At least wages are growing "very slowly." Thanks for the reminder, Bernank. I'm glad to see you've conflated the (mis)fortunes of an entire nation with your personal "my inflation is smaller than yours" pissing contest. All one can do is laugh (and stack/boat) at this point.

Wed, 02/27/2013 - 22:48 | Link to Comment JLee2027
JLee2027's picture

I liked Duffy right there. He's got some liberatarian qualities.

Wed, 02/27/2013 - 22:54 | Link to Comment adr
adr's picture

You know, there are a lot of shrimp. If you make a lot of little treadmills and chain them all together,you might solve our energy problem. Think about how happy Forest Gump would be. 

Time and money well spent.

Although I do think the $20 million for studying the flow rate of ketchup was better. I mean when that fucking bottle let's out too much and it gets all over the fries, man I want to go postal. Also all that sodium just isn't healthy either.

Priorities, the watermellon queen has got to go show Michelle how to scarf down half a mellon in 15 seconds with class. It can't come across as racist when that image hits the net.

We haven't had inflation for 25 years. If you live in Detroit, $150k home in 1988 is what, $5k right now. Damn, Ben did good. Sure gasoline costs $4 a gallon but a decent cell phone is $80. They were a couple grand in the 80s.

Old people don't need money either. What do they need to buy? They are supposed to already have everything they need. What were they doing for 60 or so years?

Yeah, FUCK YOU BERNANKE!!!

Wed, 02/27/2013 - 23:29 | Link to Comment Room 101
Room 101's picture

So sorry. I missed your "fuck you bernanke" up thread.  Thanks for contributing that. 

Wed, 02/27/2013 - 23:14 | Link to Comment Cabreado
Cabreado's picture

Bernanke is a jester, and the joke lies elsewhere.

Don't be distracted by little men, when the big show is a Defunct Congress.

 

 

Wed, 02/27/2013 - 23:24 | Link to Comment csmith
csmith's picture

Just ONCE I wanted to hear it from the Bernank. But, alas, not to be:

"That's a clown question, bro."

 

"Resigned" is exactly the right word. Every time he talked, you could tell his inner child was screaming:

I DON'T HAVE TO TAKE THIS SHIT.

Wed, 02/27/2013 - 23:24 | Link to Comment Bansters-in-my-...
Bansters-in-my- feces's picture

All I can say is that fucktard is delusional.
Seriously....very very seriously.

Wed, 02/27/2013 - 23:26 | Link to Comment Room 101
Room 101's picture

What is with this thread?  There must be about 50 posts and not one poster has said "fuck you, bernanke."

Are ZHers going soft?  Please let me help. Repeat after me: 

FUCK YOU BERNANKE!

See how it rolls off the lips?  A certain poetry to it, no?

Let's try it again:

FUCK YOU BERNANKE!

It never gets old. 

 

 

Wed, 02/27/2013 - 23:31 | Link to Comment jimmyjames
jimmyjames's picture

If we were to raise rates prematurely, we would kill the recovery and rates would come down and we would have a long-term situation with very low rates

****************

Or..like happened to Greenspan when he thought he had the power to cool the markets and raised fed fund rates 17 times and the long end inverted to the point the FFR was above the 30 yr-

I think that gave the central planners a HF moment and i don't think bernanke wants to go there-

Wed, 02/27/2013 - 23:46 | Link to Comment monopoly
monopoly's picture

This is all starting to get scary. Anyone else feel like we are close to the end of our rope before the plunge? I know, I know, 4 years and waiting.....But, this feels.....different.

Thu, 02/28/2013 - 07:39 | Link to Comment Go Tribe
Go Tribe's picture

Okay, so we are really in hell.

Wed, 02/27/2013 - 23:58 | Link to Comment thewayitis
thewayitis's picture

Son of a bitch Bernank...WTF  You know we can nevr pay this debt back.  A government has never paid it back. Ahhh what the hell, make it a round 100 Billion. Maybe it will give us an extra BOOST we need.........

Arrrg. WTF

Thu, 02/28/2013 - 00:44 | Link to Comment Mr. Magoo
Mr. Magoo's picture

The Archons have completed their conquest

Thu, 02/28/2013 - 00:52 | Link to Comment holdbuysell
holdbuysell's picture

Bravo Garrett.

Thu, 02/28/2013 - 03:31 | Link to Comment q99x2
q99x2's picture

Drug test that bitch.

Thu, 02/28/2013 - 04:49 | Link to Comment Jones79
Jones79's picture

I know this is going to be really unpopular on here and that everybody loves to hate on Bernanke, but fiscal policy is not one of the resposnsibilities of the Fed, as far as I know.  It just seemed to me like the questioner asked a bunch of questions so that he can report back to his constituents, "look what I did, I'm being tough in Washington, working for you guys, like you elected me to do."  All those guys are political, and I have to imagine that a career academic Bernanke is probably the least inclined to do so.  Please tell me where I'm wrong. 

Thu, 02/28/2013 - 05:58 | Link to Comment sodbuster
sodbuster's picture

Shit Jones, I don't even know where to begin. The fed has destroyed 97% of the buying power of the dollar, they are an enabler for CONgress to continue to deficit spend, and they funnel trillions to the TBTF banks in the US and Europe, all the while making the taxpayers foot the bill whenever possible. Inflation is THE root of the scam on the American people by the central banks. Inflation steals from the working man, all the while making the assets of the uber wealthy increase. The Bernank's job has NOTHING to do with the economy. It is to keep the inflation scam going, and funnel whatever money is necessary to his bankster buddies. Bankers- a criminal class all by itself.

Thu, 02/28/2013 - 06:26 | Link to Comment Moe Howard
Moe Howard's picture

He's not Shit Jones, he's Jones79

Thu, 02/28/2013 - 06:27 | Link to Comment Moe Howard
Moe Howard's picture

Did I mention fuck Benjamin Shalom Bernake?

Thu, 02/28/2013 - 06:28 | Link to Comment Moe Howard
Moe Howard's picture

Do shrimp that have been dipped in cocktail sauce do better on the treadmill?

Thu, 02/28/2013 - 07:50 | Link to Comment wonderatitall
wonderatitall's picture

watch it..jones will call daddy and drone yo ass... its over america, split this blue dictatorship up and let the northeast freeze and starve. 500 murders a year is the future obama and his worshippers have to give us

Thu, 02/28/2013 - 12:47 | Link to Comment Jones79
Jones79's picture

I can appreciate your sentiment, and I'm no apologist for Bernanke or the Fed--far from it, but I don't really see any facts in your response, except for inflation basically stealing wealth but I think it affects all non-hard asset holders approximately the same.  And also the Fed's dual mandate is to maintain maximum sustainable employment and keep inflation at a reasonable level; their only tools are monetary.  In some ways, Bernanke is a tragic figure, just a non-industry guy doing a job in an industry that has a strangle-hold on the whole economy itself and it appears to have the same hold on the government, which is why TBTF reform has not happened and remains a talking point.      

Thu, 02/28/2013 - 05:05 | Link to Comment cpzimmon
cpzimmon's picture

The Bernank is such an arrogant cocksucker. And that's all I have to say.

Thu, 02/28/2013 - 05:10 | Link to Comment sodbuster
sodbuster's picture

I am really disappointed in you guys. I made it all the way down here, and haven't read "Fuck you, Bernanke" once. That really is the highlight of my day. Always brings a smile to my face.

Thu, 02/28/2013 - 06:25 | Link to Comment Room 101
Room 101's picture

Yeah, it's kinda rude if you think about it.  When you're in Hawaii, they say "aloha." In Italy, they say "ciao."  Here at ZH we say "fuck you bernanke."  It's just common courtesy, a greeting, a tribal shout, an expression of solidarity and respect for your fellow ZHers.

So, fuck you bernanke.

Thu, 02/28/2013 - 06:30 | Link to Comment Moe Howard
Moe Howard's picture

Well said and to the point. May the road rise up to meet your feet.

Thu, 02/28/2013 - 08:07 | Link to Comment Downtoolong
Downtoolong's picture

The whole idea that the Fed can or even should be trying to stimulate the economy with intervention is just one more layer of the façade that the banking industry is a service industry which acts in the interest of the general public. It’s laugh-out-loud absurd when you consider:

1.    The only tool the Fed has to work with is manipulation of the money supply.

2.    The TBTF Banks and corporations the Fed must use to implement their strategies are full of the most self-serving, self-centered, arrogant, egotistical, irresponsible, and corrupt, people on the planet.

The Fed might as well be trying to convince us it can teach a pig to waltz. Any jobs that have been created in the last five years would have been created anyway, without the Fed’s actions. Any real growth that has occurred would have occurred without the Fed’s actions too. The only significant thing that has happened, and continues to happen, as a result of the Fed’s actions is that more real and nominal wealth is transferred to the rich and those in the financial sector from the rest of us. The rest is all just bullshit to hide that truth.  Maybe that’s why every time someone tries to pin Bernanke down on the consequences of his organization’s performance he starts talking about levers, flywheels, suspenders, buttons, and everything but money.

 

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