• Sprott Money
    05/26/2016 - 05:58
    How many “emergency” “secret” meetings do the central planners around the world need to have before the citizens of the respective countries begin to fully understand and take notice that something...

Ben Bernanke Full Unredacted Frontal

Tyler Durden's picture


Yesterday the Wall Street Journal's Jon Hilsenrath was kind enough to present to the general public some 515 pages of massively redacted Fed transcripts from the oh so very interesting period of 2007-2010, ahead of schedule. Unfortunately those curious to find out the details of just what was going on in that critical period between March 2008 and March 2009 will have to wait another 3 years for the full declassification to take place. That said, digging among the unredacted data, one does find the occasional pearl. Such as the following exchange between CHAIRMAN BERNANKE and the Fed staff, from the October 28-29, 2008 meeting, in the days when AIG was dying, when Lehman had failed, when money markets had frozen and when the end of the world was nigh. Ironically, it is this one unredacted piece of data that pretty much says it all.

  • I’d like first to do the open market operations, which I hope are not too controversial. [Laughter] (source: page 231 of 513)

And that, as they say, is that.

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Tue, 04/17/2012 - 11:48 | 2351674 nope-1004
nope-1004's picture

We're all still laughing.


Tue, 04/17/2012 - 11:52 | 2351685 slaughterer
slaughterer's picture

In 2015 we get to read: "So, with the S&P 500 at Janjuah's target of 800, and now that Goldman and JPM have made 486% profit shorting it there, I think it is time for QE3, which I hope is not too controversial at this point.  (Laughter)"

Tue, 04/17/2012 - 13:10 | 2351984 narapoiddyslexia
narapoiddyslexia's picture

You can do a search for the word "laughter" and find some interesting passages.

Page 15 -

CHAIRMAN BERNANKE. Are there other questions for Bill [Dudley]? If not, we need a vote to
ratify domestic market operations.
MR. KOHN. I move we ratify those operations.
CHAIRMAN BERNANKE. Objections? Vincent has come in. Welcome. We just want to
acknowledge you.
MR. REINHART. Ever since you gave the guards guns, I didn’t really have any choice.

Hmmm... Is Bernanke nervous about something?

Tue, 04/17/2012 - 14:05 | 2352152 Canaduh
Canaduh's picture

Brian has attended 145 scheduled FOMC meetings, and he became both the FOMC Secretary and the head of the Monetary Affairs Division in August of 2007—I’m not ascribing any causality there. [Laughter] Brian has made enormous contributions, as you all recognize. He has given us about six or seven years’ worth of work in the last three years, and his dedication and his insight have been extraordinarily helpful. To honor his service, we have put together a little gift for Brian, signed dollar bills. No one has ever explained to me why signing these bills is legal, by the way! [Laughter]

page 463

What an appropriate parting gift- Remember that time when we destroyed these? That was a blast. Love, your fellow spawns of satan:)

Tue, 04/17/2012 - 14:25 | 2352240 Iwanttoknow
Iwanttoknow's picture

I sure hope so.

Tue, 04/17/2012 - 11:51 | 2351686 GeneMarchbanks
GeneMarchbanks's picture

I'm actually bleeding.

Tue, 04/17/2012 - 11:52 | 2351698 derek_vineyard
derek_vineyard's picture

that guy from phoenix capital that has promised us imminent collapse after imminent collapse has met his match

Tue, 04/17/2012 - 12:12 | 2351770 lasvegaspersona
lasvegaspersona's picture

The Phoenix guy will eventually be right and not just because he is like a broken clock.

Predicting the timing (months) of inevitible events is hard work when the entire world fights what is coming. It is like watching a tree fall. One knows it is going to hit ground but exactly when (seconds) can be influenced by wind, gavitational varience, remaining wood on the trunk and other 'acts o god'. The only difference is that the economy will collapse...there is a small chance the tree might not come down.

ugh I'm going to redo my analogy class...I'll do better next time..

Tue, 04/17/2012 - 12:45 | 2351889 Big Slick
Big Slick's picture

I'm reading through the actual text and wondering this: WHY IS THERE SO MUCH FUCKING 'LAUGHTER'!!!!?????


Tue, 04/17/2012 - 13:46 | 2352093 Koffieshop
Koffieshop's picture

Why so serious?

Tue, 04/17/2012 - 15:49 | 2352515 Big Slick
Big Slick's picture

"Why so serious?" 

Stevie Johnson.  LOVE IT!

Tue, 04/17/2012 - 14:53 | 2352318 tarsubil
tarsubil's picture

Hahaha, we like to have fun here.

Tue, 04/17/2012 - 13:28 | 2352037 DavidC
DavidC's picture

Rosie himself has said that he did not anticipate the shenanigans (my word, not his) that The Fed et al would get up to, to keep the stock market up. I didn't. I don't think anybody did. Did you?


Tue, 04/17/2012 - 11:55 | 2351705 Coldsun
Coldsun's picture

For the love of God and everything Holy, MY ANUS IS BLEEDING!!! (Laughter)

Tue, 04/17/2012 - 12:59 | 2351903 Big Slick
Big Slick's picture

Mark Faber said it best (in your best Svisss accent): "Vee are DOOMED."

Tue, 04/17/2012 - 13:14 | 2351999 optimator
optimator's picture

There must be a part where they say, let's get the word out to the boyZ first, we'll all make a forturne on this one which we'll call saving the markets!

Tue, 04/17/2012 - 11:55 | 2351706 tmosley
tmosley's picture

The world is laughing so hard it is shaking itself apart.

Tue, 04/17/2012 - 12:58 | 2351934 Canaduh
Canaduh's picture

The part that made me chuckle-

Mr. Fuhrer, Executive Vice President, Federal Reserve Bank of Boston



Tue, 04/17/2012 - 11:50 | 2351680 icanhasbailout
icanhasbailout's picture

So they timed the release of the classified info for right after the statute of limitations on financial fraud expires?

Tue, 04/17/2012 - 11:51 | 2351691 Buckaroo Banzai
Buckaroo Banzai's picture

There's no statue of limitations for High Treason.

Tue, 04/17/2012 - 12:38 | 2351843 Cognitive Dissonance
Cognitive Dissonance's picture

Unfortunately for us (and fortunate for them) the sentence for High Treason must be delivered by "We The People". Sadly "We The People" are no more and arguably never were. We live in a dream world (Neo).

However, what was not does not mean it never will be. Forget what other people are, or are not, doing. What am I doing to make "real" change a reality? As long as I (we) point to others and demand change without conducting a fearless and thorough self examination, there will be no "real" change.

It all begins within.

Tue, 04/17/2012 - 11:51 | 2351687 MunX
MunX's picture

Of course they laugh.

Tue, 04/17/2012 - 11:56 | 2351721 UP Forester
UP Forester's picture

I'm pretty sure CNBS won't have Liesman acting out the meeting minutes with himself over this one....

Tue, 04/17/2012 - 11:52 | 2351688 Oh regional Indian
Oh regional Indian's picture

Hmmmmm.... i heard a similar shocking admission by GreenSpam that the basement of the NYFED was foreign territory. 

It's not what it looks like. Some say the FED is an Elemasonery (SP!) Trust, literally, a Beggar's Trust, in it's legal form, in PR.



Tue, 04/17/2012 - 11:51 | 2351696 Gene Parmesan
Gene Parmesan's picture

Go F yourself, Ben.

Tue, 04/17/2012 - 12:20 | 2351787 Vincent Vega
Vincent Vega's picture

Tyler,  I'm just curious, is there any way you could post the number of times 'Fuck Bernanke' has appeared in the comment section of ZH?

Tue, 04/17/2012 - 13:09 | 2351983 Mr. Lucky
Mr. Lucky's picture

It would have be like the US debt clock.

Tue, 04/17/2012 - 14:46 | 2352298 Bansters-in-my-...
Bansters-in-my- feces's picture

I'm sure if you checked in with DHS they would gladly answer your question.

Or the new info storage mega centre will have it on file soon.

Tue, 04/17/2012 - 11:54 | 2351708 carbonmutant
carbonmutant's picture

Ben needs to have a rummage sale...

Tue, 04/17/2012 - 13:05 | 2351914 Big Slick
Big Slick's picture

"And when the taxman comes to the door, Lord the house looks like a rummage sale!"



Tue, 04/17/2012 - 11:54 | 2351711 Dr. Engali
Dr. Engali's picture

They were laughing all the way to the bank as they should have been. They pulled off the biggest con job ever right in front of our eyes.

Tue, 04/17/2012 - 11:56 | 2351712 Floordawg
Floordawg's picture

I think this is actual proof that he DOES KNOW what he's doing. Sonofabitch!

Tue, 04/17/2012 - 11:58 | 2351717 baby_BLYTHE
baby_BLYTHE's picture

Hmm, so he thinks counterfeiting is funny.... Wonder how he would respond if he was charged in accordance to Coinage Act of 1792. Not so funny anymore, eh Benny boy?

Tue, 04/17/2012 - 12:15 | 2351774 francis_sawyer
francis_sawyer's picture

If they want to keep counterfeitting, fine, my strawman will just start paying HIS bills with an "A4V" stamp...

Tue, 04/17/2012 - 11:57 | 2351719 WALLST8MY8BALL
WALLST8MY8BALL's picture


Tue, 04/17/2012 - 11:59 | 2351725 CUGuy
CUGuy's picture

What a bunch of clowns. They pull the strings, we do their little dance, and they laugh at our expense.

Tue, 04/17/2012 - 12:01 | 2351742 Id fight Gandhi
Id fight Gandhi's picture

There's like nothing there. Ridiculous. All redacted.

Tue, 04/17/2012 - 12:03 | 2351745 czarangelus
czarangelus's picture

I dunno, of late, I'm getting the impression that the Bernank is just starting to awaken to the horror of what he's done. I hope I live to see the day he reaches enlightenment and gasses himself with car exhaust in his garage.

Tue, 04/17/2012 - 12:08 | 2351758 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

AH HA HA!!! AH HA HA!!!!  AHHHHHHH.....AH...funny.  They need to spend trillions of dollars of tax payers money because they Private Banking Houses were insolvent.  So very funny.

Tue, 04/17/2012 - 12:12 | 2351768 MsCreant
MsCreant's picture

I have redacted my response to you.

Tue, 04/17/2012 - 12:26 | 2351820 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

So have I!

Tue, 04/17/2012 - 12:31 | 2351834 MsCreant
MsCreant's picture


Tue, 04/17/2012 - 12:09 | 2351765 MsCreant
MsCreant's picture

They did not redact that because their heads are so far up their asses looking out their throats, that they have no idea how their easy, casual, contempt for us looks to an observer.

Tue, 04/17/2012 - 12:13 | 2351771 Commander Cody
Commander Cody's picture

Fight the Fed at your financial peril.  They hold all the cards and will mold the markets at their whim.  Care to differ based on the last three years of waiting for impending doom?

Tue, 04/17/2012 - 12:17 | 2351781 MsCreant
MsCreant's picture

This is where I am arriving as well. Most of the population will stay in the dark until there are widespread resource shortages. All the rest is a story to manage and money to print to fill in the gaps in the story.

Tue, 04/17/2012 - 12:22 | 2351808 Winston Churchill
Winston Churchill's picture

It will carry on working till it doesn't.

That point is approaching fast.

Excellent summation of where we are here:


Tue, 04/17/2012 - 12:23 | 2351809 xela2200
xela2200's picture

The problem is that you are damn if you and damn if you don't.

Tue, 04/17/2012 - 12:26 | 2351812 Alcoholic Nativ...
Alcoholic Native American's picture

You gotta play to win.  Ben has built an ark, lifting the productive classes (investors) over the great flood that is currently drowing the lowly working class.

You guys referring to the economy to the titanic are wrong, a better anology is Noah's ark.  Buy Apple while you still can bitches. 



Tue, 04/17/2012 - 12:16 | 2351776 VisualCSharp
VisualCSharp's picture

[Laughter] is the new "doing God's work" and "muppets."

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