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Bernanke Fails To Deliver As Chairman Checks To Congress

Tyler Durden's picture





 

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.

 

 

 

Full speech here

 


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Fri, 08/31/2012 - 10:03 | Link to Comment fightthepower
fightthepower's picture

Fuck You Bernanke!

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

GOLD BITCHEZ!!!

Fri, 08/31/2012 - 10:08 | Link to Comment American34
American34's picture

BULLISH!

Fri, 08/31/2012 - 10:12 | Link to Comment 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 | Link to Comment old naughty
old naughty's picture

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

Fri, 08/31/2012 - 10:17 | Link to Comment HoofHearted
HoofHearted's picture

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

Fri, 08/31/2012 - 10:23 | Link to Comment BaBaBouy
BaBaBouy's picture

They can Lick My J-Hole ...

Fri, 08/31/2012 - 10:24 | Link to Comment Crisismode
Crisismode's picture

But gold just popped $15 up.

Go figure.

 

Fri, 08/31/2012 - 10:30 | Link to Comment 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 | Link to Comment gckings19
gckings19's picture

wait for it>>>>>>now!

Fri, 08/31/2012 - 12:59 | Link to Comment Papasmurf
Papasmurf's picture

Odd that  you have a j-hole. 

Fri, 08/31/2012 - 10:24 | Link to Comment 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". 

Cheers

Fri, 08/31/2012 - 10:30 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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.

DavidC

Fri, 08/31/2012 - 10:21 | Link to Comment max2205
max2205's picture

bftD!!

Fri, 08/31/2012 - 10:21 | Link to Comment 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 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!)

Fri, 08/31/2012 - 10:27 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment docj
docj's picture

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

Fri, 08/31/2012 - 10:21 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment earnyermoney
earnyermoney's picture

when's barry going to get his act together?

Fri, 08/31/2012 - 10:41 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Papasmurf
Papasmurf's picture

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

Fri, 08/31/2012 - 10:22 | Link to Comment HoofHearted
HoofHearted's picture

The REAL problem is the fiat with no mooring.

Fri, 08/31/2012 - 10:28 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment gckings19
gckings19's picture

Where's Million dollarbonus with his ridiculous comments.

Fri, 08/31/2012 - 10:30 | Link to Comment 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 | Link to Comment 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 | Link to Comment Vincent Vega
Vincent Vega's picture

Bernanke speaks and says absolutely nothing.

Fri, 08/31/2012 - 10:15 | Link to Comment 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 | Link to Comment Blankenstein
Blankenstein's picture

irrational exuberance, froth .......

Fri, 08/31/2012 - 10:16 | Link to Comment 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 | Link to Comment 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 | Link to Comment GCT
GCT's picture

TPTB want NIRP the heck with ZIRP!

Fri, 08/31/2012 - 10:20 | Link to Comment gunsmoke011
gunsmoke011's picture

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

Fri, 08/31/2012 - 10:21 | Link to Comment 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 | Link to Comment 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 | Link to Comment neuroreceptor
neuroreceptor's picture

But his beard looked terrific!

Fri, 08/31/2012 - 10:22 | Link to Comment malikai
malikai's picture

 

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/

 

Fri, 08/31/2012 - 10:53 | Link to Comment boogey_bank
boogey_bank's picture

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

 

Fri, 08/31/2012 - 12:25 | Link to Comment malikai
malikai's picture

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.

Sat, 09/01/2012 - 11:40 | Link to Comment 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.

Tnx

Fri, 08/31/2012 - 10:05 | Link to Comment autonomos
autonomos's picture

Who owns the FED?

Fri, 08/31/2012 - 10:06 | Link to Comment vmromk
vmromk's picture

Who owns the Fed you ask ?

A CRIMINAL SYNDICATE.

Fri, 08/31/2012 - 10:22 | Link to Comment autonomos
autonomos's picture

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

Fri, 08/31/2012 - 10:26 | Link to Comment 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 | Link to Comment phat ho
phat ho's picture

Who run bartertown?

Fri, 08/31/2012 - 10:05 | Link to Comment vmromk
vmromk's picture

Hahaha, Bernanke is a FUCKING ASSHOLE.

Fri, 08/31/2012 - 10:05 | Link to Comment bnbdnb
bnbdnb's picture

BERNANKE: BIG BOOST IN QE MAY REDUCE CONFIDENCE IN SMOOTH EXIT

EEEEEEEEEEEExxxxxxxxxaaaaaaaaaaaactly.

Fri, 08/31/2012 - 10:13 | Link to Comment 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 | Link to Comment earnyermoney
earnyermoney's picture

It was all a cynical lie.

Fri, 08/31/2012 - 10:06 | Link to Comment slaughterer
slaughterer's picture

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

Fri, 08/31/2012 - 10:10 | Link to Comment 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 | Link to Comment tocointhephrase
tocointhephrase's picture

yuck

Fri, 08/31/2012 - 10:06 | Link to Comment ejmoosa
ejmoosa's picture

*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?

 

 

 

 

Fri, 08/31/2012 - 10:16 | Link to Comment 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 | Link to Comment 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 | Link to Comment flaunt
flaunt's picture

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

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

Your mom expected Bernanke would announce QE.

Fri, 08/31/2012 - 10:53 | Link to Comment 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 | Link to Comment Papasmurf
Papasmurf's picture

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

Fri, 08/31/2012 - 10:13 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment boribori
boribori's picture

Where can I watch it live??

Fri, 08/31/2012 - 13:06 | Link to Comment Papasmurf
Papasmurf's picture

wikisecrets.com

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

Holy No more money for YOU!!!!

Fri, 08/31/2012 - 10:07 | Link to Comment 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 | Link to Comment docj
docj's picture

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

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

/s

Fri, 08/31/2012 - 10:33 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment ebworthen
ebworthen's picture

"*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?

Fri, 08/31/2012 - 10:10 | Link to Comment ClassicCommodity
ClassicCommodity's picture

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

Fri, 08/31/2012 - 10:26 | Link to Comment 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 | Link to Comment eigenvalue
eigenvalue's picture

So the prayer for QE in November begins?

Fri, 08/31/2012 - 10:15 | Link to Comment spastic_colon
spastic_colon's picture

december

Fri, 08/31/2012 - 10:08 | Link to Comment Temporalist
Temporalist's picture

Non-traditional?  You mean "not gold?" 

 

Non-tradition bitchez!

Fri, 08/31/2012 - 10:20 | Link to Comment fuu
fuu's picture

Look at 'em go!

Fri, 08/31/2012 - 10:08 | Link to Comment 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 | Link to Comment pods
pods's picture

Are we still pretending we are NOT in a depression?

pods

Fri, 08/31/2012 - 10:14 | Link to Comment 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 | Link to Comment 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.

pods

 

Fri, 08/31/2012 - 10:23 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment dingoj
dingoj's picture

haha, the markets' face! Unforgettable!

Fri, 08/31/2012 - 10:09 | Link to Comment 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 | Link to Comment fonzannoon
fonzannoon's picture

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

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

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

Fri, 08/31/2012 - 10:14 | Link to Comment 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 | Link to Comment LawsofPhysics
LawsofPhysics's picture

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

Fri, 08/31/2012 - 10:10 | Link to Comment 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 | Link to Comment spastic_colon
spastic_colon's picture

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

Fri, 08/31/2012 - 10:11 | Link to Comment Vooter
Vooter's picture

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

Fri, 08/31/2012 - 10:16 | Link to Comment tocointhephrase
tocointhephrase's picture

WE HAVE A WINNER!

Fri, 08/31/2012 - 10:24 | Link to Comment ArrestBobRubin
ArrestBobRubin's picture

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

Fri, 08/31/2012 - 10:12 | Link to Comment Snakeeyes
Snakeeyes's picture

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/

Fri, 08/31/2012 - 10:14 | Link to Comment TomGa
TomGa's picture

*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.

 


Fri, 08/31/2012 - 10:12 | Link to Comment 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 | Link to Comment 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 | Link to Comment TWSceptic
TWSceptic's picture

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

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

Good by MS it was nice knowing you.

Fri, 08/31/2012 - 10:19 | Link to Comment lolmao500
lolmao500's picture

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

Fri, 08/31/2012 - 10:14 | Link to Comment fonzannoon
fonzannoon's picture

Look at this market levitate! All hail the Bernak!

Fri, 08/31/2012 - 10:14 | Link to Comment 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 | Link to Comment 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 | Link to Comment FreedomCostsaBu...
FreedomCostsaBuck-o-Five's picture

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

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

No shit Sherlock :)

Fri, 08/31/2012 - 10:15 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

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

Fri, 08/31/2012 - 10:17 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Cthonic
Cthonic's picture

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

Fri, 08/31/2012 - 10:18 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment MFLTucson
MFLTucson's picture

*BERNANKE: BIG BOOST IN QE MAY REDUCE CONFIDENCE IN SMOOTH EXIT

 

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

Fri, 08/31/2012 - 10:20 | Link to Comment Conman
Conman's picture

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

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