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Can't Wait To Read Bernanke's Memoirs? Here Are All The Timeless Statements By The Former Fed Chairman
In lieu of a market wrap piece today, because frankly there was no "market" to speak of, just a couple of made by/for HFT stop hunts, we will instead pay homage to the man who made all this commentary on farcial, broken markets possible.
Ben Bernanke.
But first we will let Ben speak for himself.
Humble, daring, courageous. All words that promptly come to mind upon reading the following excerpt, and we are confident the Goldman Sachs preface will surely add "patriotic" to the trio of adjectives.
And while we know it will be next to impossible to wait until October when this book of toner repair and printer cartridge replacement wisdom comes out, here is a sampling of timeless soundbites by the former Fed Chairman and current blogger, that should be enough to hold readers over.
* * *
10/1/00 – Article published in Foreign Policy Magazine
A collapse in U.S. stock prices certainly would cause a lot of white knuckles on Wall Street. But what effect would it have on the broader U.S. economy? If Wall Street crashes, does Main Street follow? Not necessarily.
7/1/05 – Interview on CNBC
INTERVIEWER: Ben, there's been a lot of talk about a housing bubble, particularly, you know [inaudible] from all sorts of places. Can you give us your view as to whether or not there is a housing bubble out there?
BERNANKE: Well, unquestionably, housing prices are up quite a bit; I think it's important to note that fundamentals are also very strong. We've got a growing economy, jobs, incomes. We've got very low mortgage rates. We've got demographics supporting housing growth. We've got restricted supply in some places. So it's certainly understandable that prices would go up some. I don't know whether prices are exactly where they should be, but I think it's fair to say that much of what's happened is supported by the strength of the economy.
7/1/05 – Interview on CNBC
INTERVIEWER: Tell me, what is the worst-case scenario? We have so many economists coming on our air saying ‘Oh, this is a bubble, and it’s going to burst, and this is going to be a real issue for the economy.’ Some say it could even cause a recession at some point. What is the worst-case scenario if in fact we were to see prices come down substantially across the country?
BERNANKE: Well, I guess I don’t buy your premise. It’s a pretty unlikely possibility. We’ve never had a decline in house prices on a nationwide basis. So, what I think what is more likely is that house prices will slow, maybe stabilize, might slow consumption spending a bit. I don’t think it’s gonna drive the economy too far from its full employment path, though.
10/20/05 – Testimony before the Joint Economic Committee, Congress
House prices have risen by nearly 25 percent over the past two years. Although speculative activity has increased in some areas, at a national level these price increases largely reflect strong economic fundamentals.
11/15/05 – Confirmation Hearing before Senate Banking Committee
SEN. SARBANES: Warren Buffet has warned us that derivatives are time bombs, both for the parties that deal in them and the economic system. The Financial Times has said so far, there has been no explosion, but the risks of this fast growing market remain real. How do you respond to these concerns?
BERNANKE: I am more sanguine about derivatives than the position you have just suggested. I think, generally speaking, they are very valuable… With respect to their safety, derivatives, for the most part, are traded among very sophisticated financial institutions and individuals who have considerable incentive to understand them and to use them properly. The Federal Reserve’s responsibility is to make sure that the institutions it regulates have good systems and good procedures for ensuring that their derivatives portfolios are well-managed and do not create excessive risk in their institutions.
3/6/07 – At bankers’ conference in Honolulu, Hawaii… as delinquencies in the subprime mortgage sector rise
The credit risks associated with an affordable-housing portfolio need not be any greater than mortgage portfolios generally.
3/28/07 – Testimony before the Joint Economic Committee, Congress
Although the turmoil in the subprime mortgage market has created severe financial problems for many individuals and families, the implications of these developments for the housing market as a whole are less clear…At this juncture, however, the impact on the broader economy and financial markets of the problems in the subprime market seems likely to be contained.
5/17/07 – Remarks before the Federal Reserve Board of Chicago
...we believe the effect of the troubles in the subprime sector on the broader housing market will likely be limited, and we do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system. The vast majority of mortgages, including even subprime mortgages, continue to perform well.
8/31/07 – Remarks at the Fed Economic Symposium in Jackson Hole
It is not the responsibility of the Federal Reserve--nor would it be appropriate--to protect lenders and investors from the consequences of their financial decisions. But developments in financial markets can have broad economic effects felt by many outside the markets, and the Federal Reserve must take those effects into account when determining policy.
1/10/08 – Response to a Question after Speech in Washington, D.C.
The Federal Reserve is not currently forecasting a recession.
2/27/08 – Testimony before the Senate Banking Committee
I expect there will be some failures [among smaller regional banks]… Among the largest banks, the capital ratios remain good and I don’t anticipate any serious problems of that sort among the large, internationally active banks that make up a very substantial part of our banking system.
4/2/08 – New York Times article after the collapse of Bear Stearns
“In separate comments, Mr. Bernanke went further than he had in the past, suggesting that the Fed would remain aggressive and vigilant to prevent a repetition of a collapse like that of Bear Stearns, though he said he saw no such problems on the horizon.”
6/10/08 – Remarks before a bankers’ conference in Chatham, Massachusetts
The risk that the economy has entered a substantial downturn appears to have diminished over the past month or so.
7/16/08 – Testimony before House Financial Services Committee
[Fannie Mae and Freddie Mac are] adequately capitalized. They are in no danger of failing… [However,] the weakness in market confidence is having real effects as their stock prices fall, and it’s difficult for them to raise capital.
I see the financial markets as already quite fragile. The credit markets aren’t working. Corporations aren’t able to finance themselves through commercial paper. Even if the situation stayed as it did today, that would be a significant drag on the economy.
3/16/09 – Interview on CBS’s 60 Minutes
It’s absolutely unfair that taxpayer dollars are going to prop up a company (AIG) that made these terrible bets, that was operating out of the sight of regulators.
5/5/09 – Response to Questioning at Senate Joint Economic Committee Hearing
The forecast we have is for the economy, in terms of growth, to begin to turn up later this year, but initially not to grow at the rate of potential, which means that unemployment and resource slack will continue to rise into 2010. We think that the unemployment rate will probably peak early in 2010 and then come down relatively slowly after that. Um, currently, we don’t think it’s going to get to 10 percent, we’re somewhere in the 9’s, but clearly, that’s way too high.
7/21/09 – Testimony before the House Committee on Financial Services
A perceived loss of monetary policy independence could raise fears about future inflation, leading to higher long-term interest rates and reduced economic and financial stability.
* * *
And of course...
* * *
So while we all wait feverishly for several hundred pages of ghost written truth upon truth, those who have some free time may want to consider boosting google's bottom line with some High Frequency Clicking. After all, every time someone clicks on Bernanke's ad, blogger Ben has to pay GOOG $1 for the courtesy.
Source: CEPR
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we swindled some folks
im going to wait for it to be the movie of the week starring mr. hankey as benny the bernank...
"No rate normalization during my lifetime..."
~ B.S. Bernanke May 2014
"Buy gold"
~ Alan Greenspan Nov 2014 at CFR
"We are all horribly fucked"
~ ZerOhead Oct 2008 at ZH
"Bernocchio is a pathological liar"
~ nope-1004---> 2008, 2009, 2010, 2011, 2012, 2013, 2014, 2015 at ZH
No one to date has been able to disprove my claims.
Quotes and paraphrases from senior financial industry leaders.
Janet Yellen/Chairperson Federal Reserve Bank
3-25-2015: “Some asset valuations are on the high side”
3-27-2015: “Cash is not a store of value”
Ben Bernanke/Former Chairman Federal Reserve Bank
3-18-2015: “There will be no rate normalization in my lifetime”
Alan Greenspan/Former Chairman Federal Reserve Bank
2-23-2015: “Fed can’t exit without causing an event”…”There will be a significant market event, something big is going to happen”
Mohammed El-Erian/Former Co-chair of PIMCO – world’s largets bond fund manager
4-7-2015 : “mostly in cash…Fed is pushing everyone to public markets”
Jim Grant/Founder: Grants Interest Rate Observer
4-7-2015: “Mis-allocation of capital because of levitation of asset prices…cost of unmasking Fed driven mis-allocation is dire”
Ray Dalio/Head of Bridgewater Capital – largest hedge fund in the world
10-1-2014 : “downturn always comes…next one in one to two years…monetary policy is ineffective…with deleveraging in the end they print money”
Julian Robertson/Retired Hedge Fund Manager
4-6-2015: “Warns of complete explosion unless Fed contains boiling bubble markets”
Jeffery Rosenberg/Blackrock-largest money manager in the world
4/6/2015: “Bond market complacent and poised for correction”
Jeff Gundlach/Founder of Doubleline Capital – Hedge fund with ~ $10B under management
4-6-2015: “Fed's forecast for how much benchmarks will rise are still too high”
Richard Duncan/Economist & Author
4-5-2015: “There is a real risk of coming multi decade global depression”
Kyle Bass/Hayman Capital
3-28-2105: “The Fed is backed into a corner…equities are my biggest liquidity worries…China contraction is Fed’s biggest nightmare”
Robert Shiller/Economist – Nobel Prize Winner
12-30-2014: “Fragile real estate market is not a good investment”
Blackrock/corporate statement from worlds biggest money manager
9-23-2014: “Corporate bond market is broken and needs fixes to improve liquidity”
Richard Fisher/former CEO Dallas Fed
3-20-2015: “Market hyper overpriced – significant correction coming”
9-19-2014: “Fed has levitated markets….see signs of excess in financial markets”
One of the most offensive aspects of the fraud and lies we endure from these kosher nostra bastards is that the zio media puts them on a pedestal and gives them a free pass.
I didn't think jokers were allowed on this thread.
Yeah, but you have to admit - a lot of Bernanke's quotes in the article above make for some damn good jokes.
Very nice, WB - it's quite Men-In-Black-ish. Add Greenspan, and you got a three-headed Fedra.
The Bene Janzionit priestess
I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do... www.globe-report.com
It's a tradition...
... to fuck you in every possibly way.
The great thing about the internet and all this data collection is that we have all the criminal acts well documented...
This time things are a bit more serious than "I did not have sexual relations with that women..."
Tim Geithner's book should be very helpful as well.
The courage to act. The wisdom to deny you created the problem in the first place.
The proof is (in) the porridge, you can't fool mother nature now, it's too late for that.
They had the "moral courage" to fix what they fucking broke?
Revisionist horseshit on full display.
What an asshole. Fuck you Bernanke. You suck.
My kids are getting old enough they don't believe in Santa Claus any more. Do you think they would believe what he wrote in his book?
Why don't you ask the tooth fairy, pays more cash than santa too.
It is very sad if you have a Ph'd economics and you know that you have been a scapegoat for totally irresponsible monetary policy just driven for selfish political purposes. Because you have the knowledge.
It is like being a supervisor in a nazi camp. So don't give me this bullshit. There is no dignity no honour.
Can we get his tombstone carved up with these?
It sure worked out great for him so far. $250,000 a pop talks and book deals. Sure beats a teacher's pension or government wage.
Fuck this stench on humanity. Fuck you Ben you worthless lying fuckface. I hope you die for all the crimes against american people. Fuck you
$1 Bookstore Bargain Bin here we come.
Anyone experienced with web coding: I know its possible to set up a loop for clicking links several thousand times a day. Can we set that up for his google ad, please and thank you.
It's not worth the effort. Google has ways of thwarting such activities.
"After all, every time someone clicks on Bernanke's ad, he will have to pay GOOG $1 for the courtesy."
I clicked on it a billion times. Inflation, you understand.
They got diverted to bitcoins, now you have mine your way to prosperty.
Love the mask. He could have a best seller if he would put that picture on the cover of his book and slot his book in the fiction section under humor or domestic terror either way.
"4/2/08 – New York Times article after the collapse of Bear Stearns"
Odd, I always heard it was the near collapse of Bear Stearns..
This post needs its own website for posterity. You know, to keep the record straight as they attempt to rewrite history.
Bernanke's problem as Fed head was that he did not know how to continue to use the obfuscatory vernacular of his predecessor, Allen Greenspan.
What makes the elephant charge his tusk in the misty mist, or the dusky dusk? What makes the muskrat guard his musk? Courage! What makes the sphinx the seventh wonder? Courage! What makes the dawn come up like thunder? Courage! What makes the Hottentot so hot? What puts the "ape" in apricot? What have they got that I ain't got? [/cowardly lion]
I am certain that Goldman Sachs and JP Morgan, in thanks for the many billions of dollars transferred to them from those hard working individuals who create value for this country and the starving million from future generations, will buy as many copies of is book, actual or phantom, as required to give Ben Shalom a wonderful retirement.
For a guy who should have been tarred, feathered and prosecuted for treason, he is doing quite well.
Linguistic Prozac.
Is he operating under DEA rules?
If my email server goes down for an hour or a day I'm at risk of losing my job. This turd transfers billions in wealth and ruins the economic prospects of untold generations FOR THE ENTIRE NATION and he gets to write a book about how great he is and make millions doing it. Fuck you asswhole.
yeah - but the DOW was at 10K in the video, now it's at almost 18K ... so everything is awesomer.
It really tells you how psychopathic this clown is. Wrong so many times, if he had been actually doing a job instead what he was told, he would have been fired in 08. Ive always know those connected could screw the pooch and never be held accountable, but to have to write your memoirs so soon after showing even the slightest ability to be right, or to lie better is a real joke.
Ben, please, just go fuck off. Nobody, unless they are forced to, will buy your book. The idea that you had to print fiat to make the banks solvent isnt courage its fraud and theft. Your criminal masters didn't stop there, they took away mark to market allowing for the next big bubble to inflate. They allowed criminal behavior to survive and thrive. There is no more market. Everything is a fraud and a ponzi.
ZIRP has allowed major corporations to steal now, through stock buybacks and from their future when the next bubble pops and either have to issue new shares or go through bankruptcy. The vest majority of people have repeated absolutely nothing.
It would be great if we could all pretend our debt away. If we could show our balance sheets like corporations do. I believe that in time my property will be worth $1,000,000.00 (might take a hundred years but it will get there). I would love to continually show my GAAP and NON GAPP earnings. I would love to be able to borrow at 0% and loan out at 5, 15, 150%.
The lie is so bad that the Russell 2000 has a PE of 21 if you strip out companies that don't make money. Who the fuck comes up with EX-NEGATIVE PE. In the real world, you know where accounting gimicks aren't the new norm the R2K is trading at 122 x earnings. Never though ENRON would be the poster child of the new corporate accounting standards.
The idea that it takes courage to print fiat, extend and pretend away reality is comical. Perpetrating crime with no repercussions is not an act of courage. The act of courage would have been to start a new system that doesn't make things worse. THEN AGAIN BEN WE BOTH KNOW YOU'RE NOTHING BUT A SHILL AND FRONTMAN FOR THE REAL POWERS THAT OWN THIS COUNTRY.
Hopefully there will be a lot of Pitchforks, Torches & Guillotine's at his book signing event.
I wonder if the book is going to come with a courtesy barf-bag taped to it...?
The barf hag is too busy trying to figure out how to raise interest rates without popping the bubble.
The new money laundering. Anyone here buy Little Timmys book ??? Didn't think so.
"GOLD IS NOT MONEY" !!
- BEN SHALOM BERNANKE
.....which is pretty much when I stopped listening to the retard as central banks are all stockpiling it now. I especially loved Ron Paul's grilling of Bernanke making reference to a silver coin he had in his hand, which, at the 5:50 mark, a colleague sitting beside him you will notice, takes a really keen interest. The guy was half a sleep before that point. he he heeee https://www.youtube.com/watch?v=3ETQG-n2Lg4
The winners get to write a book.
Fredo of FED Board Chairman... https://youtu.be/BUiw6kMH2G8
Fredo Bernanke; I deserve respect.
What no, "I'm a piece of shit plunderer for Zion," on the list?!
The banksters need to repay us.
Bernanke, a 3/8 wrench for Zion.
Ben 4/9/2015: I don't think the NSA has a pic of my dic.
"Throwing Seniors under the Bus wasn't a decision I made lightly ... I took a whole 2 seconds to think about the possible ramifications to Seniors".
THE COURAGE TO PRINT, what a deuchebag, it should read the "AUDACITY TO STEAL"
Add this to the list of the dumbshit's "Timeless Statements"- http://www.reuters.com/article/2007/02/14/us-usa-fed-curve-idUSWAT006963...
I've had some grudging respect for The Bernank since about 2009, but publishing a bunch of bland lies in this book is quickly eroding my good will.
Obviously he has a compulsive printing disorder. Once he's no longer in charge of printing money he turns to books. I wonder how many of these books will end up in excess reserve inventory, just like the money he printed.
Last item before you permanantly fade off into the sunset. Rewrite history and tell everyone how selfless and devoted you were. shittttttt