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Bernanke Finally Reveals, In One Word, Why The Financial System Crashed

Tyler Durden's picture


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?


"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:


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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Tue, 03/04/2014 - 19:34 | 4509587 VD
VD's picture


Tue, 03/04/2014 - 19:40 | 4509603 nope-1004
nope-1004's picture

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.


Tue, 03/04/2014 - 19:42 | 4509638 philipat
philipat's picture

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".

Tue, 03/04/2014 - 19:45 | 4509652 idea_hamster
idea_hamster's picture


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.

Tue, 03/04/2014 - 19:51 | 4509685 TeamDepends
TeamDepends's picture


Tue, 03/04/2014 - 20:01 | 4509723 Occident Mortal
Occident Mortal's picture

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.

Tue, 03/04/2014 - 20:02 | 4509735 dogbreath
dogbreath's picture

Overconfidence   -   thats somthing like hubris, right?

Tue, 03/04/2014 - 20:36 | 4509744 Supernova Born
Supernova Born's picture


Bernanke is 100% sure the problem was overconfidence.

Tue, 03/04/2014 - 20:42 | 4509887 linniepar
linniepar's picture

Fuck you Bernanke and the Keynsian horse you rode in on!

Tue, 03/04/2014 - 21:00 | 4509919 clymer
clymer's picture

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.


Tue, 03/04/2014 - 21:51 | 4510085 yrad
yrad's picture

Where the fuck is Jon Corzine?

Tue, 03/04/2014 - 22:21 | 4510180 Lore
Lore's picture

In jail, right?

Tue, 03/04/2014 - 23:31 | 4510395 SafelyGraze
SafelyGraze's picture

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.


Wed, 03/05/2014 - 00:32 | 4510548 Independent
Independent's picture

I thought it was Two Words " MONEY CHANGERS "

Wed, 03/05/2014 - 00:41 | 4510574 Anusocracy
Anusocracy's picture

I read over-incompetence.

Wed, 03/05/2014 - 03:34 | 4510828 Nehweh Gahnin
Nehweh Gahnin's picture

I'm over-confident this fucker has a lamppost in his future.

Wed, 03/05/2014 - 07:36 | 4511013 GetZeeGold
GetZeeGold's picture




Bankers are dropping like flies....but Ben Shalom is still kicking.

Wed, 03/05/2014 - 01:03 | 4510607 NachoLiebor
NachoLiebor's picture

Irrational exuberance

Wed, 03/05/2014 - 05:57 | 4510933 jeff montanye
jeff montanye's picture

the next $quarter million may be slower in coming.

Tue, 03/04/2014 - 22:22 | 4510185 economics9698
economics9698's picture

Hang the mother fuckers.

Wed, 03/05/2014 - 00:28 | 4510536 SmackDaddy
SmackDaddy's picture

Platform of the National Guillotine Party


Wed, 03/05/2014 - 01:19 | 4510638 gtb
gtb's picture

Thanks for the link.

Wed, 03/05/2014 - 07:18 | 4510993 Moe Howard
Moe Howard's picture

My kind of party! Thanks brother.

Wed, 03/05/2014 - 09:14 | 4511136 Bendromeda Strain
Bendromeda Strain's picture

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?

Wed, 03/05/2014 - 09:32 | 4511191 DOT
DOT's picture

LOL, tennis anyone?

Wed, 03/05/2014 - 03:49 | 4510840 Johnny Utah
Johnny Utah's picture

Free as a bird.

Wed, 03/05/2014 - 07:38 | 4511015 GetZeeGold
GetZeeGold's picture




Looks like I owe you one dollar.


Double or nothing on Yellen?

Tue, 03/04/2014 - 22:39 | 4510244 halfawake
halfawake's picture

I really thought it was going to be weather.

Wed, 03/05/2014 - 04:15 | 4510860 Element
Element's picture

Something to cheer you up, Niagra Falls just froze over once again.

And predictions the Great Lakes may reach record ice cover by Friday/Saturday.

Record is ~94% and current is a bit over 91%.

Wed, 03/05/2014 - 12:46 | 4512152 detached.amusement
detached.amusement's picture

"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

Wed, 03/05/2014 - 06:22 | 4510956 BorisTheBlade
BorisTheBlade's picture

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? ->

Wed, 03/05/2014 - 00:02 | 4510470 Johnny Cocknballs
Johnny Cocknballs's picture

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?

Wed, 03/05/2014 - 00:30 | 4510541 SmackDaddy
SmackDaddy's picture

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.

Wed, 03/05/2014 - 00:25 | 4510522 SmackDaddy
SmackDaddy's picture

haha, i used to read tbe economist

Wed, 03/05/2014 - 10:12 | 4511298 Max Hunter
Max Hunter's picture

If he were being honest, the obvious answer is "greed"

Wed, 03/05/2014 - 03:04 | 4510793 Nexus789
Nexus789's picture

I don't think he was riding the horse in the way you suggest. 

Tue, 03/04/2014 - 21:16 | 4509979 weburke
weburke's picture


Tue, 03/04/2014 - 21:29 | 4509992 jimmytorpedo
jimmytorpedo's picture

It would have been much funnier if he had pulled a "Francis Sawyer"

In one word, 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.

Tue, 03/04/2014 - 22:43 | 4510258 TheReplacement
TheReplacement's picture

Wouldn't that really be a mea culpa if he did that?

Tue, 03/04/2014 - 23:56 | 4510442 FEDbuster
FEDbuster's picture


Tue, 03/04/2014 - 21:50 | 4510081 Georgia_Boy
Georgia_Boy's picture

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?

Wed, 03/05/2014 - 00:03 | 4510472 Johnny Cocknballs
Johnny Cocknballs's picture

The world is sorely lacking in such subtlety, friend.

Wed, 03/05/2014 - 08:03 | 4511043 Raging Debate
Raging Debate's picture

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...

Tue, 03/04/2014 - 20:05 | 4509756 BurningFuld
BurningFuld's picture

Arrogant, self entitled, greedy criminality.  Was that more than one word?

Tue, 03/04/2014 - 20:32 | 4509852 jbvtme
jbvtme's picture

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

Tue, 03/04/2014 - 20:38 | 4509874 gmrpeabody
gmrpeabody's picture

OK.., let's see, one word...


Tue, 03/04/2014 - 20:43 | 4509888 sixsigma cygnus...
sixsigma cygnusatratus's picture

I see, it's not a confidence game, it's an overconfidence game.  Got it!

Tue, 03/04/2014 - 21:14 | 4509970 SDShack
SDShack's picture

"Arrogant, self entitled, greedy criminality.  Was that more than one word?"

= sociopath

Tue, 03/04/2014 - 22:25 | 4510201 Lore
Lore's picture

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.

Tue, 03/04/2014 - 20:07 | 4509760 Au_Ag_CuPbCu
Au_Ag_CuPbCu's picture

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.

Tue, 03/04/2014 - 20:19 | 4509812 fxrxexexdxoxmx
fxrxexexdxoxmx's picture

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.

Tue, 03/04/2014 - 23:28 | 4510385 Sterling Rod
Sterling Rod's picture

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.

Wed, 03/05/2014 - 07:43 | 4511019 CuttingEdge
CuttingEdge's picture

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.


Wed, 03/05/2014 - 02:41 | 4510758 OldPhart
OldPhart's picture

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.

Wed, 03/05/2014 - 07:21 | 4510996 Moe Howard
Moe Howard's picture

Paid off the mortgage twelve years ago this April and it was the smartest financial thing I ever did, still.

Wed, 03/05/2014 - 09:57 | 4511257 Acet
Acet's picture

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.

Tue, 03/04/2014 - 21:46 | 4510059 Leveraged Algorithm
Leveraged Algorithm's picture

Perfectly said, however, in hell he will have to blow Greenspan, again.

Wed, 03/05/2014 - 01:03 | 4510608 Maximilien Robe...
Maximilien Robespierre's picture

You need to think bigger.

"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."

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.


Wed, 03/05/2014 - 05:01 | 4510894 Debugas
Debugas's picture

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

Wed, 03/05/2014 - 10:27 | 4511359 chdwlch1
chdwlch1's picture

Here's a fitting history lesson on gubmint handouts that supports your excellent's entitled, "Not Yours to Give" and was written by Davey Crockett's biographer.

Wed, 03/05/2014 - 23:02 | 4515143 Maximilien Robe...
Maximilien Robespierre's picture

Thank you, enjoyed the read, had not seen that one before.

Wed, 03/05/2014 - 01:53 | 4510694 furgheddubouddit
furgheddubouddit's picture

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.”

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!



Wed, 03/05/2014 - 23:07 | 4515158 Maximilien Robe...
Maximilien Robespierre's picture

Bernanke would almost be able to get away with this complete lie


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".

Wed, 03/05/2014 - 02:50 | 4510777 Global Observer
Global Observer's picture

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.

Wed, 03/05/2014 - 05:43 | 4510926 ugmug
ugmug's picture

Bernanke is having Nail gun nightmares that are scaring him, not bankrupting the little guy........

Wed, 03/05/2014 - 08:26 | 4511066 CaptainObvious
CaptainObvious's picture

+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.

Wed, 03/05/2014 - 08:46 | 4511094 overmedicatedun...
overmedicatedundersexed's picture

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 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 ..

Wed, 03/05/2014 - 08:38 | 4511084 Perfecthedge
Perfecthedge's picture

There isn't enough rope to hang all these guys. 


Wed, 03/05/2014 - 21:43 | 4514809 XitSam
XitSam's picture

<- Let's find out.

<- Oh, well, let's go home.

Wed, 03/05/2014 - 09:45 | 4511231 Silver Garbage Man
Silver Garbage Man's picture

That was his mandate. Remember he was a frontman.

Tue, 03/04/2014 - 19:55 | 4509708 johnQpublic
johnQpublic's picture

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

Tue, 03/04/2014 - 20:00 | 4509731 i_call_you_my_base
i_call_you_my_base's picture

This is what you become when you don't have principles.

Tue, 03/04/2014 - 20:04 | 4509748 TeamDepends
TeamDepends's picture


Tue, 03/04/2014 - 20:22 | 4509820 fxrxexexdxoxmx
fxrxexexdxoxmx's picture

Principled pornography. 

Tue, 03/04/2014 - 21:25 | 4509995 SDShack
SDShack's picture

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.

Wed, 03/05/2014 - 00:00 | 4510461 CognacAndMencken
CognacAndMencken's picture

You've just described the silver and gold bugs perfectly. Pure sociopaths. .

Wed, 03/05/2014 - 07:22 | 4510999 Moe Howard
Moe Howard's picture

BTFD bitch.

Wed, 03/05/2014 - 07:44 | 4511020 GetZeeGold
GetZeeGold's picture



Thank you for your we can save just one person from fiat's worth it.


Even if they do go kicking and screaming.

Wed, 03/05/2014 - 00:36 | 4510564 wisefool
wisefool's picture

Both Bernake and Timmay are writing books. I, for one, will remember the arbitrage of the stories until the universe ends.

Wed, 03/05/2014 - 00:27 | 4510528 Drifter
Drifter's picture

"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.

Wed, 03/05/2014 - 01:54 | 4510696 hidingfromhelis
hidingfromhelis's picture

What Bernanke calls being overconfident, I call being a good minion.

Tue, 03/04/2014 - 19:56 | 4509713 Chief Wonder Bread
Chief Wonder Bread's picture

250k clownbux per speeoach.

payoff time, bitchez

Tue, 03/04/2014 - 21:35 | 4510021 Vendetta
Vendetta's picture

Payola time ... just like the politicians

Wed, 03/05/2014 - 00:01 | 4510446 Chief Wonder Bread
Chief Wonder Bread's picture

No matter how well-worn this script

It's the only story there is here, not what that cunt says.

Tue, 03/04/2014 - 19:50 | 4509655 Supernova Born
Supernova Born's picture

Said the man who was 100% sure he could exit QE without causing a recession.

Tue, 03/04/2014 - 19:52 | 4509690 VD
VD's picture

& lest we forget too: 100% 'contained'....

Tue, 03/04/2014 - 20:17 | 4509804 JLee2027
JLee2027's picture

He'll be 100% contained when he's hanging from a tree.

Tue, 03/04/2014 - 21:42 | 4510045 johnQpublic
johnQpublic's picture

i'd like to see him 100% containd in a cell with lamar the 300 lb rapist in attica

Wed, 03/05/2014 - 01:49 | 4510686 Anusocracy
Anusocracy's picture

"You might as well, you got no choice'  Kids in the Hall

Wed, 03/05/2014 - 00:33 | 4510543 Drifter
Drifter's picture

Oh please, lose the "lampposts and guilliotines" crap, never gonna happen.

Wed, 03/05/2014 - 02:44 | 4510767 OldPhart
OldPhart's picture

One can dream.

Tue, 03/04/2014 - 21:23 | 4509990 lotsoffun
lotsoffun's picture

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).

Tue, 03/04/2014 - 22:45 | 4510253 Lore
Lore's picture

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).

Tue, 03/04/2014 - 19:44 | 4509649 NidStyles
NidStyles's picture

Well it was transparant after his constant rival made it happen. 

Tue, 03/04/2014 - 19:45 | 4509657 kaiserhoff
kaiserhoff's picture

How about one word - arrogance?

Anyone see an improvement on that score?

Audit the Fraud.

Wed, 03/05/2014 - 00:31 | 4510547 Lux Fiat
Lux Fiat's picture

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.

Tue, 03/04/2014 - 19:46 | 4509661 kchrisc
kchrisc's picture

I can see thru him. Why can't you?!


Wed, 03/05/2014 - 00:15 | 4510496 jerry_theking_lawler
jerry_theking_lawler's picture

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....

Wed, 03/05/2014 - 02:49 | 4510775 OldPhart
OldPhart's picture

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?

Wed, 03/05/2014 - 07:01 | 4510976 Supernova Born
Supernova Born's picture

I know how a pig sounds, but the human butchering comparison requires I take you at your word.

Tue, 03/04/2014 - 20:14 | 4509793 Shad_ow
Shad_ow's picture

If that lie was worth $250,000 or more, wonder how much they'd pay one of us for the truth?

Tue, 03/04/2014 - 21:36 | 4510028 Vendetta
Vendetta's picture

They'll shoot you for the truth....

Tue, 03/04/2014 - 22:29 | 4510213 HoofHearted
HoofHearted's picture

Truth is treason...

Wed, 03/05/2014 - 01:13 | 4510624 Tooter McGooter
Tooter McGooter's picture

Can't 'up' this enough. High Treason.  Most concisely put.

Tue, 03/04/2014 - 21:19 | 4509984 lotsoffun
lotsoffun's picture

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.



Tue, 03/04/2014 - 22:01 | 4510108 snodgrass
snodgrass's picture

Does this tell you about the value of a PhD?

Tue, 03/04/2014 - 22:14 | 4510154 Dugald
Dugald's picture


Take him outback, pull down his tutu, and insert a hot plumbers soldering iron into his fundimental....

He's worth it!

Tue, 03/04/2014 - 22:14 | 4510157 Groundhog Day
Groundhog Day's picture

I wonder if he took his 250k in fiat or bullion

Tue, 03/04/2014 - 19:41 | 4509631 Alpo for Granny
Alpo for Granny's picture


Tue, 03/04/2014 - 19:47 | 4509666 steelhead23
steelhead23's picture

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.

Tue, 03/04/2014 - 20:04 | 4509743 CaptainObvious
CaptainObvious's picture

The one word?  Debt.

It's really that simple.

Well, Benny the Clown, here's one word for you.


Tue, 03/04/2014 - 20:15 | 4509796 Shad_ow
Shad_ow's picture

True debt.  But that debt began with corrupt practices.  So corruption.


Tue, 03/04/2014 - 22:39 | 4510246 StillSilence
StillSilence's picture

Debt is quite the hurdle on its own, but when its literally designed to be unpayable then you've really got something.

Wed, 03/05/2014 - 00:47 | 4510583 SmackDaddy
SmackDaddy's picture

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.

Wed, 03/05/2014 - 01:49 | 4510684 Ward no. 6
Ward no. 6's picture

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..........

Wed, 03/05/2014 - 01:59 | 4510704 Rock On Roger
Rock On Roger's picture

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

Tue, 03/04/2014 - 20:29 | 4509844 Berspankme
Berspankme's picture

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

Tue, 03/04/2014 - 21:17 | 4509976 lotsoffun
lotsoffun's picture

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.


Tue, 03/04/2014 - 23:05 | 4510319 jackstraw001
jackstraw001's picture

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....

Wed, 03/05/2014 - 00:49 | 4510586 SmackDaddy
SmackDaddy's picture

if you dont have able bodied children, you dont have shit my friend

Wed, 03/05/2014 - 01:44 | 4510677 Anusocracy
Anusocracy's picture

The priest's motto?

Tue, 03/04/2014 - 21:21 | 4509988 Sweet Chicken
Sweet Chicken's picture


No more jokes, where is justice. Somebody put a bullet in this mother fuckers head already. Let the cleansing begin.

Tue, 03/04/2014 - 22:17 | 4510168 Dugald
Dugald's picture



Why do you repeatedly assassinate the wrong people??

Tue, 03/04/2014 - 23:30 | 4510391 petolo
petolo's picture

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.

Wed, 03/05/2014 - 00:23 | 4510516 Kirk2NCC1701
Kirk2NCC1701's picture

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.

Wed, 03/05/2014 - 00:58 | 4510598 SmackDaddy
SmackDaddy's picture

agreed. you know youre at a fucking casino right?

Tue, 03/04/2014 - 20:32 | 4509860 WhiteWolf
WhiteWolf's picture

You know that they give so many blanks during this instance...I WANT THE LIVE AMMO

Tue, 03/04/2014 - 22:15 | 4510161 Kirk2NCC1701
Kirk2NCC1701's picture

I can say it in fewer letters: HUBRIS

Tue, 03/04/2014 - 23:51 | 4510431 e_goldstein
e_goldstein's picture

I can say it in less: FRAUD

Wed, 03/05/2014 - 01:08 | 4510614 Which is worse ...
Which is worse - bankers or terrorists's picture



The kind of treason that is a capital offense. 

Wed, 03/05/2014 - 05:20 | 4510908 Goldenballs
Goldenballs's picture

In Spades.

Wed, 03/05/2014 - 09:44 | 4511225 venturen
venturen's picture


Wed, 03/05/2014 - 10:28 | 4511363 Atlantis Consigliore
Atlantis Consigliore's picture

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...

Tue, 03/04/2014 - 19:34 | 4509590 TeamDepends
TeamDepends's picture


Tue, 03/04/2014 - 20:23 | 4509828 fxrxexexdxoxmx
fxrxexexdxoxmx's picture

+100 on the Rosebud

Tue, 03/04/2014 - 19:34 | 4509591 john39
john39's picture


Tue, 03/04/2014 - 19:42 | 4509640 Grande Tetons
Grande Tetons's picture


Tue, 03/04/2014 - 20:19 | 4509815 Spigot
Spigot's picture

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.

Tue, 03/04/2014 - 19:34 | 4509592 NOTaREALmerican
NOTaREALmerican's picture

I'm confident we've learned our lesson.

Tue, 03/04/2014 - 21:37 | 4510029 rwe2late
rwe2late's picture

Bernanke obviously meant


as in a confidence racket.

Tue, 03/04/2014 - 19:36 | 4509597 krispkritter
krispkritter's picture

I got one for you: OVERPRINTING! (asshole)

Tue, 03/04/2014 - 19:35 | 4509601 surf0766
surf0766's picture

You mean say Ï'm optimistic" isn't good fundamentals?


No shit asswipe !

Tue, 03/04/2014 - 19:35 | 4509602 1stepcloser
1stepcloser's picture


Tue, 03/04/2014 - 19:36 | 4509604 salvador
salvador's picture

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

Tue, 03/04/2014 - 21:12 | 4509967 LMAOLORI
LMAOLORI's picture



I'm still laughing about Bernanke saying "Too big to fail must end"


Too Big to Fail Is Bigger Than You Think
Tue, 03/04/2014 - 21:40 | 4510035 logicalman
logicalman's picture

That $600 Trill is just 'notional', as in not real.

Promises on promises on promises.

I'll stop now, my brain is starting to melt.


Tue, 03/04/2014 - 19:36 | 4509605 SilverIsMoney
SilverIsMoney's picture

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?

Tue, 03/04/2014 - 21:43 | 4510050 Vendetta
Vendetta's picture

They were certain they would fleece the nation and leave a wreck in their wake.

Tue, 03/04/2014 - 19:36 | 4509608 TeamDepends
TeamDepends's picture


Do NOT follow this link or you will be banned from the site!