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Bernanke Conference Recap: "Mr. Chairman: Do I Still Have Time To Get In The Market?"
When someone tells the Fed Chairman, Ben Bernanke CFA, Series 7 and 63, certified, that "the stock market has been hitting all time highs, it's recovered all of its losses from the financial crisis" and then proceeds to ask, even jokingly, during the Q&A of the most important monetary policy conference in the world, if he "still has time to get in," you know it has all become, quite literally, one big joke.
The joke gets even funnier when the abovementioned chief stock market strategist of the Fed responds: "we are not targeting asset prices", in direct refutation of his numerous prior statements which confirm the Fed is doing precisely this, and that he is not "measuring success in terms of the stock market" or that he does not see "anything that is out of line with historical patterns", then you know the joke's on you. Because this exchange, joke or not, is most comparable to this hypothetical one from 2007: "Mr Chairman, Bernie Madoff asset management is up 100% so far this year. Is there still time to get in?"
Fast forward to 29:48 in the clip below
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BTFD!
Hubris... it's a wonderful thing for those who need to crash.
What evil mind is Bernanke can smile and lie together.
In related news, lawsuit accuses 'Elmo' muppeteer of throwing crystal meth sex party for teen boy.
And the Bolshoi Ballet was 'one huge brothel' (BBC this evening)....ain't it grand?
Black Swan Lake would be apropos.
http://farm8.staticflickr.com/7154/6821543733_c38da558ed_b.jpg
Black swans ganging together with cargo ships in the distance, near Melbourne
Your lips move, but I can't hear what you're saying.
You're only coming through in waves.
This Wall is bigger than they could have imagined.
The Wall Street.
Wow, what a fucker Barnanke is.
The absolute fact that Bernanke not only can't deny, but has admitted; and yes, folks, the equity markets are now in an artificially induced bubble, inflated specifically to offset the housing bubble bursting, where that housing bubble was intentionally inflated to offset the prior equity bubble bursting...and so on and so forth... the equity markets, bonds, and many, many other asset classes are mis-priced to the point of being radioactive (don't touch the shit, just walk away)
Boris is finger like two balloons.
Combining a ballet and a whorehouse is a good idea. They are bending over backwards for their customers.
B/c he knows he is better than anyone else.
The evil mind lies everywhere around. Bernanke just knows he can smile and lie together by getting away with consequences. 'Do always the same but expect difference' propaganda is still a viable and profitable strategy (for bankers) and will be such as long as it pays off. It simply works. There is no viable alternative gaining a broader support. Bernanke talks and the others submissively listen. There is no chance for change until this submissive mentality transforms. Nevertheless, the sole fact that the cradle of democracy can decay in such a way is shocking. The same is valid for Europe.
The problem lies within the people, not Bernanke. Bernanke et al just mirror people's own incapability to face and handle their affairs. If this changes the oligarchic elite can go.
Man, don't run a Voice Stress Analyzer on that clip - the Bernank's shaky voice is painful to listen to. Like scared-for-his-life shaky.
He's a puppet bitch and down deep he knows it
He's a DEAD-MAN-WALKING puppet bitch and down deep he knows it - Fixed it for ya!
Ben makes Captain Queeg of the Caine look calm on the stand.
Send Ben a couple ball bearings for his next appearance.
Ben's voice is so shaky 'cause he's about to erupt into a spontaneous expression of the
Harm'em Shake
http://www.youtube.com/watch?v=lZa71FOWnxc
probably shaky from sucking banker cock for a living... fixed it for ya!
probably shaky from taking a break from sucking banker cock for a living to give a speech ... fixed it again!
That's not stress in his voice, just large amounts of bull shit trying to come out his gob at once.
This picture of Havenstein makes me sick.
Tyler, get it out of here.
Fuck you bernanke
Fuck it dude, let's go bowling.
"But seriously"
I actually thought that it was great that this question, whether in jest or not, was thrown out there. I'm just not thinking that this would have been pre-approved.
Sometimes humor is the best weapon... kind of like when Stephan Colbert was invited to the Bush press club event.
Uncomfortable laughs are fun to watch!
Ahmeexnal, we're still waiting for the dip.
And now, on a completely different channel...
What would happen if they gave a conference, and no one came?
What if, they put these videos on to count how many times they are viewed, and nary but a few watched?
What if people just ignored them as much as possible?
Like, you are disqualified from playing the game anymore, we are taking our marbles and going over here. Play alone.
Eh, it's cloudy out. May be some of those chemtrails attacking in combination with the ELF Gwen system again. Dang. Hearing that funny no-sound. Maybe it's time to get the drone out to water the lawn, and chase the gofers around.
"According to a 1982 Air Force review of biotechnology, ELF has a number of potential military uses, including "dealing with terrorist groups, crowd control, controlling breaches of security at military installations, and antipersonnel techniques in tactical warfare." The same report states:
"Electromagnetic systems would be used to produce mild to severe physiological disruption or perceptual dis- tortion or disorientation. They are silent, and counter- measures to them may be difficult to develop."
Darn off the wall stuff...keeps falling off.
http://educate-yourself.org/dc/gwentowersbybyronweeks.shtml
Don't stare at the roots, just pick the fruit
- the bernak
wouldn't be the MSM if they didn't lob softballs at these assholes. I get more critical questions out of my 3 and 5 year olds than you'll ever hear at these circle jerks.
You are right. I know I shouldn't expect more from them or the event, but I watched as much as I could stomach and just couldn't get past the ambiance of the thing. There was our monetary king Benjamin and his jesters, shills, and assorted other sycophants doing their bit questioning without questioning. I couldn't even get beyond the chair he was sitting in, where in hell did that come from?
Barnes made both PSU and Wharton look bad with that question.
half the questions today were asked by stuttering 12 year olds.
we're fucked. Totally fucked. Panic.
LOL....fonz....panic.................wayyyyyy past that already.................shit at least if i could panic id know i had some emotion left....................this long drawn out ordeal has left me flat and jaded.................................
I fear I am starting to become skeptical....
ha ha....................nothing to fear about anything anymore.............all is well......................uncle ben is taking care of us...................move along..............take out a home equity line.................lease a new car.......................add to your 401k....................all is well.....all is well.....................
Here is the good news Kito...me and Doc Engali thought you disappeared a while back and went off the deep end but you are back now. Here is the better news for you, I am now concerned at Doc's lack of presence. Here is the worse news. I am pretty sure you guys are fine and I am whacked out.
Relax fonz......all is well......we are all fine.......your house value is rising and your new bathroom adds much equity.....go buy a 12 pack....with your visa.....0% Apr till April 2015......
I trust the number of ellipses are equivalent to the number of lines you're doing
If you aren't whacked out at this point, you aren't sane.
My way of thinking is that if central bankers really could control everything we'd already be at DOW 36,000. These myopic bastards only know how to blow bubbles and manipulate every metric until it all collapses around them - look at the market for the past 15 years, a rolling series of bubbles. Central banks are now all in and they know it - they have to bang EVERY close and sell the vix hard daily. The vix dropped 10% today...why? The market is not allowed to correct - there are no sellers because the hedge funds are closet indexers leveraged to their eyeballs.
It will give way. I'm willing to wait the bastards out.
I forgot to wait. Am distancing myself before they fire the signal flares, because... what are we waiting for, REAL unicorns?
Anyway, you're absolutely right, if they really could levitate things we'd be WAY up. There's a BIG difference between levitating and propping!
Took Ben four trillion just to reflate from 2009 - he doesn't have another four. Fed can't print jobs - or growth. When the market rolls over what will we have to show for all that money?
Labor participation rate is screwed. This country can neither afford nor stomach any more "value" than it already has at the current minimum price of labor. Hire any kid, or anyone for that matter, for anything, and that means greater input cost for whatever you're selling -- and the common consumer's household budget is already struggling as it is. So that's a big weight against job growth.
I tell people my age to just forget about jobs, go into entrepreneurship. Do or make something that increases efficiency on your customer's scale. (Nevermind that they're usually too focused on an amusement-centric existence to fathom the concept...)
What else is there? Eliminate the minimum wage? I've already circumvented that by working under "non-employee compensation" here and there...
Grey, and then more so, black, markets will abound.
"Grey, and then more so, black, markets will abound."
Just a few days ago I had a long conversation about what happens when people feel they no longer benefit from participating in the system. Once people start to work under the table, barter and pay cash they realize how liberating it is to be off the grid and not obsess about their FICO score.
Now, I want to open my own business. I really do. But it SUCKS to be a small business right now.
Same goes for having kids. I'm single with no kids. But it SUCKS to be a kid right now. And a parent.
I'm young enough that I'm willing to gamble on holding out for awhile in both cases here, should things improve. Or collapse, and then improve.
But for now, temp jobs and whatever else I can manage on the side. Bare minimum to get by on this system. Its days are numbered. Better to just invest in my own skillset for the time being.
If you're young, single and healthy the world is your oyster. It goes fast, don't worry too much and find a woman that loves to cook.
Haha, Hedgeless_Horseman's dinner pics alone are enough motivation for me. I'll make it work. =]
HD
I read that too fast. Freudian slip....I thought your last word was 'cock" not cook.
That should also be taken into consideration....
Don't let the bastards win. Have your business and your kids; lots of them.
Not panic, Fonz. Be secure in your ability to add value and thrive regardless of the shitstorm ahead.
I'm a millennial making ~$25k/yr. And there's no panic here. Maybe this bankrupt country can't stomach another ounce of "value" at the moment, but we're gonna need it in due time. And folks like us ZHer's are gonna deliver.
No panic. If you're in a position to insulate yourself, then do so. And rest assured you've done the right thing. But no panic.
Easy to say, I know.
"Subprime is contained"
Ben Bernanke
2007
"Although real estate is showing higher than average prices in some markets, our research indicates that there is no bubble."
Idioso-nanke, 2006
“Capitalism is based on self-interest and self-esteem; it holds integrity and trustworthiness as cardinal virtues and makes them pay off in the marketplace, thus demanding that men survive by means of virtue, not vices. It is this superlatively moral system that the welfare statists propose to improve upon by means of preventative law, snooping bureaucrats, and the chronic goad of fear.”
Alan Greenspan.
"Alan Greenspan needs to create a housing bubble to replace the NASDAQ bubble."
Paul Krugman (NYT, 2002 - the advice of one tribe member to another).
Did the reporter come up for air yet, or is he still bobbing for Ben jizz
Edit..(?)
"if he (Bernanke) "still has time to get in," you know it has all become, quite literally, one big joke."
Rule number one for any fiat drug dealer. Never 'sample' your own supply.
Point well taken.
BUT...I believe the more common phrase is, "Don't get high on your own supply."
Just say no to ink
Just say no to paper... (especially any that has ink on it, and is written by any of these clowns)
I don't know WHAT you're talking about.
"I did not have relations with that dollar, Miss Fiat." - Bernanke
Wow, Paul Giamatti isn't aging well.
All I learned today from Ben was get your money out of the fucking banks now !
was that in a seperate conference in Hebrew?
down voter- kito or CH1?
Shalom motherfucker - FYI, not an anti-Semitic post (you down-voting bitches. Grow a spine)
Me...but only on your anti Semite rants...everything else we agree......
Down vote for using the word "agree"
Stepped up, I'm cool with that. Nothing I said was anti-Semitic. I said his middle name and MF. And check past posts, I slam idiots for pointless anti-Jew comments. No love for or against... non-issue to me. Don't be so over-sensitive, shows unnecessary weakness
Me.
Why? For asking who.
All hail Bernanke, the guy that will finally blow this whole economic scam to pieces with his bullshit economic theories.
Yes, someone WILL be sitting in the seat when it catches on fire. That doesn't, however, mean that that person set the seat on fire- the seat was always going to catch on fire. Bernanke hot air just helps expedite the inevitable.
i saw that shit...fucking pathetic...
to b expected from that asshole moron from fox biz..
they're all propagandist and wall street panderers...
we need to sneak some shoe throwers into those staged bullshit sessions...........
how about some willy pete grenade throwers?
Dear Ben,
FUCK YOU for saddling my small children with hundreds of thousands of dollars in new debt
FUCK YOU for accepting the never debated, never policy memo'd, Big Policy Call to Japanify the USA by forestalling bond losses for evil shitbirds
FUCK YOU for enabling such crass, brutal corruption as to make patriotic Americans ashamed to have to explain it to our kids
FUCK YOU for robbing hardworking citizens of their savings as surely as a Cypriot bankrapist
FUCK YOU for cutting at least a full percentage point from US GDP growth for the foreseeable future
FUCK YOU for the needless death and suffering caused by the above
But, most of all,
FUCK YOU for being such a pussified lapdog about it all
You make me sick. Please resign at once.
you shoulda left out the "please" in the last sentence.
I know. Just being pleasant.
totally!
+1
You're being way too nice. But I'll cut you some slack.
Now where the hell is LongSoupLine? We need his artistic touch.
You are optimistic to think the debt burden will make it to your small kids..........
Yeah I am real tired of the "next generation inheriting this" talk. We ain't got that much time on the clock.
Well I'm pretty sure no one else is going to pay it back....what's disgusting is simply that it is their plan, their best case scenario, to drop the trillions off on the kids' doorstep like a flaming bag of dog poop.
Assholes.
Nah they will just make off with whatever they can and light a match on the way out.
They know there is no way to save the Titanic. They are just grabbing the silver and the best scotch on their way out to their "elite"-only lifeboats.
It's really a hand-written note demanding worthless notes back.
What WILL be missing are resources and capital. At any rate, I don't think that it would be good to hand over the same overly-self-ingratiated, over-consumptive, STUPID consumerism-meme to them anyway. Perhaps the greatest gift we could give/leave is to ensure that this death-trap be demolished.
Resign?!?! How about self-immolate immediately.
That's a Warm thought!
Why would he resign? This is all going rather splendidly and I imagine his bosses are quite pleased. All that's left to steal are bank deposits and pension funds and then they can retire. They will sort that out in the next year or so.
How does he seriously deal with the cognitive dissidence... Seriously!? Does he really believe the shit he's spouting!?!? Does he believe what he's saying is true? I really want to know what Greenspan's PA looks like, and what Puts does he own. God knows he can't be long FI, unless its some sort of hedge.
Seriously - who votes these questions down? Speak up!
There's someone here who votes everything down, especially if it makes sense - has been doing it for some time. Might be Krugman himself. Show yourself, cretin!
Of course these people don't believe it. I'd stated it many times in the past: they cannot telegraph what they're going to do because that would likely negate any future actions (do keep in mind that there's likely plenty of ammo out there that could be lobbed by a Russia or a China). Please, people, don't take this as an endorsement of their actions, I'm just pointing out the logic. It's all going to dump anyway, there's really nothing they can do other than alter the time horizon.
P.S. I abstained from voting: no down-arrow from me- I only hand them out to Party Pussy comments or a massive failure in logic.
bernanke said we had fdic insurance....wait...it was in fact RAISED so all you sheeple keep your money in the banks....!
...he does not see "anything that is out of line with historical patterns".
Quite correct. 2000, 2007, 2013.... same shit, different year.
Acid flashbacks can be a bit deceiving.
Ben Bernanke....
Terrorist of the year award....Hands down. What else can say so much by saying so little...???
Hands Down...!
Strike up the band, maestro.
FUCK YOU Bernanke!!!!!!
I heard the two most important words ever.....
"Highly Unlikely"
Yeah, as in "highly unlikely" they will steal U.S. depositor $$$ in savings accounts the way the ECB did, unless there is a crisis.
We all know how that works now, don't we?
He condoned the theft in Cyprus.
PAY ATTENTION PEOPLE.
Savings accounts, checking accounts, brokerage accounts, retirement accounts, property, precious metals...
So much to loot, so little time.
It's worth noting that this is the ONLY time in the conference that the market actually starting to slip. It was an "emperor has no clothes" moment. It's sort of like the world was saying, "Shit! He's on to us!" and started to sell off. The fact Bernanke could claim he didn't use the stock market as a measure of success has got to be one of the most disgusting lies to ever drink out of that vile mouth of his.
You know Mr Chairman, the people who lost 25% of their superanuation in 2008-2009, and had to defer their retirements, or leave retirement and go back to work, they still aren't laughing Mr BenenQE. People on the other side of the world still hate your guts, and all those in your little cabal. Large numbers of people.
hey element is superanuation the australian system? The company is required to contribute into that right? Sounds like a sweet deal.
Go to 44:04 to hear Bernanke justify theft of depositor savings in bank accounts.
Go to 47:20 to hear Bernanke not say he won't use theft of U.S. despositor savings in bank accounts as a policy tool.
It is analogous to the typical legal weasel qualified denial by Holder regarding drones in the U.S. being used to target and kill U.S. citizens (i.e., sure we can we just need to be careful who we define as a 'domestic terrorist' and whether the drone is used to find someone while humans on the ground do the actual killing). That is, the qualification and what is left out of the answer is the key to answering the question. In this case you know what the score is simply by pontifications like: "finding the resources to solve Cyprus' problem, there is, probably no easy way to do it." Translation, my job is to find "resources" not worry about the implications (i.e., as long as TPTB are not mad about it), and my bias is to print them. "Next question ..." In short, sure we could do that, but for now we will take and distribute real resources to our friends by buying our coconspirators' debts.
Is there a bouncer to keep you from going beyond the golden ropes? Or once beyond the golden ropes do you have to genuflect and kiss the ring?
The last -- and ongoing -- round of QE by the Fed creates excess reserves. Ordinarily these reserves are 'out of reach' (they aren't real money) and would only be deployed if the bank to whose account they are credited to was faced with extraordinary redemption demands ... such as a bank run!
Fed liquidity supports collapsing private bank balance sheets ...
Basically, what QE accomplishes is to guarantee bank deposits. @ $85 billion per month adds up to a heck-of-a-lot of guarantees.
Was there something about the banks that we should have known about ... last summer, Mr. Bernanke?
Bernanke has been in on the EU Cyprus boondoggle from the beginning, this has been in the works for months, Bernanke signed off on it.
FOI requests?
I saw this WTF moment in real time and my jaw literally dropped. Still remember that TD tweeted, "Wow." No way the BernanQE survive the public backlash that is coming
the only public backlash will be when the fascist state stops sending checks to the uneducated, greedy, TV-watching, obese city-dwellers. They could give a flying fuck about what the Fed does, or any of the other criminals that run the world.
What a liar. Blatant lies. He wrote a letter to the Washington post saying he was targeting stock prices. He said NUMEROUS times that is how QE works.
Liesman no doubt cries himself to sleep at conferences where he doesn't get to ask the first question...
I will say it again.....why does one dill have so much power?
That particular dill doesn't have the power. He is just the face put out there for the masses. The real power stays behind the scenes.
I wish I had not watched that clip....it killed more brain cells than 30 years of hard drinking.
That f'ing idiot that asked the question, if you could call it a question. More like a rambling simpleton who heard some words that sounded nice and wants to use them to impress the other drunks he's hanging out with.
There was a real question there, and a real disingenuous answer.
Follow up q should have been. If profits are an unusually high share of income what does this say about your trickle down wealth effect theories and isn't this running against your employment mandate? Is this really something to be celebrated, or just a good demonstration of how the fed works for the plutocrats and not the people?
In a dream world, someone would ask that.
So Ben now that you admit the market is only up in nominal terms and "far from its high in real terms" ' are you willing to admit that inflation is much higher than the propaganda you put out?
Hey doc, fonz thinks you bit the dust....he's worried.....
No I've just been very busy... plus I needed a break. This whole thing is driving me insane. I'm looking forward to taking the family on vacation next week and clearing my head.
my concern for Doc is just me projecting the underlying reality that i'm losing my mind. the fact that I am self aware of it does not help. Doc sounds fine. Enjoy your vacation. we all deserve one.
You know what's maddening Fonz? I've been in this business for a long time, and so have the guys in my office. They look at these events like Cyprus and they think that it is an inconsequential one off event. I look at it and I see it happening here in the near future. I look at junk yields hitting historic lows and think " well that's clearly dangerous" they look at it like its the only place for yield so they put new money to work there. I keep telling them to exercise caution yet each fricking market proves me wrong time and again. It is driving me nuts.
"...each fricking market proves me wrong time and again..."
Until it doesn't. Stay on the high road.
Bernanke is a tool who knows the game is up, and he clearly just wants to get through this and into "retirement" on the speaking circuit, leaving the bag for his successor.
Extend, pretend, and try not to prematurely jizz.
Can some techie person put together a rap video of this press conference to mock the stupidity of the whole thing?
This question, and Bernanke's response, is sickening given all the destruction and lives that have been ruined as the nation's wealth was stolen relentlessly by these banker scum. Ridicule is the best weapon.
"Say 'Erm' again! C'mon, say 'Erm' again! I dare ya, I double dare ya motherfucker. Say 'Erm' one more goddam time!"
"Ya stutterin' prick ya!"
Realizing that the economy was like a vehicle running through the swamp. It had become bogged down in the mud, and had un out of fuel.
The Fed economy racers, believing themselves to be omnipotent, and not willing to make the long trek through the muddy path back to firmer ground, and solvency, decided instead to move the speedometer with their fingers, and manually operate the odometer.
In this way they continued to delude themselves in believing that they would soon be sitting on firm gound once again.
Great! You say this NOW, after I'd bought my new tires!
I tried to watch the whole thing but I finally skipped ahead to 25.00 mark for pre-context. I've heard more than enough now. Roddy Piper is not jumping out and displaying his lack of bubblegum but he should be.
Ben is no longer funny. He's just a predictable bankster asshole.
For real entertainment, check this out on liveleak "This Is What Happens When A Journalist Forces A Banker To Actually Answer A Question"
http://www.liveleak.com/view?i=85c_1363743687
+1
Appreciate the link.
I was expecting the police to intervene, with our journalist being escorted from the room shouting "don't tase me bro..."
I don't think that he's going to be invited to the party!
The f*cker looks sick (mentally) and burdened.
Who cares, nothing will stop what is already in motion.
Ben looks very tired
Definitely. Well, his cycle is almost over. He will be replaced by a younger version very soon. Don't worry. I bought my son one of the Japanese Central Bank Robots last year. Having a lot of fun lately. But then he is just at the beginning of the Boom-Bust-Cycle. When he is in college, he will probably be broke. But what can ya do about it? Nothing to worry. Good times are ahead.
sitenine - That was priceless!
Pathological liar he is.
Not sure where the dip is, but BTFOOI anyway
Is Bernanke really a CFA? How do I value stocks with the risk free rate and market risk premium at 0% and all betas at 1?
'Value' is irrelevant. Price is the game. The FOMC will print, and prop desks will buy stocks (apparently without end). We all know how this ends though, and no ammount of paper will save any of us at that point.
It was a poorly communicated question, but the best of the lot. I took it to mean something like: Mr. Bernanke, you are blowing a stock market bubble. Are you worried? Plus, added bonus, it made Bernanke contradict himself on his targeting asset prices. He is targeting housing prices. Those are umm, assets?
"While the Dow may be hitting a high, it's in nominal terms, not in real terms."
-Ben Bernanke
"we are not targeting asset prices" [Laughter]
..
not "measuring success in terms of the stock market" [Laughter]
...
does not see "anything that is out of line with historical patterns" [Laughter]
http://www.dailystaghunt.com/markets/2012/1/12/the-correlation-of-laught...
The Bernak IS funny......but looks aren't everything!
"I don't care who you are... That's funny."
That poor sucker. When TSHTF he ain't going to have nowhere to hide.
Oligarchs and their minions have historically been an endangered species.
But I know this time is different.