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Bernanke Fails To Deliver As Chairman Checks To Congress
The market is not amused...
- *BERNANKE SAYS STAGNATION IN LABOR MARKET IS `GRAVE CONCERN'
- *BERNANKE SAYS FED WILL BOOST ACCOMMODATION AS NEEDED FOR GROWTH
- *BERNANKE SAYS HE WOULDN'T RULE OUT FURTHER ASSET PURCHASES
- *BERNANKE: QE `SIGNIFICANTLY LOWERED LONG-TERM TREASURY YIELDS'
- *BERNANKE SAYS IMPACT OF QE IS `ECONOMICALLY MEANINGFUL'
- *BERNANKE: BIG BOOST IN QE MAY REDUCE CONFIDENCE IN SMOOTH EXIT
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.
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Fuck You Bernanke!
GOLD BITCHEZ!!!
BULLISH!
Live from the Politburo in Wyoming, it's being streamed in fairness to the muppets, NOT !
From whence, J-hole will just be A hole.
Bernanke channeling Bob Marley: I shot the markets...
They can Lick My J-Hole ...
But gold just popped $15 up.
Go figure.
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.
wait for it>>>>>>now!
Odd that you have a j-hole.
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".
Cheers
the only thing that mattered today was that fag hilesenrath's op-ed at 10:01am EST....fuck off!
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?
Follow the yellow brick road, follow the yellow brick road, SILVER SILVER SILVER SILVER, follow the yellow brick road
I don't swear very often but I am in complete agreement with that sentiment, to include Tim Geithner, Larry Summers et al.
DavidC
bftD!!
I swear all the time, and I'll say it for you: Fuck Bernanke, fuck Geithner, fuck Larry Summers, fuck Bill Dudley...in 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!)
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.
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.
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
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.
OK, I'll bite - what, precisely, do you suggest CONgress do?
The real problem is with the people who elect those congressmen.
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.
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.
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.
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.
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.
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.
...
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.
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.
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.
While I'm dreaming, give me a pony, too. None of this will ever happen.
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.
.
Die, en masse.
when's barry going to get his act together?
barry has his act together, as does congress......and they win the oscar awards for pretending to be an effective government...............
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.
I'm writing Ron Pauls name on the ballot for President and my wife's name on the ballot for Congress.
That will cause a divide by zero error in Diabold computers.
The REAL problem is the fiat with no mooring.
Advice for Amerikan friends - Congress is most effective in do nothing, not meddling. Remember, US Congress is more worst of Soviet Politburo.
Gold selling off, treasuries rallying, stocks up.....Hey Robotrader get out here. Go ahead you guys earned it.....
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?
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.
Where's Million dollarbonus with his ridiculous comments.
It looks like he's talking out of both sides of his mouth. You can take what he is saying any way you want.
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!
Bernanke speaks and says absolutely nothing.
Much like Greenspan did during the tech boom. Nothing but gobbledygook.
Otherwise known as baffle em with bullshit.
irrational exuberance, froth .......
Bernank smells coffee and discovers the developed world is really in a balance sheet depression.
There ain't gonna be no "exit from accomodative policies". ZIRP is here until the dollar is no more.
TPTB want NIRP the heck with ZIRP!
Exactly - now it is time for spin - QE Delayed - but not off the table.
@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.
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.
But his beard looked terrific!
Watch how this chump's words are used to ravage gold traders:
https://www.quantsig.net
UPDATE: For those who'se browsers cannot view our console, have a look at today's gold action on our blog:
http://blog.quantsig.net/2012/08/31/jackson-hole-gold/
How do I trade Your signals?
What is the actual meaning of:
actual
output
diverg
Is it possible to implement Your signals on a mt4 platform?
Could You give me some tutorial resources?
Tnx
Go here: http://blog.quantsig.net/usage-documentation/
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.
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.
Tnx
Who owns the FED?
Who owns the Fed you ask ?
A CRIMINAL SYNDICATE.
Seems true... But still: do anyone know precisely?
I'd tell ya but I'd I'd have to kill ya. Or they'd kill me.
Who run bartertown?
Hahaha, Bernanke is a FUCKING ASSHOLE.
BERNANKE: BIG BOOST IN QE MAY REDUCE CONFIDENCE IN SMOOTH EXIT
EEEEEEEEEEEExxxxxxxxxaaaaaaaaaaaactly.
correct me if i'm wrong, but he almost sounded human, he must be drunk
It was all a cynical lie.
Difficult to understand BB's statements without Liesman's expert intrpretation.
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!
yuck
http://www.youtube.com/watch?v=vNQFvc1q178
http://www.youtube.com/watch?v=ItAzJD0o9NQ
*BERNANKE SAYS STAGNATION IN LABOR MARKET IS `GRAVE CONCERN'
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?
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
The market begged for QE3 from Jackson's Hole. The market only got a QuEef.
Only in Zerohedge land was it "expected" Bernanke would announce QE.
Your mom expected Bernanke would announce QE.
yeah thats right.....and your mom is sooo fat, that ben had to implement qe3 just to make her a dress out of dollars.......................
Seems to have deteriorated to remarks about folk's moms.
There was a poll yesterday you dumbass and the last thing people here were expecting was QE today
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.
Guess Bernake just it back down Senator Schumer's arse. Which is wehere the issue really resides. Bernake finally did something worth a damn.
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!
Where can I watch it live??
wikisecrets.com
Holy No more money for YOU!!!!
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?
Oops! Never mind - complete about face, right back up.
Yep, that's a normal, functioning, "free" market right there.
/s
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.
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....
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....................
"*BERNANKE: BIG BOOST IN QE MAY REDUCE CONFIDENCE IN SMOOTH EXIT"
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?
Doctor?
Wasn't Hitler telling us about the jewish bankers bank in 1940?
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.
So the prayer for QE in November begins?
december
Non-traditional? You mean "not gold?"
Non-tradition bitchez!
Look at 'em go!
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.
Are we still pretending we are NOT in a depression?
pods
Haven't seen you post in a while. I thought the black helicopters got you.
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.
pods
Good. Enjoy it while it can. I'm afraid it may start getting ugly soon.
And I expect Congress to check behind, or even fold....when it needs to bet.
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!"
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.)
haha, the markets' face! Unforgettable!
Benron seems to be distancing himself from all of the policies that he said he could adopt to avoid a depression.
Bill Gross.....paging Bill Gross....
"@#^$!??$%@#^&!&*@#!#^%@*&(#!@#??!!!!!!!!!!!!!!!!!!!!!!!!!" - TOTUS
Yep - Benron just sexted Barry to ask how the view was from under the bus.
Now watch the congressional slime squirm. Who runs bartertown indeed.
Gold and Silver both down less than one half of 1%. So much for QE3 being "priced in".
already pricing in sept, dec, and draghi....not necessarily in that order
Blah, blah, blah...buying more bullion as we speak...
WE HAVE A WINNER!
Now there's a smart Vooter. Good on ya.
He can't do anything about unemployment. But he will be politically pressured to do QE3.
http://confoundedinterest.wordpress.com/2012/08/31/bernanke-hints-a-more-monetary-easing-chicago-and-milwaukee-prints-disappoint/
*BERNANKE: BIG BOOST IN QE MAY REDUCE CONFIDENCE IN SMOOTH EXIT
Assumes a fact not in evidence. You first have to have confidence in order to be able to reduce it.
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."
"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.
Thanks Bernanke, I can buy cheaper PM now. Future QE is inevitable.
Good by MS it was nice knowing you.
Well I'm hearing a lot about Morgan Stanley blowing up within days/weeks.
Look at this market levitate! All hail the Bernak!
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.
How long before Graham Summers shoots out a post saying he has been predicting this for months?
Don't get us started on that bot Graham....
No shit Sherlock :)
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.
Boy, it's a good thig they didn't ease some more. Otherwise, we might have had to worry about inflation. /s
Silver futures are having nearly 1,000 contracts traded per minute and is holding at above $30/oz - they are running out of downside.
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.
Battle Royale at $1650/$31!!!!!! Snap that pennant open!!!
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.
"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.
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.
Let the overt Carterization commence. Greenspan's fall guy gets religion before retirement.
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??
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.
Eventually bullys get put down, either by someone better, or a group of pissed off small people. I look forward to that day.
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.
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.
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.
*BERNANKE: BIG BOOST IN QE MAY REDUCE CONFIDENCE IN SMOOTH EXIT
This is a fucking joke, ...right? Exit from what, the USD?
Lol look at that algo action - BTFD algos on the loose.