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The Top 10 Highlights Of "Proud" Bernanke Press Conference
While admitting that the Fed "doesn't fully understand" all the reasons behind the slower pace of growth (though it could be due to "bad luck"), the following 10 statements from Ben Bernanke's final press conference seemed to sum up perfectly the message he wants everyone to understand (and perhaps some he doesn't)...
*BERNANKE REPEATS TAPERING DATA-DEPENDENT (we can always come back)
*BERNANKE INFLATION CANNOT BE PICKED UP AND MOVED WHERE WANTED (hhmm)
*BERNANKE SAYS MONETARY POLICY ISN'T A PANACEA (wait what?)
*BERNANKE SAYS ACTION TODAY INTENDED TO MAINTAIN ACCOMMODATION (ok great)
*BERNANKE SEES CONCERNS OF QE IMPACT ON ASSET PRICES (but no bubbles right?)
*BERNANKE REITERATES HE WAS 'SLOW TO RECOGNIZE THE CRISIS' (but you got it this time right?)
*BERNANKE SEES FED FUNDS RATE BETTER TOOL THAN QE (not for the equity markets it would seem)
*BERNANKE SAYS BIGGER BALANCE SHEET INCREASES POTENTIAL QE COSTS (indeed)
*BERNANKE FED CAN'T IGNORE FINANCIAL STABILITY IN MAKING POLICY (but chooses to)
And the money shot for success...
"It requires, obviously, some luck and some good policy."
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One last thing. It's stock, not flow.
Why is Ford (F) down over 6% on this glorious day?! Nobody buys autos in a surging economy? /s
*BERNANKE: SP 500 UP +26.9% YTD, GOLD DOWN -27.5% YTD, MY WORK HERE IS DONE
"It requires, obviously, some luck and some good policy."
Well i'll keep my fingers crossed and hope for the best then
Setting the pace was always the goal, what sets us apart is another story.
BERNANKE INFLATION CANNOT BE PICKED UP AND MOVED WHERE WANTED (hhmm)
I seem to recall "if inflation gets out of control, can you manage it?" "Yes, in 15 minutes."
Coulda, woulda, shoulda... Those who listened to Ben, are UP 27%
Coulda, woulda, shoulda... Those listened to ZH/Goldbugs ("Fight the Fed!"), are DOWN 27%. Delta = 54%
Still wanna "Fight the Fed"? Who's your daddy now!?
In the future, I suggest we stick to time-proven basics: ALLOCATE/DIVERSIFY & BALANCE RISK. Or pay the piper, MFers.
p.s. Junk away and take out your rage on the Messenger, if it makes you feel better.
Except that buying what the Fed was buying put you into bonds this year.
once there was a way...to get back homeward...once there was a way...to get back home...sleep pretty darling do nto cry...and i will sing a lullabyeee...
you are right..crime pays
...and he stuck in his thumb and pulled out a...
and said; "What a good boy I'am!"
Good luck and Goodbye! I'm outta here.
Ha ha
What an asshole....fuk U Bernank!
Only thing I would of changed from the meeting is giving Bernanke a sword to fall on.
One would have to have a rope as backup because you know he isn't the kind of guy to owns up to his failures...
What a fucking joke our government has become, I wonder who will pin a medal to his chest first.
Saddest moment is closing the spread trade seeing as staying in would make it even more profitable.
http://www.google.com/finance?chdnp=1&chdd=1&chds=1&chdv=1&chvs=logarithmic&chdeh=0&chfdeh=0&chdet=1387400400000&chddm=1168.9999999999997&chls=IntervalBasedLine&cmpto=NYSEARCA:USO&cmptdms=0&q=NYSEARCA:SPY&&fct=big&ei=1QeyUviQF9Os0AHjcw
Who cares? Bullish!!! Shorts (myself included) ruined.
Market just does 180 degree oposite of what is expected
Even when you guess right, you're completely wrong.....I'm not even trying as I don't have a FED lapel pin, the only way you can be on the right side.
skynet
You want to short this market? Just sell any long positions and convert it to PM's. That is the only way to do it with Fed backed short squeezes a daily occurence.
What you have just written is a textbook definition between wisdom and intelligence.
EUR/JPY WTF? You did not get a ticket to the party? Just sitting there jerking off in the corner. It is a bitch to be stranded.... just ask the Aussie.
I used to be risk on! Bwahhhhhhh
Yeah, I don't get it. Taper was suppose to dump the market, but instead it rallies big time? Even a flat response would have been unexpected.
What is this taper that you're refering to? 85+infinity = infinity, just as 75+infinity=infinity
Tapering will begin when they put a limit on their buying/balance sheet expansion. Also prices will hold static until they reduce their balance sheet, thats when the dump will take place. http://marketshadows.com/wp-content/uploads/2013/11/Fed-Balance-Sheet-VS-SP500-112013.png
right I think you could see it as 85x(number of months till 6.5% UE)<75x(number of months till well below 6.5% UE)
I've got another one. He believes we've had "extraordinary tight fiscal policy, especally during a recovery"
Chew on that one for awhile.
"you may be sure that your sin will find you out"
It's still beyond me how did they manage to get away with everything they did...
Just shows what a rigged game absolutely everything is.
"It's still beyond me how did they manage to get away with everything they did..."
In the words of the parking lot attendant in a Seinfeld episode, "That's what I'd like to know about it."
PANIC! MUST BUY STOCKS BEFORE ITS TOO LATE!!!!
wheres the highlight of him fucking dying that fucking bastard?
One last thing- it's impact, not velocity.
"the Sphinxer" says "say hello to the my sphincter bitchez." gold gets SMASHED. http://www.youtube.com/watch?v=x1dY9bHAfAk
Smashed? Wake me when it's under $300 an ounce again and sell it, sell it all...
to me.
BernanQE can't move inflation? WTF? What happened to his 15 minutes bullshit? And his proverbial helicopter? May he hang from his own lamp post of hubris.
Why can I see Big Ben in bellbottoms and platform shoes going Rick James behind the scenes and saying "Fuck yo economy nigga, fuck yo economy!".
And Rick James saying: What? I'm Rick James, Bitch!
So, they announced they WILL taper next month. Why not today? Why say what you plan to do? I'm trying to wonder what political, not ecomomic, reason could be at play for this decision. Any theories?
"So, they announced they WILL taper next month. Why not today?"
Because everything gets aired out before it actually happens these days for fear of committing without knowing the reaction.
It's like saying to a girl on a first date as you pull her closer, in which you aren't sure where you stand, "Might be nice to kiss?" to test the waters, instead of lurching towards her lips and maybe getting the pull back.
That way she has the option of affirming or abstaining and you don't suffer an unnecessary rejection, but you also give yourself the chance for some fun, just as bernanke/Yellen have the option of reversing course, without the economy tanking, but also give tapering a chance which will let them off the hook of what was beginning to look like a trap.
It really felt like watching a magic show. I'm surprised he didn't try to pull a hundred bucks out from behind one of the reporters' ears.
Love how ES hit 1800 like a magnet attracting iron.
What is up with equities? They announce the tapering and the DOW goes up 250+ points? Gold is now tanking but silver isn't? Did they arrange for some back door pomo action as cover for the tapering? WTF?
The problem is low skill jobs are long gone.
i'd rather be well hung than lucky ;)
I'd rather be lucky than smart.
Well, the Keynesian stimulus experiment failed...I don't think they should try it again.
"BERNANKE INFLATION CANNOT BE PICKED UP AND MOVED WHERE WANTED"
Didn't he want it in the stock market?
"BERNANKE SAYS MONETARY POLICY ISN'T A PANACEA"
He wrote in 1988, that QE doesn't work. He is proving himself right, to the sole benefit of his constituents.
Must hit +300 points on Dow!
"BERNANKE REITERATES HE WAS 'SLOW TO RECOGNIZE THE CRISIS'"
The one he is driving us toward?
Look up, it's his golden parachute commin to ya.
oh yeah we'll only print 75bl a month as from next month ... as you'll all see when auditing the fed NOOOOOOOOT. Bullshit, give me that balance sheet, i want to see the real one sucker !
"BERNANKE SEES FED FUNDS RATE BETTER TOOL THAN QE"
Bernanke saw that in 1988, when he wrote QE doesn't work.
Obviously, there was an ulterior motive for doing QE. Who got richer?
Bernanke is such a whiner----all the Fed's poor outcomes are due to BAD LUCK!
I hope history gives Bernanke the recognition he deserves-----FUC! BERNANKE!!!!!!
"BERNANKE REPEATS TAPERING DATA-DEPENDENT"
"BERNANKE SEES FED FUNDS RATE BETTER TOOL THAN QE"
Non sequitor.
""It requires, obviously, some luck...."
Fodder for those who say the market is little more than a big roulette wheel....
Reckon announce the taper, wall street obligingly supports because it possibly needs punters.
Depends on how broke the first go round did to all the punters wether it works or not.
There is no justice to harsh for the ChairSatan.
So his closing statement was basically "good luck next year, you are going to need it"
On the occasion of the final appearance of the Great Berflunke, the steroid-jacked bull gets a cattle prod in the sensitive parts and "gold" gets a boot on the throat.
What if the shit doesnt hit the fan?
What Bernanke meant with his *BERNANKE INFLATION CANNOT BE PICKED UP AND MOVED WHERE WANTED remark:
Consumer Prices Steady in U.S. as Fed Weighs QE Taper: Economy
17 December 2013, by Michelle Jamrisko (Bloomberg)
http://www.bloomberg.com/news/print/2013-12-17/consumer-prices-in-u-s-unchanged-in-november-on-cheaper-energy.html
TIPS Wipeout Signals Fed Losing Fight Against Disinflation
16 December 2013, by Susanne Walker and Daniel Kruger (Bloomberg)
http://www.bloomberg.com/news/print/2013-12-16/tips-wipeout-signals-fed-losing-fight-against-u-s-disinflation.html
Wholesale Prices in U.S. Fell for Third Month in November
13 December 2013, by Michelle Jamrisko (Bloomberg)
http://www.bloomberg.com/news/print/2013-12-13/wholesale-prices-in-u-s-declined-for-third-month-in-november.html
What little I saw of him speaking yesterday, seemed he kept sizing up the quickest possible exit from the room.
And if he's so proud why the quivering voice?