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Bernanke Fails To Deliver As Chairman Checks To Congress

Tyler Durden's picture


The market is not amused...



Those are the headlines. Here is the disappointing conclusion , which promises nothing new at all:

As I have discussed today, it is also true that nontraditional policies are relatively more difficult to apply, at least given the present state of our knowledge. Estimates of the effects of nontraditional policies on economic activity and inflation are uncertain, and the use of nontraditional policies involves costs beyond those generally associated with more-standard policies. Consequently, the bar for the use of nontraditional policies is higher than for traditional policies. In addition, in the present context, nontraditional policies share the limitations of monetary policy more generally: Monetary policy cannot achieve by itself what a broader and more balanced set of economic policies might achieve; in particular, it cannot neutralize the fiscal and financial risks that the country faces. It certainly cannot fine-tune economic outcomes.


As we assess the benefits and costs of alternative policy approaches, though, we must not lose sight of the daunting economic challenges that confront our nation. The stagnation of the labor market in particular is a grave concern not only because of the enormous suffering and waste of human talent it entails, but also because persistently high levels of unemployment will wreak structural damage on our economy that could last for many years.

But here is where Bernanke literally kicks the market in the teeth:

A second potential cost of additional securities purchases is that substantial further expansions of the balance sheet could reduce public confidence in the Fed's ability to exit smoothly from its accommodative policies at the appropriate time. Even if unjustified, such a reduction in confidence might increase the risk of a costly unanchoring of inflation expectations, leading in turn to financial and economic instability.

Bernanke just admitted the risk of deferred inflation and thus checked to Congress once again. And with the Fiscal cliff coming up, not to mention elections and the debt ceiling fight up ahead, good luck Chairman.




Full speech here


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Fri, 08/31/2012 - 10:03 | 2752365 fightthepower
fightthepower's picture

Fuck You Bernanke!

Fri, 08/31/2012 - 10:06 | 2752382 The Wizard of Oz
The Wizard of Oz's picture


Fri, 08/31/2012 - 10:08 | 2752404 American34
American34's picture


Fri, 08/31/2012 - 10:12 | 2752419 Precious
Precious's picture

Live from the Politburo in Wyoming, it's being streamed in fairness to the muppets, NOT !

Fri, 08/31/2012 - 10:13 | 2752441 old naughty
old naughty's picture

From whence, J-hole will just be A hole.

Fri, 08/31/2012 - 10:17 | 2752465 HoofHearted
HoofHearted's picture

Bernanke channeling Bob Marley: I shot the markets...

Fri, 08/31/2012 - 10:23 | 2752508 BaBaBouy
BaBaBouy's picture

They can Lick My J-Hole ...

Fri, 08/31/2012 - 10:24 | 2752524 Crisismode
Crisismode's picture

But gold just popped $15 up.

Go figure.


Fri, 08/31/2012 - 10:30 | 2752552 Stackers
Stackers's picture

As I have said: Bernak' knows he is pushing on a string at this point and will not do QEx until his feet are at the fire. Which should be fairly soon.

Fri, 08/31/2012 - 10:34 | 2752572 gckings19
gckings19's picture

wait for it>>>>>>now!

Fri, 08/31/2012 - 12:59 | 2753148 Papasmurf
Papasmurf's picture

Odd that  you have a j-hole. 

Fri, 08/31/2012 - 10:24 | 2752522 withnmeans
withnmeans's picture

The title seems to be off just a little. He did not fail to deliver, he delivered exactly the right subliminal B.S. the algos needed.

Listen, we all know the numbers are fictitious, like the EU, we will keep jawboning "Because it works".

Stay out of the markets, let the Big Banks play their games "albeit with our money, gift from the Government". 


Fri, 08/31/2012 - 10:30 | 2752551 spastic_colon
spastic_colon's picture

the only thing that mattered today was that fag hilesenrath's op-ed at 10:01am EST....fuck off!

Fri, 08/31/2012 - 10:23 | 2752509 Boris Alatovkrap
Boris Alatovkrap's picture

You are precious... is spotting on! Announcing policies is reminiscing for old Soviet Style Politburo.

"Monetary policy cannot achieve by itself what a broader and more balanced set of economic policies might achieve; in particular, it cannot neutralize the fiscal and financial risks that the country faces. It certainly cannot fine-tune economic outcomes."

Mr. Bernanke is talk of monetary crisis is being natural phenomenal but is intentionally fabrication of banking enterprise. Now culpable party is giving solution or is covering over?

Fri, 08/31/2012 - 10:13 | 2752438 tocointhephrase
tocointhephrase's picture

Follow the yellow brick road, follow the yellow brick road, SILVER SILVER SILVER SILVER, follow the yellow brick road

Fri, 08/31/2012 - 10:09 | 2752418 DavidC
DavidC's picture

I don't swear very often but I am in complete agreement with that sentiment, to include Tim Geithner, Larry Summers et al.


Fri, 08/31/2012 - 10:21 | 2752492 max2205
max2205's picture


Fri, 08/31/2012 - 10:21 | 2752494 HoofHearted
HoofHearted's picture

I swear all the time, and I'll say it for you: Fuck Bernanke, fuck Geithner, fuck Larry Summers, fuck Bill the asshole and without any lube. They have screwed the economy so badly without even the decency to give a reacharound. It is time they took it up the ass.

(I'm not for QE, not for the bailouts, not for any of it. But they now have the crackhead economy waiting for this shit and then they tell the economy to go cold turkey. It ain't right. They want the power, to be masters of the universe. Fuck them all!)

Fri, 08/31/2012 - 10:27 | 2752544 Nothing To See Here
Nothing To See Here's picture

As Ron Paul says, the problem is not with the persons in charge, it is with the system and the theories upon which they act. Replacing Bernanke would not solve anything. Replacing Keynesianism in the air would.

Fri, 08/31/2012 - 10:44 | 2752621 Ratscam
Ratscam's picture

Reminds me of 2PAC

Well this is how we gonna' do this:
fuck Mobb Deep,
fuck Biggie,
fuck Bad Boy his staff, record label, and his mother fucking crew.
And if you want to be down with Bad Boy,
Then fuck you too.
Chino XL, fuck you too.
All you mother fuckers,
fuck you too.
All of y'all mother fuckers,
fuck you, die slow motherfucker.
My four four (.44 magnum) make sure all your kids don't grow.

Fri, 08/31/2012 - 13:32 | 2753257 slewie the pi-rat
slewie the pi-rat's picture

fringe verminRus tend to thrive on staaahbiiiiiLieeeeeeTAAAAY

plus that stready diet of guilt

b/c on a long enuf timeline we all

eat shit
lay eggs and
die young

Rayman Raving Rabbids - Teenager In Love

Fri, 08/31/2012 - 10:13 | 2752442 drivenZ
drivenZ's picture

so, if he prints he's damned and if he doesnt print he's damned? why doesn't congress get it's act together and do something instead of coasting through elections? The bernanke bashing is stale, the real problem is Congress.  

Fri, 08/31/2012 - 10:16 | 2752461 docj
docj's picture

OK, I'll bite - what, precisely, do you suggest CONgress do?

Fri, 08/31/2012 - 10:21 | 2752490 Nothing To See Here
Nothing To See Here's picture

The real problem is with the people who elect those congressmen.

Fri, 08/31/2012 - 13:40 | 2753292 jerry_theking_lawler
jerry_theking_lawler's picture

ah ha. now you see why the founders originally only wanted 'property owners' to vote. this way the people voting have skin in the game. if you dont, then you end up where we are. politicians promising to spread the wealth to the poor in return for votes.

Fri, 08/31/2012 - 14:09 | 2753377 Global Hunter
Global Hunter's picture

agree 100% with Jerry the king lawler.  I'll add a property ownership threshold doesn't have to be high or particularly cumbersome to acheive results.  Shit just making people pay 100 bucks to vote would probably be enough to get most people especially students to think long and hard about whether they wanted to vote or not.  I think that's the main point, get somebody thinking about whether it really is worth their while to vote or not because right now it doesn't matter, people who are ignorant and don't care outnumber those who do.

Fri, 08/31/2012 - 10:23 | 2752498 drivenZ
drivenZ's picture

tax reform, medicare reform and social security reform. just to name a few. None of which Bernanke can do anything about and all of which are a drag on the economy due to the obvious $ issues as well as the uncertainty issues. Remember the super committee? yea nobody else does either because they didnt do shit. Congress has been on cruise control the last year waiting for the elections and fundraising for their parties. Grow some balls, reach across the aisle and get something done. 

Fri, 08/31/2012 - 10:32 | 2752559 docj
docj's picture

The Senate last passed a budget in April 2009 - but they're going to "reach across the aisle" and re-do taxes, social security and medicare?

Frankly, at this point I'd just assume flush them all and start fresh in January.

Fri, 08/31/2012 - 10:47 | 2752641 drivenZ
drivenZ's picture

this point is not lost on me...but it's unrealistic only if you believe that's how things should operate. Doing all of those reforms plus passing budgets is not unrealistic. If that's unrealistic then what the hell are they getting paid to do? oh right, fundraise.     

Fri, 08/31/2012 - 13:25 | 2753238 V in PA
V in PA's picture

I get what you are saying, and wish I could believe in it, but your arguement is flawed because it is based on the premise that politicians actually care.

Fri, 08/31/2012 - 10:34 | 2752574 Dumpster Fire
Dumpster Fire's picture


Congress has been on cruise control the last year waiting for the elections and fundraising for their parties


You've slept through the past 40 years I see.


Congress can never do anything within the 2 year pre-election period. 


We have elections every two years.

Fri, 08/31/2012 - 11:20 | 2752783 earnyermoney
earnyermoney's picture

The fiscal cliff everyone's talking about is the result of the super comittee. Mandatory across the board cuts for every government agency. We're talking real cuts not this baseline BS.

Either you lay off government employees or keep head count and slash salaries and benefits. Bout time these aholes experience the realities of the private sector the past 3 decades.

Fri, 08/31/2012 - 10:23 | 2752518 rehypothecator
rehypothecator's picture

Repeal ten thousand pages of regulations (i.e. a few percent of them, at least to start).  Make taxes low and more importantly, predictable in the future.  Undo Obamacare and other items of legislation that place unknown, large burdens on potential small buisnesses.  Oh, and take whatever steps are necessary to put Corzine in jail, up to and including removing Eric Holder.  

Fri, 08/31/2012 - 10:25 | 2752530 rehypothecator
rehypothecator's picture

While I'm dreaming, give me a pony, too.  None of this will ever happen.

Fri, 08/31/2012 - 10:53 | 2752671 JR
JR's picture

Continuing on…with these suggestions proposed in Debt and Delusion:

Withdraw special privilege limited liability status protection of financial speculators from their creditors in the event of losses…convictions for fraud and deception to carry confiscation of personal assets;

Overhaul the derivatives market…establish a global capital adequacy regime for all users based on a standardized Value-at-risk model backed by cash deposits in proportion to exposure…prohibit government agencies, pensions funds and insurance funds, industrial and commercial companies from entering into derivatives contracts;

Tighten laws on companies granting credit with an ethical code for lending to the general public, call into accountablility lenders with higher than average non-performing assets…

Stop the debt addiction!!! Bring on transparency and accountability, Ben.

Did you go to Jackson Hole? If you didn’t, how do you expect to get anything? The paymaster is in Jackson Hole.


Fri, 08/31/2012 - 10:32 | 2752561 TheFourthStooge-ing
TheFourthStooge-ing's picture


OK, I'll bite - what, precisely, do you suggest CONgress do?

Die, en masse.

Fri, 08/31/2012 - 10:19 | 2752482 earnyermoney
earnyermoney's picture

when's barry going to get his act together?

Fri, 08/31/2012 - 10:41 | 2752611 kito
kito's picture

barry has his act together, as does congress......and they win the oscar awards for pretending to be an effective government...............

Fri, 08/31/2012 - 10:47 | 2752645 GeorgeHayduke
GeorgeHayduke's picture

Barry's doing exactly what his owners have told him to do. Just as Bush II, Clinton, Bush I, Reagan and Mitteny will do if he's elected. Sure the sheople vote for these assholes, but they aren't in office to serve their interests. They are there to bow to their corporate owners.

Fri, 08/31/2012 - 11:13 | 2752760 earnyermoney
earnyermoney's picture

I'm writing Ron Pauls name on the ballot for President and my wife's name on the ballot for Congress.

Fri, 08/31/2012 - 13:01 | 2753160 Papasmurf
Papasmurf's picture

That will cause a divide by zero error in Diabold computers.

Fri, 08/31/2012 - 10:22 | 2752502 HoofHearted
HoofHearted's picture

The REAL problem is the fiat with no mooring.

Fri, 08/31/2012 - 10:28 | 2752545 Boris Alatovkrap
Boris Alatovkrap's picture

Advice for Amerikan friends - Congress is most effective in do nothing, not meddling. Remember, US Congress is more worst of Soviet Politburo.

Fri, 08/31/2012 - 10:20 | 2752483 fonzannoon
fonzannoon's picture

Gold selling off, treasuries rallying, stocks up.....Hey Robotrader get out here. Go ahead you guys earned it.....

Fri, 08/31/2012 - 10:26 | 2752533 HoofHearted
HoofHearted's picture

And now that Bastard Bernanke says that QE3 is necessary, giving everything that can be sold an erection. He just gave the big banks a chance to cover their shorts on the first message and go long taking a ton of money from the Muppets.

Fucking Efficient Market Hypothesis at work right here and right now. And we're all getting fleeced. Glad my stack of the shiny isn't going anywhere.

Ben Bernanke belongs on that bench that Arlo Guthrie talked about: mother rapers, father rapers....

Hell, I'm going to go listen to Alice's Restaurant and have a glass of merlot. It's nearly 10:30am, what the fuck?

Fri, 08/31/2012 - 10:31 | 2752557 TheSilverJournal
TheSilverJournal's picture

Expected the silver and gold drop, but wow, look at that pop right after!! That's a move like we haven't seen in silver in many months.

Fri, 08/31/2012 - 10:38 | 2752596 gckings19
gckings19's picture

Where's Million dollarbonus with his ridiculous comments.

Fri, 08/31/2012 - 10:30 | 2752554 midtowng
midtowng's picture

It looks like he's talking out of both sides of his mouth. You can take what he is saying any way you want.

Fri, 08/31/2012 - 12:19 | 2753006 techperson
techperson's picture

Wow, Tyler, didn't you read the last paragraph? The parting thought Bernanke wants us to retain:

"Over the past five years, the Federal Reserve has acted to support economic growth and foster job creation, and it is important to achieve further progress, particularly in the labor market. Taking due account of the uncertainties and limits of its policy tools, the Federal Reserve will provide additional policy accommodation as needed to promote a stronger economic recovery and sustained improvement in labor market conditions in a context of price stability."

further progress - will provide - stronger - sustained - the surprise is that the S&P is only up 10, and gold is only up $22. September 13 is coming. Risk on, bitchezz!

Fri, 08/31/2012 - 10:05 | 2752371 Vincent Vega
Vincent Vega's picture

Bernanke speaks and says absolutely nothing.

Fri, 08/31/2012 - 10:15 | 2752429 Bay of Pigs
Bay of Pigs's picture

Much like Greenspan did during the tech boom. Nothing but gobbledygook.

Otherwise known as baffle em with bullshit.

Fri, 08/31/2012 - 16:54 | 2753817 Blankenstein
Blankenstein's picture

irrational exuberance, froth .......

Fri, 08/31/2012 - 10:16 | 2752460 Rainman
Rainman's picture

Bernank smells coffee and discovers the developed world is really in a balance sheet depression.

Fri, 08/31/2012 - 10:18 | 2752474 duo
duo's picture

There ain't gonna be no "exit from accomodative policies".  ZIRP is here until the dollar is no more.

Fri, 08/31/2012 - 11:57 | 2752929 GCT
GCT's picture

TPTB want NIRP the heck with ZIRP!

Fri, 08/31/2012 - 10:20 | 2752485 gunsmoke011
gunsmoke011's picture

Exactly - now it is time for spin - QE Delayed - but not off the table.

Fri, 08/31/2012 - 10:21 | 2752491 Cursive
Cursive's picture

@Vincent Vega

He actually said a lot about the status of new QE?  More could reduce public confidence?  He is now arguing with himself and his previous cocksure utterances.

Fri, 08/31/2012 - 10:27 | 2752542 I am more equal...
I am more equal than others's picture

Its what congress wants to hear so they can go back and tell their voters exactly what they heard and what they'll do with it.

Fri, 08/31/2012 - 14:05 | 2753365 neuroreceptor
neuroreceptor's picture

But his beard looked terrific!

Fri, 08/31/2012 - 10:22 | 2752372 malikai
malikai's picture


Watch how this chump's words are used to ravage gold traders:

UPDATE: For those who'se browsers cannot view our console, have a look at today's gold action on our blog:


Fri, 08/31/2012 - 10:53 | 2752670 boogey_bank
boogey_bank's picture

How do I trade Your signals?

What is the actual meaning of:




Is it possible to implement Your signals on a mt4 platform?

Could You give me some tutorial resources?




Fri, 08/31/2012 - 12:25 | 2753029 malikai
malikai's picture

Go here:

We don't do automated trading ala MT.

We have considered it, but we would not be able to provide means for backtesting as all our models are trained daily.

Sat, 09/01/2012 - 11:40 | 2754988 boogey_bank
boogey_bank's picture

Is it possible to download Your data in csv or better in other format suitable in mt4? I know, Your model are trained daily, but I'm pretty sure that applying some tecnical analisys to graphs made from Your data I would find some interesting way to spot inversion points in divergence plot.


Fri, 08/31/2012 - 10:05 | 2752375 autonomos
autonomos's picture

Who owns the FED?

Fri, 08/31/2012 - 10:06 | 2752387 vmromk
vmromk's picture

Who owns the Fed you ask ?


Fri, 08/31/2012 - 10:22 | 2752500 autonomos
autonomos's picture

Seems true... But still: do anyone know precisely?

Fri, 08/31/2012 - 10:26 | 2752535 ArrestBobRubin
ArrestBobRubin's picture

I'd tell ya but I'd I'd have to kill ya. Or they'd kill me.

Fri, 08/31/2012 - 10:08 | 2752405 phat ho
phat ho's picture

Who run bartertown?

Fri, 08/31/2012 - 10:05 | 2752376 vmromk
vmromk's picture

Hahaha, Bernanke is a FUCKING ASSHOLE.

Fri, 08/31/2012 - 10:05 | 2752377 bnbdnb
bnbdnb's picture



Fri, 08/31/2012 - 10:13 | 2752437 spastic_colon
spastic_colon's picture

correct me if i'm wrong, but he almost sounded human, he must be drunk

Fri, 08/31/2012 - 10:16 | 2752463 earnyermoney
earnyermoney's picture

It was all a cynical lie.

Fri, 08/31/2012 - 10:06 | 2752379 slaughterer
slaughterer's picture

Difficult to understand BB's statements without Liesman's expert intrpretation.  

Fri, 08/31/2012 - 10:10 | 2752413 Temporalist
Temporalist's picture

He'll be along presently, as soon as he's finished eating shit out of BB's ass. Hard to talk when your moouff iss fuuuull!

Fri, 08/31/2012 - 10:14 | 2752447 tocointhephrase
tocointhephrase's picture


Fri, 08/31/2012 - 10:06 | 2752380 ejmoosa
ejmoosa's picture


So the guy who's job description is to ensure full employment has said he has grave concerns.

How long before he's saying the same about the other half of his job description?





Fri, 08/31/2012 - 10:16 | 2752458 g speed
g speed's picture

first it was a stable currency --THEN congress in it's infinite wisdom (not) decided they should give the mandate of full employment to the fed also--- Why I wonder dosen't the congress give the mandate of "getting out of debt" to the fed--Oh excuse me --they have (print for us please Mr.  Ben while we spend)  really really vote out the fucking congress and get new crooks in there-OK

Fri, 08/31/2012 - 10:06 | 2752385 Seorse Gorog fr...
Seorse Gorog from that Quantum Entanglement Fund. alright_.-'s picture

The market begged for QE3 from Jackson's Hole. The market only got a QuEef.

Fri, 08/31/2012 - 10:07 | 2752390 flaunt
flaunt's picture

Only in Zerohedge land was it "expected" Bernanke would announce QE.  

Fri, 08/31/2012 - 10:09 | 2752416 Spastica Rex
Spastica Rex's picture

Your mom expected Bernanke would announce QE.

Fri, 08/31/2012 - 10:53 | 2752669 kito
kito's picture

yeah thats right.....and your mom is sooo fat, that ben had to implement qe3 just to make her a dress out of dollars.......................

Fri, 08/31/2012 - 13:05 | 2753168 Papasmurf
Papasmurf's picture

Seems to have deteriorated to remarks about folk's moms.

Fri, 08/31/2012 - 10:13 | 2752443 TrillionDollarBoner
TrillionDollarBoner's picture

There was a poll yesterday you dumbass and the last thing people here were expecting was QE today

Fri, 08/31/2012 - 10:14 | 2752451 earnyermoney
earnyermoney's picture

You're joking right? Pretty clear to me that most of the commenters around these parts have been saying no QE since the beginning of the year.

The blog posts have commented on the desires for more QE by the fascists running this country.

Fri, 08/31/2012 - 10:17 | 2752470 PartysOver
PartysOver's picture

Guess Bernake just it back down Senator Schumer's arse.   Which is wehere the issue really resides.  Bernake finally did something worth a damn.

Fri, 08/31/2012 - 10:07 | 2752393 sbenard
sbenard's picture

Looks like a mixed message to me, but glad he acknowledged that QE may shake confidence. Mine certainly has been every time he or Hisenrath opens their mouth or hits the keyboard!

Fri, 08/31/2012 - 10:07 | 2752395 boribori
boribori's picture

Where can I watch it live??

Fri, 08/31/2012 - 13:06 | 2753174 Papasmurf
Papasmurf's picture

Fri, 08/31/2012 - 10:07 | 2752397 The Axe
The Axe's picture

Holy No more money for YOU!!!!

Fri, 08/31/2012 - 10:07 | 2752398 docj
docj's picture

Looks like someone pressed the "SELL EVERYTHING!!!" button until it broke.

Oh well, when your entire world revolves around the utterings of an insane person, this is, I suppose, to be expected. How you liking it, Fraud Street?

Fri, 08/31/2012 - 10:21 | 2752495 docj
docj's picture

Oops! Never mind - complete about face, right back up.

Yep, that's a normal, functioning, "free" market right there.


Fri, 08/31/2012 - 10:33 | 2752568 gunsmoke011
gunsmoke011's picture

Yes -- QE Good for the market --- No QE Great for the market because it will force Congress to become responsible -- As If!! What a fucking joke.

Fri, 08/31/2012 - 10:07 | 2752399 fonzannoon
fonzannoon's picture

The market is not amused....yup QE supposedly priced in and then nowhere close to being delivered means we shed the 100pts and go back to flat....

Fri, 08/31/2012 - 10:36 | 2752592 kito
kito's picture

good thing you didnt throw your bet into the ring with me...........................i declare victory...............too bad the blind pro-gold bugs here didnt offer to take on the bet that GOLD WILL NOT HIT 2000 WITHOUT A MAJOR LSAP FROM BERNANKE....................

Fri, 08/31/2012 - 10:10 | 2752400 ebworthen
ebworthen's picture


But Ben, don't you know the markets need your laxative?

So when the SHTF what will you do?

More "easing" to cure diarrhea with more laxative?

Why prescribe the laxative in the first place?

Perhaps you need the patient?


Fri, 08/31/2012 - 10:10 | 2752401 ClassicCommodity
ClassicCommodity's picture

Wasn't Hitler telling us about the jewish bankers bank in 1940?

Fri, 08/31/2012 - 10:26 | 2752536 Joshua_D
Joshua_D's picture

Just because you are greedy bastard banker, that doesn't mean you and your family deserve to be executed in a gas chamber. However, if you are a greedy bastard banker, don't be surprised if someone decides they've had enough. A lot of Americans have gotten over the gernerational guilt trip over slavery. So, I might be worried if I were a greedy bastard banker, or related to one. But that's just me.

Fri, 08/31/2012 - 10:07 | 2752402 eigenvalue
eigenvalue's picture

So the prayer for QE in November begins?

Fri, 08/31/2012 - 10:15 | 2752452 spastic_colon
spastic_colon's picture


Fri, 08/31/2012 - 10:08 | 2752403 Temporalist
Temporalist's picture

Non-traditional?  You mean "not gold?" 


Non-tradition bitchez!

Fri, 08/31/2012 - 10:20 | 2752489 fuu
fuu's picture

Look at 'em go!

Fri, 08/31/2012 - 10:08 | 2752406 Stuart
Stuart's picture

and people are surprised he didn't reveal his cards given the clear discord amongst FOMC members??  There's a clear divide over what to do.   Monetary policy cannot solve a fiscal policy problem.  Buy time perhaps but not solve it.   The US spends too much and the FOMC knows this and wants to reserve maximum flexibility at this point.  To that end, anybody that has ever been in a similar position reading this knows, you say NOTHING that portends future action. 


Fri, 08/31/2012 - 10:08 | 2752408 pods
pods's picture

Are we still pretending we are NOT in a depression?


Fri, 08/31/2012 - 10:14 | 2752445 Dr. Engali
Dr. Engali's picture

Haven't seen you post in a while. I thought the black helicopters got you.

Fri, 08/31/2012 - 10:17 | 2752464 pods
pods's picture

Haha, if I get taken off to FEMA camp 6, you will know it.  Will see you there!

Just off to the beach for some fishing and suds.



Fri, 08/31/2012 - 10:23 | 2752515 Dr. Engali
Dr. Engali's picture

Good. Enjoy it while it can. I'm afraid it may start getting ugly soon.

Fri, 08/31/2012 - 10:08 | 2752409 Shizzmoney
Shizzmoney's picture

Bernanke Checks to Congress

And I expect Congress to check behind, or even fold....when it needs to bet.

Fri, 08/31/2012 - 10:09 | 2752412 FuzzyDunlop21
FuzzyDunlop21's picture

Today I got trapped in the elevator at work. I was stuck in there for so long that I had to piss in the corner. At one time it got dislodged or something and fell down a few feet. I thought Id die in that fucking place. Finally the maintenance team came and so did the Fire Dept. When they opened the door for me to get out I was so excited I shouted "Fuck you, Bernanke!"

Fri, 08/31/2012 - 10:31 | 2752555 Nobody For President
Nobody For President's picture

That is such a bizarre, unbelievable, POS story it must be true. 

Greenie for you!

(Glad you didn't fall into your little puddle in the corner when the elevator dropped a few feet - that would be one scary sob, and I'm a former skydiver and present day pilot. Would have given the rescue crew a few giggles, though.)

Fri, 08/31/2012 - 10:09 | 2752414 dingoj
dingoj's picture

haha, the markets' face! Unforgettable!

Fri, 08/31/2012 - 10:09 | 2752415 Cursive
Cursive's picture

Benron seems to be distancing himself from all of the policies that he said he could adopt to avoid a depression.

Fri, 08/31/2012 - 10:10 | 2752420 fonzannoon
fonzannoon's picture

Bill Gross.....paging Bill Gross....

Fri, 08/31/2012 - 10:10 | 2752421 I Am Not a Copp...
I Am Not a Copper Top's picture

"@#^$!??$%@#^&!&*@#!#^%@*&(#!@#??!!!!!!!!!!!!!!!!!!!!!!!!!" - TOTUS

Fri, 08/31/2012 - 10:14 | 2752444 docj
docj's picture

Yep - Benron just sexted Barry to ask how the view was from under the bus.

Fri, 08/31/2012 - 10:10 | 2752422 LawsofPhysics
LawsofPhysics's picture

Now watch the congressional slime squirm.  Who runs bartertown indeed.

Fri, 08/31/2012 - 10:10 | 2752423 TheCanadianAustrian
TheCanadianAustrian's picture

Gold and Silver both down less than one half of 1%. So much for QE3 being "priced in".

Fri, 08/31/2012 - 10:17 | 2752462 spastic_colon
spastic_colon's picture

already pricing in sept, dec, and draghi....not necessarily in that order

Fri, 08/31/2012 - 10:11 | 2752427 Vooter
Vooter's picture

Blah, blah, blah...buying more bullion as we speak...

Fri, 08/31/2012 - 10:16 | 2752459 tocointhephrase
tocointhephrase's picture


Fri, 08/31/2012 - 10:24 | 2752525 ArrestBobRubin
ArrestBobRubin's picture

Now there's a smart Vooter. Good on ya.

Fri, 08/31/2012 - 10:12 | 2752431 Snakeeyes
Snakeeyes's picture

He can't do anything about unemployment. But he will be politically pressured to do QE3.

Fri, 08/31/2012 - 10:14 | 2752432 TomGa
TomGa's picture



Assumes a fact not in evidence.  You first have to have confidence in order to be able to reduce it.


Fri, 08/31/2012 - 10:12 | 2752433 sodbuster
sodbuster's picture

Sounds like Ben was kind've a downer!! Got this on the DJ newswire- "WSJ analysis:Bernanke leaves little doubt he's gearing up to do more."

Fri, 08/31/2012 - 10:14 | 2752434 holdbuysell
holdbuysell's picture

"Consequently, the bar for the use of nontraditional policies is higher than for traditional policies. In addition, in the present context, nontraditional policies share the limitations of monetary policy more generally: Monetary policy cannot achieve by itself what a broader and more balanced set of economic policies might achieve; in particular, it cannot neutralize the fiscal and financial risks that the country faces. It certainly cannot fine-tune economic outcomes."

Bernanke just checked to the US' Finest 535 to actually do something.

Edit: My bad, didn't see that Tyler already called this out at the very end.

Fri, 08/31/2012 - 10:12 | 2752435 TWSceptic
TWSceptic's picture

Thanks Bernanke, I can buy cheaper PM now. Future QE is inevitable.

Fri, 08/31/2012 - 10:13 | 2752436 Dr. Engali
Dr. Engali's picture

Good by MS it was nice knowing you.

Fri, 08/31/2012 - 10:19 | 2752479 lolmao500
lolmao500's picture

Well I'm hearing a lot about Morgan Stanley blowing up within days/weeks.

Fri, 08/31/2012 - 10:14 | 2752439 fonzannoon
fonzannoon's picture

Look at this market levitate! All hail the Bernak!

Fri, 08/31/2012 - 10:14 | 2752448 Cranios
Cranios's picture

Without regard to the soundness of the FRB system (which he can't control), I think what Ben said made a lot of sense. The bar for using QE ought to be high, because its effects are unknown.

Fri, 08/31/2012 - 10:14 | 2752449 pupton
pupton's picture

How long before Graham Summers shoots out a post saying he has been predicting this for months?

Fri, 08/31/2012 - 10:23 | 2752505 FreedomCostsaBu...
FreedomCostsaBuck-o-Five's picture

Don't get us started on that bot Graham....

Fri, 08/31/2012 - 10:14 | 2752453 Peter K
Peter K's picture

No shit Sherlock :)

Fri, 08/31/2012 - 10:15 | 2752454 Bastiat009
Bastiat009's picture

Time to bring out all the stories that announced QE3 27 times over the past few months. At least then, we'll know who has a clue and who has none.

Fri, 08/31/2012 - 10:15 | 2752455 madcows
madcows's picture

Boy, it's a good thig they didn't ease some more.  Otherwise, we might have had to worry about inflation. /s

Fri, 08/31/2012 - 10:17 | 2752466 PaperBear
PaperBear's picture

Silver futures are having nearly 1,000 contracts traded per minute and is holding at above $30/oz - they are running out of downside.

Fri, 08/31/2012 - 10:26 | 2752532 pupton
pupton's picture

Yeah, quite curious...I expected a selloff to perhaps $28, but if not at least some kind of selloff.  Maybe it's just a matter of waiting an hour or two for reality to set in. 

Fri, 08/31/2012 - 10:35 | 2752582 ParkAveFlasher
ParkAveFlasher's picture

Battle Royale at $1650/$31!!!!!! Snap that pennant open!!!

Fri, 08/31/2012 - 10:17 | 2752467 Catullus
Catullus's picture

Non-traditional means underwriting and backstopping derivatives exposure. This has nothing to do with employment. Or the annual cash deficit of the Treasury department.

Underwriting IRS and FX swaps can only do so much.

These guys are looking for sacrificial lamb.

Fri, 08/31/2012 - 10:17 | 2752468 john_connor
john_connor's picture

"such a reduction in confidence might increase the risk of a costly unanchoring of inflation expectations..."


Game changer!  This is like the opposite of QE.



Fri, 08/31/2012 - 10:17 | 2752469 ArrestBobRubin
ArrestBobRubin's picture

Is the Fed in the Romney camp? As I've said here several times, their lack of overt action these past 6 months reminds me of how the Fed held back on Poppy Bush to help get Clinton elected. The suspicion this could be the case is the main reason why I expected nothing to come out today. That and the fact that J Hole has never been the venue for QE announcements, outside of 2 years ago.

Fri, 08/31/2012 - 10:30 | 2752550 Cthonic
Cthonic's picture

Let the overt Carterization commence.  Greenspan's fall guy gets religion before retirement.

Fri, 08/31/2012 - 10:18 | 2752472 BurningFuld
BurningFuld's picture

Bernanke can't print this close to an election. It does not matter one wit what he does anyhow. It's not him it's the US Government that is destroying the country AND the currency. 1 trillion in deficit spending??? Are you kidding me? Other countries are abandoning the USD in droves. Japan-China and now Germany-China. Those ARE big deals. It's about to get real as we passed the Rubicon and Bernanke already knows it. Watch the USD plummet over the next 5 years. Think gas is expensive now??

Fri, 08/31/2012 - 10:24 | 2752520 earnyermoney
earnyermoney's picture

That's where the MIC comes into play. Nothing like coercian. You'll take this green arse wipe as payment for your resources if you know what's good for you.

Wed, 09/05/2012 - 13:51 | 2765099 Alpha Monkey
Alpha Monkey's picture

Eventually bullys get put down, either by someone better, or a group of pissed off small people.  I look forward to that day. 

Fri, 08/31/2012 - 10:19 | 2752475 dwdollar
dwdollar's picture

The market is like a spoiled brat that won't take no for an answer...

Another week or two and all eyes will be on the next meeting.

Fri, 08/31/2012 - 10:18 | 2752476 DeadFred
DeadFred's picture

The last fomc said petty much the same but the WSJ headlined that the Fed was hinting at further easing. There really no cure for stupid.

Fri, 08/31/2012 - 10:19 | 2752477 Spastica Rex
Spastica Rex's picture

Serious question: if nothing in the "markets" is real anyway, what difference does it make what BB says? He just has to say something and spinners can spin. If it's a carnival game, what the barker says doesn't mean anything; it's just part of the show.

Fri, 08/31/2012 - 10:19 | 2752478 MFLTucson
MFLTucson's picture



This is a fucking joke, ...right?  Exit from what, the USD?

Fri, 08/31/2012 - 10:20 | 2752484 Conman
Conman's picture

Lol look at that algo action - BTFD algos on the loose.

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