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White House Set To Announce Yellen Fed Nomination Tomorrow

Tyler Durden's picture




 

Speaking of the (Fed) devil, it was six short hours ago that we asked:

The answer has just presented itself and all the histrionics over the next Fed chairman, pardon chairwoman, choice are over. WSJ reports that Obama is set to announce Mr., pardon Mrs Janet Yellen as Bernanke's replacement tomorrow at 3 pm at the White House. "The nomination would conclude a long and unusually public debate about Mr. Obama's choice which started last June when he said that Ben Bernanke wouldn't be staying in the post after his term ends in January. Mr. Obama gave serious consideration to his former economic adviser, Lawrence Summers, who pulled out in September after facing resistance from Democrats in the Senate."

However, while a Yellen announcement, fully priced in, in a normal environment would still have been good for at least a 10-20 S&P point bounce, with the debt ceiling showdown the far more immediate concern, the choice of the Chairwoman may not be the buying catalyst that it would have otherwise been.

From the WSJ:

The announcement comes in the middle of a building political crisis in Washington which complicates the backdrop for Senate confirmation hearings. The federal government has been partially shut since Oct. 1, after its spending authority expired. The U.S. Treasury estimates that by Oct. 17 it will be low on cash because a federal debt ceiling prevents it from borrowing more money.

 

Ms. Yellen's nomination would be subject to Senate confirmation amid angry squabbling between Democrats and Republicans over fiscal issues. The timetable for hearings and a vote is uncertain.

 

Ms. Yellen has been the Fed's second-in-command since 2010. From that perch, she's been a close adviser to Mr. Bernanke as he devised new easy money programs aimed at supporting economic growth.

 

Her nomination would mean the Fed is unlikely to make any unusual lurches in its interest-rate decisions in the near-term. But she would have a number of vexing challenges almost immediately.

Just in case there is still any confusion about Yellen's ability to peer into the future, we once again present her own words confirming otherwise. From the NYT which captured a moment of a 2010 FCIC hearing:

Ms. Yellen told the Financial Crisis Inquiry Commission in 2010 that she and other San Francisco Fed officials pressed Washington for new guidance, sharing the problems they were seeing. But Ms. Yellen did not raise those concerns publicly, and she said that she had not explored the San Francisco Fed’s ability to act unilaterally, taking the view that it had to do what Washington said.

 

For my own part,” Ms. Yellen said, “I did not see and did not appreciate what the risks were with securitization, the credit ratings agencies, the shadow banking system, the S.I.V.’s — I didn’t see any of that coming until it happened.” Her startled interviewers noted that almost none of the officials who testified had offered a similar acknowledgment of an almost universal failure.

And just like getting the president it richly deserves, the US is about to have a Fed chairman who will continue doing much more of the same: pillaging the middle class, and injecting trillions in "wealth effects" straight into the offshore bank accounts of the uberwealthy, while pushing the S&P to fresh all time record highs.

Finally, via Reuters, five facts, for those interested, about the new Fed chairman:

Following are five key facts about Yellen:

- If confirmed by the Senate, Yellen, 67, would be first woman to head the U.S. Federal Reserve, and the second woman to lead a central bank for a developed nation. The first was Elvira Nabiullina, who was appointed to lead Russia's central bank in June.

- She is seen as a dove on monetary policy, favoring strategies that bring down unemployment even at the risk of driving inflation higher. She has said she does not believe there is often conflict between the two Fed goals. "When the goals conflict and it comes to calling for tough trade-offs, to me, a wise and humane policy is occasionally to let inflation rise even when inflation is running above target," she said in 1995.

- She has extensive policymaking experience. Before her appointment as Fed vice chair in 2010, Yellen took part in U.S. monetary policymaking as president of the San Francisco Federal Reserve Bank from 2004-2010, and as a governor on the Fed board from 1994 to 1997. She also chaired President Bill Clinton's Council of Economic Advisors from 1997 to 1999.

- Yellen is a sharp and respected economist. With a PhD from Yale, she has taught economics at University of California, Berkeley, Harvard University and the London School of Economics, and she has published research on topics as disparate as youth gangs, single mothers, optimal monetary policy, wage and price rigidity, and trade.

- Economics saturates her personal life as well. She is married to, and has co-authored a number of papers with, Nobel Prize-winning economist George Akerlof, whom she met in the fall of 1977 when they were both economists at the Fed board. They married the following June and left the Fed to teach at the London School of Economics. Their only child, now a university economics professor, knew he wanted to go into economics by the time he was 13.

 

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Tue, 10/08/2013 - 19:04 | 4036002 One And Only
One And Only's picture

Government shutdown; Yellen gettin turnt up.

Spoos at highs by tomorrow as Congress is now irrelevant.

Tue, 10/08/2013 - 19:07 | 4036018 VD
VD's picture

Yellin will make Bernanke look like a eunuch if her psychotic ass gets to print money to infinity plus. clueless dangerous sociopath PhDz.

Tue, 10/08/2013 - 19:08 | 4036032 ACP
ACP's picture

FUCK YOU YELLEN!

AND FUCK YOU BERSPANKE AS THE DOOR HITS YOUR ASS ON THE WAY OUT!

Tue, 10/08/2013 - 19:08 | 4036042 duo
duo's picture

Truckers should celebrate by not delivering ANYTHING inside the Beltway for 3 days.  Let's see how the parasites get by without the plebes delivering their food and Chinese-made crap.

Tue, 10/08/2013 - 19:15 | 4036075 flacon
flacon's picture

Truckers are Unions, and Unions are in love with the government. 

Tue, 10/08/2013 - 19:16 | 4036091 kaiserhoff
kaiserhoff's picture

I toldja, all through that 100 to one rubbish.

With Barry, there is always extra credit for bat shit crazy.

Tue, 10/08/2013 - 19:22 | 4036125 Pladizow
Pladizow's picture

Wall St. needs it's crack!

Nomination will provide it.

Did'nt Yellen say she would vote for negative nominal rates?

Tue, 10/08/2013 - 19:25 | 4036144 King_of_simpletons
King_of_simpletons's picture

Definitely the end of a great era in capitalism and for this country. Why stop at defaulting ? Let's have some fun by going bipolar as well.

Tue, 10/08/2013 - 19:28 | 4036162 knukles
knukles's picture

How can he nominate her?
Doesn't he know the gubamint's shut down?
He closed the parks and blocked off private property with a buncha goons?
So how can this be, Uncle Lloyd?
Uncle Jamie?
Uncle Smelly?

FOREWARD!  FREE MONEY 4EVAH!

Tue, 10/08/2013 - 19:32 | 4036184 FL_Conservative
FL_Conservative's picture

What a LOOKER!!   Someone pass me a bag and a bottle of JD QUICK!!  I'm feeling "some emotion" comin' on!

Tue, 10/08/2013 - 19:45 | 4036245 knukles
knukles's picture

To borrow Time magazine's old cover....

The Yetti Who Saved the World

Tue, 10/08/2013 - 19:49 | 4036260 FL_Conservative
FL_Conservative's picture

She actually looks more like Yoda, but not nearly as intelligent.

Tue, 10/08/2013 - 19:53 | 4036276 nope-1004
nope-1004's picture

"When I was a little girl, I had a pony."

 

Tue, 10/08/2013 - 20:19 | 4036371 WonderDawg
WonderDawg's picture

Come on, you guys. Nothing will change. It will be exactly the same trajectory as it would be with anyone else in the chair. She won't be making policy, just like Bernanke didn't make policy. She'll be following orders just like those before her. Y'all know better than to get caught up in the theatrics.

Tue, 10/08/2013 - 21:40 | 4036646 Zer0head
Tue, 10/08/2013 - 21:45 | 4036663 Stackers
Stackers's picture

LUDICROUS SPEED !!!

Tue, 10/08/2013 - 22:06 | 4036707 Keyser
Keyser's picture

It's a Buzz Lightyear moment. 

QE...FROM HERE...TO INFINITY...

Tue, 10/08/2013 - 22:28 | 4036766 TeamDepends
TeamDepends's picture

Ha, you're all assuming she's a she.

Tue, 10/08/2013 - 22:28 | 4036767 dfwpike
dfwpike's picture

Everybody wants to rule the world

Tue, 10/08/2013 - 22:11 | 4036725 buckethead
buckethead's picture

Good link. I'm still waiting for her to invoke the name "Ditka".

Will see if I can tolerate the full hour.

Wed, 10/09/2013 - 06:16 | 4037265 overmedicatedun...
overmedicatedundersexed's picture

what's all this yellen about, just stop your yell in.

Tue, 10/08/2013 - 19:56 | 4036285 Pladizow
Pladizow's picture

Funny are you.

Wed, 10/09/2013 - 00:48 | 4037058 buyingsterling
buyingsterling's picture

Does the fact that she's female and jewish guarantee a rubber stamp? Maybe in the old days, when we weren't a serious country dedicated to getting at the root of our problems.

/S  A  R  C

Tue, 10/08/2013 - 19:30 | 4036173 eatthebanksters
eatthebanksters's picture

Oil up those presses and make sure you have enough plates....more than a few are going to be orn out on this run of greenbacks....

Tue, 10/08/2013 - 23:00 | 4036857 MagicHandPuppet
MagicHandPuppet's picture

Print Moar, you Total Recall looking hag!!

Tue, 10/08/2013 - 23:01 | 4036858 MagicHandPuppet
MagicHandPuppet's picture

Doop

Tue, 10/08/2013 - 19:26 | 4036138 Cult_of_Reason
Cult_of_Reason's picture

Holy Shit!

She is a Bernanke on steroids with super uber easy money printing diarrhea.

Tue, 10/08/2013 - 19:25 | 4036147 localsavage
localsavage's picture

Damn, I thought that they were going with a Catholic this time.

Tue, 10/08/2013 - 19:47 | 4036181 knukles
knukles's picture

"With a name like Yellen, it's got to be good!"
    -Heckyl and Jeckyl, 1913

Magpie Perceptions Management:

http://www.youtube.com/watch?v=tq7M7g9cl_8

Enjoy

Tue, 10/08/2013 - 20:21 | 4036359 The Gooch
The Gooch's picture

Too many Janets spoil the Republic.

They're all so handsome!

Fuck You Uncle Janet II !

Also, Guy Ritchie ripped Heckle and Jekyll off.

http://www.youtube.com/watch?v=wSodvRnD3Qc

Edit: my 4 year old just pointed at Janet and asked "Who's he?"

Perfect!

Tue, 10/08/2013 - 23:03 | 4036868 DoChenRollingBearing
DoChenRollingBearing's picture

You have a smart 4 year-old!

Tue, 10/08/2013 - 19:55 | 4036277 matt atsinger
matt atsinger's picture

Too funny, maybe a Hindu, Muslim or Buddist? Surprise Surprise another Heb

Tue, 10/08/2013 - 20:22 | 4036389 Sean7k
Sean7k's picture

You expected something other than a zionist in charge of the government? :)

Jack Jew and hellin' Yellen, putting the screws to goyim everywhere.

Tue, 10/08/2013 - 22:00 | 4036696 W.M. Worry
W.M. Worry's picture

On what planet? Here on Earth I would be surprised if 10% of truckers were unionized.

Tue, 10/08/2013 - 19:16 | 4036081 max2205
max2205's picture

Good for 7 es points... Ppt couldn't even do that...wtf Ben?

Tue, 10/08/2013 - 19:19 | 4036097 CvlDobd
CvlDobd's picture

This will be quite bullish for the economy!

I, and many like me, will now have to buy a new bumper stick for my truck to replace the one that says "If you don't know who Ben Bernanke is, you're part of the problem." Surely this influx of cash will help spike M2 velocity.

 

 

Tue, 10/08/2013 - 20:08 | 4036330 AllWorkedUp
AllWorkedUp's picture

Will gold actually go up on this news?

Tue, 10/08/2013 - 21:28 | 4036593 skree
skree's picture

I hope so.BTFD 

Wed, 10/09/2013 - 01:01 | 4037070 buyingsterling
buyingsterling's picture

Gold no longer reacts to news. Or at least not for more than 24 hours, until the bankster fucks can get a handle on it.

Tue, 10/08/2013 - 20:41 | 4036437 bchbum
bchbum's picture

I will have one that says:  "I be yellin' for Yellin"

Tue, 10/08/2013 - 19:20 | 4036111 lolmao500
lolmao500's picture

What about 3 years?

Tue, 10/08/2013 - 19:11 | 4036044 StacksOnStacks
Tue, 10/08/2013 - 19:20 | 4036070 remain calm
remain calm's picture

Full Speed ahaed to default.

Tue, 10/08/2013 - 19:16 | 4036093 Nothing but the...
Nothing but the truth.'s picture

 This Yellin women reminds me of Susan Boyle - the old lady that won a pop idols contest in Britain.

Tue, 10/08/2013 - 19:44 | 4036243 Dr. No
Dr. No's picture

I junked you.  Ms. Susan Boyle has a lovely voice and although I never met her, seems like a respectable woman.  Yellen!?  How dare you compare Yellen to Boyle!

Tue, 10/08/2013 - 22:59 | 4036852 Wahooo
Wahooo's picture

I bet Yellen can sing, too, like that fat lady she is.

Tue, 10/08/2013 - 20:26 | 4036397 Kirk2NCC1701
Kirk2NCC1701's picture

Yellen (Slavic) = Stag (English) = Hirsch (German/Yiddish). 

Yellen:  "Hirsch heiss ich"  (Sounds like "Hier scheiss ich").  - Old German joke, but new to 'mericans.

Tue, 10/08/2013 - 19:08 | 4036036 Jay Gould Esq.
Jay Gould Esq.'s picture

Yellen ?

That photo is of Larry Summers in a grey bob wig and lipstick.

Tue, 10/08/2013 - 19:16 | 4036078 SHEEPFUKKER
SHEEPFUKKER's picture

Dude looks like a lady

Tue, 10/08/2013 - 19:35 | 4036196 knukles
knukles's picture

That's unfair to her.
She's not ugly enough to be Larry Summers in Drag.
OMG.... just thinking about them pics of JEdgar in a dress....

Leadership.

Tue, 10/08/2013 - 19:45 | 4036246 Caggge
Caggge's picture

Yellen is the love child of Newt and Hillary.

Tue, 10/08/2013 - 20:27 | 4036406 Kirk2NCC1701
Kirk2NCC1701's picture

In that case, let's celebrate by having a Stag*.

* Yellen (Slavic) = Stag (English)

Tue, 10/08/2013 - 22:53 | 4036832 VegasBob
VegasBob's picture

No surprise here. The Obummer has a well-known penchant for appointing obese Communist Lesbians to powerful positions.

Tue, 10/08/2013 - 19:07 | 4036029 macholatte
macholatte's picture

 

 

315,000,000 people to choose from and this is the best they could come up with..... maybe she's the best puppet on a string.  She must feel great knowing she gets the job because nobody else wanted it.

 

Garbage in ..... Garbage out.

Tue, 10/08/2013 - 19:22 | 4036133 SHEEPFUKKER
SHEEPFUKKER's picture

7 billion people to choose from actually. The Bank of England has a Canuck for a prez. 

Tue, 10/08/2013 - 20:32 | 4036419 Kirk2NCC1701
Kirk2NCC1701's picture

This thing is SOOO big, that they can only thrust complete insiders -- born insiders.

Red pill or Blue pill?

Tue, 10/08/2013 - 22:17 | 4036741 optimator
optimator's picture

6,300,000 is the correct number they choose from.

Look at the bright side.  After 100 years of male Jews we will have a minority female Jew.  But only her doctor can confirm that statement.

Tue, 10/08/2013 - 22:21 | 4036751 Wm the Shrubber
Wm the Shrubber's picture

Yeah....that's a man, baby!

Tue, 10/08/2013 - 23:13 | 4036889 Pig Circus
Pig Circus's picture

And just like getting the president it richly deserves, the US is about to have a Fed chairman who will continue doing much more of the same: pillaging the middle class

Fuck me, Fuck you, fuck us all... Bitches

 

Tue, 10/08/2013 - 19:03 | 4036003 HUGE_Gamma
HUGE_Gamma's picture

This combined with the government reopening will send DOW to 36,000

Tue, 10/08/2013 - 19:05 | 4036008 johngaltfla
johngaltfla's picture

Snicker. Buy gold.

Lots and lots of gold.

Becaues the dollar is about to become even less valuable than shit paper.

DigitalPrinterRangers, ACTIVATE!!!!

Tue, 10/08/2013 - 19:09 | 4036049 fonzannoon
fonzannoon's picture

Gold will be sub 1200 very soon If 85 bil a month could not boost it, the only that possibly will is going to be the end of it all. 

Enjoy the present though, because I truly believe they just appointed the fall guy. 

Tue, 10/08/2013 - 19:28 | 4036168 goBackToSleep
goBackToSleep's picture

Yes, it was always the lamb. There's never been a female chair or black president simultaneously. Seems just a bit too coincidental huh? You know it's kinda like 911, Nevermind what my eyes see. Surely they are incorrect. Oh did i also mention that the PR guy's name is Carnie? (misspelled for effect). A carnival indeed friends, a carnival indeed!

Tue, 10/08/2013 - 19:57 | 4036296 centerline
centerline's picture

+1 Fonz.. on all accounts here.

 

Tue, 10/08/2013 - 20:04 | 4036323 fonzannoon
fonzannoon's picture

How are you doing man? 

Tue, 10/08/2013 - 20:10 | 4036343 AllWorkedUp
AllWorkedUp's picture

yeah I'd like to actually think gold could rally on this, but after 10 years of watching it manipulated on a daily basis, it will probably be flat at best.

Tue, 10/08/2013 - 19:22 | 4036123 gatorengineer
gatorengineer's picture

And of course Gold is down.... WHAT THE FUCK>>>>>>>>>>>>>>>>>>> WHAT THE FUCK>>>>>>>>>>>>>>> WHAT THE FUCK>>>>>>>>>>>>>>>>>>>>>>>>  this should have been a $50 plus an ounce move  Repeat WHAT THE FUCK???????????????????????????

Tue, 10/08/2013 - 19:25 | 4036149 fonzannoon
fonzannoon's picture

(it's manipulated)

 

Tue, 10/08/2013 - 19:38 | 4036221 FreeNewEnergy
FreeNewEnergy's picture

Stick with the corn:silver ratio if you really want to know what's up, courtesy Adam Smith (yeah, THAT Adam Smith). Read The Wealth of Nations, bitcheZ, it's full of useful insight.

Bushels of corn per ounce of silver going higher is pure deflation. So, if they continue to stand on silver until it is nearly worthless, corn will fall in price until the farmers stop growing it, collapsing the rural economy and causing starvation and the death knell of the economy. No other indicator necessary.

Yeah, corn may eventually cost a zillion dollars an ear, because the money's worthless. Once the dollar goes to hell, most people won't be able to buy any corn, except people with silver. Old as the fields, as they say.

Tue, 10/08/2013 - 20:02 | 4036308 SgtShaftoe
SgtShaftoe's picture

GMO free corn will cost a zillion an ear because crop infiltration of the other shit will have made it virtually nonexistent.  Oh, and eating the GMO shit will turn you into an extra from Resident Evil.  Fuck corn and Fuck soy.  Fuck Monsanto.  Fuck the Fed, Fuck Janet Yoda...

yada

Tue, 10/08/2013 - 23:26 | 4036918 Manthong
Manthong's picture

Expect Au to get smacked again before the really big one because of the forced liquidations to cover other margin calls.

Ag could go up at the same time because it is not widely held as a reserve or long term asset and the few big manipulators will bail on their shorts to get out of the way of the inevitable.

 

Tue, 10/08/2013 - 19:42 | 4036227 Ham-bone
Ham-bone's picture

the longer gold and silver stay at these levels the better for the eventual moonshot as miners have given up on new exploration, given up on any marginal mines, given up on all but the most profitable while inputs all continue to climb...means diminished supply vs. continued outsized demand.  When this is corrected, should be pretty exciting.

Take it as a gift everyday the price stays down as this is only creating a greater correction.

Tue, 10/08/2013 - 20:33 | 4036417 AllWorkedUp
AllWorkedUp's picture

Can you put a time frame on "eventual"?

Frankly, I've heard this eventual and around the corner crap long enough.

Tue, 10/08/2013 - 20:06 | 4036327 centerline
centerline's picture

We face massive deflation, likely world war scenerio, and more than than comfortably marginal possibility of a Mad Max outcome - what do you expect?

Gold will have it's day and like everything else will need to be traded at some point... for whatever works to ensure survival.

Tue, 10/08/2013 - 20:34 | 4036426 Ham-bone
Ham-bone's picture

Manipulation of Gold and Silver are simply demand creation coupled with supply destruction...don't know when and don't know how but I like my odds...

Tue, 10/08/2013 - 19:05 | 4036014 djsmps
djsmps's picture

Can she grow a beard?

Tue, 10/08/2013 - 19:08 | 4036040 Uber Vandal
Uber Vandal's picture

Maybe it's growing somewhere we don't want to think about......

Tue, 10/08/2013 - 19:17 | 4036088 UP Forester
UP Forester's picture

Her back?

Tue, 10/08/2013 - 19:18 | 4036105 Nothing but the...
Nothing but the truth.'s picture

No ,the inside of her thighs.

Tue, 10/08/2013 - 21:10 | 4036532 Blano
Blano's picture

Nothing grows in there, they rub together.

Tue, 10/08/2013 - 19:19 | 4036114 akarc
akarc's picture

Ackkkkkk.........................................

Man why did you do that?

Tue, 10/08/2013 - 19:05 | 4036022 29.5 hours
29.5 hours's picture

 

Shows they have nothing but can-kicking on the agenda. They have no more cards up their sleeves...

Tue, 10/08/2013 - 19:06 | 4036023 razorthin
razorthin's picture

What a bull dog.  A bitch with a cock.

Tue, 10/08/2013 - 19:07 | 4036024 JebusKhrist
JebusKhrist's picture

I fucking LOVE her hair.

Tue, 10/08/2013 - 21:30 | 4036602 Reckonball
Reckonball's picture

If Moe Howard had a daughter...

Tue, 10/08/2013 - 19:07 | 4036025 quasimodo
quasimodo's picture

Will they still feed her with a catapult?

Tue, 10/08/2013 - 19:06 | 4036026 One And Only
One And Only's picture

If a pigeon fucked George Soros it would yield Janet Yellen.

Tue, 10/08/2013 - 19:28 | 4036027 TruthInSunshine
TruthInSunshine's picture

Why is there a photo of Larry Summers in drag above?

Tue, 10/08/2013 - 19:08 | 4036030 Jump The Shark
Jump The Shark's picture

Yellin=Sellin

Tue, 10/08/2013 - 19:12 | 4036055 hairball48
hairball48's picture

But who's buyin?

Tue, 10/08/2013 - 19:56 | 4036286 Anasteus
Anasteus's picture

Goldman's muppets

Tue, 10/08/2013 - 19:07 | 4036031 SheepDog-One
SheepDog-One's picture

Nurse Ratchet there should be a great 'buying catalyst' I'm sure.

Must....Have....Moar....Cowbell...

Tue, 10/08/2013 - 19:09 | 4036035 bunnyswanson
bunnyswanson's picture

Does Yellen hold American-Israeli double citizenship status???

IT IS A PREREQUISITION MUTHERFUCKERS

Tue, 10/08/2013 - 19:08 | 4036041 silverserfer
silverserfer's picture

FED chair Job description:

1.must have fat sausage fingers(two or more in case primary sausage finger is injured).

2.know how to hit the big red PRINT button with big fat sausage finger.

3. Lie like a sonofabitch.

 

Tue, 10/08/2013 - 19:13 | 4036062 quasimodo
quasimodo's picture

4. Have a face for radio

5. Look like you have run the 100 yard dash in a 50 yard gym

Tue, 10/08/2013 - 19:32 | 4036183 Pladizow
Pladizow's picture

#5? - So back and forth?

Tue, 10/08/2013 - 19:11 | 4036050 Gohn Galt
Gohn Galt's picture

I'm so surprised

Tue, 10/08/2013 - 19:15 | 4036054 lolmao500
lolmao500's picture

The WH really has a talent to find the worst looking butches out there. Napolitano... Yellen... Kagan... all ugly women with serious mental issues who've been rejected by most men all their lives... and now they are in for some payback... yeah give power to women like that... real fucking bright.

Tue, 10/08/2013 - 19:49 | 4036266 knukles
knukles's picture

Mooch said: "He's gonna change your life."

Tue, 10/08/2013 - 22:27 | 4036765 silverserfer
silverserfer's picture

"I'll haunt your dreams" 

Tue, 10/08/2013 - 21:30 | 4036605 Trimmed Hedge
Trimmed Hedge's picture

Hillary...

Tue, 10/08/2013 - 23:04 | 4036866 Wahooo
Wahooo's picture

His tranny wife.

Tue, 10/08/2013 - 19:11 | 4036058 Yen Cross
Yen Cross's picture

   Need MOAR helicopters...

Tue, 10/08/2013 - 19:13 | 4036060 pragmatic hobo
pragmatic hobo's picture

, ... and bernanke gets off the hook just like that? that mudderfugger needs to be held accountable for all the destruction he has woven into the fabric of this society ...

Tue, 10/08/2013 - 19:28 | 4036171 whateverittakes
whateverittakes's picture

No accountability. If these incompetent officials potentially faced a firing squad they would think twice before spending 4 trillion dollars on fiscal experiments. 

Tue, 10/08/2013 - 19:52 | 4036274 knukles
knukles's picture

There's tremendous accountability.
He goes into semi-retirement, tenured professorship with Krugman at Yale, writes his memoirs detailing accurately, how he saved the world and becomes fabulously wealthy.
Besides, being paid as an Adviser to Goldilocks is even better than partnership.

You don't have to do fuck and get paid... meat and greet some muppets, prognosticate on melodramatic sophistry and give a cherished client some beard trimmings.

What could go wrong?

Tue, 10/08/2013 - 19:13 | 4036061 the not so migh...
the not so mighty maximiza's picture

i am gellin like a felon with yellen

Tue, 10/08/2013 - 19:13 | 4036063 One And Only
One And Only's picture

A backroom deal on the debt ceiling has been reached.

No way would Obama put a new Fed chair in while the FED is still reeling from their recent credibility problem.

Yellen is installed, ink jets heat up, debt ceiling gets resolved and back to normal.

Timing of this is a dead give away that the debt ceiling has already been negotiated to a conclusion. It's unannounced to get a few more bears in so as to give them a real whipping.

Tue, 10/08/2013 - 19:29 | 4036174 ebworthen
ebworthen's picture

New all time highs for the markets - just in time for Christmas and Hanukkah bonuses!

Tue, 10/08/2013 - 19:14 | 4036066 Pumpkin
Pumpkin's picture

I'm scared!

Tue, 10/08/2013 - 19:14 | 4036068 skree
skree's picture

We're fucked

Tue, 10/08/2013 - 19:15 | 4036076 Jeepers Creepers
Jeepers Creepers's picture

Go make me a sandwich

Tue, 10/08/2013 - 19:23 | 4036128 infinity8
infinity8's picture

LOL! Good pastrami, bitch!

Tue, 10/08/2013 - 19:13 | 4036077 hairball48
hairball48's picture

Maybe with Yellin in there, like lancing a boil, the U$Dollar collapse will come sooner...or doesn't matter?

Tue, 10/08/2013 - 19:19 | 4036084 Al Huxley
Al Huxley's picture

Again, how fucked up is it when the statement is

The U.S. Treasury estimates that by Oct. 17 it will be low on cash because a federal debt ceiling prevents it from borrowing more money.

That's like me saying I'll be low on cash by the 17th because the bank won't lend me the money to pay the interest on my credit card.

The accurate description is

The U.S. Treasury estimates that by Oct. 17 it will become obvious to even the dumbest fuckers out there that there that the government is broke, and has been for a long fucking time because the government spends way fucking more than it takes in.

 

 

Tue, 10/08/2013 - 22:31 | 4036782 Dr. No
Dr. No's picture

I wish someone knew the burn rate during this shut down. Are they still spending more than revenue? If they are spending less than revenue, they should have cash available.

Tue, 10/08/2013 - 22:36 | 4036784 Gadfly
Gadfly's picture

To be somewhat more exact, just saw this little factoid on Business Insider: "The U.S. government takes in $277 billion in tax revenues each month, and spends $452 billion each month, for a monthly deficit of around $175 billion."  Puts it into perspective doesn't it.  We really are fucked.

http://www.businessinsider.com/treasury-could-issue-super-premium-bonds-...

Tue, 10/08/2013 - 23:37 | 4036944 socalbeach
socalbeach's picture

Matt Levine's monthly spending number of $452 b / month is way off, as a comment pointed out in the original article,

http://www.bloomberg.com/news/2013-10-02/mint-the-premium-bonds-.html#di...

The premium bond idea as a way around the deficit limit is clever though. That's the same trick GS apparently used with Greece.

Tue, 10/08/2013 - 19:17 | 4036085 riphowardkatz
riphowardkatz's picture

good bye reserve currency status. three years and the wheels come off.

Tue, 10/08/2013 - 19:23 | 4036136 FreeNewEnergy
FreeNewEnergy's picture

Three years! You're such an optimist. I give it three months.

WE WIN.

The corrupt, venal, asshat federal government is failing in a huge way right now. Keep rooting for NO DEAL and we will all get what we want. First the intrusive, bloated fed gov shrunk down to a bite-size morsel, next, stick the Fed with $3.75 trillion in worthless paper.

Let the chaos ensue!

We will take the country back, damaged and degraded, but back in the hands of the people, as the federal government trips and falls all over itself. I figured these dumb fuckers would eventually screw themselves over. Not long before Blankfien and Dimon are living in Paraguay, afraid for their lives.

Come on ZHers. Let's parteee!

Wed, 10/09/2013 - 17:35 | 4039338 riphowardkatz
riphowardkatz's picture

there is a lot of inertia and a lot of wealth left to redistribute and most likely we have a putin period that morphs into a hitler era

Tue, 10/08/2013 - 19:18 | 4036090 whoopsing
whoopsing's picture

Jeez, she's got more chins than the Queens NY phonebook

Tue, 10/08/2013 - 19:20 | 4036092 q99x2
q99x2's picture

Obama's Clappering and Yellen while Holdering his Bernanke.

Tue, 10/08/2013 - 19:17 | 4036099 FreeNewEnergy
FreeNewEnergy's picture

My dick is Swellin' for Yellen!

Come on, you ugly bitch, suck it, because I get a piece of every dollar your conjure up, witch.

FREE HOUSES FOR EVERYONE!

Tue, 10/08/2013 - 19:17 | 4036102 drooley
drooley's picture

Something's smellin

Tue, 10/08/2013 - 19:19 | 4036104 Yen Cross
Yen Cross's picture

    I'm surprised Obunga didn't save that "tape bomb" for Friday 3:45 p.m. N.Y. time. scratching head?

Tue, 10/08/2013 - 19:19 | 4036113 SheepDog-One
SheepDog-One's picture

We are now officially dealing with a fuckin' SAMSQUANCH boys!! Bubbles Fuckin Samsquanch - YouTube

Tue, 10/08/2013 - 19:34 | 4036201 Global Hunter
Global Hunter's picture

cut her hair and she could play Randy.

Tue, 10/08/2013 - 19:23 | 4036120 Constitutional ...
Constitutional Republic's picture

Some dark humor in this appointment, surely. She looks like a gargoyle, and intends to behave like one:

 

  • Gargoyle:  a spout in the form of a grotesque human or animal figure projecting from a roof gutter to throw rainwater clear of a building;  a spout that terminates in a grotesquely carved figure of a person or animal.

     

    Spouting liquidity, QE to infinity and beyond. Must defend the Fed, and those clinging to its building.

    An easy target for our favorite combat artist, William.

 

Tue, 10/08/2013 - 19:22 | 4036122 surf0766
surf0766's picture

Yippe.  Does she put Mao Christmas balls on her tree too?

Tue, 10/08/2013 - 19:23 | 4036135 Smartie37
Smartie37's picture

Typical bagholder really is an old bag ! 

They always give the wheel to the black guy or the woman right before impact.........

e.g. Time Inc.--Richard Parsons; Hewlett Packard--Meg Whitman, etc. etc. 

Tue, 10/08/2013 - 19:32 | 4036193 Global Hunter
Global Hunter's picture

Kim Cambell as PM in Canada for about 3 months after Brian Mulroney resigned in the late 80s (Mulroney's PC party went from a majority in parliament to 2 seats and the party pretty much folded) until the next scheduled election when she was destroyed.

Tue, 10/08/2013 - 19:35 | 4036197 Axenolith
Axenolith's picture

And the obvious... USA - Barrack Obama.

Wasn't HP Carley Fiorina?

Tue, 10/08/2013 - 19:59 | 4036302 knukles
knukles's picture

The Security guys in the red shirts on Star Trek

Tue, 10/08/2013 - 19:27 | 4036137 Dr. Engali
Dr. Engali's picture

Hah! Another reason to BTFD..... In gold bitchez!

Tue, 10/08/2013 - 19:23 | 4036140 jc125d
jc125d's picture

This is the best top shelf talent? Edit Bunker with a GED.

Iron my shirt, Bitch.

Tue, 10/08/2013 - 19:26 | 4036141 dragoneyes74
dragoneyes74's picture

Wow, this is poor timing of playing the Yellen card.  Unless it's a two-step play.  The first being the WSJ plant article and then delay the offical announcement until after a debt deal.  The far better strategy would be to weather the Wall Street meltdown, get a debt deal done, let the markets rally a bit and then pop the Yellen card for an explosive move up.  Much more bang for your buck.  This could easily get lost in the noise.  

Tue, 10/08/2013 - 19:29 | 4036164 surf0766
surf0766's picture

Bang for my buck?  Strategy? You think this shit means anything. ctrl-p has become self-aware !

Tue, 10/08/2013 - 19:26 | 4036148 RockyR
RockyR's picture

Fucking disaster

Tue, 10/08/2013 - 19:31 | 4036178 booboo
booboo's picture

Marriner Eccles Front Desk Security Guard: "Welcome to the Fed Mr. Butkus"

Tue, 10/08/2013 - 19:27 | 4036152 ebworthen
ebworthen's picture

For some reason I hear the cooing of doves, and the distant sound of a helicopter approaching.

Tue, 10/08/2013 - 19:26 | 4036154 stormsailor
stormsailor's picture

congress should completely shut off all executive appointee's.

Tue, 10/08/2013 - 19:32 | 4036186 surf0766
surf0766's picture

They are called CZARs and they run the gubermint.

Tue, 10/08/2013 - 20:03 | 4036322 monad
monad's picture

POTUS didn't appoint her, the hidden hand did.

Tue, 10/08/2013 - 19:30 | 4036165 Meatballs
Meatballs's picture

ALL HAIL YELLEN THE FELLEN!

You may interpret that as you like.

Tue, 10/08/2013 - 19:28 | 4036167 Bear
Bear's picture

This has been such a long and moronic process ... They all work for the same people and will do the same thing; Alan did it, Ben did it and Janet will do it

Tue, 10/08/2013 - 19:30 | 4036169 thismarketisrigged
thismarketisrigged's picture

why the fuck is he nominating this stupid bitch for head of fed?

 

its deff an attempt to try and get a green day tomm, because god forbid we have 3 triple digit losses in a row, that is not allowed.

 

fuck u yellen u stupid bitch.

Tue, 10/08/2013 - 19:53 | 4036172 JuliaS
JuliaS's picture

A great bundle of visual comedy and beard jokes is about to go obsolete.

What's gonna happen to the helicopter Ben comic so dear to the ZH readers? Will somebody photoshop a new face over it?

What about music? http://www.youtube.com/watch?v=ipJTqCbETog

What about all the prizes and magazine covers? http://imageshack.us/a/img714/1295/lunatic2.jpg

We're gonna have to start fresh.

Let's all remember Bernanke for the comedy goldmine he was. That one Jew who made us all laugh and gave an extra reason to use the word "fuck" in every sentence bearing his mention.

Tue, 10/08/2013 - 20:32 | 4036416 TalkToLind
TalkToLind's picture

Don't forget video games.  Punt The Yellen will be a big hit when I finish coding it.

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