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Ben Bernanke: "The ECB Is Well Capitalized"

Tyler Durden's picture


This will be one of those "one picture is worth a thousand words" posts.

A quick preface:

During Congressional testimony, Ben Bernanke defended the Fed's FX swap lines by saying that the ECB was "well-capitalized." So instead of spending countless words explaining why that may not be quite so, we will merely show the bank's total assets (net of LTRO 2) and its capital and reserves (link). The adjusted balance sheet is pro forma for today's LTRO 2, which we noted earlier will add at least €311 billion in net assets to the ECB's balance sheet, and potentially much more. Assuming the minimum, it means the ECB's balance sheet will now hit €3 trillion. The capital backing these assets is €82 billion across the entire Eurosystem. In other words, the ECB's leverage is 36.6x. This according to Ben Bernanke is "well-capitalized."

And visually.


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Wed, 02/29/2012 - 13:55 | 2208727 trav7777
trav7777's picture

Not if they own silver today LOL LOL

Wed, 02/29/2012 - 14:01 | 2208748 nope-1004
nope-1004's picture

Ya, especially if they bought it yesterday at 8PM and sold it today at 9:25AM.

Only a 7 year old would do that, and an even less astute adult think of doing it, eh trav?  I've heard about the less sophisticated investors who have a 13 hour investment horizon.  Never met one, though.  NTMY.  LOL.



Wed, 02/29/2012 - 14:07 | 2208804 Sophist Economicus
Sophist Economicus's picture

Wait a minute.   You mean Trav is wrong and you don't buy when the price is going up and sell when it goes down?


Why, that would mean that you would sell into strength and buy when there are corrections!   Who the heck does that?

Wed, 02/29/2012 - 14:25 | 2208914 JW n FL
JW n FL's picture



Bernake Lends Against the Stock Purchases!

The Money is Rolled over into new Purchases of yet more stock!

The .25% that is paid on money barrowed?? that was raised from JUNK!! Collateral! to begin with? means NOTHING!!


Bernake Does NOT Need QE-3 outright where everyone can see it!

He has been printing every day of every week for YEARS! to push the market this much higher!




It is days like today that I believe you fucking stupid fucks deserve what is happening to you.

Now down arrow for your ego becuase of your ignroance!

Wed, 02/29/2012 - 14:39 | 2208979 Schmuck Raker
Schmuck Raker's picture

Say it with me.

"Serenity now, serenity now, serenity now..."

Keep going. You're doing fine.

Wed, 02/29/2012 - 14:59 | 2209070 Bay of Pigs
Bay of Pigs's picture

Yes, with Trav here we need to keep our "bagholding" wits about us. LOL. What a clown.

Wed, 02/29/2012 - 16:44 | 2209564 Hard1
Hard1's picture

ECB should IPO with facebook, the last bubbles of the so called civilized world in 22nd century history books

Wed, 02/29/2012 - 15:00 | 2209081 steve from virginia
steve from virginia's picture

I saw the headline of this article and I had to laugh out loud.

Bernanke wouldn't recognize capital if it hit him over the head with a chair.

Wed, 02/29/2012 - 14:09 | 2208816 Troll Magnet
Troll Magnet's picture

and barack obama is a great president as ronald reagan was a great president.  our country is very sound financially.  debt is money.  paper is worth more than some hard, shiny metal.  hell, paper rules!  oh yeah, americans are smart!

Wed, 02/29/2012 - 14:16 | 2208857 ShankyS
ShankyS's picture

Wait, wait, wait a minute, will someone plese remind me how we got into this financial crisis in the first place? </sarc>

Wed, 02/29/2012 - 14:19 | 2208879 carbonmutant
carbonmutant's picture

You didn't question authority... :-)

Wed, 02/29/2012 - 14:40 | 2208987 Schmuck Raker
Schmuck Raker's picture

Because he is a Patriot.

Wed, 02/29/2012 - 14:52 | 2209043 disabledvet
disabledvet's picture

I know this may sound strange to humans but we are in fact an Alien race from the planet Aarghforyedmoin. In our world "everything is in fact the exact opposite of what we say." when we landed here we immediately in your "Wall Street" for only there did we find we find kindred spirits of a sort. things went great until your human year...2008 (known in our world as time zorplutta) then people uttered words like "trillions" and "easings" and quite frankly the strain of our ways became tiresome. We now habitate in your island world with your sandy beaches and your women. Thank you.

Wed, 02/29/2012 - 14:43 | 2209004 disabledvet
disabledvet's picture

I skipped the "mathy thing" myself.

Wed, 02/29/2012 - 14:26 | 2208922 ryanseventyfive
ryanseventyfive's picture

MDB would like a word with you.  Somthing about gimmick infringment or something.

Wed, 02/29/2012 - 14:13 | 2208834 true brain
true brain's picture

Everyone is ignoring the elephant in the room: US debt. Of course Bernanke is going to print, he has no choice. Interest rate is going to be flatline beyond 2014. Why because of US debt; he will monetize all US debt as far as the eye can see. Even if the interest rate creeps up to 2-3%; US is in deep trouble. Once the interest rate payment exceeds 30% of revenue, which will happen to US government this year, the US is toast. He is only saying that QE3 is not on the way to bring down gold and oil to pave way for Obama re-election; he can't let gold and oil skyrocket and wake up the sheeple. All media circuit analysts are clueless. I'll buy more gold on the dip.After that more printing, print the debt away; no way out.


Secondly, i'm sick and tired of reading idiotic posts by morons who got nothing  intelligent to say. either make me laugh or educate me. otherwise shut the fuck up.

Wed, 02/29/2012 - 14:18 | 2208865 Sophist Economicus
Sophist Economicus's picture

Agree with what you said EXCEPT the interest rate stuff.   Fed will buy any and all government paper - they 'give back' the interest every year.   Treasury has no fears of paying interest.   The ponzi won't unravel because of interest payments.   They've got that base covered

Wed, 02/29/2012 - 15:20 | 2209132 AlaricBalth
AlaricBalth's picture

I'm inclined to agree with true brain and respectfully disagree with you concerning interest rates. Net foreign holdings of Treasuries has increased in the past year by $296.5 billion. Although China and Russia have been net sellers, Japan, Canada and the U.K. have more than made up for it. As interest rates rise you will see greater foreign participation. 

Wed, 02/29/2012 - 14:23 | 2208901 A Lunatic
A Lunatic's picture

Feeeeed meeeeee!

Wed, 02/29/2012 - 14:30 | 2208949 lotsoffun
lotsoffun's picture

when they decide to take the chips off the table - pm's will be down also.  i'm long term not a 'trader'.  long term you want pm's.  but the dow, sp, rus 2000 are going to drop 50% and so will commodities.  then the hyperinflation kicks in and the stocks won't go up this time.  the commodities will


Wed, 02/29/2012 - 22:09 | 2210746 StychoKiller
StychoKiller's picture

The Asian PM whipsaw continues, Au up $21 and Ag up $0.44, currently.  The Chinese luuv the Bernank and his Ponzi wayz! :>D

Wed, 02/29/2012 - 14:38 | 2208977 jtg
jtg's picture

You are right, there is no way out, we are boxed in. Most think that if only the Republicans or Democrats push the right buttons all will be well again. We are entering the last bubble, pushed by the central banks monetizing debt and debasing currency. The antidote is physical gold and silver, and staying out of the way of the statist steamroller and social discord to come. We will not be out of this until the early 2020's.

Wed, 02/29/2012 - 14:46 | 2209015 Melin
Melin's picture

A caller on Peter Schiff's show talked about finally finding the hidden treasure in a Polish home.  The family knew their grandparents had hidden all their wealth during WWII and had searched for years to find it.  They were certain they'd find silver and gold. 

They found long-dead fiat instead.

Wed, 02/29/2012 - 14:48 | 2209020 collon88
collon88's picture

By my calculations, interest payments as a % of federal tax revenues for 2011 was 20.9%.  This is based on $454 billion in interest payments and $2.173 trillion in tax receipts.  It is likely your 30% figure for 2012 is way out of line.  What are you basing this number on?

Wed, 02/29/2012 - 14:59 | 2209077 Obaminator
Obaminator's picture

You Dare challenge da TRU BRANE(sic)? now now.


Wed, 02/29/2012 - 15:40 | 2209245 true brain
true brain's picture

It's not out of line because this is only feb/2012. You have to estimate what the deficit will be, what gdp will be (I'm betting flatline to recession toward end of year), what tax revenue will be.  And if they do iraq redux in iran, then of course it's going to hit 30%. Even if it does not hit 30% this year, and it hits that next year; tell me what the difference is. the equation and the prognostication have not changed, only delayed a year, not a bit deal. the big picture will still be the same: indefinite printing.

Wed, 02/29/2012 - 14:56 | 2209059 Obaminator
Obaminator's picture

How the Fuck do we make you Laugh?  AHHHH AHHHH AHHHH



Wed, 02/29/2012 - 16:19 | 2209441 true brain
true brain's picture

I'm laughing already.

Wed, 02/29/2012 - 14:59 | 2209078 disabledvet
disabledvet's picture

"what do you mean my math formula was the entire planet's financial system?"

Thu, 03/01/2012 - 01:28 | 2211366 Elvis is Alive
Elvis is Alive's picture

"Even if the interest rate creeps up to 2-3%; US is in deep trouble. Once the interest rate payment exceeds 30% of revenue, which will happen to US government this year, the US is toast."

On one hand, I agree. If we hit 4 to 5% interest rates on our debt, we likely will have to default.

However, we "only" paid $200+billion in interest this year, and that is "only" 10% of the total budget. The interest rate averaged around 1.5%. To get to your 30% amount, we'd have to be at 4.5%

The real thing is if you have growth, you get inflation, and then you have to raise rates. Well, if we have that, we default, so the government is going to squash any growth.

I think people misunderstand the debt issue thinking that we MUST suffer from inflation from all this supposed money printing. What we really are going to suffer from is no growth just like Japan has.

Nobody is thinking long term anymore. We needed to deleverage, raise taxes a little, balance the budget, and cut entitlements. We could have sacrificed short term pain for long term gain, but we did the opposite.

I think if a president came out and asked that everyone cut back it would be doable. Reagan was the last president who was honest and said that to fix things there would be pain. No one dares say anything like that today. Well, Obama said it and then didn't do it.

I don't think we default as much as have twenty years of no growth. At 1.5% rates, this country can handle $25 billion of debt, and guess what? We are going to be there in five or six years.

Wed, 02/29/2012 - 13:59 | 2208750 idea_hamster
idea_hamster's picture


Wed, 02/29/2012 - 13:58 | 2208753 JumpinJonnyK
JumpinJonnyK's picture

keep an eye on the gold price and silver prices and buy when it's down (like today).  Just keep buying small amounts every month because you are going to need protection!!

Wed, 02/29/2012 - 14:01 | 2208772 SRVDisciple
SRVDisciple's picture

I've got some SPDR GLD, but do you recommend physical gold and silver?

Wed, 02/29/2012 - 14:20 | 2208884 LowProfile
LowProfile's picture

Depends on whether you prefer paper promises or the actual thing in your pocket.

Wed, 02/29/2012 - 14:29 | 2208931 Piranhanoia
Piranhanoia's picture

Live in Canada?

Wed, 02/29/2012 - 13:59 | 2208758 battle axe
battle axe's picture

Wasn't Lehman and Bear Sterns well CAPITALIZED also BENNY?

Wed, 02/29/2012 - 14:04 | 2208785 nope-1004
nope-1004's picture


Why should the Fed only lie once or twice?  Their existence is a lie, so that's their MO.


Wed, 02/29/2012 - 14:06 | 2208794 A Nanny Moose
A Nanny Moose's picture

So were Fanron and Fredron

Wed, 02/29/2012 - 14:09 | 2208818 Nothing To See Here
Nothing To See Here's picture

I think the Greek banks are well capitalized too if I follow my central bankster textbook correctly.

Wed, 02/29/2012 - 14:14 | 2208842 Manthong
Manthong's picture

"The ECB Is Well Capitalized"

It depends upon what the meaning of the word "well" is.

                       Now if you take "well" to mean deep hole with toxic sludge at the bottom, he is entirely correct.

Wed, 02/29/2012 - 14:24 | 2208910 SAT 800
SAT 800's picture

Correct. Perfectly well capitalized. Approved by the regulators, etc. everything was fine. Until it wasn't. One of the main tells for a major stage in the present de-fuckafication having passed, will be the death of the Euro. And, I mean, death. not one to one, not "a problem", death. this is one of the things that will have to happen before we can start to get things straightened out. The Euro was a giant mistake; it will be corrected.

Wed, 02/29/2012 - 14:41 | 2209000 SoCalBusted
SoCalBusted's picture

LEHMAN and BEAR STERNS are now well capitalized.

Wed, 02/29/2012 - 14:08 | 2208811 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Trav, you own silver.

Wed, 02/29/2012 - 15:02 | 2209090 Bay of Pigs
Bay of Pigs's picture

Cut your nose off to spite your face?

Wed, 02/29/2012 - 14:11 | 2208829 johnQpublic
johnQpublic's picture

the ECB is well capitalized

in fact, all the letters "ECB" are capitalized

Wed, 02/29/2012 - 14:27 | 2208927 SAT 800
SAT 800's picture

An extremely stupid comment.

Wed, 02/29/2012 - 14:30 | 2208946 Banksters
Banksters's picture

Trav, was your first menses traumatic?   



Wed, 02/29/2012 - 14:32 | 2208954 SAT 800
SAT 800's picture


Wed, 02/29/2012 - 14:59 | 2209075 tmosley
tmosley's picture

You own silver you hypocrite. 

Wed, 02/29/2012 - 17:20 | 2209780 GCT
GCT's picture

ROFLMAO sold my PM's yesterday.  Did you get stuck holding the bag, come on it is another fed public meeting day with Ron Paul there.  They had to make a point to him.  The dipsticks.  Cannot have Ron Paul correct today about silver!

Wed, 02/29/2012 - 13:55 | 2208728 prains
prains's picture

looks like it could ruin a few marriages

Fri, 03/02/2012 - 02:47 | 2216045 BlackholeDivestment
BlackholeDivestment's picture

Peains, I can't stop laughing

Wed, 02/29/2012 - 14:02 | 2208729 Cognitive Dissonance
Cognitive Dissonance's picture

The Golden rule.

Someone in author-ity must speak the lie in order to make it the 'truth' for those who wish (or are desperate) to believe the lie.

Ben Bernanke: "The ECB Is Well Capitalized"

Besides. Based upon the (ever changing) rules of the levered credit based fiat game, they really are well capitalized.

Wed, 02/29/2012 - 14:07 | 2208801 Thamesford
Thamesford's picture

thought that was the Hypocritic oath ?

Wed, 02/29/2012 - 14:28 | 2208881 Miles Kendig
Miles Kendig's picture

Cog, there is a chance Bernanke actually believes all the shit he's shoveling which makes him a perfect agent of shit promulgation.  Perhaps he fails to fully appreciate what being the Director of Intensity Programming, Special High Intensity Training is all about ... and perhaps he doesn't

Wed, 02/29/2012 - 14:41 | 2208984 Cognitive Dissonance
Cognitive Dissonance's picture

"Cog, there is a chance Bernanke actually believes all the shit he's shoveling which makes him a perfect agent of shit promulgation."

I tend to agree. The patsy must always believe what s/he is doing is correct, righteous even (or just God's work).

The very best patsies are those who are extremely intelligent, self assured and (dare I say it) egotistic. Can't have the captain of the Titanic wavering just before plowing into the can we?

Wed, 02/29/2012 - 14:49 | 2209023 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Are you saying that the captain of the Titanic....with all those Robber Barons on board.....???

Wed, 02/29/2012 - 14:55 | 2209049 agrotera
agrotera's picture

No way Miles...although in my opinion he might have been an "innocent" before he took his position as chairman-- and then later when he likely got the instructions of what he WOULD do to play out the bail outs and the other ponzy scams that have been executed on our country via the worlds largest privately owned corporation that runs our country...for a while, he looked heavily medicated and like someone who was speaking under duress...he may have accomodated to his own prison of lies out of necessity for the sake of his existence, in my opinion.  SO in a way, i can be sympathetic toward him for what he might be having to endure as a indentured puppet servant for the owners of the private company for which he is figurehead.

Wed, 02/29/2012 - 15:32 | 2209131 Miles Kendig
Miles Kendig's picture

Oh, I by no means am attempting to say he is somehow innocent my dear agrotera.  Just a believer in the rightness of his action.  As Cog and I well appreciate, a true believer of his theology.  Much like Heydrich in his day Bernanke is a brilliant and very destructive man.  Increasingly I am of the opinion that the guy is criminally insane and belongs safely ensconced within the confines of the ADX in Florence CO for the remainder of his days.

Wed, 02/29/2012 - 16:17 | 2209437 agrotera
agrotera's picture

MK -- Your theory that he is criminally insane fits my observations better than my theory--thank you for your keen insight MK!!! 

Wed, 02/29/2012 - 17:18 | 2209770 Council of Econ...
Council of Economic Terrorists's picture

"Is the Fool actually a Magician?"  - Robert Anton Wilson

Wed, 02/29/2012 - 13:55 | 2208731 GeneMarchbanks
GeneMarchbanks's picture

Something is going down soon, this ain't the usual rhetoric. ISDA, someone going BK, or geo-political.

Wed, 02/29/2012 - 13:59 | 2208757 Everybodys All ...
Everybodys All American's picture

what makes you think that ... just because Bernanke needs buyers of his paper?

Wed, 02/29/2012 - 14:22 | 2208878 hedgeless_horseman
hedgeless_horseman's picture



Timmy Geithner and the U.S. Treasury need the buyers...Bernanke merely needs congress to keep borrowing and to renew the Fed's charter next year.

Want to understand how this intentionally comples system works?  Read The Creature From Jekyll Island.


Wed, 02/29/2012 - 14:36 | 2208966 Comay Mierda
Comay Mierda's picture

"Something is going down soon"

I agree. 3/6/12. something will happen. the nwo is obsessed with numerology and the number 21. 3+6+12=21 and its 21 years to the day of bush's nwo speech. (also 9/11/01 = 9+11+01 = 21)

Wed, 02/29/2012 - 14:43 | 2208982 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

"Neon" Deion Sanders also wore the number 21.  He must be an Illuminari.

Wed, 02/29/2012 - 14:46 | 2209018 trav7777
trav7777's picture

yes, this is why that apocalypse happened on 2/7/12...or was it 1/8?  Fuck, I am still recovering from it so I can't remember.

Wed, 02/29/2012 - 14:49 | 2209028 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

12/21/12 Trav, c'mon.

Wed, 02/29/2012 - 14:58 | 2209062 unrulian
unrulian's picture

right...if i have sex with your mom 7 times x 3 inches = 21 total inches taken...if i do it on 3/6/12 =21 at 9pm that is 21st hour of 3+6+12= 21...who gives a fuck...GWB couldn't add 2+6 it's all fuzzy math to him

Wed, 02/29/2012 - 13:56 | 2208732 youngman
youngman's picture

Hey...its Banker speak....

Wed, 02/29/2012 - 13:56 | 2208733 Gubbmint Cheese
Gubbmint Cheese's picture

Tyler look - "ECB".. spelled with all caps.. ergo, it is well capitalized.

Wed, 02/29/2012 - 14:00 | 2208765 Thamesford
Thamesford's picture

Yes! That and the "well" of toner cartridges at their disposal

Wed, 02/29/2012 - 14:00 | 2208768 economessed
economessed's picture

Interesting.  I thought he omitted some punctuation in his delivery:

The ECB is, well,......"capitalized."

Wed, 02/29/2012 - 14:39 | 2208981 Thamesford
Thamesford's picture

It's hard to distiguish his intonation so could have been.

"The ECB is well. Capitalized?"

Wed, 02/29/2012 - 15:55 | 2209332 Calmyourself
Calmyourself's picture

He was misquoted he said "capsized" not capitalized..

Wed, 02/29/2012 - 13:56 | 2208734 oogs66
oogs66's picture

But their assets always pay par. Because they keep lending until they do :D

Wed, 02/29/2012 - 13:56 | 2208739 DIEKeynesianEco...
DIEKeynesianEconomics's picture

My favorite is when he said the Fed doesn't own gold.


Don't you people reailze this HAS to happen for Bernanke to QE? The market is essentially forcing him to do it. Just buy the dips, don't listen to the trolls.

Wed, 02/29/2012 - 13:57 | 2208741 EmileLargo
EmileLargo's picture

One could write a book about all of Bernanke's quotes and what happened after he said those things. Would make for fun reading.

Wed, 02/29/2012 - 14:16 | 2208854 SAT 800
SAT 800's picture

Well, maybe; If you had a really sick sense of humor.

Wed, 02/29/2012 - 14:02 | 2208747 wee-weed up
wee-weed up's picture

No shit! The ECB is well funded - they're backstopped by him and OUR money!

Wed, 02/29/2012 - 13:58 | 2208749 samwell
samwell's picture

Berkacke is a new muppet character.  his specialty is he doesn't know how to tell the truth--ever.  and this pathetic liar supposedly graduated from MIT with a Ph.d?

Wed, 02/29/2012 - 14:00 | 2208761 JPM Hater001
JPM Hater001's picture

Evil Muppet.

Wed, 02/29/2012 - 14:24 | 2208907 lotsoffun
lotsoffun's picture

anybody seen geithner or corzine lately?  at least bennie seems to be 'clean'.


Wed, 02/29/2012 - 13:58 | 2208751 The trend is yo...
The trend is your friend's picture

Thanks rock. 


Wed, 02/29/2012 - 13:58 | 2208752 YesWeKahn
YesWeKahn's picture

I think he was referring to a "relatively" well capitalized ECB comparing to the US FED which is probably 50:1 leveraged.

Wed, 02/29/2012 - 13:58 | 2208756 RobotTrader
RobotTrader's picture

Bernanke is the "Greatest of All Time"


No other central banker in history has been able to:

1) Rally stocks 100% in the midst of the worst recession in 75 years

2) Crash Treasury market yields to 45-year lows at the same time

3) "Whip Inflation" by uttering a few words that sends commodities crashing

4) Engineer multiple bailouts and rescues, all with resounding success

And the whole time, he remains unflappable in the face of constant criticism from the Tea Partiers and verious members of Congress

Wed, 02/29/2012 - 14:00 | 2208769 YesWeKahn
YesWeKahn's picture

Merry him then.

Wed, 02/29/2012 - 14:06 | 2208793 Tsar Pointless
Tsar Pointless's picture

It would be a merry marriage, right?

Hey Robo - been to a grocery store lately? How about a gas station?

"Whip inflation". Kind of like Gerald Ford did, eh?

Yeah. Inflation is "whipped" - just like Robo's mom each and every night in his basement, right Robo?

Wed, 02/29/2012 - 14:02 | 2208778 Everybodys All ...
Everybodys All American's picture

Loses US AAA credit rating and reserve currrency status in the process.

Wed, 02/29/2012 - 14:06 | 2208791 surf0766
surf0766's picture

Causes 2008 food riots across the globe leading to the Arab spring from easy money

Wed, 02/29/2012 - 14:59 | 2209073 BlackholeDivestment
BlackholeDivestment's picture

Surf0, that's right! Count Suicide Vampire Squid of the Great Wal Mart of China does not like it if there are no sheep to fill the Fed Head in the bed he made, he just can't sleep if he's not at least screwing somebody.

Wed, 02/29/2012 - 14:08 | 2208812 kito
kito's picture

we lost reserve currency status? has the sdr been implemented? did i miss something??? 

Wed, 02/29/2012 - 14:10 | 2208823 Everybodys All ...
Everybodys All American's picture

No you didn't miss anything ... just a matter of time though.

Wed, 02/29/2012 - 14:02 | 2208780 DIEKeynesianEco...
DIEKeynesianEconomics's picture

No other central banker has pressed CTRL+P that much.

Don't give him too much credit. It's simply his ability to press CTRL+P coupled with scared EUROS coming here.


Wed, 02/29/2012 - 14:07 | 2208797 bbq on whitehou...
bbq on whitehouse lawn's picture

Dont worry youll see 14k on the dow by the end of the year. The year after you will see 10k so keep your hats at the ready.

Wed, 02/29/2012 - 14:21 | 2208891 lotsoffun
lotsoffun's picture

won't be the same this time.  it won't come back.  more like 6 or 8 k.  seriously.



Wed, 02/29/2012 - 14:52 | 2209044 HarryM
HarryM's picture

Wouldn't be surprised to see the market tank 1-2 months before the election - LOL

Wed, 02/29/2012 - 14:06 | 2208799 SAT 800
SAT 800's picture

I liked your pink Satin Bra better, that you used to wear. I'm not reading any of your posts until you put my favorite bra back on; so there.

Wed, 02/29/2012 - 14:08 | 2208806 taniquetil
taniquetil's picture

Isn't the fact that he can both rally stocks and crush Treasury yields a bad thing?

Wed, 02/29/2012 - 14:20 | 2208882 lotsoffun
lotsoffun's picture

bernake is a genius.  what's bad for you might not be bad for his clients.  he works for lloyd and jamie.  as does obama.


Wed, 02/29/2012 - 14:10 | 2208822 Sophist Economicus
Sophist Economicus's picture

You're almost as funny as China-bot AnAnonymous...

Wed, 02/29/2012 - 14:18 | 2208876 lotsoffun
lotsoffun's picture

robo - everybody likes to try to take you down - but you are right.

(for now).  and that's the whole point.  take advantage of it all now while you can, because it's only a small number of people that can take advantage of it.  get on the bus.  there will be one stop and one stop only and then everyone else that stays on the bus gets to have lotsoffun.


Wed, 02/29/2012 - 14:36 | 2208967 SAT 800
SAT 800's picture

The "short bus"? thanks, anyway. you can have my seat.

Wed, 02/29/2012 - 15:13 | 2209116 Vergeltung
Vergeltung's picture

why, oh why, must this idiot continue to post here.....

Wed, 02/29/2012 - 14:00 | 2208770 Racer
Racer's picture

Sub-prime is well contained

Wed, 02/29/2012 - 14:01 | 2208775 reload
reload's picture

36.6 x leverage is bad enough, but consider the real value of the rubbish on their books and its VERY bad and probably more like 60 x levered if the rubbish was valued correctly.

Wed, 02/29/2012 - 14:01 | 2208776 bbq on whitehou...
bbq on whitehouse lawn's picture

if the red area was her stuff and the green was his stuff that could be a closet.

Wed, 02/29/2012 - 15:59 | 2209350 Calmyourself
Calmyourself's picture

If red was my desire for bunga-bunga and green was hers, it would be reality..  damn..

Wed, 02/29/2012 - 14:02 | 2208777 Christoph830
Christoph830's picture

"Mission Accomplished"

Wed, 02/29/2012 - 14:02 | 2208779 Dick Darlington
Dick Darlington's picture

But but but the classic consensus voodoo jungle economics rule of thumb says more debt/leverage is more growth!

Beard Monkey truly is the best of comedians. It would be even more fun to listen to this guy if it wasn't so TRAGIC...

Wed, 02/29/2012 - 14:03 | 2208781 Flakmeister
Flakmeister's picture

You missed the typo...

He said "well crapitalized..."

Wed, 02/29/2012 - 14:11 | 2208805 falak pema
falak pema's picture

lol, all we are saying is...that we be at par!!!

Is what Ben and Jerry (of ECB)  now sing.

With a D/E ratio of 36 they beat all other banks hands down. But that is the exorbitant privilege of Ben and Jerry. 

Wed, 02/29/2012 - 14:03 | 2208782 DB Cooper
DB Cooper's picture

Next head of the ECB will be Jon Corzine - his kind of leverage.

Wed, 02/29/2012 - 14:03 | 2208783 bania
bania's picture

define "well"

Wed, 02/29/2012 - 14:21 | 2208892 Flakmeister
Flakmeister's picture

A deep hole in the ground...

Wed, 02/29/2012 - 14:04 | 2208786 SAT 800
SAT 800's picture

Well Capitalized !  Well Capitalized ! Bwa-haa-haa ha, har, har, har. Oh, G od, stop; it only hurts when I laugh. Well capitalized, OMFG, that is funny. What a Joke.

Wed, 02/29/2012 - 14:05 | 2208788 lolmaster
lolmaster's picture

PPT was heavily shorting PMs today

Wed, 02/29/2012 - 14:06 | 2208795 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Yes.  Bernanke leased a tonne of his "Gold certificates", that's all.  Move along....

Wed, 02/29/2012 - 14:47 | 2209019 MoskovietMosquito
MoskovietMosquito's picture

Yes...Lack of knowlege of whether there are any gold holdings and then a mention of "gold certificates" keeps bouncing around in my head.  What kind of "gold certificates" is Benny sitting on anyway? 

Wed, 02/29/2012 - 14:51 | 2209037 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

The kind that says, "Get out of jail free".

Wed, 02/29/2012 - 14:05 | 2208790 azzhatter
azzhatter's picture

almost fell off my chair when he said that. The man is clearly sick and delusional

Wed, 02/29/2012 - 14:06 | 2208792 Moneyswirth
Moneyswirth's picture

Laughing. My. Fucking. Ass. Off.

Wed, 02/29/2012 - 14:06 | 2208796 Seasmoke
Seasmoke's picture

everyone is well capitalized........that is , until they aren't

Wed, 02/29/2012 - 14:10 | 2208821 SAT 800
SAT 800's picture

Yes, that's the new normal alright. It's horrifying to realize that this was run by their psychologists first, and they expect that it will go down alright, with "the majority". Groan.

Wed, 02/29/2012 - 14:06 | 2208800 ebworthen
ebworthen's picture

No QE3?

The markets are so stupid.

What, $2 Trillion in Europe isn't QE?

Non-stop currency swaps to Europe via the FED isn't QE?

Ben says no QE in word therefore there is no QE.  "Just don't throw me in that there briar patch."

Oy Vey!

Wed, 02/29/2012 - 14:15 | 2208846 Chimerican
Chimerican's picture

There is no further need for liquidity injections. All major banks have sufficient capital to withstand any downturn in the European economy. As currencies stabalize, it is time to sell precious metals which will underperform going forward.

Wed, 02/29/2012 - 14:07 | 2208802 oogs66
oogs66's picture

Well capitalized or can print their way out of any hole?

Wed, 02/29/2012 - 14:07 | 2208803 dwdollar
dwdollar's picture

"I am not a crook."

"Read my lips; no new taxes"

"I did not have sexual relations with that woman."

Wed, 02/29/2012 - 14:08 | 2208807 oogs66
oogs66's picture

"Mission accomplished"

Wed, 02/29/2012 - 14:10 | 2208817 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Except Georgie Boy wasn't lying; they accomplished their mission.

Wed, 02/29/2012 - 14:44 | 2209011 roadhazard
roadhazard's picture

"Is are children learning".

"I am the Decider."

Wed, 02/29/2012 - 14:09 | 2208813 Bullish Bear
Bullish Bear's picture


Wed, 02/29/2012 - 14:10 | 2208824 Benjamin Simon
Benjamin Simon's picture

We can only hope the Bernank will be "well hung" for his deeds.  Back off Bawney, I didn't mean it that way.

Wed, 02/29/2012 - 14:11 | 2208828 Money 4 Nothing
Money 4 Nothing's picture

Is that bad? My kid has more money in his account.

Wed, 02/29/2012 - 14:11 | 2208831 Miles Kendig
Miles Kendig's picture

Balance sheet considerations should not seriously constrain central bank operations - Ben Bernanke

Wed, 02/29/2012 - 14:14 | 2208839 surf0766
surf0766's picture

I'll chip in to have this printed in a full page ad ...

Wed, 02/29/2012 - 14:15 | 2208843 kaiten
kaiten's picture

If I had ability to print money, my leverage would be at least 100x.

Wed, 02/29/2012 - 14:14 | 2208845 PaperBear
PaperBear's picture

I am sure that everyone one of the ZH readers will scoff at this statement.

Wed, 02/29/2012 - 14:17 | 2208859 Chimerican
Chimerican's picture

Most ZH readers have their heads up their arses. Central bankers know what tyhey are doing. The readership of this blog appears to be comprises of school boys and conspiracy nuts.

Wed, 02/29/2012 - 14:40 | 2208985 haskelslocal
haskelslocal's picture

Sad but true and Tyler knows it too. Two years ago this place was pumping with intelligence and good thought provocing discussion. Now? It's apparant most comments are moronic and infantile and thus mostly derive from trolls.


It's just that the readership is mostly depressing and living in fear.

Wed, 02/29/2012 - 15:42 | 2209242 simone
simone's picture

There is a wonderful script that lets one block asinine users.  It's not too user friendly, but well worth the effort to get it running.

Wed, 02/29/2012 - 14:15 | 2208847 chinaboy
chinaboy's picture

ECB is well capitalized but gold and silver (especially coins and bars)  are not.

Wed, 02/29/2012 - 14:15 | 2208848 delacroix
delacroix's picture

ecb   oh wait,  ECB   there,  recapitalized, just like ben does.

Wed, 02/29/2012 - 14:16 | 2208849 Bastiat009
Bastiat009's picture

If gold was up 3%, I am sure it would on top of your page. But since it's crashing, you won't talk about it. (I understand that the reason for the gold crash is murky at best but still ... )

Wed, 02/29/2012 - 14:26 | 2208912 Miles Kendig
Miles Kendig's picture

Actually it was on top until it rotated.

The EUR tumbled over 100pips towards 1.3350 as the USD rallied back to the week's highs. Silver (and Gold) crashed into the European close (down over 7% on the day at one point) while Treasuries sold off and European sovereigns leaked wider (except Portugal which crashed and Italy which compressed modestly). Quite a day - Tyler Durden

Ever try actually reading botboy?

Wed, 02/29/2012 - 14:41 | 2208990 Mr Lennon Hendrix
Mr Lennon Hendrix's picture


(whatever pwned means lol)

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