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Art Cashin On Chief Justice Bernanke's "Delay And Pray" Strategy

Tyler Durden's picture


A few weeks ago America had to go through the supreme political theater that was the SCOTUS' unprecedented and uber-political decision on Obamacare, which in attempting to overcome allegations of partisanship, only succeeded in reinforcing these even deeper. Now, with everyone expecting Bernanke to launch QE every time there is a 1% downtick in the Russell, our honorable Chairsatan is in the same position: he needs to do something but can not afford to appear political with the presidential election just over 3 months away. In other words, from the soap opera about the Supreme Court of the US, we now move to the one about the Supreme Federal Reserve of the US. And the trouble for those whose investment strategy is hope and prayer is that the Fed is becoming aware of this reflexive phenomenon, and just for that reason may delay QE until September, by which point the US, and global economy, will be in freefall.

From UBS Financial Services:

Is Bernanke About To Pull A “Justice Roberts”? - Traders are beginning to wonder if Fed Chairman Ben Bernanke is considering take a leaf from Justice John Roberts’ playbook.


You recall that lots of court watchers saw Roberts’ decision on Obamacare as a means to address two court problems. The first and most important was the growing concern that the Supreme Court’s reputation was under attack. Too many 5 to 4 decisions on key cases had raised charges that the court had become politicized.


The second problem (for Roberts) was how to approve the law without giving Congress new and sweeping powers over both individuals and commerce.


Roberts’ solution was to approve the law (breaking the presumed 5 to 4 bloc) but approve it on narrow grounds, calling the mandate a tax not a penalty.


Now Bernanke and the Fed are the objects of criticism. The institution is being openly challenged in Congress and elsewhere. A big part of the challenge is the effect of Fed actions on the election (recall Rick Perry’s comments on further easing).


So, traders wonder if he might try a Roberts-like solution. The economy needs help but how can they do it without the possibility  of influencing the election.


One possibility is delay.


If the Fed began a new program right now, its economic impact might begin to show up in the numbers in the weeks just before the vote.


That leads to speculation that the Fed might choose to drag its feet - to wait until September to implement a new program. That way the institution would be serving its mandate (helping the economy) without influencing the election.

It’s only speculation but, so far, the Fed doesn’t look to be in a rush. We’ll watch next week’s FOMC meeting for further signs.


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Tue, 07/24/2012 - 14:20 | 2646315 Temporalist
Tue, 07/24/2012 - 14:29 | 2646347 ZerOhead
ZerOhead's picture


"Delay and pray" my ass. More like "Squint and print".

Don't forget $15T was injected into the system by Mr. Bernanke with no-one even knowing (or telling for that matter).  (Part 1)

Tue, 07/24/2012 - 14:32 | 2646372 disabledvet
disabledvet's picture

That does add some "street Cred" to whatever he does...if anything

Tue, 07/24/2012 - 14:39 | 2646398 Kitler
Kitler's picture

About 15 trillion dollars worth.

Tue, 07/24/2012 - 14:43 | 2646407 The Big Ching-aso
The Big Ching-aso's picture




QE now, political. QE after election, non-political.  A politically balanced fiscally insane approach.

Tue, 07/24/2012 - 14:46 | 2646431 ArkansasAngie
ArkansasAngie's picture

Who wants Ben to print?  Republicans?  Democrats?  


Neither a republican nor Democrat be


Printing is not the answer



Tue, 07/24/2012 - 14:55 | 2646454 metastar
metastar's picture

The issue here is that the SCOTUM is charged with upholding the Constitution while the FED is clearly an abomination of it.

Both are now at war with the American people.

Tue, 07/24/2012 - 14:58 | 2646476 Precious
Precious's picture

QE - The New Economic Pulse of America:

Tue, 07/24/2012 - 15:53 | 2646696 Joe Sixpack
Joe Sixpack's picture

Either way he influences the election. Delaying helps Romney. Starting now helps Obama. What he does can be interpreted in terms of his choice for president.


What he has done should help Paul, but the sheeple don't understand that.

Tue, 07/24/2012 - 16:08 | 2646765 imbrbing
imbrbing's picture

My SCrOTUM is charged with holdin up my balls, and it is at war with my underware now, in other words, its all in knots down there thinking

about all this crap.

Tue, 07/24/2012 - 14:55 | 2646457 Kitler
Kitler's picture

Correct. Printing is not the answer.

But failure to print would be suicide.

Tue, 07/24/2012 - 15:19 | 2646554 ArkansasAngie
ArkansasAngie's picture

Gee... suicide?  For whom?  The shadow banking casino?




Terrible things will happen?


Terrible things are happening now because they have.

Tue, 07/24/2012 - 15:31 | 2646602 Kitler
Kitler's picture

Nothing really bad has happened yet.

Wait until global supply chains break down when the financial system seizes up. Hope you don't need food or meds.

Tue, 07/24/2012 - 15:31 | 2646603 blunderdog
blunderdog's picture

There are zero politicians in the USA who can come to grips with the idea of restructuring the big banks.

So responsibility to support them falls on the Fed: if Bernanke doesn't keep the big banks in business, the country will burn, FDIC or not.

Therefore Bernanke (and ANY Fed chairman) will continue manipulating the bond-rates and money supply until something changes politically OR the international financial system forces his hand. 

Although I'm sure all the politicians would prefer everything hang together until after the election, they're not going to be able to do anything about Bernanke's actions even if he does something CRAZY.

Tue, 07/24/2012 - 15:35 | 2646625 Kitler
Kitler's picture

The big banks are the Fed.

Tue, 07/24/2012 - 17:13 | 2647148 blunderdog
blunderdog's picture

Not quite.  BofA, JP Morgan, etc, are "the big banks."  They may own the Fed, but there's still a legal distinction to be made.

Tue, 07/24/2012 - 15:32 | 2646608 exi1ed0ne
exi1ed0ne's picture

"You tell me that if I take the deposits from the bank and annul its charter I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin!"

-Some dead guy

Tue, 07/24/2012 - 15:04 | 2646502 FRBNYrCROOKS
FRBNYrCROOKS's picture

Totally digging your avatar!!!!!

Tue, 07/24/2012 - 14:34 | 2646380 FRBNYrCROOKS
FRBNYrCROOKS's picture

I saw RP on C-Span today. Why can't he be as lucid during a debate? During debates he sounds like a stuttering anarcist but, on C-Span, today, he seemed very normal and makes me wonder if old Ron might have been higher in the polls if he would have taken a nice nap and popped a xanax before the debates?

I called my Congressman and told him to vote yes on HR 459 or I would be voting for the other guy come November.

HR 459 has 271 co-sponsors!!!!!!! Paul said, today, there was not a snowballs chance in hell it would get through the Senate if passed by the House.


Tue, 07/24/2012 - 14:45 | 2646424 Dr. Engali
Dr. Engali's picture

I agree. When he is speaking one on one or to a crowd he has an amazing way of breaking it down so the listener can understand. But when he has a one or two minutes to respond he tries to cram too much information in that little bit of time.

Tue, 07/24/2012 - 15:01 | 2646493 FRBNYrCROOKS
FRBNYrCROOKS's picture

I agree. You would think after, like, 50 years in the house RP would be used to public speaking by now? He knows he won't get even air time during the debates. I, suppose, I will watch the RP Convention on Oct 24th and the 'blican Convention to see all the douche bags make fools of themselves.

Tue, 07/24/2012 - 14:45 | 2646426 Temporalist
Temporalist's picture

I don't think it's a matter of anxeity that he doesn't seem as strong during debates it's about time and complexity. When he has time to speak about a topic without having to try to convince people in a 30 second snippet he gets the point across.

Tue, 07/24/2012 - 15:09 | 2646521 Blankenstein
Blankenstein's picture

Hence the reason for the current debate structure.  The other candidates would fail miserably if they had to actually discuss economic policy and not just rattle off a canned phrase like "What we need is more job creation."  

Tue, 07/24/2012 - 15:01 | 2646489 Republi-Ken
Republi-Ken's picture


No QE is gonna happen.

Bernank keeps all powder dry until any Greek, then Spain, then Italy bank explosion.

He is the emergency parachute for a world bank collapse... that jumps off in Europe.

Then end Jan 2013 meeting, some decision after he knows politcal action has or has not voted re: fiscal cliff.

Got that Art?

You should stop all that third beer analysis Art.

Getting too weak brained buzzed conservative republican.

Tue, 07/24/2012 - 15:25 | 2646578 ReactionToClose...
ReactionToClosedMinds's picture

your argument makes sense ... Bernacke feels he had done more than he wants .... so where is the 'political class'?  Team 44 had many opportunites to back the GOP into a corner.   Boehner gave him the rope to hang GOP  ...... but nothing.  Team 44 thought Tea Party would burn down GOP ... has not happened ... ranks have closed and been maintained ...

Which means Team 44 is either undeniably incompetent economically or corrupt (even being from Chicago, which most of this nation or the world overall does not understand fully & realistically how bad it is .... a 51-52% permanent voting coalition corrupt city-state, enough of a corrupt coalition to continually get re-elected, etc. --- pity the poor African American families trying to raise families there ...) ... but, to me, this would be shocking revelation if really were true to the scale it has to suggeest) or there is a 'surprise' lurking somehwere .. enough to transcend electoral concerns about the economy and increasingly capital markets.  The most cynical take is the latter ..... Team 44 figures they have some ultimate bail-out to invoke or will happen to save them.  But then maybe the two former dynamics are the real reason.  Shudder the thought for this once great country .....

Tue, 07/24/2012 - 15:11 | 2646529 ReactionToClose...
ReactionToClosedMinds's picture

somewhat off topic re: Cashin but RP related ...... there are rumors that Romney would turn RP somewhat loose on Fed.  At least an audit ...

But my guesstimate ... based on what 'has not been said' (so far ... wait until post-GOP convention ....Team Rmoney cannot get into this without alienating too much fund raising potentially and giving Team 44 an opening to attack him, etc.) )  is that there will be an attempt to reform the Federal Reserve System.  Certainly to reign in the now overpowering influence of the NY Fed which arguably has been running the FRS overall since Robert Rubin days  (see Goldie et al ....Dimon is present troika head).

Any one running a business these days cannot help but notice that US economy in it's mess because of Wall Street versus Main Street economy.  If so, then reasonable 'diagnostic' thinking has to start at all levels of leadership ... unless one is uttterly corrupt   But then 'corruption' is it's own illusion as there will be no wealth creation without economic recovery & growth .... otherwise everyone's 'ship' is at risk of hitting whatever random iceberg increasingly floats into North Atlantic as Greenland ice sheet breaks apart.  This is pretty obvious to me at least.  The 1990s rules have got to change ... which means Wall Street gets put back into it's box

We'll see .. and here is hoping ... maybe I'm too optimistic

Tue, 07/24/2012 - 14:22 | 2646324 Lohn Jocke
Lohn Jocke's picture

On your knees, Bitchez!

Tue, 07/24/2012 - 14:22 | 2646325 buzzsaw99
buzzsaw99's picture

phuck the phed.

Tue, 07/24/2012 - 14:23 | 2646331 Nadaclue
Nadaclue's picture

I hope The Fed waits as well, I'm not finished loading PM's yet.

Tue, 07/24/2012 - 14:27 | 2646352 HoofHearted
HoofHearted's picture

If they delay, there will be a huge sucking sound...followed by someone gettig their nose cut off on the upswing when they do announce QE3/4/5. Then another flushing sound as everyone realizes just how screwed we are. PMs seem to be the one thing that should handle it all ok. There will be volatility, but most of us stackers are prepped for that...

Tue, 07/24/2012 - 14:37 | 2646391 spastic_colon
spastic_colon's picture

is AAPL now considered a PM?  cuz today may be buy calls, their silence may speak volumes.  somehow they may magically crush earnings again, even in the face of crappy ISM everything.

Tue, 07/24/2012 - 14:25 | 2646340 mick68
mick68's picture

Matters not. A 10% pop in the market won't put people back to work, so do your QE nonsense, it just doesn't matter anymore.

Tue, 07/24/2012 - 14:27 | 2646342 bigdumbnugly
bigdumbnugly's picture

anything new here that hasn't been rehashed already on zh and elsewhere ad nauseum?

Tue, 07/24/2012 - 18:12 | 2647325 ZeroAvatar
ZeroAvatar's picture

No, but us 'ZeroHedgers' can rehash this stuff AD INFINITUM!

Tue, 07/24/2012 - 14:26 | 2646343 john_connor
john_connor's picture

John Roberts embarrased himself with his opinion on ACA.  The SCOTUS has even less credibility following that decision.

The difference is that the Fed never had credibility to begin with.

Tue, 07/24/2012 - 14:34 | 2646382 Dr. Engali
Dr. Engali's picture

All I got from that decision was that everybody in the political arena has their price before they sell out instead of doing what is right.

Tue, 07/24/2012 - 14:45 | 2646425 DosZap
DosZap's picture

John Roberts embarrased himself with his opinion on ACA.  The SCOTUS has even less credibility following that decision.

The difference is that the Fed never had credibility to begin



The mistake Roberts made(IMHO) was not interpretting the language of the Bill,as written.

Had it been strictly ruled on AS WRITTEN, it would have all come down.

When I write something, or say it, I do not want someone telling others WHAT I said.

Only I KNOW what I said and meant.

MANDATE,is not TAX.(it was not up to SCOTUS to rewrite the Bill,just rule as written.

Tue, 07/24/2012 - 14:26 | 2646344 HaroldWang
HaroldWang's picture

Not one to ever be a conspiricy mined type but if AAPL misses or has lackluster earnings, SPX will fall hard tomorrow. Really hard. So wouldn't it make sene for the largest company in the country to have had a chat with TPTB about how to word a possible lackluster report? How better to "massage" the market than well-chosen words from the biggest market mover in existance?

Tue, 07/24/2012 - 14:27 | 2646353 john_connor
john_connor's picture

not likely to miss managed earnings but keep eye on outlook moving forward

Tue, 07/24/2012 - 14:26 | 2646345 daily bread
daily bread's picture

FOMC = FO-aming at the Mouth Committee

The mad dogs of the fed know they are going to meet the fate of all rabid animals.


Tue, 07/24/2012 - 14:26 | 2646346 warchopper
warchopper's picture

Had the market been allowed to crash prior to any of this QE nonsense, we would not be in the position we are in now. 

Tue, 07/24/2012 - 14:28 | 2646357 mrktwtch2
mrktwtch2's picture

doesnt matter who wins ..when george orwell wrote 1984 in the 50's he just picked that year out of the air but the way things are going id say by 2020 or a little earlier...we will be living in a similar situation (if you havent read the it its only about 210 pgs and the similarities to what is happening today are astounding..)..its a shame thi sused to be such a wonderful counrty..

Tue, 07/24/2012 - 15:14 | 2646544 Nobody For President
Nobody For President's picture

2020? What an optimist you are. I salute you.

Tue, 07/24/2012 - 15:18 | 2646555 blunderdog
blunderdog's picture

Actually, George flipped the last two digits of the year he was writing it in, if you want to be accurate...

Tue, 07/24/2012 - 14:28 | 2646360 Hype Alert
Hype Alert's picture

It will be seen as political either way.  If it's early it helps the incumbent and if it's later it helps Romney.  I think if it is any time before the election (November), it will drive the market up and be a help to Obama and still not fix what's broken.

Tue, 07/24/2012 - 14:29 | 2646361 Dr. Engali
Dr. Engali's picture

If he waits until the elections to print he is going to have bigger issues trying  to catch the free fall. I personally don't think he will wait until the elections, he has too much riding on the "wealth affect" of rising markets. If they collapse his whole game plan will have been shattered. And by this one quote: " I keep a collection of all the op-eds written by people who doubted me"..tells me his arrogance will not let his plan his mind. In reality his plan failed long ago.

Tue, 07/24/2012 - 14:41 | 2646406 spastic_colon
spastic_colon's picture

i think he is foreshadowing that he is out of a job next year, the election is already over.

Tue, 07/24/2012 - 14:59 | 2646480 graneros
graneros's picture

His appointment doesn't end until 2014.  Regardless of who wins we'll not see a new Fed Chairman until then. The Bernanck was first nominated by W and confirmed by the Senate in 2006 then renominated in 2009 by Obama and confirmed by the Senate in 2010.

Tue, 07/24/2012 - 14:53 | 2646458 graneros
graneros's picture

Correct on all points. Particularly "In reality his plan failed long ago."  Ben will continue QE one way or another. Just change the ridiculous names a bit.  Quantitative Easing, Twist, whatever are so mundane.  We really do need the term tweaked a bit so it can be shoved in the backdoor without the hoi poloi knowing what just entered. Something that sounds so great everyone will bend over and smile. I can't come up with anything witty or brilliant on the spot but I'm sure the great minds here at ZH can come up with a few good ones.  WB7 ???  Hell maybe WB7 already has and I've missed it.  Seems like something he'd do.

Tue, 07/24/2012 - 15:28 | 2646590 gaoptimize
gaoptimize's picture

FAIR program = Fair Asset Investment Rebate program.  Making assett holders more or less whole on underwater investments made since date TBD.

Tue, 07/24/2012 - 15:45 | 2646668 graneros
graneros's picture

Wow, you could get a job with this current regime, er administration.  Please don't take that as an insult as no offense was intended.

Tue, 07/24/2012 - 16:01 | 2646732 Joe Sixpack
Joe Sixpack's picture

"I keep a collection of all the op-eds written by people who doubted me"


More paper for a paper pusher.

(hte e-analogy works, too).


In the end he can wipe his butt with all the paper (e-analogy does not work).

Tue, 07/24/2012 - 14:29 | 2646362 Meesohaawnee
Meesohaawnee's picture

isnt it delay and print?

Tue, 07/24/2012 - 14:31 | 2646369 Cursive
Cursive's picture

Reading this post, I'm reminded of all of the Kremlin watching from the 70's.  We need a John le Carre Fed novel.

Tue, 07/24/2012 - 14:31 | 2646370 cougar_w
cougar_w's picture

It's not clear to me that The Bernank cares who is in the WH come November. I get the sense that the Repubs will leave the banking sector alone just like the Dems did, and for the same reasons.

How the parties would deal with the deficit might matter. But again I don't see the Repubs doing jack about spending; they'll make a big show of cutting a few millions from socail programs to placate their math-challenged voter base, but that's it. Two years into the next Presidential term we'll be knocking on $17T debt just the same.

Obama will lean on Ben to pull a rabbit from the hat. So much for political independance. And Ben might do it for him, just to keep his job until after elections.

Tue, 07/24/2012 - 14:37 | 2646392 Dr. Engali
Dr. Engali's picture

My guess is that it doesn't matter much either but if Obummer stays in office it means a better chance of getting re-appointed. He might have some problems if Mittens gets in.

Tue, 07/24/2012 - 14:56 | 2646472 dwdollar
dwdollar's picture

Yeah, I suspect Mittens would appoint someone with "real world" experience like Lloyd Blankfein.

Tue, 07/24/2012 - 15:01 | 2646486 Dr. Engali
Dr. Engali's picture

I don't know...can  Mormon and Jew work together to do God's work?

Tue, 07/24/2012 - 16:04 | 2646745 Joe Sixpack
Joe Sixpack's picture

Mormon see themselves as having some kniship with the jews. In fact some believe that the American Indians were one of the lost tribes. Also, most Fed chairs were jews. I beieve at least one of the few exceptions was a mormon.

Tue, 07/24/2012 - 14:43 | 2646414 ATM
ATM's picture

Real reform is always somewhere in the future because politial fortunes lay in the here and now.


Tue, 07/24/2012 - 14:49 | 2646441 disabledvet
disabledvet's picture

Senator Schumer has already done it. "tell" for market activity underway I might add. Having said that "hard to tell" actually what the Bernank will do going forward. Dollar will be weak no matter what happens of course...

Tue, 07/24/2012 - 15:11 | 2646527 Jlmadyson
Jlmadyson's picture

No we will be knocking on $20 Trillion in 2 years.

Tue, 07/24/2012 - 16:05 | 2646751 Joe Sixpack
Joe Sixpack's picture

Yep. Exponential functions get out of hand quickly.

Tue, 07/24/2012 - 14:33 | 2646377 doc_in_the_house
doc_in_the_house's picture

i also have the feeling = QE3 in sept.

under orders of the QEorganizer...that doesn't mean casino is going straight down to spx 1100 by sept.......i covered ALL my spx 1370 (avg SHORT PRICE) minutes ago @ 1332..its now @ 1330..I DON'T CARE!!

1) if @ 1320 tomorrow = build long positions

2) if pumped to 1360 = start building SHORT positions ! (aapl COULD beat)

i would LOVE to reshort @ 1360 and RIDE to 1100...cover shorts and go long b4 QE3 in sept.

now = 100% cash.

Tue, 07/24/2012 - 14:46 | 2646429 Meremortal
Meremortal's picture

Bernanke has made it easier to make money in the last 20 months than any time in the last 5 years.

Tue, 07/24/2012 - 14:33 | 2646378 Meesohaawnee
Meesohaawnee's picture

dead on cougar. Obummer is not gonna tell ben to stop screwin this country by telling him not to print. Obummer stands to benefit since printing is basically printing his re election campaign.

Tue, 07/24/2012 - 14:35 | 2646386 eclectic syncretist
eclectic syncretist's picture

He can't print, but only issue debt.  He's begging congress to take on more debt from the Fed here, but his pleas have fallen on deaf ears that are less likely to take on more national debt with every day we draw closer to the election.  He could sop up more bad mortgages or something like that, but that doesn't solve the problem here, which is that the parasites have killed the host.

Tue, 07/24/2012 - 14:56 | 2646471 Quinvarius
Quinvarius's picture

Actually he prints.  the Fed doesn't issue debt.

Tue, 07/24/2012 - 15:13 | 2646543 sessinpo
sessinpo's picture

Matters of the budget whether staying within a budget or exceeding it and having to raise the debt limit is a fiscal matter and up to congress. In the matter of printing, increasing the money supply or decreasing it or manipulating it through interest rates or programs like operation twist is monetary and done through the FRB. So he does print.

Tue, 07/24/2012 - 14:38 | 2646396 miker
miker's picture

I think Bernanke has figured out that Congress will do nothing if he continues to QE.  Therefore, he is holding back and will continue to do so, in my opinion.  I'm pretty certain the stock market won't crash as companies are buying up their own stocks and the Fed has a hand in "softening" each down leg. 

Politically, there won't be much, if any difference between Obama and Romney on econ issues.  Its all in the hands of Congress and its' split down the middle just as the country is.  So I think the fiscal cliff will hit and we'll see the effects then.

Tue, 07/24/2012 - 14:40 | 2646404 the grateful un...
the grateful unemployed's picture

Roberts gimmick decision wasn't meant to restrict Congress, he said " Scotus is not responsible for decisions (the policies of those elected officials) made by voters," [who are rational enough to comprehend these decisions, even though politicians never reveal their policy intentions during a campaign] in one broad backhanded swipe he refused to overturn a political policy (Obamacare) and slapped the POTUS with the back of his political hand. The market is jittery because no one knows what Romney would do, [the used car you know is better than the used car you don't know] but you should wonder if the market is nervous because they can't see through the Fed and where Bernanke comes out on the other side [other than this worry that he might quit printing money for a few months]

its pretty clear the Fed can act during a crisis, and during an election, if you recall 2008, where outgoing SecTreasury (SCROTUS?) Henry Paulson helped engineer several illegal activities, which probably [no they did] violate the RICO laws.

the election is a referendum on the status quo, and in this weird twilight in which one status quo candidate hands the baton to another, the Fed has to respect the transfer of power, and put the ink and paper in the closet for a while. and really these is no reason for it, except that the status quo candidate is never required to reveal his policy preferences [because he is part of the status quo, its simple really isn't it? he doesn't know what his policies are yet, they will arrive by courier the day he takes office]

and some of us doubt if that policy packet will be the will of the people, and suspect it is the will of corporate america, which john roberts supports fully, including their individual rights [florida-like rights to stalk and shoot someone, and call it self defense].

the marekt didn't get nervous until it became evident that Obama might lose. the market hates uncertainty.

Wed, 07/25/2012 - 02:06 | 2648173 hedgehog9999
hedgehog9999's picture

Paulson knew those activities he engaged in were illegal, that's why he first ensured inmmunity from prosecution before hand.

But his bitch KasKerry and others should have been prosecuted. Obama had his chance and he blew it and for that among many other things he will become the worst President in the US probably behind or along with Bush Jr. he'll be remembered as the one who presided the demise of America's economic power......



Tue, 07/24/2012 - 14:41 | 2646405 zrussell
zrussell's picture

QE3 in OB2.

Tue, 07/24/2012 - 14:45 | 2646427 SmackDaddy
SmackDaddy's picture

..creepy when done by a priest....

Fixed it for ya..

Tue, 07/24/2012 - 14:57 | 2646449 Jlmadyson
Jlmadyson's picture

Pray indeed because it ain't coming before the elections without a massive leg down. By then too late. How anyone would not think it will impact elections is beyond silly. Just as much in September. What happened during the last elections will look like a cake walk.

Bernake be tightroping.

/insert pic Bernake tightroping/

Tue, 07/24/2012 - 15:52 | 2646694 1eyedman
1eyedman's picture

'massive' in the eye of the beholder...-19% which is 'not' a bear market  is that massive enough? it certainly will make everyone squirm to be at summer 2011 levels again...which are summer 2010 levels, which is also summer 2009 levels.....insert apocalypse now scene here, 'the horror, the horror'....

Wed, 07/25/2012 - 02:15 | 2648178 hedgehog9999
hedgehog9999's picture

Massive indeed it is if you adjust for real inflation, you are looking at SPX 1150 = SPX 900 pretty close to 666, in any event SPX was 1500 12 years ago which adjusted for real inflation would be like SPX 600 Today assuming you eat and drive......

and your 1150 number would be like SPX 450 in 2000....great returns indeed if you are a retired fuck....horrific indeed!!

Tue, 07/24/2012 - 14:51 | 2646451 Benjamin Glutton
Benjamin Glutton's picture

In an interview with Scott Pelley of 60 Minutes on March 9th,2009 Bernanke said he is printing based on rehypothocated assets parked by Banksters at the Fed Res..given the will he can make shit up forever because in the end we are on the bombs and bullet standard not the gold standard.

Tue, 07/24/2012 - 14:53 | 2646460 DosZap
DosZap's picture

Well after the treatment Roberts got last year during the State of the Union speech by Obama, I am surprised he did what he did.

Globally dressed down before the world.By a man with one thousandth the knowledge of the Const as he has.

Tue, 07/24/2012 - 15:16 | 2646552 sessinpo
sessinpo's picture

Not surprising. Cowards are common. Men of principle are rare.

Tue, 07/24/2012 - 15:07 | 2646517 JohnKing
JohnKing's picture

2 choices...freefall or delay freefall...


ok we'll delay it.

Tue, 07/24/2012 - 15:12 | 2646536 monopoly
monopoly's picture

QE will Not Help the Economy. It will only delay the inevitable. There is no growth when all you do is print. Just the Executive squids do well, not the people.

Tue, 07/24/2012 - 15:54 | 2646689 covert
covert's picture

forget the fed, the real economics happens to be found in the persuit of material equity.

Tue, 07/24/2012 - 15:22 | 2646565 Jlmadyson
Jlmadyson's picture

The real question is will the next Lehman event happen before QE. Not that it will matter all that much but if before it will severely impact any QE.

Tick tock Benny boy!

Tue, 07/24/2012 - 15:35 | 2646626 the iD
the iD's picture

Ben has two choices. print before the election, or after the election. it is that simple. if before the election, due to increasing economic or political pressure (depending if you believe Barry has any say in the matter), then it would most likely be as close to the election date as possible as to remove the ability of any critics to criticize it, or at least give them minimal time to argue or debate the action.

the second choice, imho, is more likely, as the plan has always been about delaying the inevitable for as long as possible. it matters little to none which of the stooges gets the prezidency. policies and actions will be nearly identical either way. they will continue to jawbone and gameseek the proles until it has no effect. when they have to print, they will print, no sooner. first they get to create a little destruction, then they will provide you w/ the cure. but only after you beg.


Tue, 07/24/2012 - 15:57 | 2646717 JLee2027
JLee2027's picture

Roberts "Court problems" were secondary to the US Constitution, an oath he failed to uphold. That cock sucking bastard.

Tue, 07/24/2012 - 23:54 | 2647996 toomanyfakecons...
toomanyfakeconservatives's picture

On the subject of the Constituition and those failing to uphold it... certain fear-bot keyboard jockeys here on ZH and elsewhere will tell you tens of millions of U.S. gun owners, patriots, active-duty military, veterans, reservists, police, federal marshalls, and so on are utterly powerless and inconsequential. Of course, that's ridiculous. The MASS ARRESTS are coming. Sure as the sun will cross the sky, they are coming.

Thu, 07/26/2012 - 18:01 | 2654809 Remington IV
Remington IV's picture

nitwit alert

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