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Bernanke Press Conference - Live Webcast
Will the Chairman mention the tools the Fed has to unwind its $3.1 trillion balance sheet, as he did during his Humphrey Hawkins testimony, which included "belts, suspenders -- two pairs of suspenders", will he discuss the many hats broke savers have, will he repeat that he does not provide financial advise, will he praise his tremendous "inflation record" once more, will he discuss the complete lack of the currency war the entire world is engaged in, or will he simply focus on what Corker called the "faux wealth effect"? Found out in moments as Bernanke hand-picked journalists toss him a veritable cornucopia of softball questions.
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We are tracking Dow Milestones
The market looks fine. Bernanke just said to that effect.
"we don't see anything out of line in the stock market in historical terms" he said that with a straight face
Did you hear him admit that considering inflation, time, and growth the markets had "quite a ways to go" to get back to 2007 levels?
Inflation Ben? I thought there was no inflation?
Bernanke doesn't see 'MAJOR RISKS' to US from Cyprus. Just like he didn't see 'MAJOR RISKS' in the housing markets, sub-prime derivatives or banks in 2007. Buying more puts.
"The Cyprus banking crisis will be contained, and will not spread to the broader world economy."
No risk of that
Now that is one sore, sorry arsed muther fucker if I ever did see one ...
Ability to talk out of Multiple sides of your mouth
Don't forget the anal sphincter, which for Bernanke always speaks the loudest.
Ben failing this stress test.
For whatever he was... I kind of miss the Ron Paul vs. Benny Boy schooling the FED chair on what money really is.
is that guy in the background wearing a hat or are afro's back in style?
Why do they even put on these shows? they always say the same thing...
"we have effective tools bla bla bla"
"prices are fine bla bla bla"
"growing bla bla bla"
"Dont worry about inflation bla bla bla"
"cuts bla bla bla"
Bernanke's comments condensed down to eight words:
We're gonna keep printing and inflating housing, bitchez.
Mr Chairman, when will you be closing the banks for the depositor tax?
Two questions for the Bernank:
1) What suits your style, pink or bright orange coveralls?
2) Do you prefer your hancuffs and shackles in bronze or chrome plate?
3) Does your religion forbid you to share a cell with "Tossed Salad Man"?
2) gold ?
Will a jounalist ask him if Gold is Money?
Just to see that nearly imperceptible smirk on his face (but evident all the same) and the lying glint in his eye and maybe a double blink, with a look to the journo of, you shouldn't have asked me that, who let this guy in, and can security make sure he doesn't so to the drinks reception afterwards...
But he secretly wants to be asked, so he can chuckle about it tomorrow on the phone to Mervyn King, or when paps Greenspan swings by, or when Dimon comes up through that tunnel that they call the Tradesman's Entrance (another barrel of laughs on that one, it gets Bernanke all the time)..
I have listened intently from the beginning of this press conference waiting for Bernanke’s admission that the Fed is on the wrong track. Have I wasted my time? Or did he say it and I missed it? (sarc off)
There’ll be no boiler plate headlines tomorrow:
Bernanke Caught in a Lie
Bernanke Admits to Fed Malfeasance
Bernanke Embarrassed by Reporter’s Arrogance
Bernanke: “We made a mistake. We were wrong.”
Bernanke: “Cyprus is an Indication of What’s Going to Happen Here.”
Bernanke: “Prepare for Collapse.”
Bernanke Resigns Citing Disagreements With His Handlers
Please. This man is the handpicked mouthpiece of the elite banking families who own and use the currency of the United States for their own benefit throughout the world.
These reporters aren’t going to ask anything of significance; it wouldn’t be allowed. That’s why Bernanke gets indignant when Ron Paul asks him a pertinent question.
To think that he would ever reveal a problem with that management means that all the reporters present are pre-screened. He will never be asked an accusatory question that would reveal what is really going on, else that reporter’s career would end.
"...being debated in academic circles..." might be the scariest thing I have ever heard this man say.
Cypress situation "might reduce confidence in banks".
Gee, you think?
Cypress situation "might reduce confidence in banks".
Gee, you think?
O.K. - Ben was just asked a direct question about a Central Bank confiscating depostor savings being fair or right - and he COMPLETELY DODGED THE QUESTION!!!
HE DID NOT SAY IT WAS WRONG, UNFAIR, OR SOMETHING HE WOULD NOT DO!!!!
YOUR MONEY IS NOT SAFE IN THE U.S.!!!!
Cypress situation "might reduce confidence in banks".
Gee, you think?
damn, first dupe
worse, it was a triple!
but well worth repeating!
Got a quad?
Hahaha!! He didn't think it's wrong for the bankers to steal people's savings in Cyprus. It will soon happen here in America.
Did he just dodge a question about stealing peoples savings? Im not 100% profecient in interpretting fed diarrhea double speak.
Yes, he completely dodged the question.
He DID NOT say it won't happen here.
He DID NOT say it was wrong or unfiar.
In other words, what he said was, "This is a policy tool we will use as well if circumstances warrant."
Thanks ebworthen! I'm just a dumb Engineer who understands numbers and logic. All his half truths to hide the full lies he is spewing confuses me.
OT - are our deal leaders any closer to passing a continuing resolution to keep the govt from shutting down? Seems like this issue has been swept under the rug. Isnt there some kind of March 27 deadline........would this be, how do y'all say, BULLISH? Isnt there also some debt ceiling thingy that needs to be dealth with soon?
i have an aluminum baseball bat that'll fix that hairlip, b...
So is it wrong or not Ben!!!???
You are not saying stealing deposits is wrong!!!!???
You have yet to say that stealing people's savings is unfair or something you won't do!?!?!
A journalist just asked bernanke about the recent theft of depositors money in Cyprus. The journalist asked if bernanke thought it was fair or not in what they wanted to do.
Bernanke went on for a few minutes rambling. It is either a yes or no answer. Bernanke would not answer.
I've noticed that while he is speaking he seems rather upbeat and to me more noticeably more happy than he has appeared in recent meetings. I wonder if the heat coming down on Cyprus makes him feel the heat is off of him right now.
He did not answer, he essentially supported the ECB confiscation tactic and did not say it was wrong, unfair, or something he and the FED would not do. This is huge, HUGE.
Well DUH!
Did you REALLY expect him to say otherwise?
Don't you know by now that BernanQE will say anything, ANYTHING to defend the international spanking system?
Agree on the upbeat tone. He should be upbeat. He is winning. Record stock market, PM's under control, reported inflation under control, PM stocks in the crapper.
It is all working according to his theory. There is no cost to printing money. (in his mind).
What the motherfucker misses is that markets can be discontinuous. He thinks the market is some academic machine when in fact it is a bunch of irrational herding humans. When they realize that it is all an illusion that smile will disappear from his face faster than ice cream in the August sun.
This does not end well. If he has half a brain he will get out in January 2014 and pray that he makes it until then.
...he's not going to say anything of any importance, is he? it's all bullshit; i determined this after watching only 17 seconds of.... whatever this is supposed to be.... is this the dog or pony-part of the circus?
I think this is the Tijuana donkey part of the show. Someone just mentioned the NCAA picks.
The man is either a drooling idiot or a shameless liar. There is no third option
Mr Chairman, what are your thoughts on the soft bank run that is currently happening in this county?
Benny, why is the volume on the SPY double on down days versus up days? Why is the Vix broken? Why is John Corzine not in jail? What should my Mother do about interest ( lack of ) on her savings? Why is gasoline $4 a gallon?
The Fed CANNOT juice the economy, because it CANNOT prevent the deceleration of monetary velocity.
Monetary easing only works IF monetary velocity is stable.
News flash: monetary velocity decelerated from 2.00 to 1.50
They are powerless. They are pushing string. The more they print the more the money supply slows down. The net effect is nil.
GDP x GDP deflator = money supply x monetary velocity
If the money supply rises and monetary velocity slows the net effect on GDP is unchanged.
The Fed are powerless now. They are spent. The purpose of the Fed is not to set the pace of the economy (see the formula above, it's impossible to print GDP), the Fed just transfers wealth from the economy to the Fed or from the Fed to the economy.
Generally it buys low and sells high, hoovering up assets in a recession and selling assets in a boom. It's the ultimate hedge fund, it has unlimited AUM and it uses this limitless purchasing power to corner the money market and set the yield curve.
It's the perfect counter cyclical trading desk as it has the purchasing power to force a bottom in the market.
You cannot fight it, just accept it and run with it. Life is too short.
If they target 4% inflation they can get velocity going. That's the next step. Hold your gold.
Also, China might de-peg and we'll get all that inflation we're exporting to them imported (translation: long dollar store mugs).
This guy is pathetic. You don't want to tame a bubble because you believe it will drive the economy into a recession, but you will pull out all the stops to inflate a bubble. okay........
"All central bankers are learning"
Yes, learning how to steal depositor money to bail out crooked banks!!!
"Every time someone comes up with some new scheme, we all take note of it and add it to our future play book."
Laptop enthusiasm, I guess, sorry!
Uhhhh, how many times did he say Uhhh?
or...."that having been said"
The one handed economist.
i picked up on "discussed in academic circles"
i picture the pixies at central banks thusly
(substituting "money" for "love" seems to fit also)
Yikes - a team of PhD economists - LTCM comes to mind
Well that was informative......................NOT!!!
Crisis Mode Policy.... Can't get enough, all we need are a frew good crisis to keep the ball rolling.
How can one dill have so much power.....
He's not stuttering, stammering, or twitching. Those are his vinegar strokes. Dimon and Blankfein are gobbling his cock under the table and he's about to give someone a tonsil wash.
Hitler, he only had one ball.
Goering, had two but very small
Himmler, had something similar,
But poor Bernanke, has no balls at all.
Why are balls associated with being “tough”? Balls are very sensitive and have to be handled tenderly. When injured, they take weeks to recover. Vaginas, on the other hand, are extremely tough. They can take a real pounding and still do the job.
Excellent point.
It's disgusting that this man and his Kosher buddies become filthy rich legally counterfeiting money, while all that's left for the goyim is to fight over who gets a room with a view in the FEMA camps.
filthy rich legally counterfeiting money
From leading to leeching.
Sincerely,
The Filthy Rich
Doom, doom, doom..."I'll take care of unemployment, price stability, QE exit, global ecomony, the fricken Spring Swoon!!!" Holy $hit...he's absofu%kinglutely crazy and he's got every other committee member locked into group think. Either that or we truely are on the edge of it.
Fucking gangster...