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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."

Tue, 04/17/2012 - 12:16 | 2351780 pods
pods's picture

That is the hubris that you acquire when you are the owner of a nation.


Tue, 04/17/2012 - 12:18 | 2351784 michaltheil
michaltheil's picture

79 instances of  "[Laughter]", oh boy it's fun being chairman of the FED :-) Those other guys are just great! :-)

Tue, 04/17/2012 - 12:22 | 2351802 MsCreant
MsCreant's picture

Real commodeians. Open mike night at the Fed.

Tue, 04/17/2012 - 12:43 | 2351881 krispkritter
krispkritter's picture

A liar, a thief, and a banking whore walked into a bar...bartender says "What can I get you Mr. Chairman..."...(and add a +1 to the 'Fuck you Bernanke' count...)

Tue, 04/17/2012 - 12:25 | 2351821 WillyGroper
WillyGroper's picture

Pat Tillman's mother went thru 3K pages of redacted documents to get to the bottom of her son's death. She exposed the scum responsible for the cover up all the way up to Rummey. One can only wonder what diamonds of wisdom that she could find with this.

Tue, 04/17/2012 - 13:09 | 2351981 Ace Ventura
Ace Ventura's picture

The real tragedy was watching Rumsfelstilskin simply use a variation of the 'I do not recall' defense when finally forced to testify before a congressional 'hearing' (LOL) regarding the Pat Tillman incident. No sooner did he vomit forth those words, than his accompanying cohort of Pentagon Corp. flag-level officers all jump to the mic and say 'me too, what he said'. Then they all got up and walked out, leaving the Tillman family sitting there in the chamber, with the realization that these people truly did not give a rat's rotten fuck about their kid being killed, and knowingly tried to cover it up, got caught doing so and STILL walked away after simply saying 'I don't recall anything about anything', or something to that effect.

Translation: Fuck off insects, you can't touch us. Now go the fuck away.

What recourse is left when people are given such a titanic slap in the face?

Tue, 04/17/2012 - 12:28 | 2351830 Bastiat009
Bastiat009's picture

Obama, the media and most of the world believe that Bernanke has done a fantastic job.

Tue, 04/17/2012 - 12:49 | 2351901 walküre
walküre's picture

That's because he signs their paycheques.

Tue, 04/17/2012 - 12:30 | 2351835 ACP
ACP's picture

Bernanke: You probably don't think I'm a very nice guy.

Middle Class: Buddy, I think you're slime.

Tue, 04/17/2012 - 12:34 | 2351845 LouisDega
Tue, 04/17/2012 - 12:36 | 2351850 Pairadimes
Pairadimes's picture

The Fed makes every other form of organized crime look like the act of shoplifting a pack of gum at the corner store.

Tue, 04/17/2012 - 12:39 | 2351862 Benjamin Glutton
Benjamin Glutton's picture

long blowtorches and pliers.

Tue, 04/17/2012 - 12:43 | 2351875 buzzsaw99
buzzsaw99's picture

the real laughter starts when the bernank and greedsperm finally kick the bucket.

Tue, 04/17/2012 - 12:48 | 2351879 bobola
bobola's picture

"...I’d like first to do the open market operations..."  The word 'do' can have so many meanings........

Am reading THE LESSONS OF HISTORY by Will and Ariel Durant.  Available free online.  The Ecomomics and History section is interesting.  They describe how wealth eventually concentrates to a very small group.  Solon's solution in Greece (594bc) was to raise taxes on the wealthy to redistribute money toward the less fortunate.  Rome chose a different path and faced 100 years of civil war and strife.

"...We conclude that the concentration of wealth is natural and inevitable, and is periodically alleviated by violent or peaceable partial redistribution.  In this view all economic history is the slow heartbeat of the social organism, a vast systole and diastole of concentrating wealth and compulsive recirculation..."

I don't see taxes being raised on the wealthy.  The other path will be interesting, to say the least. 

Tue, 04/17/2012 - 12:54 | 2351919 Ace Ventura
Ace Ventura's picture

Interesting conclusion. I'll have to check that reading out. I wonder if they considered whether wealth can concentrate within small groups....ABSENT the ability to leverage government force on their behalf?


Tue, 04/17/2012 - 13:37 | 2352071 bobola
bobola's picture

Ace.  To increase and protect wealth, the select few would have to be pulling the strings of government, I would think.

The ancient Greeks during Solon's time considered holding public office a duty or requirement, much like our jury duty.  They understood how to make government and laws work for the good of the many. 

I fear for our future because there is now a rapid & massive transfer of public wealth to a select few.  The many (sheeple) are clueless with massive doses of cable TV, internet, gaming, fast food, WallyWorld, bogus news and cell phone distractions.

I don't know what the future will look like, but I am ready for it today.

Tue, 04/17/2012 - 12:58 | 2351932 Big Slick
Big Slick's picture

..I’d like first to do the open market operations..."  The word 'do' can have so many meanings........

Bobola - I thought the exact same thing.

Speaking of that, what I wouldn't give to see Ben's first frantic minutes in the prison shower.


Tue, 04/17/2012 - 13:50 | 2352105 Blue Horshoe Lo...
Blue Horshoe Loves Annacott Steel's picture

Instead of "don't drop the soap", "don't drop the treasury bonds".

Tue, 04/17/2012 - 13:07 | 2351886 Chumly
Chumly's picture

HAHAHAHAHAHAH...hahaHAha...(cough, ahem).........

(fart) BWAAAHAHAHAHAHahahaha....(ahem)...any objections? HAHAHAHAHa...oh Ben, you're hillarious!!!

Tue, 04/17/2012 - 12:48 | 2351898 walküre
walküre's picture

Hey Bernank, Fuck You.

I'm not shorting your fucked up market this time around. You better have a different strategy than crushing shorts to keep up this shit show of a market.

Tue, 04/17/2012 - 12:49 | 2351902 hazek
hazek's picture

It's not the man, it's the system that is at fault and we should focus on.

Tue, 04/17/2012 - 12:59 | 2351943 walküre
walküre's picture

The system which is enabling bankers and hordes of banking shills to live free off someone else's labor.

Tue, 04/17/2012 - 13:48 | 2352099 Blue Horshoe Lo...
Blue Horshoe Loves Annacott Steel's picture

The Full Monty...Python...

Tue, 04/17/2012 - 14:32 | 2352256 138
138's picture

Said many times before but still bears repeating...


Thu, 04/19/2012 - 21:24 | 2360054 emaij
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