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Bernanke Finally Reveals, In One Word, Why The Financial System Crashed
Now that Ben Bernanke is no longer the head of the Fed, he can finally tell the truth about what caused the financial crash. At least that's what a packed auditorium of over 1000 people as part of the financial conference staged by National Bank of Abu Dhabi, the UAE's largest bank, was hoping for earlier today when they paid an exorbitant amount of money to hear the former chairman talk.
Bernanke confirmed as much when he said he could now speak more freely about the crisis than he could while at the Fed - "I can say whatever I want."
So what was the reason, according to the man who was easily the most powerful person in the world for nearly a decade?
Ready?
"Overconfidence." (no, not "weather")

Yup. That's it.
The United States became "overconfident", he said of the period before the September 2008 collapse of U.S. investment bank Lehman Brothers. That triggered a crash from which parts of the world, including the U.S. economy, have not fully recovered.
"This is going to sound very obvious but the first thing we learned is that the U.S. is not invulnerable to financial crises," Bernanke said.
Actually what is going to sound even more obvious, is that subprime was not contained.
But going back to Bernanke's explanation, brought to us by Reuters, we wonder: did he perhaps get into the reason for the overconfidence? Maybe such as the Fed's endless hubris in believing it knew what it was doing, when time after time and especially over the past 30 years, the US central bank has shown that all it now does is lead the nation from bubble to bubble, from crisis to crisis, and replaces one asset bubble, first the dot com, then the housing, with another, even bigger one, until we get to the biggest bubble of all time - the stock market as you see it currently, where the S&P 500 soars to all time highs and when news of an ICBM launch can barely cause a dent in a ridiculous upward ramp driven by, you guessed it, overconfidence.
Only this time it's different, because the Fed really know what it is doing. Or maybe this time is no different than any other market mania unwinding before our eyes, with the careful nurturing of the the Fed and its chairmanwoman, be it Greenspan, Bernanke or Yellen.
But has Bernanke at least learned something? After all he is supposedly a very smart man from Princeton? Why yes:
He also said he found it hard to find the right way to communicate with investors when every word was closely scrutinised. "That was actually very hard for me to get adjusted to that situation where your words have such effect. I came from the academic background and I was used to making hypothetical examples and ... I learned I can't do that because the markets do not understand hypotheticals."
He concluded that he should "try to simplify the message, but not simplify too much".
Oh you mean something like this, uttered literally moments ago:
- LACKER SAYS UNEMPLOYMENT THRESHOLD CLOSE TO OBSOLETE
Thank you Fed for admitting the whole premise behind the injection of over $1 trillion in the capital markets, the Fed's "target" of 6.5% unemployment, was really a bizarro bullshit joke perpetrated on the common man, when in reality the threshold was 1900 on the S&P. Or 2000. Or 3000. Or pick some arbitrary nominal number, where people confuse paper assets inflation with real wealth.
But don't worry, it's the "overconfidence" that did us in...
And then, on to regrets - because Bernanke has a few:
"We could have done some things on the margin to mitigate somewhat the crisis."
"Although we have been very aggressive, I think on the monetary policy front we could have been even more aggressive."
You heard that, the $4.1 trillion balance sheet is nowhere near enough. The Fed could have blown up the final bubble even more! Because that's what you are taught on Clown Keynesian school.
But wait, because the punchline beckons:
“My natural inclinations, even if it weren’t for the legal mandate, would be to try to help the average person,” Bernanke said today in his first public remarks since leaving the Fed in January, referring to the central bank’s mandate from Congress to ensure full employment and stable prices. “The complexity though arises because in order to help the average person, you have to do things -- very distasteful things -- like try to prevent some large financial companies from collapsing.”
“The result was there are still many people after the crisis who still feel that it was unfair that some companies got helped and small banks and small business and average families didn’t get direct help,” Bernanke said. “It’s a hard perception to break.”
So there it is: the system crashed because we were "overconfident" - nothing to do with system merely having gorged on the reactionary excess to the popping of the dot com bubble - but Bernanke is 100% certain he could have done more to help the average person, because the Fed's balance sheet trickle down eventually works. And let's not forget the "overconfidence" about containing inflation in 15 minutes or less. That one will be hilarious to watch unwind.
* * *
So how much does such profound brilliance cost?
Bernanke received at least $250,000 for his appearance.
Or, in other words, more than he was paid for one full year as Fed chairman.
And that, ladies and gentlemen, is a wrap.
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ONE WORD: SKUM
Overconfidence? lol. How about under-intelligence? Ponzi king strikes again with stupid lies.
My personal favorite of his self described achievements as Fed chair, as he stated, was "transparency". LMFAO. The Fed has bailed out foreign banks, shuffled money under the table to keep JPM and GS solvent, and he claims transparency? This f'n guy is a total piece of shit. Lying bankster scum.
In any private Company, such as The Fed, the CEO is first and foremost responsible to the shareholders via the Board. Which is all we need to know but, unfortunately, the vast majority of Americans are clueless about the Fed and "Debt money". Which allows them to spout all this total BS about "Concern for the common man".
Overconfidence?!
I thought it was that bankers cared too much about the less fortunate in society, and turned themselves inside out to help the serfs ... er ... muppets ... no, wait ... the "meek" to take part in the joy of home ownership.
The fact that those ungrateful poor jobless folks chose to fuck it up was beyond Revenend Blankfein's control.
Honeytrap
It's like somebody broke into my house, stole all my stuff and when I go to my insurance company they send my check to the fucking burglar.
That's what Bernanke did.
He didn't help anyone, he caved into the perpetrators.
He should have mailed QE to people struggling to feed their children, not piss it all over guys struggling to keep up payments on their yacht.
Bernanke pumped the wrong end of the pyramid and he knows it. He will take that knowledge to his grave.
Overconfidence - thats somthing like hubris, right?
Overconfidence.
Bernanke is 100% sure the problem was overconfidence.
Fuck you Bernanke and the Keynsian horse you rode in on!
What a tool. Might as well have said, "well.. It turns out that we really didn't know that we don't know what the fuck we are doing."
Shit, Ben. The maestro would have spun up some convoluted bullshit to at least keep Economist magazine happy.
Where the fuck is Jon Corzine?
In jail, right?
just got back from the bankerspeak seminar
learned a couple of things about the financial crisis
that is .. the fiscal vortex
that is .. the debt-overhang repositioning
that is .. the monetary mis-balance
wanna know the reason?
it was because America was an autoplay when it should have been on fast-forward
it was because the world's growth engines were pausing while their carburetors were being cleaned
it was because the general purchasing habits of individuals were not aligning with the output capacity of industry
it was because the expectations for growth parity were incommensurate with the exchange cycle
it was because the financial sector was playing ragtime while the retail sector was singing be-bop
ok. I'll take my 250,000 now.
I thought it was Two Words " MONEY CHANGERS "
I read over-incompetence.
I'm over-confident this fucker has a lamppost in his future.
Bankers are dropping like flies....but Ben Shalom is still kicking.
Irrational exuberance
the next $quarter million may be slower in coming.
Hang the mother fuckers.
Platform of the National Guillotine Party
http://www.ngparty.org/?page_id=20
Thanks for the link.
My kind of party! Thanks brother.
You can have it. Only a leftist douchebag would include something this idiotic:
"The tax code shall be reviewed by a committee of academic experts to develop recommendations for an equitable policy."
I believe most "academic experts" are already on record against a flat or FAIR tax. They loves them a fat tax code of "progressive" policy. NO EFFIN THANKS PAL. How about I start an AR-15 party to meet you wanna be Robespierres at the corner?
Come to think of it, wasn't it "academics" who gave us the tax code in the first place?
LOL, tennis anyone?
Free as a bird.
Looks like I owe you one dollar.
Double or nothing on Yellen?
I really thought it was going to be weather.
Something to cheer you up, Niagra Falls just froze over once again.
http://wattsupwiththat.com/2014/03/04/niagara-falls-freezes-over-again/
And predictions the Great Lakes may reach record ice cover by Friday/Saturday.
Record is ~94% and current is a bit over 91%.
"Which model predicted that global warming would cause vast waterfalls to freeze solid in winter?"
LOL zing! None that overestimate co2 warming, that's for damned sure
That would be Al Gore, oh wait, that guy is in charge of climate. But then going to Abu Dhabi and complaining about weather is one of those things that make you go hmm. Telling arrogant Sheikhs about overconfidence is something they can certainly relate to, US$250,000 isn't such a bad deal for former Fed Chairman working at stand-up comedian either. Meanwhile, Abu Dhabi bank will expand its network of Gold dispensing ATMs and add couple of gold souks in newly-built malls. Any indication on whether Bernanke feels uncomfortable around those barbarous relics? -> http://en.wikipedia.org/wiki/Gold_to_Go
Interested in your opinion.
I say The Economist is mostly, but not entirely, full of shit.
Are you a 'it's full of shit' kind of guy?
The publication belongs to The Economist Group, half of which is owned by Pearson PLC via the Financial Times. A group of independent shareholders, including many members of the staff and the Rothschild banking family of England,[7] owns the rest.
haha, i used to read tbe economist
If he were being honest, the obvious answer is "greed"
I don't think he was riding the horse in the way you suggest.
greenspan
It would have been much funnier if he had pulled a "Francis Sawyer"
In one word,...it was the,..."J$W's!"
They would have eaten that shit up in Abu Dhabi!
Hell, I would have paid 250k to hear him say that.
N.B. Tylers, my wife is half Jewish/Swiss I'm not hatin' on anybody, I just like irony.
Wouldn't that really be a mea culpa if he did that?
Rothschilds
copout answer. People have been way overconfident before and threw all kinds of money into risky investments (tech boom) and it didn't crash the whole financial system. People don't ask you "why" because they want to know about touchy feely emo stuff like confidence, they want to know what the systemic flaws were that allowed this to happen. He must know that, so this is his idea of speaking freely?
The world is sorely lacking in such subtlety, friend.
Perspective of cause:
1) 1999 deregulation removal of Glass-Steagall. Clinton Admin puts lots of cops on the street. Rising lawlessness.
2) Greenspan "Put"
3) Overleverage - big national party. Lot's of bankers and government politicians getting real rich from front-running, fraud and insider trading. Dough for energy conquest such as Iraq, WOT
4) 2008 - Bankers and government keep partying - citizens get bill for the entire party start paying through high interest rates on debt servicing and inflation. Bankers and politicians getting richer. Capitalism "compromised to save it". Outright looting from bankers and politicians. Fascism and complete lawlessness. Continuation of trade imbalance at both American and Chinese citizen longer-term expense.
5) Just lawlessness and empirical projection, thrashing around.
6) 2014 - Nothin to invest in outside of small time real-estate and gold. Marxism. Criminals still in charge acting from sociopaths becoming pyschopaths. Geopolitical turmoil...
Arrogant, self entitled, greedy criminality. Was that more than one word?
i am reminded of the scene in the movie fargo when peter stormare is standing by the wood chipper and buscemi's ankle is sticking out...i'm so long wood chippers
OK.., let's see, one word...
Fuukubernanke...
I see, it's not a confidence game, it's an overconfidence game. Got it!
"Arrogant, self entitled, greedy criminality. Was that more than one word?"
= sociopath
PSYCHOPATHS: natural destroyers, attempting to remake the world in their own broken image. Things are not going to improve until the power is taken away from PSYCHOPATHS.
"I came from the academic background and I was used to making hypothetical examples and ... I learned I can't do that because the markets do not understand hypotheticals."
WTF? Everything he did was based on only his academic background and hypotheticals. No understanding of the real world or unintended consequences because he never worked a fucking day of his life in the real world. Any study that has to use the "all other things being equal and unchanged...XYZ will happen is not science. Well guess what dickhead, all other things do not remain equal and unchanged...fucking unbelievable.
Easy now. These are really, really, really smart people who use "science" and models, it is not their fault when they fail in the real world. It is the fault of the world and they are going to make it pay. No matter how many people die, someone is going to pay.
And THERE... IT... IS! Admitting what many of us have said along: The Keynesian/Krugmanite academics are completely clueless.
Fortunately Yellen is the complete opposite. /sarc
Just give her a copy of the same speech for when her term is done.
I watched Yellen in front of Congress the other day.
She's like a nodding dog in the back window of a car. Another "hypotheticals" "intellectual" academic vegetable from another planet who wouldn't understand what the real world was, even after a good thumping with a baseball bat (which, after two minutes of listening to her seemed reasonable and appropriate). Where the fuck did they dig her up from? Looks and sounds like a bag lady from some C-rated zombie flick.
Unlike Buzz (To Infinity and Beyond) Bernanke though, she can't even keep her composure when she is trying to bullshit. Yellen will be the fall guy while Buzz is sipping Pina Coladas at a Goldman Sachs retreat in the Caribbean, still trying to convince everyone how clever he is. Cunt.
Hopefully, after the SHTF, Yellen be in the queue, right behing the Bernanke himself - on the guillotine steps.
My 401-k has less than my annual income and today, in one fucking day, it earned 'interest' that is more than my weekly income...this shit isn't real, it's fake, phoney, bullshit, and fucking crazy. My 401-k account became 'locked' in 2008, my employer will no longer allow loans to myself, and I've ceased making contributions. But I monitor my tiny little nest-egg like a mother hen.
I'm at the point in life where, if I quit my job I could take all the currently rehypothecated proceeds and pay off my house, earning an immediate 7.5% interest on all future savings, or to continue to watch in horrified facsination as the market swings all over hell and earth.
Did a job interview Sunday that would nearly double my income but the commuting would be a bitch...might consider it if/when offered (and I'm perfect for the position) just to be able cash in the 401-k to pay off the mortgage and get a hopefully 'clean' title.
I'm one of the biggest bullshit story tellers ever, but I can't stand bullhsit from 'government'. Even I would think that bullshitters appreciate a good bullshit story from another bullshitter...which I do, except from our criminal government.
Paid off the mortgage twelve years ago this April and it was the smartest financial thing I ever did, still.
Keynesian Economics is not Science and those "economists" are not scientists: their theories have no predictive power and cannot be experimentally tested.
Their job is to provide a scientifically-sounding cover for decision-makers to maximize their personal outcomes.
These people are politicians, snake oil salesmen and the official priests of our age: they have NOTHING to do with science.
Perfectly said, however, in hell he will have to blow Greenspan, again.
You need to think bigger.
That supports the thesis that QE is acceptable. Mother nature doesn't have QE, does she? Energy cannot be created or destroyed, yet we humans have decided that through money we can go around giving everyone everything, that they didn't do any work to generate. That does not end well, never has, and won't again.
NEITHER the yachting crowd NOR the people struggling should have gotten anything called QE. It's propagating a ponzi that is feeding both sets of dependents now, corruption top to bottom, left to right.
QE cheats darwin, (as does all fiat) and the longer we cheat nature, the harsher the correction.
he has no mandate to give away money for free
he can only lend it out and people in the street can not borrow because they are not creditworthy
Here's a fitting history lesson on gubmint handouts that supports your excellent point...it's entitled, "Not Yours to Give" and was written by Davey Crockett's biographer.
http://www.silverbearcafe.com/private/12.10/notyours.html
Thank you, enjoyed the read, had not seen that one before.
Bernanke would almost be able to get away with this complete lie, were it not for the fact that we have a perfect case example of what happens when you let crooked financial companies and banks fail: Iceland.
And how has the average Icelandic person faired following those failures? - well...they're doing just fine!
How is he NOT getting away with it? Because a bunch of angry men down-voted his Facebook page or something? 1,000 attendees hanging onto his every word of performance artistry, $250K and rousing appluase is I believe, "getting away with it".
The Fed, by law, is not allowed to do that. They are only allowed to lend to and purchase assets of member banks and purchase US Federal Government debt on the open market. They are not even allowed to purchase the debt of state and local governments, let alone send cheques out to individuals.
The Congress and the President working together, could have amended the Federal Reserve Act to give such powers to the Fed or even simpler, could have amended it to lend directly to the Federal Government and then Federal Government borrow it from the Fed to distribute it to the people with Congressional authorisation.
Don't see why Bernanke should lose sleep over something that he had no power to change. He may as well start feeling bad for the Rwandan genocide.
Bernanke is having Nail gun nightmares that are scaring him, not bankrupting the little guy........
+1 for the first paragraph.
I have a problem, though, with this:
"He should have mailed QE to people struggling to feed their children, not piss it all over guys struggling to keep up payments on their yacht."
The struggling people will either use it to catch up on their bills or run out and buy a new car and a big screen, so the fuckers on the yachts end up with it anyway, just at a (slightly) slower pace.
QE is wrong no matter who gets the money, because it devalues all the money, and we all have less purchasing power, from the struggling people to the fuckers on the yachts. What should have happened in 2008 was that the ailing institutions should have been allowed to fail. Yes, it would have caused a depression, but hell, we're in a depression anyway. At least we could have given the current economic situation its proper name. And we'd be free from the tentacles of lots of vampire squids.
captain, your screw everyone would hold water, if we the ave citizens had anything to do with the fraud and corruption at the highest levels, the looking the other way by regulatory bodies, the non inforcement of laws and regs by doj and sec...no help could have come for example by chris cox sec head just stopping shorting until the markets regained stability, the .01% got profit on both ends and main street paid on both ends and still do with todays qe ..
There isn't enough rope to hang all these guys.
<- Let's find out.
<- Oh, well, let's go home.
That was his mandate. Remember he was a frontman.
My natural inclinations, even if it weren’t for the legal mandate, would be to try to help the average person,” Bernanke said today in his first public remarks since leaving the Fed in January, referring to the central bank’s mandate from Congress to ensure full employment and stable prices. “The complexity though arises because in order to help the average person, you have to do things -- very distasteful things -- like try to prevent some large financial companies from collapsing.”
and who the fuck is average to you?
fucking john kerry?
bill gates?
warren buffet?
i am going to punch my computer in the face now
This is what you become when you don't have principles.
Pornography
Principled pornography.
A sociopath never believes they are wrong... ever. Even when their plans collapse into flames and are destroying everyone around them, they will actually double down on their own selfish behavior, even though they know it is unethical, immoral, and even illegal. Why? Because of the mentality that Bernake demonstrates... they have to violate these trusts because they are doing it for the people. They can never see that it's their own diabolic plan that is causing all the destruction for everyone. Twisted fucks, that's what a sociopath is. The law only applies to the masses, never the elites in the sociopath mind. I keep preaching it like a broken record, but Jesus H. Christ, these fuckers just keep proving the point every day.
You've just described the silver and gold bugs perfectly. Pure sociopaths. .
BTFD bitch.
Thank you for your service.....it we can save just one person from fiat hell.....it's worth it.
Even if they do go kicking and screaming.
Both Bernake and Timmay are writing books. I, for one, will remember the arbitrage of the stories until the universe ends.
"very distasteful things -- like try to prevent some large financial companies from collapsing."
... because they owned my ass and might "suicide" me if I didn't.
What Bernanke calls being overconfident, I call being a good minion.
250k clownbux per speeoach.
payoff time, bitchez
Payola time ... just like the politicians
No matter how well-worn this script
It's the only story there is here, not what that cunt says.
Said the man who was 100% sure he could exit QE without causing a recession.
& lest we forget too: 100% 'contained'....
He'll be 100% contained when he's hanging from a tree.
i'd like to see him 100% containd in a cell with lamar the 300 lb rapist in attica
"You might as well, you got no choice' Kids in the Hall
Oh please, lose the "lampposts and guilliotines" crap, never gonna happen.
One can dream.
supernova born - i know personally (and most of the people i know) - wages are down, employment is down, prices (except for i-crap) are up and there is no recession, infact, judging by the major stock indices, the US economy is either booming, or about to be booming. god bless us all and thanks to bernake only!! (sarcasm).
Food is soaring. It's fascinating to watch. Next will come "Carbon Tax" to Save The Planet (i.e., further strip the middle class, cut demand for exhausted natural gas storage inventory, impose collectivist "densification" and misallocate more capital into sweetheart cash cows).
Well it was transparant after his constant rival made it happen.
How about one word - arrogance?
Anyone see an improvement on that score?
Audit the Fraud.
First thing that came to mind was "Leverage", but the real reason for the leverage was "Regulatory capture" (and legislative capture), but that's not one word.
I'm not a econ. PhD, but when I saw statistics in 2005 that over half the homes sold in our then area where being financed via interest only loans, I knew it was a bubble. All the PhDs in the world won't help if you don't have common sense, and the willingness to use it.
I can see thru him. Why can't you?!
/sarc
I hear that if you slice them (aka Bankers) thin enough, you can see through them....but the stench is unbearable no matter what you do....
Anyone else butcher a pig? I mean, in reality, shooting the pig in the head, scraping off the hair, peeling the hide off, and then cutting the meat off the bone. Real, hands-on, farmer stuff.
Smells, and sounds, just like a human.
Weird, isn't it?
I know how a pig sounds, but the human butchering comparison requires I take you at your word.
If that lie was worth $250,000 or more, wonder how much they'd pay one of us for the truth?
They'll shoot you for the truth....
Truth is treason...
Can't 'up' this enough. High Treason. Most concisely put.
nope - 1044 - be nice. maybe he was more transparent then his mentor. let's try to think positive about the leaches. i mean - it is our blood they are sucking. there were times when leaches were thought to be good for ones health.
Does this tell you about the value of a PhD?
Take him outback, pull down his tutu, and insert a hot plumbers soldering iron into his fundimental....
He's worth it!
I wonder if he took his 250k in fiat or bullion
Keynesianism?
One word: Hubris
When the head of one of the largest bank in the world believes that his bank's intensive profit-seeking actions was "God's work," we have the very definition of hubris.
The one word? Debt.
It's really that simple.
Well, Benny the Clown, here's one word for you.
FUCKER.
True debt. But that debt began with corrupt practices. So corruption.
Debt is quite the hurdle on its own, but when its literally designed to be unpayable then you've really got something.
I got a 30 year fixed mortgage at 4.375. $1550 for 360 months. Never changes. Has a definite end. seems fair.
I'm worried about my property taxes. at the rate they are going up, theyll be equat to the house payment by the time i pay it off. i'll literally never own the fucking thing, ill be renting from the goddam government.
so then im just going to be this old grouchy asshole. whose armed.
does one ever really own a home??? My city government decided to update my block with sidewalks, new expanded street and I get billed 6 thousand for it... I never wanted a sidewalk. Things were just fine the way they were..........
Don't live in a city.
Move out of town.
To the end of the road.
With a gun.
And a dog.
Grow some potatoes.
Chop some firewood.
Bury your shit.
Stack On
My head is exploding. Good thing the dog died last year or I'd have kicked it. This fucking scum, this prick bernanke has fucked me out of interest for years so his fucking bankster friends can gorge on caviar. This motherfucker has destroyed my retirement, if I could meet him in the street I'd beat this fucker to a bloody pulp. This prick, this miserable cocksucking prick is such an arrogant cunt, I will be sure to piss on his grave when he's dead, hopefully hanging from a lamp post
maybe you will all be jealous because i'm so rich, i hope not, i've been working full time since i've been 15 and i don't make a lot, but i don't spend a lot and i try to save it. i have a couple of accounts, (had it all in bank of america, but... spread it around) specifically because i don't want to worry about who fails (and they will eventually) and who doesn't. for an account with $100,000.00 last year - i got $8 dollars interest.
thanks. keep it. they need it more than i do.
I would pull that fiat shit out of the bank and buy 3 tubes of AGEs as fast as possible and sleep a helluva lot easier at night....
if you dont have able bodied children, you dont have shit my friend
The priest's motto?
Agreed.
No more jokes, where is justice. Somebody put a bullet in this mother fuckers head already. Let the cleansing begin.
Why do you repeatedly assassinate the wrong people??
The contempt for the Bernank is universal. Notice that no one is getting junked. I can't help myself giving everyone thumbs up. Now, if we could just get our act together and put the manila rope to good use. Can't be too overconfident in thatcall to duty.
So, Bernank has... "fucked you out of interest for years"?
Sounds like you believe in FRB and fiat money, I.e. in "Money making Money".
Some libertarian.
As I understand it, a true libertarian/Libertarian believe that money should have the opportunity to create new wealth only when invested in a venture, not "parking" it in some bank account -- which uses FRB to make new loans.
It is absolutely a-ma-zing how often this kind of thinking occurs here.
agreed. you know youre at a fucking casino right?
You know that they give so many blanks during executions...in this instance...I WANT THE LIVE AMMO
I can say it in fewer letters: HUBRIS
I can say it in less: FRAUD
ONE WORD: SKUM
ANOTHER WORD: TREASON
The kind of treason that is a capital offense.
In Spades.
One Word: ARROGANCE!
Mien Kampf; struggle, cmon, squeeze the shit out and flush it with the sub prime new car buyers.
translation: Realtors BS + Car Loans + channel stuffing + book contract + Keynes BS = Bullshit (2) squared.
in Fed speak: (Lisping) there s no thing like a Crithsis...
Rosebud
+100 on the Rosebud
liar.
Drek
Yeah. Nothing that any of these meat puppets say has any substance or truth to it. It is all obfuscation, deceit, misdirection, etc. They are the smoke screen. In fact, that ANYONE even remotely cares about what this or any meat puppet says is evidence of our own willingness to "believe" otherwise against all evidence. It's a criminal racket at the top and that is all you need to know. All else originates from this one point of truth.
Their Motto: We do what we want
Their Tag Line: We tell you pretty stories so you will let us do what we want.
I'm confident we've learned our lesson.
Bernanke obviously meant
"over-confidence"
as in a confidence racket.
I got one for you: OVERPRINTING! (asshole)
You mean say Ï'm optimistic" isn't good fundamentals?
No shit asswipe !
Horseshit
What a load of BULLSHIT!!!!!!!!!
One word: "DERIVATIVES"
- AND THERE ARE STILL OVER $600TR floating around the globe right now on global GDP of $50TR
I'm still laughing about Bernanke saying "Too big to fail must end"
Too Big to Fail Is Bigger Than You ThinkThat $600 Trill is just 'notional', as in not real.
Promises on promises on promises.
I'll stop now, my brain is starting to melt.
You think, even after the world has burned to the ground and gold has risen back up as money, that these fools will ever admit they were flying by the seat of their pants and were never certain of anything?
I guess you missed this one.
http://www.zerohedge.com/news/2014-03-03/former-central-banker-admits-th...
They were certain they would fleece the nation and leave a wreck in their wake.
Backdoor