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Bernanke Press Conference: Live Webcast
With markets now showing their true colors (pricing in the inevitable beginning of a taper), the next hour or so of double-speak and talking out of both sides of his mouth may well be the most important in the career of Ben Bernanke.
*BERNANKE SAYS JOB GAINS, HOUSING INCREASED CONSUMER CONFIDENCE
*BERNANKE:MOST FOMC PARTICIPANTS DON'T FAVOR SALE OF AGENCY DEBT
*BERNANKE REITERATES THAT THRESHOLDS AREN'T TRIGGERS ON RATES
*BERNANKE SAYS MONETARY POLICY WILL CONTINUE TO SUPPORT RECOVERY
*BERNANKE SAYS FOMC `MAY VARY' PURCHASE PACE ON ECONOMIC DATA
*BERNANKE: FOMC MAY `MODERATE' PACE OF PURCHASES LATER IN 2013
*BERNANKE SAYS FED MAY END PURCHASES AROUND MID-YEAR 2014
*BERNANKE SAYS FED WILL EASE QE PACE IF ECONOMY IMPROVES
*BERNANKE SAYS PURCHASE REDUCTION REPRESENTS FOMC CONSENSUS
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Journalists have been instructed to ask about THE TAPER: THIS WILL BE A BUMMER!
A private firm, whose shareholders are "too big to fail banks", runs the world. There is something wrong with this picture. END THE FED.
WTF does employment have to do with buying MBS? You're a donkey Bernanke!!!!
A-a-a-n-n-d-d-d t-t-t-t-t-ry not to sh-a-a-a-k-k-k-k-e. You look nervous!
Blow me, Burn-yank-me
Ease 4 Evah
Booyah, motherfuckers.
Hey Cramer, hit the skin flap sound Wank-0-Matic button.
...eyes crossing, drooling...
Leisman looks like he just.....
I can't bring myself to say it
What a fucking circus.
These people are out of control....
just got back from the bank trying to wire some $. the teller asked what was the nature of the transaction? some homeland security bullshit. i told her to go fuck herself (those words) and sent a certified check (for free!)....these guys are pissing me off
LOL
Hope you enjoy your stay at Gitmo.
Did I really just hear that Gary Kaminski is the Vice Chairman of Morgan Stanley?
Seriously?
Tremendous pressure on Kuroda-san, who is presently on deck, for tonight.
Shit, there goes my dartboard investing methodology right out the window.
In the mean time while you enjoy what you did, just remember that your deposits in that bank ARE just LOANS you are giving them to use as they see fit... NOT your money any more, until you get them to give it back to you, something you may find it is not an easy task...
why the fuck is 'Full of Lies'man and Hills N Rats getting first dibs on their easy questions...I want my turn to ask that fucker some real fuckin questions! I am gonna make the Fed Chairman not only quiver like a school girl but piss his pants in front of the entire press.
HOLY SHIT CALL THE AUTHORITIES SOMEONE JUST ASKED A LEGIT QUESTION
He's gettin grilled after Liesman's fluffing.
Hey somebody better call somebody pretty fuckin quick the curtain is getting pulled back a bit too much on that 5yr!
Chica in blue to the right of that guy sort of cute
just think...three hundred years ago and sporting a loincloth while living in a typee, an astute judge of character could have cut the spleen out of a banker and fed it to his dogs. and nobody would have raised an eyebrow...
Comment of the Day
5 Kunkie Stars
It's a big club and you ain't in it! I'd be nervous too knowing the whole thing is a house of cards an all it would take is one intelligent question from the reporters to reveal it. How does devaluing everyone's wages and saving while putting them further in debt make us all wealthier? http://tinyurl.com/mem7o7x
Once they get the inflation ey want we are FUCKED IT WILL BE TOO LATE. Fuck it already too late. Over and out
Cuz "we" owe it to "ourselves," duh.
Isn't collectivism great? Why with enough aggregates, one can paint any picture desired.
There is clearly desparation heavy in the air.
He's having a rough day looks like, voice breaking up, losing train of thought, (that's bad umkay?)
There's no shutting this down, EVA..
Bernanke keeps using meeting inflation targets, job creation and economic growth as excuses of the perpetual wealth transfer thats going on....this guy should be taken out and punched once by every fuckin American that is being screwed by his fuckin policies.
So...according to the guy who just got fired by the Pres...QE windown to take place soon and end completely by one year from today.
Hysterical.
Until he said otherwise a few times later kinda maybe if the numbers look like they're going to or not depending on whatever happens and how we interpret it in a vacuum
My Avatar Fucker!!
I sure hope you're missing a comma.
His voice always starts to shutter.........They can NEVER stop printing. This card house will fall!
"They can NEVER stop printing"
I have concluded that, sadly, this is correct..... until the moment when the currency loses credibility and we have to start again.
Yep, the instant people stop accepting BennieBux in exchange for goods and services, it all goes POOF!
Until that instant though... PRINT ON!
@takeaction
Shakier than ever. Most quavering I've heard his voice. Grasping at idiotic analogies like driving a car and landing on an aircraft carrier. He knows the gig is up. In short, BernanQE looks like a motherfucking train wreck.
He should be shitting his pants the 5yr is up 18 basis points since he opened his mouth.
After getting a verbal public raping like this....I think Bernanke might really want to leave this ship of rats asap.
Yet given we've known for a couple of months now that he won't be the featured A-hole at the J-hole this year, it's beyond obvious that this is all a part of the script.
So, it's up to Yellen to do the sellin'? (or some other felon?)
@fonzanoon
See, BernanQE and the Fed don't ultimately control the level of interest rates. Influence, manipulate, but not ultimately control.
this shit bringes my blood to boil
fu bernank give us back our interest rates and stop that qe madnass. we will never reach 6.5% unemployed ever again.
AAARGH
that'll create financial armegeddon. So, yes, bring it on, collapse it already.
"Hit something hard. I don't want to limp away from this bitch." - Ron White
6.5% is a pipe dream...can they possibly reduce the denominator any further?!
Besides, the fucker said dropping below 6.5% does not automatically translate in an end to the madness.
Fuckers can just say/do whatever they want!
Rate increase in 2015? Slowing the pace? Bullshit! It's all bullshit!!!
"fuckers can just say / do whatever they want"
that's one way to define a totalitarian state
Yeah.
Crash it, stomp it, kill it.
Please!
Silly lumpen, economics is for economists!
"6.5% is a pipe dream'
Nah, they'll continue to not count unemployed no longer looking for work and extend that to not counting unemployed looking for work who are over the age of 62.
Is that an iceberg I see in front of the Fed. building?
No, I think that's just Hillary Clinton
Ben's got the quavering voice again!
is it stage fright or is he fibbin to us?
I noticed that too. Why so nervous. :p
The rising 10Y (2.3%) screen on his podium???
LOOK AT THE FUCKING 5YR BOND
HOLY SHIT
Try talking with a hand shoved up your arse.
Text version:
http://www.streamtext.net/player?event=CFI-FRB
look at the monkeys typing away creating Shakespearean quotes to maintain the illusion
And he said nothing.
Watch Steve LIESman get the first softball kiss the Bernanke's ass question.
I'd bet my left nut, no wait...both nuts, that LIESman doesn't ask him "Mr. Bernanke, what are you afraid of?!?!"
PUMPING will continue until morale improves!
he knows, you can hear it in his trembling voice
He's a shaky old bastard
Holy Hannah, his voice is quavering more than usual.
No wonder he wants to exit Marrinner-Eccles!
Give him some credit.
At least he speaks on time.
Haha he just pulled a marco rubio with that glass of water. He looks like he is about to freak out.
Run Ben! Run away!
"Run Ben! Run away! "
Do not forget that he is definitely running away from Jackson Hole. That is a fact on the ground.
Thresholdz bitchez.
So as expected all this taper talk was a
BS
Triple digits north closing.
No rate raises until 2015, or 2016...BTFD!
"We will QE and POMO until the end of time."
$85 Billion PER MONTH of securities purchases! Astounding! Think about it!
PONZI!!!
Enemies Foreign AND Domestic.
"Labor market has continued to improve" MY ASS!!!
Who's the bigger liar, Bernanke or Clapper?
Yes.
I'm not even going to bother to waste my time watching this douche-bag yap his vile tripe.
He's sitting on a chair.
Actually, he is sitting on a phone book that is placed on a chair.
Ben is a short guy.
I hope Ben's teleprompter doesn't malfunction... oh wait! That's the other asshole!
"We will continue to enrich the banks and force the taxpayers to suck banker cock and take it in the ass."
<----The inkwell runneth dry
<----The inkwell runneth over
g u i l l o t i n e s.
look at that 5yr. Whoa.
i wish i could get that excited over bonds!!! i admire your passion!!!
Kito you want to see the banks all standing there naked with the tide out then you just keep rooting for those yields to rise.
You might get your 2.75% by month's end. Holy shit!
Oh no.. it's CNBS LIESman!
I've never seen such a bunch of scared shitless morons in one room!
when people are lying their voice quivers - just like ben's
let ben take a burger flipper job in his "improving job market"
Steve LIESman gets the first question, and Jon Hilsenrath the second question; PONZI!!!
Am I the only one going freaking bonkers when he says 7% unemployement is the rate we want...
So let me get this straight when this all started it was like around 8%.... so we just spend how many trillion for 1%...........
HAHAHHAHA
I guess we just figured out how much the 1% just got paid...
favorite pet student hilsenrath glowing about the better than expected economy - LOL
CHAIRMAN BERNANKE: Well, there are many factors that we look at when trying to judge the state of the labor market. As you know, we look at participation, payrolls, a variety of other data. But the 7% unemployment rate is indicative of the kind of progress we'd like to make in order to be able to say that we've reached substantial progress.
Nothing like lowering the bar to look like a genius
The Wizard has spoken. Your wages and savings will continue to be devalued for the greater good. http://tinyurl.com/mem7o7x
What a jerkoff! Even more astounding is that people listen to his BS.
Positional authority, definitely not personal
Look! It's Rick Santelli running into the room!
... with an ax?
Bens a trilobyte, take him down!
Lies-man gets first question, Hilsy gets sloppy seconds. Hilsy needs to improve his ball-licking technique.
Hilsy goes last to ensure he can cover whatever uber stupid thing that LIESman says.
FUK U BEN YOU STUTTERING PRICK!
If it doesn't come true, we'll adjust our policies to that..
Where's my magic 8 ball?
Here, use mine:
http://web.ics.purdue.edu/~ssanty/cgi-bin/eightball.cgi
Doublespeak, you mean like upgrading the economy but not ruling out increasing QE?
His "moderate pace" comment reminded me of an old Adam Sandler bit about a shampoo bottle...
http://www.youtube.com/watch?v=zLm5oSJRxIU
"Moderate pace" is after Benny has taken his viagra...
Liesman: Could you please clarify that, sir?
Ben: huffah gloof a lumfph ghackkkkzhs umnsseth gifppth
Liesman: What?
Ben: huffah gloof a lumfph ghackkkkzhs umnsseth gifppth
This new transparency shit is worse than the opaqueness from the Greenspan days. At least back then we had to try to decode the message, some intellectual challenges. This looks more like plain incompetence on display....
Broke, it's all fucking broke
Bahahahaha,
huffa lumpa offa ahahahahah
Liesman: Could you please clarify that, sir?
Ben: If you'd stop slurping so much, maybe you could hear. No, I didn't say stop.
if I may...translate: mortgage/monetize...whatever terminology you prefer...THE ENTIRETY OF YOUR FAMILY...to BTFD...until 2016, and S&P 3k +.
I've not listened witnessed a more uncormfortable liar since Christmas '67: The "Sit-Down" explaining why mom and pop are getting divorced.
Summary of Ben's response to Hilsenrath's question about the FED overestimating the health of the economy:
"We will buy anything and everything until the DOW is at 25,000 and the S&P at 2,500, or higher."
Jon Hilsenrath from The Wall Street Journal. Mr. Chairman, there's an undercurrent of optimism in your forecast and your statement and the policy statement today, for instance, the unemployment rate forecast comes down to 6.5% to 6.8% next year (Good so far Jon, the HFTs are liking this) It's the case that the Fed has overestimated the economy's growth rate very often in the past during this recovery, so -- and we've gone through a period in the first half of the year with pretty subdued growth. (Noooooo HFTs engaged, recover it, recover it!) So I would like to hear you explain where this optimism comes from and how confident you are that these expectations are going to be met. (Stick save, you get to keep your job!)
Have the HFTs been programmed to ignore him yet?
p.s.
All the journos get yellow badges. If you know your hierarchal stuff, this makes them worker drones. That's gotta hurt.
And just an hour earlier with his interview with Santelli, he was proud that he was a "sourced" journalist, but disagreed that he was a mouthpiece for the Fed. LOL you can't make this stuff up.
That clown can not be believing anything he is saying.
Yes he can. He has faith.
Hes not saying anything...just doing his impression of Ralph Cramden..
Hmna..hamna..hmna..
Gas prices are up due to the optimism of the economy? WOW
YAY I want to pay more for gas! The economy is doing so good I need to pay moar!
What utter horse shit.
Wouldn't want anyone to conclude that higher gas prices and other signs of real core commodity inflation were a consequence of Fed policy and the fiat fire sale, now would we?
Yes, in the Bernake world, higher gas prices are good... it shows the economy is improving. But it doesn't impact inflation because food and fuel is not part of CPI. And everyone knows that consumers have much more disposable income because unemployment is down (due to workers having to work 2 jobs to make ends meet, and/or employers cutting hours to get around 0zer0care). So all the metrics for an economy improving are there because that is how the elite designed the system. It's all good, so that is why QE has to continue. The hypocrisy is just mind blowing.
I missed the beginning, has he said if and when he would taper? Obligatory FU.
2015...or 2016...subject of course to the "improving economy" defined by infinitely fungible data and metrics.
Gold broke through $1,362/oz....going to test $1,353/oz
The rates have gone up because of the improving expectations. Hahaha... Of what? That US debt will turn into junk? Oh, sorry, I forgot that credit rating of the US has been improving...
Can't wait to see what higher rates will do for interest payments on the debt and the impact on the debt ceiling. Of course, we all know there really is NO debt ceiling... silly me.
More than a SPX collapse, Ben is scared of how the 10Y yields will go from here.
Too late:
http://www.marketwatch.com/investing/bond/10_year
I feel badly for the guy. Do you know how stressful it is to try to make sure you don't say anything while speaking.
We were a little puzzled by that
Bahahahahhaaahaha
I have question for Ben. Tell us about the tunnel between 33 Liberty lower vault and 1 CPM sub 5. Go on, please, pretty please ....?
He's going to run out of water!
Waiter!
"Waiter!"
Barry enters, stage left.
Or Jamie Dimon with a fresh glass laced with Xanax.
You don't want your benefactor blowing it on stage.
Keep on yacking Ben. The 10year is @ 2.29%.
Wow! I want to work at the Washington Post!
Now for the selloff ....post quivering.
Maybe, could, possible, not sure, probable, perhaps, perchance.
I love clear words.
Transparency is a fickle bitch
Or, as Jesus said: "Let your yes, be yes and your no, no."
Markets have totally transitioned from what they once were to something hanging on every word of some bald guy. Gawd save us...
Correct sir. except for that "Gawd" person you referenced. Cuz' there ain't no savin' any of this...and that bald pawn there...just up there to provide visual: What it actually "looks like" to shovel Federal Reserve Bullshit, to the most preeminent nation of bullshitters.
Damn we may pull a Japan on the bond market and have to close it. These moves are enormous. Ben it looks like the bond market is giving you a big fuck you!
drink up if they mention ZH!
whoa, I think I see ZH open on one of those laptops.
Im having a drink everytime Ben says "threshold"... Im bombed already
He just said he has two tools? the women must like that.
Ben should really be on 'Money Talks', handing out wads of $50 bills to the ladies in some two bit diner or nail parlour...
On second thoughts, maybe not...
They are running the FOMC by survey and consensus.
And they suffer severely from groupthink.
Mankind should never allow a group of people they do not vote for to have this much power over them. It has become a sigle point of failure.
stuttering stanley! stuttering stanley!
If he says the wrong stuff on camera, we would see a dead man.
Look, if everything keeps going as it is now, with everything going to shit, there's gonna be some Margin Calls in stocks, bonds and metals, as well as soft commodities and lo and behold, somebody's gonna get wacked, shades of Lehman!
I mean, somethings gonna give.
Everything is going backwards according to Benji's plans.
Meaning some where something that's rotten's gonna be seen by the everybody get out of the fucking way !!!!
Oh man, this is not working well at all....
It's a fucking disaster....
Dont believe anything this MF says, he is a liar!
Case in point:
your post: article 20519. Submitted as evidence: IITA 2014. International Internet Taper Act 2014.
To be replaced with "ObamaTweets!"...coupons and whatnot...
"Land the ship smoothly into the Aircraft Carrier"
hahahahahahahahahahahahahahaha!
MISSION ACCOMPLISHED!