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At Least They Are Finally Honest... Again

Tyler Durden's picture




 

It seems the truthiness is growing louder in Washington:

  • *DALLAS FED'S FISHER FED HAS BEEN `SOURCE OF FUEL' FOR RECOVERY

Once again, there you have it, as we noted here, the admission that indeed it is the Fed that has been the visible hand. Fisher went on to note:

  • *DALLAS FED'S FISHER SAYS IT'S TIME TO TAPER OFF BOND-BUYING
  • *DALLAS FED'S FISHER SAYS FISCAL AUTHORITIES HAVE CREATED 'FOG'

Fog, smoke, and mirrors... perhaps those tin-foil-hat wearing digital dickweeds were on to something?

 

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Thu, 02/28/2013 - 17:38 | 3287686 AldoHux_IV
AldoHux_IV's picture

As a one of those digital dickweeds, the preferred nomenclature by the dicwads at the FBI is sovereign-citizen extremist.

Thu, 02/28/2013 - 17:41 | 3287701 Mark Carney
Mark Carney's picture

It's a TRAP!!!!

Thu, 02/28/2013 - 17:46 | 3287725 Dr. Richard Head
Dr. Richard Head's picture

Because of TARP.  See what I did there?

Thu, 02/28/2013 - 17:49 | 3287742 Tsar Pointless
Tsar Pointless's picture

Indeed I do, Dick Head.

Thu, 02/28/2013 - 18:01 | 3287800 ZerOhead
ZerOhead's picture

Meanwhile back at the outhouse things are beginning to pile up...

 

John (Print till the cows... errr... JOBS come home) Williams president of the San Francisco Fed and one of the central bank's more dovish members, highlighted the stubbornly high jobless rate as he called for continued bond purchases on Thursday.

 

"The Fed's dual mandate from Congress is to pursue maximum employment and price stability. We are missing on both of these goals," Williams said in an address at The Forecasters Club in New York. "Unemployment is far too high and inflation is too low.

 

Thu, 02/28/2013 - 18:21 | 3287878 SheepleLOVEched...
SheepleLOVEcheddarbaybiscuits's picture

Right, so lets keep doing the same thing we've been doing. Doing the same thing over and over and expecting different results is the definition of stupidity.

Thu, 02/28/2013 - 18:59 | 3288003 clara-to-market
clara-to-market's picture

You know who's honest?

My poor old mother.

She's a wonderful old gal.

http://www.angrysinner.blogspot.kr/2013/02/thursday_28.html

Thu, 02/28/2013 - 17:39 | 3287690 francis_sawyer
francis_sawyer's picture

drone him...

Thu, 02/28/2013 - 17:45 | 3287722 Edward Fiatski
Edward Fiatski's picture

I laughed at this more than I should have.

+1

"Drrrrone hiiiim..." LOL

Thu, 02/28/2013 - 17:56 | 3287782 Nothing To See Here
Nothing To See Here's picture

I was already laughing hard about the word "recovery" in Fisher's statement, but "drone him" beats it all...

Fri, 03/01/2013 - 05:16 | 3289355 StychoKiller
StychoKiller's picture

"Don't drrrone me Bro!"

"How many drrrones does it take to fsck up a wedding?"

"Ben Dover and give me a drrrone job..."

The possibilities are endless! :>D

Thu, 02/28/2013 - 17:57 | 3287790 McMolotov
McMolotov's picture

"Bailiff! Drone his pee-pee!"

Thu, 02/28/2013 - 18:36 | 3287939 unrulian
unrulian's picture

don't drone me bro.....

Thu, 02/28/2013 - 17:40 | 3287694 random shots
random shots's picture

Yawn..GS told Fisher to say this so that GS can BTFD.

Thu, 02/28/2013 - 17:42 | 3287697 Silver_K-9
Silver_K-9's picture

They forgot this one:

*DALLAS FED'S FISHER FED HAS BEEN `SOURCE OF FUEL' FOR SILVER MANIPULATION

Thu, 02/28/2013 - 18:01 | 3287806 Atomizer
Atomizer's picture

The Pilgrim Society..err..I meant the Dinner Club

Thu, 02/28/2013 - 17:43 | 3287704 Edward Fiatski
Edward Fiatski's picture

Tin-foil-hat wearing digital dickweed reporting in.

After this blip of reason from the mouth of the Fed, I'll be able to afford myself a Gold-foil hat.

Thank you, Fed -- should be worth about 50 pips on the EURUSD, once we ram through those stops below 1.3050. LOL

Thu, 02/28/2013 - 17:42 | 3287710 Auric Goldfinger
Auric Goldfinger's picture

DALLAS FED'S FISHER TO SOON BE OUT OF JOB. 

Thu, 02/28/2013 - 18:03 | 3287814 GolfHatesMe
GolfHatesMe's picture

Kevin Warsh Redux? 

Thu, 02/28/2013 - 22:48 | 3288789 SheHunter
SheHunter's picture

No worries for Fisher.  He was assigned the task of placing a hint to the market that succulent bones may be thrown less often in the months ahead.  Its all rigged and all planned.  We are the peons trying to follow the bread crumb trail.

Thu, 02/28/2013 - 17:44 | 3287712 mayhem_korner
mayhem_korner's picture

DALLAS FED'S FISHER SAYS IT'S TIME TO TAPER OFF BOND-BUYING

 

Unpossible.  They cannot stop because it will crush the only remaining sign that this "weekend at Bernie's" economy has a pulse - the levitated stock market.

Thu, 02/28/2013 - 20:30 | 3288363 Totentänzerlied
Totentänzerlied's picture

Prrrrrecisely.

*DALLAS FED'S FISHER SAYS IT'S TIME TO TAPER OFF BOND-BUYING

*FED CHAIRMAN BERNANKE SAYS "FISHER'S MASTER OF DEADPAN SARCASM, FOMC CAN'T STOP LAUGHING, NEEDS NEW KEYBOARDS"

Stop buying those bonds Ben, watch what happens to yields - watch debt servicing costs go supernova faster than you can blink.

"We're not monetizing the debt" ... Prove it!

Fisher might as well have said "It's time for the FOMC to pull the trigger of the loaded gun it is holding to America's head".

 

Thu, 02/28/2013 - 17:43 | 3287714 ghostzapper
ghostzapper's picture

That crusty old USD been calling out these cocksucker scam artists for several weeks now.  But, but, but the USD was gonna plunge I was told.  Metals been calling them out as well.  If all the CBs ease, are any of them actually easing?

Thu, 02/28/2013 - 17:50 | 3287717 TruthInSunshine
TruthInSunshine's picture

Expect more of this in the coming days/weeks.

Bernanke is getting too much heat for raging energy/gasoline/food/everything-but-delicious-iPad prices as he is daring people NOT to pour fresh fed fiat into just about any and every commodity, "stawk," piece of terra firma, stamp collection, classic Ford Pinto, grilled cheese sandwich that resembles the Virgin Mary auctioned off on eBay....

There will be staged back-and-forth drama and Kabuki speak between fed officials to try and thread the needle and tamp down fat fiat injections creating even more irrational (correlated with Bernanke's irrational "Virtuously Circular" monetary policy) moves upwards in everyassetclassimaginable.

It's called "Strategy to Jawbone Suicidal, FUBAR'D, Bernank'd 'Markets' Down From the Ledge."

We should all, and especially "investors" who are positioned long, at least be thankful that there's not much leverage in these markets. /s

Thu, 02/28/2013 - 17:56 | 3287786 Cdad
Cdad's picture

The climactic scene in what is now a four year drama about the economic death of the US is fast approaching.  The battle royal between DC and Wall Street blame game is now full on.  And the Fed, as moderator, just blew its cred...based on the testimony of one B. Bernanke this week.

Yeah...now what is that catalyst that's going to take "stawks" higher than all time highs again?  

Thu, 02/28/2013 - 18:09 | 3287833 TruthInSunshine
TruthInSunshine's picture

Could it be possible that the typical sheeple realizes that an increase in the supply of digital fiatski as reflected on the balance sheets of banks & financial institutions, the ability of these same entities to absolutely mark their assets & liabilities to nearly whatever they desire due to the even-more-farcical-than-before FASB, a notional 4 year high on equity "market" indexes, and relentlessly manipulated statistical mis-reporting of key economic indicators has done nothing to improve, and more often than not, helped worsen their particular economic & financial circumstances since 2009 (as many of them have climbed into record debt, despite fictions of "beautiful deleveraging")?

Thu, 02/28/2013 - 18:10 | 3287842 Cdad
Cdad's picture

yes

Thu, 02/28/2013 - 20:32 | 3288365 Totentänzerlied
Totentänzerlied's picture

No because they don't what any of that is or means.

Fri, 03/01/2013 - 05:21 | 3289356 StychoKiller
StychoKiller's picture

IOW, they're just as incoherent as yer comment! :>D

Thu, 02/28/2013 - 17:43 | 3287718 FLUSA.com
FLUSA.com's picture

I just had a bulk of 2,500 sf homes in Detroit cross my desk....I was thinking $2,500 was a fair offer for them all...not each but $1 per home

Thu, 02/28/2013 - 17:48 | 3287740 ghostzapper
ghostzapper's picture

Negotiate until you get them for free.  Who gives a fuck about the outstanding mortgages on them.  Already sliced and diced and either sold to Bernanke or waiting in line to be sold to Bernanke.

Thu, 02/28/2013 - 17:46 | 3287724 azengrcat
azengrcat's picture

DALLAS FED'S FISHER SAYS WATER IS WET, SKY IS BLUE, AND PROTONS ARE CATHOLIC

Thu, 02/28/2013 - 17:46 | 3287726 lolmao500
lolmao500's picture

Yeah like they gonna do it... kaboooooooooom if they do.

Thu, 02/28/2013 - 17:47 | 3287729 buzzsaw99
buzzsaw99's picture
  • *DALLAS FED'S FISHER WHAT RECOVERY BITCHEZ?
Thu, 02/28/2013 - 17:47 | 3287730 Dr Paul Krugman
Dr Paul Krugman's picture

The recovery is just now starting to take hold and Fisher thinks they should end the purchase program?

There is still more to be done!

Thu, 02/28/2013 - 17:50 | 3287748 Temporalist
Temporalist's picture

Fog, smoke, and mirrors...

or as GOB would say

"This is my least consistent trick."

http://www.youtube.com/watch?v=wB-1-pVnMmo

Thu, 02/28/2013 - 17:50 | 3287750 HD
HD's picture

You mean MOAR...

Thu, 02/28/2013 - 17:51 | 3287755 orangegeek
orangegeek's picture

48M Americans on foodstamps.  Which recovery are you referring to?

Thu, 02/28/2013 - 17:52 | 3287762 lolmao500
lolmao500's picture

Krugman : deficits don't matter!

Thu, 02/28/2013 - 17:47 | 3287731 Number 156
Number 156's picture

Tomorrow might be a cliff dive.

Thu, 02/28/2013 - 17:47 | 3287734 Aunty Christ
Aunty Christ's picture

Fisher talks a big game but when it's time to vote, he looks at Ben, Janet and Dudley and votes with them

Thu, 02/28/2013 - 17:55 | 3287775 Mark123
Mark123's picture

You got it...he is only there to lend some credibility to this cabal known as the Federal Reserve.

 

Reserve???  Reserve of what????????

Thu, 02/28/2013 - 19:00 | 3288008 PeeramidIdeologies
PeeramidIdeologies's picture

Debt, think reservoir, and a damn, that is very close to the high water mark....

Thu, 02/28/2013 - 19:02 | 3288011 PeeramidIdeologies
PeeramidIdeologies's picture

Dubpost

Thu, 02/28/2013 - 18:08 | 3287831 TrustWho
TrustWho's picture

he does NOT currently have a vote.

Thu, 02/28/2013 - 17:47 | 3287737 Racer
Racer's picture

*DALLAS FED'S FISHER FED HAS BEEN `SOURCE OF FUEL' FOR RECOVERY

Yes the first bit is true but the second about recovery.. isn't... there hasn't been a recovery, it is still a depression

Thu, 02/28/2013 - 17:51 | 3287751 Tsar Pointless
Tsar Pointless's picture

He meant "recovery" in terms of bankster gangster offshore tax-haven accounts.

Thu, 02/28/2013 - 18:14 | 3287851 Racer
Racer's picture

Ah true yes, my mistake, the forked tongue double speak of the bankster

Thu, 02/28/2013 - 17:48 | 3287738 razorthin
razorthin's picture

Another asshat mistaking inflation for recovery.  But Joe ain't got no dough don't you know.

Thu, 02/28/2013 - 18:24 | 3287743 JustObserving
JustObserving's picture

"Please sit tight while I walk you through the math of Medicare. As you may know, the program comes in three parts: Medicare Part A, which covers hospital stays; Medicare B, which covers doctor visits; and Medicare D, the drug benefit that went into effect just 29 months ago. The infinite-horizon present discounted value of the unfunded liability for Medicare A is $34.4 trillion. The unfunded liability of Medicare B is an additional $34 trillion. The shortfall for Medicare D adds another $17.2 trillion. The total? If you wanted to cover the unfunded liability of all three programs today, you would be stuck with an $85.6 trillion bill. That is more than six times as large as the bill for Social Security. It is more than six times the annual output of the entire U.S. economy."

"Let’s say you and I and Bruce Ericson and every U.S. citizen who is alive today decided to fully address this unfunded liability through lump-sum payments from our own pocketbooks, so that all of us and all future generations could be secure in the knowledge that we and they would receive promised benefits in perpetuity. How much would we have to pay if we split the tab? Again, the math is painful. With a total population of 304 million, from infants to the elderly, the per-person payment to the federal treasury would come to $330,000. This comes to $1.3 million per family of four—over 25 times the average household’s income."

Speech by Richard Fisher in 2008 before the Commonwealth Club of California. Today total US debt is $139 trillion.  The per person payment today is $438,000, up from the $330,000 in 2008.

http://www.dallasfed.org/news/speeches/fisher/2008/fs080528.cfm

Thu, 02/28/2013 - 17:49 | 3287745 natronic
natronic's picture

DALLAS FED'S FISHER SAYS IT'S TIME TO TAPER OFF BOND-BUYING 2 DAYS AFTER OBAMA LEAVES OFFICE TO BLAME IT ON THE NEXT PERSON FOR RUINING SUCH A BEAUTIFUL ECONOMY

Thu, 02/28/2013 - 17:50 | 3287746 Cdad
Cdad's picture

The long overdue and long awaited phase of our economic collapse where loss of faith in the Federal Reserve Bank is now on tap.

As I have been saying, Bernanke's two day testimony on The Hill this week was nothing short of a complete disaster.  And as such, dissent within the FOMC will now take on a shocking and suddenly changed dimension.  

Furthermore, and after this two month detour into the criminal syndicate's HFT computerized equity greed, we are now back on track for the blame game to accelerate between the primary corrupt players in this entirely pathetic drama playing out, namely DC and Wall Street.

DC briefly sidestepped Wall Street's first attempt to lay blame for the economic disaster that the US is just now when it passed on that whole fiscal cliff thing.  However, with almost no more room to maneuver before our debt is downgraded yet again, you can expect that the sequestration will have a real public effect [if not economic] as Wall Street puts the blame on politicians, for our weak economy and soon to be falling markets.

And while Wall Street may well be successful in this phase, it is the Federal Reserve that, I suspect, will take the greatest hit in credibility...again, with the HH testimony so fresh in people's memories.

I am actually still quite shocked by the things Ben Bernanke said outright during his testimony, especially while in front of the Senate.  

Here it all comes.....

Thu, 02/28/2013 - 18:01 | 3287810 ghostzapper
ghostzapper's picture

I hear ya. Not sure we are there just yet. I initially felt QE4EVA would do this because it was such a glaring admission of sheer desperation and that we are totally fucked but asset managers chasing and the PDs have managed to hold it together.

I think we need to see a PD go under and then the house of cards falls apart. Most of this is PDs swapping spit with each other. Jesus christ, how many times can you pass back and forth the same hooker? Gotta be working up a real nasty stench by now.

Thu, 02/28/2013 - 18:18 | 3287861 Cdad
Cdad's picture

I don't necessarily disagree with you...other than to say that you don't need a PD to go under.  All you really need, in this ridiculously thin tape, is for one to sell.  One.  From there, algorithms, looking to their left and to their right, will figure out...they are the greater fools.  That's all you need.

My guess is that HFT probably represents 90% plus of all trades you are seeing.  That is a very large herd of lemmings...each of them thinking they can use leverage to pull down a six figure gain in 15 minutes.  Until.......... 

Thu, 02/28/2013 - 17:51 | 3287752 fuu
fuu's picture

There would be less fog if you just put the crack pipes down.

Thu, 02/28/2013 - 17:51 | 3287756 PUD
PUD's picture

Fisher: Stock levels not justified by fundamentals

Thu, 02/28/2013 - 17:53 | 3287768 Cursive
Cursive's picture

Now?  Now Fisher wants to talk about the "Fog"?  Yeah, there's a fucking fog around here.  The fog of fascist FRB-induced crony capitalism.  My advice to Fisher et al?  Put one finger in a glass of water and stick your dick in the hotel socket.

Thu, 02/28/2013 - 17:55 | 3287776 Tsar Pointless
Tsar Pointless's picture

You made me LOL here @ work.

I had to have sounded crazy. Eh, whatever. So I might be?

I pay attention to real reality too much.

Thu, 02/28/2013 - 18:12 | 3287845 Cursive
Cursive's picture

@Tsar Pointless

Thx.  Glad to be of some value to someone today.  I'm no fonzanoon, but....maybe you can use the rest of your productive working hours to cropdust some unsuspecting colleagues....

Fri, 03/01/2013 - 01:55 | 3289216 joego1
joego1's picture

Better yet grab copper water pipe and then put dick in socket. Glass of water not connected to anything but Assholes finger.

Thu, 02/28/2013 - 17:54 | 3287772 tony bonn
tony bonn's picture

as a proud tin-foil-hat wearing digital dickweed i can assure you we have been on to something for a long time and it ain't pretty.....fisher is certified dickwad and i won't even go into what the chairsatan is.

Thu, 02/28/2013 - 17:57 | 3287785 bidaskspread
bidaskspread's picture

"DALLAS FED'S FISHER SAYS IT'S TIME TO TAPER OFF BOND-BUYING". Yeah right, that time ended long ago, you need the constant flow or you're f'k, so cut the bullsh!t.

Thu, 02/28/2013 - 17:57 | 3287789 Mark123
Mark123's picture

Another green shoot:

 

About 17% (or 6.7 million) of the 39 million student loan borrowers were more than 90 days past due on their debt in 2012, a significant increase from 2004 when less than 10% of borrowers were delinquent. Those between 30 and 49 years old had the highest delinquency rates.

Donghoon Lee, senior economist at the New York Fed, said that if you include those borrowers who are neither delinquent nor in repayment yet (because they’re either in deferment, forbearance, or in an income-based payment plan), the effective number of those 90 days delinquent would actually come to 30%.

 

 

Oh, and how about subprime car loans, mortgages guaranteed by FHA, etc etc etc.............

Thu, 02/28/2013 - 18:01 | 3287807 pragmatic hobo
pragmatic hobo's picture

Saying stuff like these, and the fact that he does not have PhD, is the reason why Fisher will never get the seat as the chairman.

Thu, 02/28/2013 - 18:01 | 3287811 IridiumRebel
IridiumRebel's picture

i'm a tin-foil-hat wearing digital dickweed!

Thu, 02/28/2013 - 19:32 | 3288161 itstippy
itstippy's picture

Tarns out them damn green shoots they been nurturin' aint nothin' but sand burrs & digital dickweeds.

Thu, 02/28/2013 - 18:05 | 3287821 Scalaris
Scalaris's picture

You mean the fuel was solely provided by the Fed, and not from those elusive corporate earnings?

I cannot in good faith acknowledge such falsehoods.

Thu, 02/28/2013 - 18:06 | 3287824 chump666
chump666's picture

The Fed is locked in a dance of death with the stock market, now they want to break it off?  Too late. 

Funny they used the word "fog", Hmm, because behind that fog is a freight train of reality and now they see it too.

http://youtu.be/x5m1A7zoIcc

Tasty.

Thu, 02/28/2013 - 18:09 | 3287836 Black Markets
Black Markets's picture

Yawn,

Throw another economist on the BBQ will you please.

Thu, 02/28/2013 - 18:10 | 3287837 Black Markets
Black Markets's picture

Yawn,

Throw another economist on the BBQ will you please.

Thu, 02/28/2013 - 18:18 | 3287862 ziggy59
ziggy59's picture

No dickweed here...dick yes, weed yes,..

Thu, 02/28/2013 - 18:42 | 3287960 khakuda
khakuda's picture

Hot air.  Let's see him dissent next board meeting.

Thu, 02/28/2013 - 19:37 | 3288180 Quinvarius
Quinvarius's picture

Yes.  Tell me all about how credit based money can survive a bond bubble collapse during a recession.  Tell me how you are going to stop funding the US government as you have been for the past 50 years.  Tell me all about it.  Lets get right down to the bond collapse and hyperinflation as the Keynesian inflationary reservoir known as the bond market cracks a gusher.

Here is a better idea.  Stop talking.  You have one way out of this and everyone knows it.  You have to spread out the gold, and run it up before you can do anything else.  But, I don't think your brain has quite comprehended that yet.  SO you just sit back and pretend bitcoin didn't just kick your ass.

Thu, 02/28/2013 - 19:48 | 3288210 MFLTucson
MFLTucson's picture

*DALLAS FED'S FISHER SAYS IT'S TIME TO TAPER OFF BOND-BUYING

 

Who will buy them Mr Fisher?  I can answer this simple question, no one unless the rates are over 10% where they belong due to the risk of defaut.

Thu, 02/28/2013 - 22:46 | 3288786 chump666
chump666's picture

Keep going Fed, our bona-fide doomsday machine, from wires:

*Fed's Evans signs QE was working and inflation wasn't a problem

And just look what you have inspired in Mexico truly a work of art:

Drug cartels now into commodities: http://www.energytribune.com/74132/mexicos-zetas-gang-joins-coal-mining-...

Keynesian lunacy for all.

 

Fri, 03/01/2013 - 05:29 | 3289361 StychoKiller
StychoKiller's picture

Well, diversification workz for traders (illegal or not)! :>D

Fri, 03/01/2013 - 08:46 | 3289535 Carl LaFong
Carl LaFong's picture

Putting this out after Bernanke promised no end to QE for at least 2 or 3 years is a joke. Clearly, they want the market to forget what Bernanke said only 1 day ago re QE to infinity. Sequestration of $85Billion (eg one month's QE) will have no meaningful effect on the printing presses, only on government jobs market. I think it's now time for me to load up on gold, silver and mining shares. I bought at $900 and now I think we're at another inflection point. The end of the US fiat hegemony is fast approaching and I won't be missing this train. 

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