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Bernanke Speech Released, Prepared Remarks Uneventful, Looking Forward To Q&A

Tyler Durden's picture




 

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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Mon, 04/09/2012 - 19:23 | 2329687 I think I need ...
I think I need to buy a gun's picture

did cnbc have any crediblilty left? probably not but they just had Mike Norman on!!!!! We have hit another new low!!!!

Mon, 04/09/2012 - 19:32 | 2329715 spiral_eyes
spiral_eyes's picture

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. 

 

Mon, 04/09/2012 - 19:37 | 2329732 SHEEPFUKKER
SHEEPFUKKER's picture

The Bernanke has been on quite a road show lately....hope he brought his Great Depression handbook and trusty printing press with him. 

Mon, 04/09/2012 - 19:41 | 2329745 lizzy36
lizzy36's picture

It is an election year.

Although the "independent" fed is not above a decent road show (cough - propoganda show).

Mon, 04/09/2012 - 20:02 | 2329782 johnu1978
johnu1978's picture

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/

Mon, 04/09/2012 - 21:09 | 2329929 Max Fischer
Max Fischer's picture

 

 

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

 

Mon, 04/09/2012 - 21:09 | 2329935 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Your sense of history is disgusting.

Mon, 04/09/2012 - 21:30 | 2330020 Max Fischer
Max Fischer's picture

 

 

Feel free to dispute anything I said. 

Max Fischer, Civis Mundi  

Mon, 04/09/2012 - 21:37 | 2330049 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I dispute that you "said" anything, when it was clearly writ.

Mon, 04/09/2012 - 21:59 | 2330124 Manthong
Manthong's picture

"average intraday short-term liquidity of $1.4 trillion."

Um.. just WHO is swimming in all that liquidity and what, if anything secures it? 

Mon, 04/09/2012 - 22:05 | 2330145 LowProfile
LowProfile's picture

Why, it's secured by even MORE liquidity, you big silly!

Mon, 04/09/2012 - 23:00 | 2330263 nope-1004
nope-1004's picture

A summary of Benocides' speech that sums it up better than I ever could:

Y'all think about this. Y'all are grown people, competent to run your own lives and make generally good choices, but your economic future is chained to this apparatchik's bloviation du jour, because he runs the private bank that manufactures out of thin air the money you must use in your business. Wherefore it is easily seen that it needs only a single moron to mess up the plans of millions of intelligent people, under our present "stabilizing" system.

Let us cut to the bone: no matter what the Bernancubus says, and no matter what the public thinks of it, he will inflate more because he can do no other. Other power hath he none, save to inflate, so he will.

 

Mon, 04/09/2012 - 22:04 | 2330140 LowProfile
LowProfile's picture

 

Feel free to dispute anything I said. Max Fischer, Civis Mundi

 

                    TROLOLOLOLO

Mon, 04/09/2012 - 22:42 | 2330238 Bay of Pigs
Bay of Pigs's picture

Sums it up perfectly.

Max is clearly not very good at history.

Mon, 04/09/2012 - 22:15 | 2330171 francis_sawyer
francis_sawyer's picture

 "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...

Tue, 04/10/2012 - 01:00 | 2330230 TruthInSunshine
TruthInSunshine's picture

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).

Mon, 04/09/2012 - 23:01 | 2330268 Max Fischer
Max Fischer's picture

 

 

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

 

Mon, 04/09/2012 - 23:12 | 2330296 Rahm
Rahm's picture

Max is humming up to The Bernank's f'in nutsack!

Mon, 04/09/2012 - 23:39 | 2330304 I_ate_the_crow
I_ate_the_crow's picture

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!

Tue, 04/10/2012 - 02:39 | 2330528 Max Fischer
Max Fischer's picture

 

 

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.  

Tue, 04/10/2012 - 11:20 | 2331258 I_ate_the_crow
I_ate_the_crow's picture

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.


Mon, 04/09/2012 - 23:36 | 2330340 WonderDawg
WonderDawg's picture

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.

Tue, 04/10/2012 - 01:07 | 2330453 Caggge
Caggge's picture

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.

Tue, 04/10/2012 - 06:15 | 2330629 Straying from t...
Straying from the flock's picture

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.

Mon, 04/09/2012 - 21:13 | 2329963 eddiebe
eddiebe's picture

 You're kidding right?

Mon, 04/09/2012 - 21:37 | 2330054 SHEEPFUKKER
SHEEPFUKKER's picture

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. 

Mon, 04/09/2012 - 21:56 | 2330108 rotagen
rotagen's picture

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.

Mon, 04/09/2012 - 22:34 | 2330220 Max Fischer
Max Fischer's picture

 

 

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

Mon, 04/09/2012 - 22:41 | 2330232 LowProfile
LowProfile's picture

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.

Mon, 04/09/2012 - 23:04 | 2330280 Max Fischer
Max Fischer's picture

 

 

Yes, I understand supply and demand.

I don't, however, understand your point.

Max Fischer, Civis Mundi

Mon, 04/09/2012 - 22:22 | 2330188 Random_Robert
Random_Robert's picture

Dear Max,

Shut your pie-hole.

Love,

Everyone else on Zerohedge.

Mon, 04/09/2012 - 22:36 | 2330225 Max Fischer
Max Fischer's picture

 

 

Translation:  Don't disrupt the echo chamber!

Max Fischer, Civis Mundi

Mon, 04/09/2012 - 22:43 | 2330240 Bay of Pigs
Bay of Pigs's picture

More like a wind tunnel through that ten cent head of yours.

Mon, 04/09/2012 - 23:03 | 2330274 Max Fischer
Max Fischer's picture

 

 

So far, no one has disputed anything I've said - just lots of rhetoric amounting to nothing.

Max Fischer, Civis Mundi

Fri, 04/13/2012 - 19:39 | 2343004 Random_Robert
Random_Robert's picture

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  

Mon, 04/09/2012 - 23:25 | 2330291 Dre4dwolf
Dre4dwolf's picture

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.

Mon, 04/09/2012 - 20:30 | 2329848 fonzannoon
fonzannoon's picture

Dude...Mike F'n Norman...exactly....Where is that Schiff youtube again? How is that guy around?

Tue, 04/10/2012 - 02:54 | 2330540 Blankenstein
Blankenstein's picture

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...

Mon, 04/09/2012 - 20:52 | 2329894 TradingTroll
TradingTroll's picture

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

Mon, 04/09/2012 - 19:24 | 2329690 oogs66
oogs66's picture

If he has is way, QE is coming

Mon, 04/09/2012 - 19:38 | 2329733 Papasmurf
Papasmurf's picture

QE is coming.  He has an election to fix.

Mon, 04/09/2012 - 19:45 | 2329751 Rainman
Rainman's picture

Correct...and since the commoners have the attention span of a meerkat, the beginning of the 4th quarter QE will keep it all fresh.

Mon, 04/09/2012 - 21:52 | 2330093 LongSoupLine
LongSoupLine's picture

...and that's an insult to meerkats.

Mon, 04/09/2012 - 20:11 | 2329806 baby_BLYTHE
baby_BLYTHE's picture

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

Mon, 04/09/2012 - 21:14 | 2329962 Piranhanoia
Piranhanoia's picture

"He has an erection to fix"    He needs the penis pump before he jumps his Queenie E.  Sorry to be presumptuous. 

Mon, 04/09/2012 - 19:39 | 2329734 Bay of Pigs
Bay of Pigs's picture

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?

Mon, 04/09/2012 - 19:45 | 2329753 SHEEPFUKKER
SHEEPFUKKER's picture

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.  

Mon, 04/09/2012 - 20:11 | 2329812 mayhem_korner
mayhem_korner's picture

 

 

"overtly counterfeit"  LOL.

Mon, 04/09/2012 - 20:31 | 2329849 fonzannoon
fonzannoon's picture

If 11 trillion only got gold to 1900 then we have a lot more trillions to go I guess.

Mon, 04/09/2012 - 19:29 | 2329695 Yen Cross
Yen Cross's picture

 EBS ( electronic broker/banking services) says it all.

  Currency markets at least.

Mon, 04/09/2012 - 19:27 | 2329701 Lost Wages
Lost Wages's picture

Cue E. Everyone in America gets free Ecstasy! Everything is fine!

Mon, 04/09/2012 - 19:28 | 2329706 HelluvaEngineer
HelluvaEngineer's picture

FUCK YOU BERNANKE.  I WILL MAKE YOU MY BITCH BEFORE YOU D**

Mon, 04/09/2012 - 19:39 | 2329735 lizzy36
lizzy36's picture

No you won't but keep dreaming the big dream.

Mon, 04/09/2012 - 20:04 | 2329787 Cursive
Cursive's picture

@lizzy36

Not that it will be at the hands of HelluvaEngineer, but Bernanke's future is dim.  He's headed for Epic Failville.

Mon, 04/09/2012 - 20:08 | 2329803 Yen Cross
Yen Cross's picture

 Lizzy and Cursive are [ correct ]  Just like the Spring wind BLOWS!

Mon, 04/09/2012 - 21:15 | 2329969 lizzy36
lizzy36's picture

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

Mon, 04/09/2012 - 22:22 | 2330185 francis_sawyer
francis_sawyer's picture

How many Time & Atlantic Magazine articles did Greenspan make the cover of?

It's the rock stars that always end up in rehab...

Mon, 04/09/2012 - 22:22 | 2330186 francis_sawyer
francis_sawyer's picture

dupe

Mon, 04/09/2012 - 19:30 | 2329712 Barry McBear
Barry McBear's picture

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.

Mon, 04/09/2012 - 19:41 | 2329746 chump666
chump666's picture

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.

Mon, 04/09/2012 - 19:34 | 2329724 chump666
chump666's picture

He and the Fed are done.  Markets are going into payback.

 

Mon, 04/09/2012 - 19:48 | 2329757 Yen Cross
Yen Cross's picture

FUC. The Fed Chump! I'll sign your ballot any day!

     Then I'm going to Disneyland with Tebow / hungover!

Mon, 04/09/2012 - 20:07 | 2329798 chump666
chump666's picture

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.

Mon, 04/09/2012 - 19:38 | 2329730 Bill D. Cat
Bill D. Cat's picture

He'll show up with an apple tat on his baldass forehead .

Mon, 04/09/2012 - 19:37 | 2329731 lizzy36
lizzy36's picture

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.

Mon, 04/09/2012 - 19:40 | 2329739 Mr Lennon Hendrix
Mon, 04/09/2012 - 19:40 | 2329740 Bill D. Cat
Bill D. Cat's picture

^ while eating an apple .

Mon, 04/09/2012 - 19:40 | 2329741 Racer
Racer's picture

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

Mon, 04/09/2012 - 20:46 | 2329882 BeerBrewer09
BeerBrewer09's picture

Dad does garden. I make beer. I heat with wood. Self-sustainability, folks.

Mon, 04/09/2012 - 19:40 | 2329742 YesWeKahn
YesWeKahn's picture

Throw a shoe at him, this is all I want to do in Q&A.

Mon, 04/09/2012 - 19:41 | 2329744 I am Jobe
I am Jobe's picture

My Dogs could said more and done more .

Mon, 04/09/2012 - 19:41 | 2329748 Rainman
Rainman's picture

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,,,,

Mon, 04/09/2012 - 19:51 | 2329764 Yen Cross
Yen Cross's picture

Welcome   I'm not that crazy!

  You are smooth as ever though.   Rain Man

Mon, 04/09/2012 - 19:58 | 2329773 Racer
Racer's picture

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

Mon, 04/09/2012 - 19:43 | 2329750 TooBearish
TooBearish's picture

Q&A , QE , T&A - yeah baby, yeah!

Mon, 04/09/2012 - 19:57 | 2329769 non_anon
non_anon's picture

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

Mon, 04/09/2012 - 19:56 | 2329771 Coldfire
Coldfire's picture

Channelling Jim and Buzz: QE to infinity, and beyond!

Mon, 04/09/2012 - 20:56 | 2329899 Goldilocks
Goldilocks's picture

Inspiring flicbits - To infinity and beyond
http://www.youtube.com/watch?v=2VSYmGSJtCA (0:42)

Mon, 04/09/2012 - 21:36 | 2329998 buzzsaw99
buzzsaw99's picture

THE BERNANK SAYS ZIRP 4EVAH BITCHEZ!

Mon, 04/09/2012 - 19:59 | 2329772 AssFire
AssFire's picture

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????

Mon, 04/09/2012 - 20:25 | 2329839 eddiebe
eddiebe's picture

Sure: Devalue their currency. Or make their currency debt, and take everything they have, so they are turned into slaves. Happens all the time.

Mon, 04/09/2012 - 20:00 | 2329779 mayhem_korner
mayhem_korner's picture

 

 

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?

Mon, 04/09/2012 - 20:07 | 2329799 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Bernanke said the Fed will continue to buy Sovereign bonds despite how the Volker rule reads.....bitchez.

Mon, 04/09/2012 - 20:12 | 2329815 Yen Cross
Yen Cross's picture

 L. H. ( Mr.)  Do you hear anyone arguing against your point?

  Put a cork in it! We agree!

Mon, 04/09/2012 - 21:38 | 2329948 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

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

Mon, 04/09/2012 - 20:14 | 2329819 eddiebe
eddiebe's picture

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?

Mon, 04/09/2012 - 20:22 | 2329831 eddiebe
eddiebe's picture

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.  

Mon, 04/09/2012 - 20:24 | 2329833 ekm
ekm's picture

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?

Mon, 04/09/2012 - 22:05 | 2330149 ekm
ekm's picture

Tragically hilarious. Good tip.

Mon, 04/09/2012 - 21:36 | 2330048 The Disappointed
The Disappointed's picture

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.

Mon, 04/09/2012 - 20:25 | 2329836 MrBoompi
MrBoompi's picture

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

Mon, 04/09/2012 - 20:27 | 2329840 alfred b.
alfred b.'s picture

 

  Bernanke is a (fiat) bug...looking for a windshield!

 

      Buy physical gold and silver.

Mon, 04/09/2012 - 20:29 | 2329843 Atomizer
Atomizer's picture

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

Mon, 04/09/2012 - 20:30 | 2329844 Squishi
Squishi's picture

Even Mao is envious! 

Mon, 04/09/2012 - 20:32 | 2329850 Bunga Bunga
Bunga Bunga's picture

Hurray, Stalin conquers America. United States will get command economy.

Mon, 04/09/2012 - 20:35 | 2329856 ekm
ekm's picture

Hey Cavaliere, how about you becoming US Pres?

Nice parties at White House...

Mon, 04/09/2012 - 20:37 | 2329860 Yen Cross
Yen Cross's picture

Cute comment. 

Mon, 04/09/2012 - 20:38 | 2329863 The Disappointed
The Disappointed's picture

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

Tue, 04/10/2012 - 05:35 | 2330615 Caggge
Caggge's picture

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.

Mon, 04/09/2012 - 20:42 | 2329871 peekcrackers
peekcrackers's picture

 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

Mon, 04/09/2012 - 21:10 | 2329945 The Disappointed
The Disappointed's picture

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

Mon, 04/09/2012 - 21:22 | 2329996 peekcrackers
peekcrackers's picture

 .. naa just a white guy in his 40s piss off with slave taxing and glass of scotch.

 

 

Mon, 04/09/2012 - 21:44 | 2330070 SillySalesmanQu...
SillySalesmanQuestion's picture

+1 for the scotch

Mon, 04/09/2012 - 23:17 | 2330264 ACP
ACP's picture

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...

Mon, 04/09/2012 - 21:39 | 2330058 Dr. Engali
Dr. Engali's picture

I think you need to do a Bernank tribute video.

Mon, 04/09/2012 - 20:44 | 2329873 Pejorative Requiem
Pejorative Requiem's picture

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.

Mon, 04/09/2012 - 21:03 | 2329918 Reese Bobby
Reese Bobby's picture
  • BERNANKE BACKS CURB ON INTRADAY CREDIT IN TRI-PARTY REPO MARKET

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.

Mon, 04/09/2012 - 21:03 | 2329922 YesWeKahn
YesWeKahn's picture

Bernanke is our moral harzard.

Mon, 04/09/2012 - 21:18 | 2329978 The Disappointed
The Disappointed's picture

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

Mon, 04/09/2012 - 22:12 | 2330168 q99x2
q99x2's picture

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.

Mon, 04/09/2012 - 22:49 | 2330248 I_ate_the_crow
I_ate_the_crow's picture

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.


Mon, 04/09/2012 - 22:54 | 2330254 rsnoble
rsnoble's picture

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?

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