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Bernanke Speech Released, Prepared Remarks Uneventful, Looking Forward To Q&A
Many are eagerly awaiting Bernanke's opening speech at the 2012 Financial Markets Conference "The Devil’s in the Details" which just like last year had nothing in the prepared remarks about the market, or about current labor or inflation conditions. Instead, Bernanke speaks about (what we deem far more important) Shadow Banking, repos, money markets, and other things which the market does not care about at all. And since he will not address monetary policy at all in the prepared remarks, the only hope is if a random question at the Q&A will provoke him to tell the world if the NEW QE is coming. We are not holding our breath.
Speech highlights from Bloomberg:
- BERNANKE BACKS CURB ON INTRADAY CREDIT IN TRI-PARTY REPO MARKET
- BERNANKE SEES NEED FOR MORE REGULATORY CURBS ON SHADOW BANKING
- BERNANKE DOESN'T BACK SPECIFIC STEPS ON MONEY MARKET FUNDS
- BERNANKE BACKS AIM TO MAKE MONEY MARKET FUNDS MORE RESILIENT
- BERNANKE CALLS FOR CLOSE TRACKING OF FINANCIAL INNOVATION
The only potentially actionable soundbite is the following:
- BERNANKE SAYS ECONOMY FAR FROM RECOVERING FROM CREDIT CRISIS
Of course, this is not news... What should be news is that Bernanke disclosed that tri-party repo lenders (read JPMorgan as it is the only one of two that matters, the back up being insignificant BoNY) provide daily average intraday short-term liquidity of $1.4 trillion. But that apparently is not news either.
Q&A begins:
- BERNANKE: FED TAKEN STEPS TO AVERT A NEW HOUSING PRICE COLLAPSE - more CTRL-P
- BERNANKE SEES VARIETY OF NEW TOOLS TO AVERT A NEW CREDIT CRISIS - all those CTRL-P macros...
- BERNANKE: FED WANTS TO CREATE GLOBALLY CONSISTENT CAPITAL RULES - CTRL-P for everyone
- BERNANKE SEES SPIRIT OF COOPERATION AMONG GLOBAL REGULATORS - just let them watch porn and they will all cooperate
- BERNANKE: STEPS TO WIND DOWN FIRMS AREA OF GLOBAL COOPERATION - see midget porn
- BERNANKE: DODD-FRANK LIMITS FED LENDER OF LAST RESORT POWER. The only thing limiting Fed power is global toner supply
- BERNANKE WELCOMES FED `ORDERLY LIQUIDATION' POWER - promises to use it whenever big boss Jamie tells him to
- BERNANKE SAYS `STABILITY OF THE SYSTEM' IS MOST IMPORTANT. It's not most important to make the business cycle into a business straight line?
- BERNANKE SAYS VOLCKER RULE `RAISES A LOT OF COMPLEXITIES' - like how to rape the middle class cleanly and efficiently
- BERNANKE: VOLCKER RULE GLOBALLY WON'T BE `LEVEL PLAYING FIELD' - well JPM has to build up $100 billion prop positions SOMEWHERE
- FTW: BERNANKE SAYS A SAFETY NET RAISES DEGREE OF MORAL HAZARD. And shorting raises concerns of felony offense
- FTW 2: BERNANKE SAYS NEW REGULATION LIMITS MORAL HAZARD PROBLEM - whatever this Princeton economist is smoking... we'll have a twofer.
- And here it comes: BERNANKE: FED AIMS ENSURE VOLCKER RULE DOESN'T IMPEDE LIQUIDITY
Full prepared speech here (pdf)
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did cnbc have any crediblilty left? probably not but they just had Mike Norman on!!!!! We have hit another new low!!!!
Does Joe Wiesenthal have any credibility left?
The report has some juicy details on shadow banking that as Tyler points out we should all pore over in detail, but no the market and asshats like Wiesenthal scream QE OR NO QE QE OR NO QE.
The market is fucking stupid. They're junkies. And they're not even junkies for money — most of that is sitting in excess reserves — THEY'RE JUNKIES FOR THE FUCKING WEALTH EFFECT HOPIUM!
But, let's be honest, it's been made stupid by central planning.
The Bernanke has been on quite a road show lately....hope he brought his Great Depression handbook and trusty printing press with him.
It is an election year.
Although the "independent" fed is not above a decent road show (cough - propoganda show).
I have to say it's amazing at how quickly the U.S. economy is imploding.
-John
Primitive Skills Classes - Wild Edible Tours
http://www.heartrootnatureconnection.com/
Imploding? Libertardians are such drama queens! Nothings impoding. Things are getting better, but at a frustratingly slow pace.
You know why things aren't imploding? Because of Bernanke. We should feel fortunate to have had a Fed Chairman who happened to be a scholar of the Great Depression. The Great Depression was made infinitely WORSE because the 1930's Fed and Treasury didn't loosen monetary policy like they did in 2008/9. Instead, they stubbornly and somewhat ignorantly followed a strict adherence to the gold standard, which led to the nationalization of gold (Gold Reserve Act 1934) and allowed the quantity of money to decline by a third, making the severity of the depression far worse than necessary. Even Bernanke, himself, has admitted that the Great Depression was made WORSE by the Federal Reserve because Fed and Treasury officials subscribed to libertarian ideologies like the gold standard and the "liquidationist" thesis: weak banks should be allowed to fail to "clear the brush." And this isn't just Bernanke's opinion, it's Milton Friedman's, too. The Fed did too little. In other words, it was libertarian ideology and the strict adherence to the gold standard that made the depression so bad.
*LOL*
By flooding the markets with liquidity, Bernanke did the EXACT OPPOSITE of what happened during the Great Depression; because of that, America was spared the Great Depression 2.0
Because of Bernanke, things are NOT imploding......you should be thankful.
Max Fischer, Civis Mundi
Your sense of history is disgusting.
Feel free to dispute anything I said.
Max Fischer, Civis Mundi
I dispute that you "said" anything, when it was clearly writ.
"average intraday short-term liquidity of $1.4 trillion."
Um.. just WHO is swimming in all that liquidity and what, if anything secures it?
Why, it's secured by even MORE liquidity, you big silly!
A summary of Benocides' speech that sums it up better than I ever could:
TROLOLOLOLO
Sums it up perfectly.
Max is clearly not very good at history.
"By flooding the markets with liquidity, Bernanke did the EXACT OPPOSITE of what happened during the Great Depression; because of that, America was spared the Great Depression 2.0"
~~~
By flooding the markets with liquidity, Bernanke is preventing true market discovery & assuring the misallocation of resources to the extentt that when the market finally does clear, what happened during the Great Depression 1.0 will look like a walk in the park...
There, fixed it...
Ding! Ding! Ding!
When true price discovery reasserts itself, one who had bought during this period had better hope that they're truly too-big-to-fail.
The world is awash in the largest basket of massively price distorted assets in history (the overwhelming majority, with a very select few exceptions, are extremely overpriced, thanks to central fractional reserve bank follies).
By flooding the market with liquidity, Bernanke is ensuring that everyone's retirement accounts and trillions more in wealth isn't immediately eviscerated. Yes, Yes... I know... ZIRP hurts your retirement accounts, but ZIRP is FAR LESS PAINFUL than an entire collapse of society.
Now, I understand that most of the barnyard libertardians don't care about that (in fact, most of you guys are foaming at the mouth for any excuse to enact your GI Joe/urban warfare fantasies), but there's no reason to allow society to collapse if you've got a way to stop it.
Max Fischer, Civis Mundi
Max is humming up to The Bernank's f'in nutsack!
This version of history assumes that, prior to 2008, the Federal Reserve was a panacea of liberty, honesty and integrity. Oh, those poor private bankers are only destroying the savings of the middle class with ZIRP because they have to, I swear!!! Get a grip, dude.
Some might assume that your end of society meme is just as baseless as Lloyd Blankfein's martial law warnings after Lehman Brothers was chosen to fail. This of course is the great banker myth. The reality is that NOTHING except human progress on a level never before seen in history would transpire directly following the dissolution of the bane of humanity's existence: usury, central banking, and fractional reserve lending.
Your micky mouse interpretation of current events leaves out the prior 96 years of the Federal Reserve's history (as well as the two prior attempts by the British to re-colonize the USA via debt-based private central banking before it).
Grow up!
The reality is that NOTHING except human progress on a level never before seen in history would transpire directly following the dissolution of the bane of humanity's existence: usury, central banking, and fractional reserve lending.
Pure NUTS!
No usury? If there's no usury, then there's no banking. No banking = no capital markets. No capital markets = return to the pre-industrial age. How do you raise capital? How do you reward/punish risk? Your comment is EXACTLY wrong.... it would put a screeching halt on the progress of mankind. Whether you like usury or not, the development of the modern capital market is one of the cornerstones of mankind's sudden leap out of the doldrums of history and into the era of prosperity.*
No Fed? I've said it before, that's unilateral disarmament. In a world of pro-active central banks, this is the economic equivalent of dismantling our military. Our exports and our currency would collapse immediately.
This is the problem with barnyard libertarians... you guys exist in a Gunsmoke fantasy world that has no practical application to today. All the rhetoric about "ending the Fed" or ending usury or returning to the gold standard is wonderful if you're writing scripts for Little House on the Prairie or if you're auditioning for Simon Cowell's newest creation, American Luddite. Otherwise, it has no application to the modern world. Evolve. Move forward. Stop trying to pretend that we live in the 1700's. Our system - with it's many flaws - is still the best system to handle the immeasurably complex, multi-trillion, interconnected world economy.
Max Fischer, Civis Mundi
* Go read The Birth of Prosperity by William Bernstein.
I have to admit, barnyard libertarian is pretty funny, but please don't lump me in with an ideology just because I posted on ZH. For example I have no interest in seeing a gold standard and I'm not a libertarian. I don't have a label for what I think. They are my beliefs, no one else's. And you could sum it up as this:
"Truth, being limitless, unconditioned, unapproachable by any path whatsoever, cannot be organized; nor should any organization be formed to lead or to coerce people along any particular path. If you first understand that, then you will see how impossible it is to organize a belief."
Anyways.....
If there is no usury, there is no banking. No capital markets = return the prre-industrial age.
You tell me to evolve and then post something like this? What kind of nonsense is that? Banking and capital markets would still exist without usury which breaks the entire chain of logic. Are you trying to tell me that the stock market would not exist if the Federal Reserve didn't have the power to charge interest to the taxpayers for the privilege of using it's debt note? Are you trying to tell me that venture capital would not invest in a small business if the loan was denominated in a debt-free currency and any interest terms were mutally agreed upon by the parties contracting? Notice the distinction you skillfully avoid.
In a world of pro-active central banks, this (unilateral disarmament) is the economic equivalent of disarming our military. Our exports and currency would collapse immediately
You see, I don't think there should be ANY private central banks, let alone pro-active ones. The bloodlines that rule us all agree with you, however, so at least your beliefs keep good company. And I hate to be the bearer of bad news but the currency is going to collapse anyway if the central banks continue being "pro-active" in the coordinated effort to devalue the FRN.
But going back to your premise, no one is claiming that it wouldn't be temorarily painful to end central banking and the IMF/BIS/World Bank. I for one think a return of honesty, integrity, justice and the rule of law would be worth it, and I think much of the rest of the world - living in poverty and even being killed so that this system can continue - wholeheartedly agree.
Evolve. Move forward. Stop trying to pretend that we live in the 1700's. Our system - with it's many flaws - is still the best system to handle the immeasurably complex, multi-trillion, interconnected world economy.
Complexity does not equal progress. In fact in this case complexity is designed to obscure fraud. Two-bit gangsters, now "high frequency shearers". Same as it ever was. You say evolve, move forward, and yet make the case for maintaining the status quo.
The internet is allowing us to do what you propose - evolve. We can still have an interconnected world economy. I can ship a package from my state across the world in a few days, and the transaction can be in whatever medium of exchange we so choose. There's no need for central banking, unless of course you're a criminal that wants to steal other people's labor.
The only reason the past is brought up so often is because this is a LONG CON, and it helps set the stage for explaining the fraud that is the Federal Reserve, the legal system, and our multi-trillion fake wealth world economy.
Stop being a mind slave to their system. EVOLVE.
First of all, Bernanke makes no decisions, he executes the orders of his employers, the owners of the Fed. He works for them, not the other way around. Second of all, the policies of the Fed have absolutely NOT saved us from collapse, they've merely delayed it, and made the outcome far worse than it would have been if our elected leaders had listened to We the People and forced them to take their losses in 2008-2009. Now we are assured of a financial collapse that will make the Great Depression a footnote in history compared to what awaits us. When they run out of road, the can will no longer be kicked, and then it gets real.
By flooding the market with liquidity, Bernanke is ensuring that everyone's fake retirement accounts and trillions more in an illusion of wealth isn't immediately eviscerated.
The reason this disinformation was released in text form was because if they had videoed it, no one would be able to see Bernanke through the smoke coming off of the printing presses and servers at the Fed.
You're kidding right?
If you dispute anything he says, you will get flagged by the DHS and get an all expense paid trip to your local prison camp.
I'm gonna assume this guy was kidding, noone is that dumb. Everyone knows the QE money goes directly to the bankers and their favorite useless stocks (AAPL anyone) and not the real economy. If it did it would be immediate hyperinflation. You see, debt only exists for you, the 99.9 %, it's all to keep the slavery going. "Quantitative Easing?" "Austerity?"...I'm gonna invent a new term for the banksters "elite" ripping everyone else off. It's gonna include all the new stuff, QE, Austerity, jobless recovery, usury, all of it. And I'm gonna require everyone to pay me 5 bucks everytime they use it, enforced with SOPA, PIPA and IYDPMISYA (If you dont pay me I'll sue your ass).
PS: Statistics don't lie, "retail investors" are non-existant in this soon to be over rally, you guessed it, it's all "QE" money. "Fool me once" has finally set in to the masses. I don't care how many BS doctored statistics the govt puts out, the real unemployment is around 23%, the public companies are all missing their already hugely downgraded earnings estimates, cheesy companies that you see in strip malls are going under, (gee its not all bad news then), most of my highly-educated and hard working friends are out of work and printing fake money does not create jobs.
No one is disputing that QE lifted the stock market.
No one is disputing that there is $1T in reserves sitting in member banks' accounts at the Fed, and if that money where to immediately diffuse into the economy we'd have an "inflation problem."
Do you understand what "money is fungible" means?
Max Fischer, Civis Mundi
My God, you are a near perfect tool.
Do you understand what "supply and demand" means?
Go sell your neo-Keynsian MMT monetarist cockamamie clap-trap over on Huffpo, everybody else here took the red pill a long time ago.
Yes, I understand supply and demand.
I don't, however, understand your point.
Max Fischer, Civis Mundi
Dear Max,
Shut your pie-hole.
Love,
Everyone else on Zerohedge.
Translation: Don't disrupt the echo chamber!
Max Fischer, Civis Mundi
More like a wind tunnel through that ten cent head of yours.
So far, no one has disputed anything I've said - just lots of rhetoric amounting to nothing.
Max Fischer, Civis Mundi
I can dispute that you have said anything... and I have.
I can can also call you an idiot...
and I have.
Can you feel the rhetoric, Mr. Civis Mundi?
Don't bother with any further personal attacks- I haven't the time nor the inkling to debate your diatribe point by point, for my disdain of you is actually born in nothing any deeper than your avatar, and your oh so pretentiously trendy suffix...
Signed,
Super Asshole Robert, the verbal ass-kicker of all pleabian civis mundi wannabe's
Flooding the market with liquidity, is what caused the bubble that popped and caused the great depression in the first place.
When the banks were caught with their pants down and their tiny nazi german jewish pricks flapping about in the wind, they got closed down wich deflated the currency (popping the bubble).... financial infrastructure and savings were wiped out.... so their solution was to STEAL the savings of the smart money who kept their savings out of banks by making it ILLEGAL to OWN MONEY (gold and silver coin at the time)....
All Bernake is doing is rewarding the thieves by stealing the savings of the poor/middle class to pay for the mistakes of bankers and politicians.
You are a clown.
The only thing Bernankes clown circus act of inflating again is going to accomplish is inflating asset prices and the cost of living.... while decreasing the burden of debt that rich bankers and politicians have.... because banker and politician pay always beats out inflation (they get to spend the money first before inflation hits).
While grandmas food and housing costs sky rocket.
While the poor man spends 2 times as much at the grocery store.
You are very near sighted.... you might even have the balls to argue "well we dont see inflation".... I SEE INFLATION its pent up in bank reserves.... eventually it will go somewhere.... the banks will slowly dump it into assets and prices will sky rocket.
Since banks are THE ONLY ONES with excess cash (because of FREE MONEY Courtesy OF THE FED) and they are on the verge of being the biggest "home owners" on the planet.
They have ZERO intention of EVER dumping that money into housing.
So inflation is going to hit EVERY ASSET EXCEPT housing.
There is going to be a second and probably THIRD housing crisis before shit is finally at bottom.
There is no such thing as a free ride, there is only causality brought on by bad choice , cause and effect are INEVITABLE.
Everything that has a beginning, has an end, your precious "federal reserve" is at the end of its rope.... and so is the 100 year robbery.
All these "solutions" are nearsighted, they aren't intended to save anything or stop anything, they are intended to stave off the disaster another year... another 6 months another few weeks... just so that the politicians and bankers can posture themselves for the inevitable restructuring and "refinancing of civilization" that must occur within the next 5 ~ 10 years..... its all about political posturing.... assuring that those making the bad decisions are not harmed by their own ignorance and that the rest of society bear the hardship coming down the road.
We are on the road to serfdom . . . and its sad to see clowns promoting the very tools of enslavement that will have them picking food out of the dumpster a few years down the road, you are all fools.
People need to open their eyes and lay bare the future burden before they are forced to bear it themselves.
Dude...Mike F'n Norman...exactly....Where is that Schiff youtube again? How is that guy around?
Not sure if this is the one you are referring to, but here is a video where Peter Schiff and Mike Norman are making real esate predictions. Norman comes across as a complete idiot because he acts like such an ass and is dead wrong.
http://www.youtube.com/watch?v=yoZV5jt9puc&context=C47f8610ADvjVQa1PpcFN...
Bernanke speech released:
"This morning during my pre-breakfast grooming I found 10 trillion Euro in my beard. I have returned found Euro to their rightful owner, the ECB"
Market looks to next Bernanke speech in Japan
In other news, IMF insures Bernanke beard for $500 trillion dollars
Gold and silver bugs ecstatic, beard still too small to hold meaningful quantities of physical
If he has is way, QE is coming
QE is coming. He has an election to fix.
Correct...and since the commoners have the attention span of a meerkat, the beginning of the 4th quarter QE will keep it all fresh.
...and that's an insult to meerkats.
2008 was also an election year. Four years isn't very long ago yet many soon forget. ZIRP was firmally in place back in 2008 without any QE JUST LIKE NOW yet it didn't stop the U.S. from nearly plunging into a near-repeat of the Great Depression. FED will need a huge plunge in asset prices across the board for a new QE which would then have to be at least 2x the size of the previous rounds to justify current asset prices. Marc Faber also agrees QE3 is goona have to be huge to starve off deflation- The Bernank's mortal enemy
"He has an erection to fix" He needs the penis pump before he jumps his Queenie E. Sorry to be presumptuous.
It never ended. How do people keep missing this? It doesn't matter if it's "official" or not.
Wasn't the 11 plus trillion (not 700B) a dead giveaway?
True little piggy. I often wonder the same thing. The Fed is counterfeiting round the clock. They will only overtly counterfeit when they see fit.
"overtly counterfeit" LOL.
If 11 trillion only got gold to 1900 then we have a lot more trillions to go I guess.
EBS ( electronic broker/banking services) says it all.
Currency markets at least.
Cue E. Everyone in America gets free Ecstasy! Everything is fine!
FUCK YOU BERNANKE. I WILL MAKE YOU MY BITCH BEFORE YOU D**
No you won't but keep dreaming the big dream.
@lizzy36
Not that it will be at the hands of HelluvaEngineer, but Bernanke's future is dim. He's headed for Epic Failville.
Lizzy and Cursive are [ correct ] Just like the Spring wind BLOWS!
I agree with that. Timing is as always an issue.
But one wonders whether it will be in retrospect Bernanke will be like Greenspan, or whether it will all blow up while he is on the job
How many Time & Atlantic Magazine articles did Greenspan make the cover of?
It's the rock stars that always end up in rehab...
dupe
If bloomberg had "Bernanke says economy far from recovering from credit crisis" in red then the markets would have moved. It doesn't have to be a new insight to move markets, just a red headline on bloomberg will suffice.
Yes but he moved Wall Street and the big banks. Nice. OWS2 are going tear Obama a new a-hole.
All the power to them. We need volatility.
He and the Fed are done. Markets are going into payback.
FUC. The Fed Chump! I'll sign your ballot any day!
Then I'm going to Disneyland with Tebow / hungover!
Markets are chaos. And Bernanke is about to lose complete control. On wires now Brazil are getting frisky with The Fed on exported inflation. All I can say is Marketwatch and their love affair with Bernanke's rotten a-hole is pitiful.
This thing is going to roll over and hell is coming.
He'll show up with an apple tat on his baldass forehead .
Kill Dodd Frank.
Kill TBTF. NO private institution (public corporation) should be systemically important.
Bring back Glass-Steagall.
Kill the dual mandate of Federal Reserve. ONLY price stability.
Shorter, better, simplier speech.
BRING BACK THE QUEEN!http://www.youtube.com/watch?v=tu9rtD7KKBI&feature=player_detailpage
Bernanke Live:
http://www.cnbc.com/id/24596546
^ while eating an apple .
Instead of eagerly awaiting the lies, I am tending my eagerly awaited seedlings so I can feed myself and don't have to drive anywhere to buy food and so isolate myself more and more away from the ChairSatans inflationary food and fuel Zimbabwean goals.
My seedlings will deliver..... and feed me..... for next to nothing
The ChairSatan robs my grandchildren of the food out of their mouths at vast expense to feed fat banksters
Dad does garden. I make beer. I heat with wood. Self-sustainability, folks.
Throw a shoe at him, this is all I want to do in Q&A.
My Dogs could said more and done more .
That's a whole shitload of Ben-dribble to say absolutely nothing. He bangs around on shadow banking as some kind of freak enterprise when the whole financial system operates in a shadow anyway.
Snore,,,,
Welcome I'm not that crazy!
You are smooth as ever though. Rain Man
Unfortunately this it THE problem, they are smoke and mirrors snake oil salesmen who lure you into believing their lies if you are gullible enough to listen
and for the rest who don't listen, they are being bled dry whilst they sleep
Q&A , QE , T&A - yeah baby, yeah!
OT someone posted on here a while back that drones would never be used against US citizens.
Edit: I should say in the United States, as drones have been used to murder US citizens overseas
Prepare for 20,000 drones in the US skies.
First Man Arrested With Drone Evidence Vows to Fight Case
"The tiny town of Lakota, N.D., is quickly becoming a key testing ground for the legality of the use of unmanned drones by law enforcement after one of its residents became the first American citizen to be arrested with the help of a Predator surveillance drone."
http://www.usnews.com/news/articles/2012/04/09/first-man-arrested-with-drone-evidence-vows-to-fight-case
Channelling Jim and Buzz: QE to infinity, and beyond!
Inspiring flicbits - To infinity and beyond
http://www.youtube.com/watch?v=2VSYmGSJtCA (0:42)
THE BERNANK SAYS ZIRP 4EVAH BITCHEZ!
Just a quick thought:
"The way to destroy a society is to erase morals, values, and boundaries. Demean our system of justice and our laws, ignore the tenets of the constitution, create class divisions, special groups, voment anger and violence. Then you have all the elements in place for tyranny."
Now, can anyone tell me what is missing????
Sure: Devalue their currency. Or make their currency debt, and take everything they have, so they are turned into slaves. Happens all the time.
The Bernank's definition of a "hypotetically very severe stress scenario" includes "peak unemployment at 13%, a 50% drop in equity prices, and 21% further drop in housing prices."
Let's see... that would be...er...um...2014?
Bernanke said the Fed will continue to buy Sovereign bonds despite how the Volker rule reads.....bitchez.
L. H. ( Mr.) Do you hear anyone arguing against your point?
Put a cork in it! We agree!
I was pointing out a very intresting statement that those who did not watch live would have missed. And I posted that while watching Bernankenstein, before Tyler had posted the last point;
BERNANKE: FED AIMS ENSURE VOLCKER RULE DOESN'T IMPEDE LIQUIDITY
....and if you would like to debate this further find me on ZH Chat:
http://www.zerohedge.com/news/new-features
All the junkies hanging on his words and making decisions on what this or that may mean really can't see the forest for the trees. Or I should say the currency and sovereign bond giant boulder is getting pushed closer to the edge of the cliff. Once that sucker goes over, and it will, all these little details that are moving markets this way and that and seem so very important, will not even be worth a corner of a devalued dollar bill. Got gold?
QE. by any other name is still QE. I know of no government in the world that has ever not used the printing press or its equivalent in one form or another ever. I don't see any of them resisting that disease now. None of them. If any of you know of one please let me know, I may actually buy some if their interest rate is attractive enough.
This freaking shadow banking. Why do they call it 'banking'?
Well, as Jeff Snider said, real economy creates debt and credit by use of savings, not vice versa. Greenspan and Benny B wanted to re-invent reality and tried to create the real economy by printing debt first since 1998 when the downfall started.
So...print.........print...print...print.......print....print.........print...print...print.......print....print.........print...print...print.......print....print.........print...print...print.......print....
print.........print...print...print.......print....print.........print...print...print.......print....print.........print...print...print.......print....print.........print...print...print.......print....
print.........print...print...print.......print....print.........print...print...print.......print....print.........print...print...print.......print....print.........print...print...print.......print.... until 2007.
...and we have so much excessive money that they had to create a storage place.
....and we needed a name for the storage place...and we called it..wait......wait..wait......SHADOW BANKING where the excessive money is packaged and called an...wait....wait....an "asset".
Now Benny says: I created this shit, but I am going to ask them to regulate it now. It's their problem.
Same as a hunter that releases his dogs after the rabbits and then calls on the rabbits and tells them: Well, it's your problem to regulate the dogs.
How do you feel rabbits?
Photoguy vs. Fedguy: The Pud has a strange interlude with Ben Bernanke
Tragically hilarious. Good tip.
All printing and no fun makes Ben a dull boy. All printing and no fun makes Ben a dull boy. All printing and no fun makes Ben a dull boy. All printing and no fun makes Ben a dull boy. All printing and no fun makes Ben a dull boy. All printing and no fun makes Ben a dullboy. All printing and no fun makes Ben a dull boy. All printing and no fun makes Ben a dull boy. All printing and no fun makes Ben a dull boy. All printing and no fun makes Ben a dull boy. All printing and no fun makes Ben a dull boy. All printing and no fun makes Ben a dullboy.
After all of these years, I finally understand 'The Shining".
Snowed into a hotel all winter with a lunatic (who just happens to be my father).
Tell http://en.wikipedia.org/wiki/Scatman_Crothers to stay home. He will only end up with an Axe in his chest (eventhough he died in 1986, have a seance and tell him to stay in Heaven).
The Other Dave in SF
All printing and no fun makes Ben a dull boy. All printing and no fun makes Ben a dull boy. All printing and no fun makes Ben a dull boy. All printing and no fun makes Ben a dull boy. All printing and no fun makes Ben a dull boy. All printing and no fun makes Ben a dullboy.
My employers and good friends have given millions to legislators to prevent any new regulations, so I can look good by promoting that without fear it would ever happen.
- Dr. Bernanke
Bernanke is a (fiat) bug...looking for a windshield!
Buy physical gold and silver.
This ordeal reminds me of a movie clip.
Jimmy Conway: Yeah.
Vinnie: Yeah.
Jimmy Conway: Who’s this?
Vinnie: This is Vinnie.
Jimmy Conway: Vinnie, what happened?
Vinnie: Well we-...
Jimmy Conway: You get it straightened out?
Vinnie: No, we had a problem... and uh, we tried to do everything we could.
Jimmy Conway: What dyou mean?
Vinnie: Well, you what I mean. He’s gone, and we couldn’t do nothing about it. [pause] That’s it.
Jimmy Conway: What dyou mean? What dyou mean? Uh...
Vinnie: He’s gone. Uh, he’s gone. [pause] And that’s it.
Jimmy Conway: [smashing telephone] Fuck. Cant fuckin believe that, cant fuckin...
Jimmy Conway: [crying] Fuck it, fuck... the fuck...
Tommy is getting made
Take a wild guess who is playing Jimmy Conway? LOL
Even Mao is envious!
Hurray, Stalin conquers America. United States will get command economy.
Hey Cavaliere, how about you becoming US Pres?
Nice parties at White House...
Cute comment.
If I were at the Q&A, I'd ask him if he really was having chest pain when Ron Paul waved that silver coin at him the week before last.
Sure looked like it to me.
The Other Dave in SF
If I was at the Q and A, I would ask him why Jon Corzine isn't in jail. I would ask him should people be put in jail for fraud. I would ask him how much can someone steal and not deserve to go to jail.
fed reserve masterbation that causes Market stimulation to ez the pain of the public constipation that gets banks manipulation work up liquidation then out comes all the built up rehypothecation that turns into more taxation .fucked for another generation
Are you a rapper? That sounds like a song lyric.
I'd buy that album (er... MP3) but not from f***ing iTunes!
The Other Dave in SF
.. naa just a white guy in his 40s piss off with slave taxing and glass of scotch.
+1 for the scotch
Here's a rap for you - Bernanke's real transcription:
I was gonna raise interest rates, but I got high...
I was gonna do the right thing, but then I got high...
Now I've FUCKED the whole world and I know why...
...because I got high, because I got high, because I got high...
la-da-da-da-da-da
I was gonna go work for Goldman, but I got high...
I was gonna take my money and leave town, but then I got high...
Now I'm in the gallows and I know why...
...because I got high, because I got high, because I got high...
I think you need to do a Bernank tribute video.
Honestly, this is getting boring. It used to be that when the fed chief (lower case intentional) spoke, you could hear a pin drop. Now.......who cares? The only person in front of the cameras more than Bernanke is........ fill in the blank. Those who know where it's going already know. Those who don't never will.
Go ahead (don't call me a goat head) and check out all the angles here: http://www.indexmundi.com/commodities/?commodity=food-price-index&months=120
Fun site to play around with.
Well isn't that just great? Go fuck yourself you evil, yet surprisingly stupid Princeton douche-bag.
If you want to see a useful idiot gaze into a mirror.
Bernanke is our moral harzard.
I'm having fantasies of BSB involving him in a sling with a ball gag in his mouth and my fist up his a**. That would get me 'off''.
The Other Dave in SF
/sarc off
To Hell with Bernank. Throw that f'r in jail.
He's a con man that's lost his confidence.
His words don't mean shit. The robots are going to do what they do.
Break out the tar and feathers.
Throw Dimon and Bankfiend in there with him.
NDAA the whole bunch for financial terrorism.
They've made enemies of 7 billion people.
Bunch of sic fks.
I can't believe I actually read that whole speech. I kind of have to stand in awe of the word sorcerer who wrote it....that was the type of bullshit only a lawyer for the Federal Reserve could come up with. I bet he sleeps well at night in his Manhattan loft, right after he takes his heartburn medicine, mistaking a stomach problem for his soul dying inside him.
Our judgment of how the financial sector is affecting economic activity reflects both information on lenders--most notably, underwriting standards, risk appetite, and balance sheet capacity--and analytical indicators of macroeconomic vulnerability to financial risks. Meanwhile, efforts are under way, both at the Federal Reserve and elsewhere, to evaluate and develop new macroprudential tools and to develop early warning indicators that could help identify and limit future buildups of systemic risk.
Comical. I wonder if the Fed has a "macroprudential tool" that will serve as an early warning indicator and identify and limit the future buildup of systemic risk caused by its not so covert dollar devaluation policy......
Oh yeah, I think that macroprudential tool is referred to in some circles as physical silver and gold.
I for one am NOT looking forward to the Q/A section. That's why ill tune in to ZH and read the conclusion paragraph which I already know will say something to the effect "Ben lied, Ben stumbled, Ben admited not so good" etc.
Wouldn't it be really cool if he stopped at the bar with Boehner beforehand and got shitfaced and stood up and screamed "we're fucked!" and then started pulling his hair out? Oh wait.....he doesn't have hair. I wonder why?