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FOMC Press Conference: Yellen Explains Why Everything Will Be Awesome In The Future - Live Feed
Upgrades to labor market (despite downgrades to economic growth), upgrades to rate hike expectations (despite IMF warnings and downgrades to economic growth) and upgrades to being beyond the law (despite Congressional lambasting)... But do not be confused, Yellen will explain how it all makes sense (and if she can't will mumble and curse and move on)...
- *YELLEN: WAITING TOO LONG TO RAISE RISKS OVERSHOOTING INFLATION (in financial assets?)
- *YELLEN SAYS POLICY MOVES TO DEPEND ON WIDE RANGE OF DATA (any excuse)
- *YELLEN: WHAT SHOULD MATTER TO MARKETS IS THE ENTIRE POLICY PATH (Do Not Sell!)
- *YELLEN SAYS THERE HAS BEEN SOME PROGRESS ON INFLATION (but do not sell)
- *YELLEN SAYS DOLLAR APPEARS TO HAVE LARGELY STABILIZED (with extreme volatility)
- *YELLEN SAYS FED DOESN'T EXPECT TO FOLLOW MECHANICAL RATE MOVES (because evereyone knows this will go pear-shaped)
- *YELLEN SAYS IT MIGHT HAVE BEEN BETTER TO TIGHTEN FASTER 2004-06 (ya think!!!)
- *YELLEN SAYS FED TRIES TO BE TRANSPARENT, ACCOUNTABLE (apart from when Congress asks)
We are waiting for The Congressional Leak Probe question...
Live Feed begins at 1430ET (with Q&A shortly after)...
Broadcast live streaming video on Ustream
Next Question: How awesome are you? A little bit, medium amount, or freakin' epically awesome? pic.twitter.com/j7Nhte4pO8
— Rudolf E. Havenstein (@RudyHavenstein) June 17, 2015
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SCARYYYYYYYY....
If her head starts twisting around a few times..
I'm outta here!
Funny, all I hear is that sound from the old Charlie Brown cartoons whenever adults are speaking. Wah wah, wu, wah wah.
...so nobody thinks the fed is waiting for the cover of grexit to get out of the painted corner huh....ok.....they need something to blame the non-recovery on so they can move away from the "hike rates" BS
This bitch is a Fucking cunt.
What happened to America?
DEVASTATING NEWS!!
JPMorgan Vice Chairman Jimmy Lee unexpectedly died on Wednesday, the company said. He was 62.
"It is with deep sorrow and a heavy heart that I inform you that our beloved friend and colleague, Jimmy Lee, unexpectedly passed away this morning," JPMorgan Chairman and CEO Jamie Dimon said in a statement. "Jimmy was a great friend, leader and mentor to me and so many others."
A sad day for JPMorgan and the world. Please take faith that Mr Lee's good deeds will go on helping Americans for decades. God Speed dear sir.
God will have some questions for him for sure ... and it won't be speedy ! After that, his future location might be just a tad unpleasant..
Is special place in Hell, where heat and torment is more intense, is set aside for banker and politician. Fiat money cannot buy water or salve in Hell.
The Federal Reserve: The Greatest Scam in History (revision C) the Yellen Effect
the system called "federal reserve" has no reserves and is not federal.
the system?
to capture all assets through boom and bust caused by fiat printed out of thin air, and to enslave a free people to debt slavery through devaluation.
one day it will be called treason.
ps i love you boris
Boris is loving you too! (But not in way like ferry, because is no gay in Russia, but love in manly way, where is kiss both side of face but is not contact lip of male counterpart.)
lol
Nixon, Carter, Bush x 2 (maybe x3) , Obama, Clinton (maybe x2) ... not necessarily in that order
Only upside is the Wookie is not ever going to run. Well, nothing would surprise me anymore.
She will run one day - mark my words. After a few years she will run and win a senate seat in Illinois, followed by a run for the white house a cycle or two later.
Blame Global Warming. "We must raise rates TSTP (To Save The Planet)."
yellen should just hand out a tray full of delicious cookies she just made. that'll shut everyone up.
where is a meteor when you need it.
Yes, must invoke the current meme of asteroids hitting the earth.
Per Werner von Braun AFTER THE ESTABLISMENT ABANDONED HIM.
- First it will be rogue nation states
- Then it will be terrorists
- Then it will be asteroids
- Then it will be aliens
- AND IT WILL ALL BE A LIE!
It seems that we are transitioning to Stage 3.
You skipped the parts about zombies, new ice age, massive earthquakes, cosmic gamma bursts, apes taking over..
Oh yeah.. and vampires...
No man, it's all a lie. Think of these people as herion junkies in denial to their issues. It's going to take cold turkey for the bunch of them to get them all back on track, they will have to be pushed off the cliff for their own good. How they manage that fall is really up to them. If they land on their feet, great. If they don't, get the shovel. They however will learn the key lesson in this that there is no uHaul behind the hearse by the time this is done. Just like everyone else on the planet that works for a living knows...except them for some demented reason. Just expect them to kick, piss and whine like a kid with a skinned knee while they backpedal and are slapped around a little during their 'reeducation'.
If a couple get lost during the process, meh, seems to be an endless supply of top level dirtbags to call out and curb stomp in this crop for harvest.
Youtube: Iron Mountain Report: Blueprint for Tyranny. It's boring as shit, but basically everything you listed.
we swindled some folks
Sure thing Mr Yellen.
Which comes first: Grexit or the Rate Hike? I'm betting Cubs win the WS before either happens.
Mr. Yellen is presenting himself as a woman because he wants to run on both tickets Male Republican and Female Democrat. He could go either way I think.
A different planet than I live on.
Fuck these heebs.
Who owns the Fed?
http://www.save-a-patriot.org/files/view/whofed.html
This was published back in 1976 from a Congressional study but I would wager most the same families and interests are still involved to this day.
Here is full Congressional report
http://www.scribd.com/doc/46627723/Federal-Reserve-Directors-A-Study-of-...
" Chart 1 reveals the linear connection between the Rothschilds and the Bank of England, and the London banking houses which ultimately control the Federal Reserve Banks through their stockholdings of bank stock and their subsidiary firms in New York. The two principal Rothschild representatives in New York, J. P. Morgan Co., and Kuhn,Loeb & Co. were the firms which set up the Jekyll Island Conference at which the Federal Reserve Act was drafted, who directed the subsequent successful campaign to have the plan enacted into law by Congress, and who purchased the controlling amounts of stock in the Federal Reserve Bank of New York in 1914. These firms had their principal officers appointed to the Federal Reserve Board of Governors and the Federal Advisory Council in 1914. In 1914 a few families (blood or business related) owning controlling stock in existing banks (such as in New York City) caused those banks to purchase controlling shares in the Federal Reserve regional banks. Examination of the charts and text in the House Banking Committee Staff Report of August, 1976 and the current stockholders list of the 12 regional Federal Reserve Banks show this same family control."
This covers from 1914 to 1976. Does anyone think this has changed since 1976? Follow the mergers and acquisitions from 1976 until today of all these companies in these charts..... That timeline can be put together objectively and factually, that will tell you who runs funnymoney town.
who run bartertown?
lloyd run bartertown!
If the Fed is an independent agency, how come the Pres picks the Chair?
I believe the Chair-person is nominated by the Fed Board of Governors first
The President then seeks their appointment which must be approved by Congress cause the Fed is chartered by the Feral Gubmint
Somebody check that out..
The seven members of the Board of Governors of the Federal Reserve System are nominated by the President and confirmed by the Senate.
So, no, the president is not in charge of nominations, almost.
https://www.youtube.com/watch?v=CM2vMHx46ww
>The U.S. economy has strengthened since a slump early this year, the Federal Reserve said Wednesday, but it wants to see further gains in the job market and higher inflation before raising interest rates ...
HIGHER INFLATION?
SCREW THE FED.
...must keep rates at zero... it takes a long time to unwind 210 trillion in debt.
... where's that 100-year bond lady when you need her.
how about a two hundred year bond. why stop at 5 generations when you can have a 10-generation bond.
Here. You buy a bond, and you hand it down to your kid, who hands it down to his kid... etcc. and, at 0.2%, that $1000 investment would net $491 for your Great-great-great-great-great-great-great-great grand kid. Who, i'm sure will be very thankful that he can use it to buy a bite of chocolate.
Risk On 'til September!!!
Hoooooorrraaaaay!!!
BTFD.
We print money therefore we are awesome.
We print money therefore we are..
Just once, I'd like to hear some truthiness...such as, "Ladies and Gentleman--head for the hills!"
You were born on the wrong planet bro.
They may as well have a monkey throwing nerf darts at a velcro dart board... That would offer moar insight, and certainly be moar entertaining.
Velcro dart board?
As in Janet's neglected poontang?
No thanks
Fed mandate: Must keep S&P at 2100 and Dow at 18,000.
Janet is so HAWT!!!
http://www.treknews.net/wp-content/uploads/2011/10/star-trek-aliens1.jpg
(micro-vomits)
911
was the death of reason....
What a bunch of fucking idiots - I swear. We're completely doomed.
Another dead banker at the Morgue:
JPMorgan Vice Chairman Jimmy Lee Dies Unexpectedly at Age 62http://www.bloomberg.com/news/articles/2015-06-17/jpmorgan-vice-chairman...
He probably overdid it before the Fed. announcement, being that he WAS on the "early release" list.
The world is just the eeensiest bit a little more benign. Mr. Lee's place on earth has been vacated, and his deal with Devil, as contracted, claims his soul.
Weird, I thought we all expected to die. I guess bankers think they are immortal because they have too much money. He should have quit while he was ahead and enjoyed himself. Greed.
"Our plunder is right on track. We continue to get richer, and the sheeple continue to chew their cud. Soon the sheeple will be fat enough to for the butcher, and we of Zion will feast upon the mutton while we warm ourselves with fires fed from their fat and the fleece from their backs."
Liberty is a demand. Tyranny is submission..
Well armed sheep produce little fleece, and no mutton.
Let me give you a little inside information about God (the fed). God (the fed)likes to watch. He's a prankster. Think about it. He gives man instincts (he sets interest rates). He gives you this extraordinary gift, and then what does He do, I swear for His own amusement, his own private, cosmic gag reel, He sets the rules in opposition. It's the goof of all time. Look but don't touch. Touch, but don't taste. Taste, don't swallow. Ahaha. And while you're jumpin' from one foot to the next, what is he doing? He's laughin' His sick, fuckin' ass off! He's a tight-ass! He's a SADIST! He's an absentee landlord! Worship that? NEVER!
FUCK YOU, YOU SICK FUCKING PIECES OF SHIT. YOU WILL HAVE YOUR FUCKING TURN TO SUFFER
I'm quite certain Nietzsche would agree with you.
Thus Spoke Zarawookie
LOL
A look at the bond market since FED inception tells you the FED doesn't set interest rates.
They want you think they do, but why do you fall for it? You cuss them right and left, call them crooks and liars, and yet you accept their one main lie, that they set "interest rates".
Inconsistent.
Just had to pop something in there.. They do nothing but lie and steal.. Did you want me to put in manipulate rates to the best of their abilities to facilitate generational theft? Perhaps a short essay or PhD thesis? It's a fucking Devils Advocate quote for goodness sakes. Meant to highlight how twisted they are and not the actual power they have..or want you to believe they have.
Eventually they (God) will lose control. And we can all party with the devil.
She can't say they're preparing for Grexit obviously but that is what they are doing with this position.
When did it become ok to start a sentence with "So"?
So?
I do not know.
So what else is new?
So ... anyways ...
I'd like someone to ask whether she feels any tinge of remorse for absolutely fucking every single young person.
...and the old ones as well
2000 years of genes being strengthened and you wonder why she feels not a tinge of remorse?
Honestly, I was half-expecting a .25% surprise increase today....color me under-whelmed.
kevin henry, you dog! whatcha did at 14:30 and 14:37 you say?
mighty buttons, those
CAN ONE OF THESE REPORTERS ASK WHY THEIR GDP PROJECTIONS HAVE BEEN OFF EVER YEAR SINCE THEY STARTED THIS EXPERIMENT??? ANYONE REMEMBER WHEN THEY USED TO PROJECT 4-4.5% & NOW WE ARE AT 1.8%? AT WHAT POINT DO YOU STOP DIGGING AND ADMIT YOU ARE FUCKING WRONG?!
Only after Deutsche-Bank implodes like a Collapsar.
Not one minute before.
wtf is the "Dot Plot"?
there is a new math on the planet
where you start with the answer you want
then plug in what ever integers needed
to get you where you need to be..
create a model,then twist the data
to agree with the model, after the fact..
strange days
He has bad case of verbal diarrhea.
Just slam the VIX and be happy!
I'm so sorry I missed this one live. I'm especially entertained by Stevie Lies man and his front row seat. I'd love to see his tax return showing what the FED pays him, what he makes on insider info, and last but not least what he pays CNBS for them letting him spew his propaganda for the FED.
Rate hike? Well yes later this century.
Somebody call the police. There are a bunch of crooks over at the FED planning something.
Shuddup, we ARE the police!
'Based on a true story'
http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=14001
JESSICA DESVARIEUX, PRODUCER, TRNN: Welcome to The Real News Network. I'm Jessica Desvarieux in Baltimore.
So the big question in the world of economics is whether or not the Federal Reserve will raise interest rates and end their bond buying program known as quantitative easing. Chair Janet Yellen will give a quarterly economic and interest rate forecast at a meeting between June 16th and the 17th. But what would her announcement mean for everyday people? Joining us to discuss all this and the man behind the Hudson Report is Michael Hudson. Michael is a distinguished research professor of economics at the University of Missouri, Kansas City. His latest book is Killing the Host: How Financial Parasites and Debt Bondage Destroy the Global Economy.
Thank you, Michael, for joining us.
JESSICA DESVARIEUX: So Michael, just briefly can you start by explaining how quantitative easing works, for our viewers?
MICHAEL HUDSON, PROF. OF ECONOMICS, UMKC: The Federal Reserve created $4 trillion worth of credit electronically on its computers when the economy was in trouble in 2008. It could have used this $4 trillion to write down the debts. It could have used it to spend into the economy and create sort of a recovery. But instead it gave all the money to the banks, and its claim was that if you give $4 trillion to the bank reserves this is going to help the economy, because the bank is going to lend more money to the economy and drive it in, $4 trillion deeper into debt.
This was a crazy idea. Here we were in a debt crisis, and the Fed said what the economy needs to cure the crisis and get employment moving again, is more debt. So the banks got the $4 trillion. And of this was so much money that interest rates were driven down to 1/10th of 1 percent on government bonds. And the Fed was lending money to the banks at 1/10th of 1 percent. So the idea was, the pretense was that now the Feds can lend mortgage money at hardly anything at all, and people can [bid] prices, house prices even higher. And that will save the banks from losing all the money on their liars' loans--the liars were the banks--on their junk mortgage loans. Or the Fed will lend the money to industry, and corporations will now say gee, we can borrow so cheaply that all we need to do is make maybe a three or a four percent profit, and we can hire enough labor to make people all fully employed again.
DESVARIEUX: All right, Michael. Hold on, hold on, one second. Now that the federal government though is talking about ending quantitative easing, also known as QE, who would be the winners and losers of this policy ending?
HUDSON: Well, in order to say who would be the winners and losers I have to say what happened when they did the easing. When they did it it drove interest rates down to, as I said, to a fraction of a percent, what did the banks do with the money? They didn't lend to industry to hire, they lent to industry to essentially arbitrage. They lent to corporate raiders to buy out industrial corporations, and they, most of all, they lent to companies to buy back their own stock.
So in the last, for this year alone, Standard & Poor's and other agencies guess that the winners are going to be the corporations that are going to spend over a trillion dollars in buying back their own stock. Because they can borrow so cheaply, why not buy back their own stock with interest rates so low.
So this trillion dollars is not going to be invested in new goods and services and production. It's not going to be invested in hiring labor. So who will be the winners? Well first of all, the pension funds have been complaining that interest rates are so low that they haven't been able to make enough money in their funds to be assured to pay the pensions that are falling due. The cities and states, California, New Jersey now, Illinois, are all saying wait a minute, we're so far behind in our pensions because we haven't been able to make the money, that we need higher interest rates in order to make enough money to pay the pensions. And the insurance companies have said, well, look, we need higher interest rates to solve the problem that we're making so little money securely that we promised to pay all these annuities, and we may go broke.
So in principle the whole idea is to help the pension funds, insurance companies and retirees make enough money to live on. That's the promise. But it's a false promise. It's just really the cover story. Because what's going to happen, as is so often the case, solving one problem creates yet new problems.
So look at who the losers will be if the Federal Reserve stops quantitative easing. Well for one thing, if they raise interest rates here--and when they say stopping quantitative easing, Janet Yellen really means let's raise interest rates and get them high again, as if that's going to help the economy. Well the first thing is if the United States raises interest rates that's going to push the dollar way up against the Euro, and most of all against third world and Asian countries. This means that countries that owe foreign debt, that's almost all denominated in dollars, especially to the International Monetary Fund or the World Bank, they're going to have to pay much more money in higher-priced dollars for their own currency. So this is going to aggravate debt deflation and defaults in third world countries.
Secondly, all of a sudden when they raise the interest rates, all this arbitrage that's been occurring to bid up the stock market, to bid up the bond market and to bid up real estate markets is going to be reversed. Because if interest rates rise, banks are not going to lend as much money to buy stocks and they're not going to make as much money to lend real estate.
So the economy's really painted itself into a corner. Nobody's able to win at this point, that's the problem with the economy. And in that sense you can say it's not that we really have a problem. We have a quandary. And a quandary is something where there isn't a solution. Mathematicians call this the optimum solution, or the optimum position. The optimum position is one where you can't make any move without making things worse. And that's the position the United States is in right now. This is as good as it gets, which is another way of saying it's all downhill from here.
DESVARIEUX: Michael, you don't see any way of us being able to get out of this sort of, debt deflation, this worst case scenario options here? Do we have any sort of options that allow us to kind of get out of this?
HUDSON: There is one way to get out of it, but it's, they're not willing to do it. The way to get out of debt deflation is you write down the bad debts. And this is what should have been done in 2008. As a matter of fact, when President Obama was running for election he promised to write down the bad mortgage debts to bring the mortgages in line with what people could pay. Well, right now you have a lot of interest on mortgages. You have a lot of principal coming through. You have a rise in defaults on mortgages because the debts are not written down.
And as soon as Obama was elected, Barney Frank went to him and said look, I've got the Republicans to agree and Paulson at Treasury's agreed we can write down the debts. And Obama said, I changed my mind, I'm not going to do what I promised. I'm appointing Tim Geithner as the bank lobbyist in charge of the Treasury Department, and he said we have to help the banks and forget the voters. And so the debts are not written down. If you don't write down the debts, the economy is going to have to use its money to pay down the mortgage debts, to pay all the corporate debts.
Let's look at these corporations that are buying their own stock, for instance. They say, well, look. If our stock is paying, maybe, 6 percent dividend, or 5 percent, or even 4 percent, let's borrow money from the bank and buy the stock. But now if the interest rate goes up, the stock market may fall easily by 20 percent. That's what people are so worried about. Whenever Janet Yellen talked about ending quantitative easing, the stock market takes a couple of hundred points' plunge.
So if the stock price goes down, say, 20 percent, then here are these companies that have borrowed to buy their own stock. And instead of making a two or three percent gain, the difference between the 1 percent they borrow at and the 4 percent, say, that the dividend rate is, all of a sudden they lose 20 percent and they're in trouble. They've taken a huge loss.
So all of this seeming gain, this sort of fictitious capital that's been created is going to be wiped out if you don't simply write down the debts. And because you, the government and the politicians, Congress, have all said we're assigning economic policy outside of the government, we're letting the Federal Reserve be the central planner, well, the Federal Reserve is loyal to its customers and its owners, the commercial banks. So basically Congress and the executive branch has said we're going to save the banks, not the economy. And saving the banks means you impose debt deflation on the economy, you shrink the economy. There's not going to be a revival in employment under these conditions. There's not going to be rising wages. And the capital gains that have been spurring the stock and bond markets, and the real estate recovery, are going to be reversed.