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Bernanke Testimony Reprise: This Time With Maxine Waters And Barney Frank

Tyler Durden's picture


Ben Bernanke's prepared remarks in today's second session of his semiannual Humprhey Hawkins testimony will be identical to yesterday's, but one thing is certain: the questions asked of the Chairman will be far more colorful, courtesy of the inquiry of such penetrating financial experts as Barney Frank and Maxine Waters et al.


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Wed, 07/18/2012 - 10:01 | 2627792 Doubleguns
Doubleguns's picture

I thought Barney was on his honeymoon.

Wed, 07/18/2012 - 10:07 | 2627817 Clueless Economist
Clueless Economist's picture

I have fantasies of rubbing Barney's tubby, tummy fat with my hands and kneading it like dough and then licking his spittle covered chin.

Is this normal?

Wed, 07/18/2012 - 10:08 | 2627828 Temporalist
Temporalist's picture

Hopefully when he's in jail with the rest you'll get to have conjugal visits or be his cellmate.

Wed, 07/18/2012 - 10:21 | 2627883 BaBaBouy
BaBaBouy's picture

The Big Question is...


Will Barnie Have his wonderful NEW Bride on his lap ???


Thats will be the main point of this Whole EVENT...

Wed, 07/18/2012 - 10:25 | 2627907 orangedrinkandchips
orangedrinkandchips's picture

of course.....


they will talk about the first thing that pops up!



Wed, 07/18/2012 - 10:47 | 2628021 Nothing To See Here
Nothing To See Here's picture

Barney Frank or Maxine Waters questioning The Bernank amounts to having Frank Drebin on the trail of Maddoff.

Wed, 07/18/2012 - 11:54 | 2628260 strannick
strannick's picture

Bernanake has a big brain. Waters is a Lilliputian barking up at him on issues that arent relevant to the Fed. Lets hear some questions on gold swaps, and derivative interest rate swaps

Wed, 07/18/2012 - 13:35 | 2628425 TruthInSunshine
TruthInSunshine's picture

Bernank walks Maxine Waters through remedial math. Details at 11 pm.



"Ok, Maxine, now you carry the 1, and then...."


Yeah....Bernank has such strong oversight. /sarc

Wed, 07/18/2012 - 10:27 | 2627917 BaBaBouy
BaBaBouy's picture

Looks Like The BEN'ster Needs Lots of fecking Water ...

Wed, 07/18/2012 - 10:44 | 2628004 optimator
optimator's picture

That's not water, it's Graves.

Wed, 07/18/2012 - 10:29 | 2627926 insanelysane
insanelysane's picture

There is a tape of Barney on a hearing of Fannie and Freddie from a few years back.  Some $100k/year auditor is saying how he thinks these orgs are in trouble and Barney, who at the time was in some relationship with the head of Fannie or Freddie, is just berating this guy and telling him he doesn't know what he is talking about.  Of course the bonuses paid out are large multiples of the poor auditor's annual pay and Barney gets campaign contributions from the orgs but who is looking.

Now we have another drunken Kennedy (redundant) move from the rich towns to Barney's district to take his spot at the trough and keep the USSA moving in the left direction.

Wed, 07/18/2012 - 10:40 | 2627983 Benjamin Glutton
Benjamin Glutton's picture

Why am I not surprised the GOP committee chairman does not know the difference between the words FISCAL and PHYSICAL?

Wed, 07/18/2012 - 11:31 | 2628237 Plausible Denia...
Plausible Deniability's picture

That exchange between Frank and Bernank was akward, sort of pornographic. I felt like I was watching them give each other hand jobs. Very funny to watch Bernanke, the man who confidently stated "Subprime is contained", gloat because the CPI has moved downward and he "has been right". Really? I'm spent. This is the biggest rigged bullshit game I have ever seen. After that bad jobs report a month ago, SP bottomed out around 1270 I think. We are up nearly 100 points on what? Fuck it. I will just keep playing it. Go short in a big way the minute the VIX hits 14.5. Liquidate when it hits 23. I should have been a fireman.

Wed, 07/18/2012 - 12:16 | 2628486 Sophist Economicus
Sophist Economicus's picture


Wed, 07/18/2012 - 12:02 | 2628396 Chuck Walla
Chuck Walla's picture

Will Bawney be Fwank with Benny?  

Wed, 07/18/2012 - 10:09 | 2627830 Doubleguns
Doubleguns's picture

As normal as the wedding vows.

Do you promise to love each other and be each other’s best friend,

In sickness and in health,

In Congress or in retirement,

Whether the surf is up or the surf’s flat,

For richer or for poorer,

Under the Democrats or the Republicans,

Whether the slopes are powdery or icy,

Whether the book reviews are good or bad,

For better or for worse,

On MSNBC or on Fox,

For as long as you both shall live.

Wed, 07/18/2012 - 10:09 | 2627833 ZippyBananaPants
ZippyBananaPants's picture

Barney is eating his top lip, must be some jizz dried on it.

Wed, 07/18/2012 - 10:12 | 2627836 MillionDollarBonus_
MillionDollarBonus_'s picture

I’ve just run the numbers on gold, and I'm afraid the results were not pretty. In 2010, the average mining cost for gold was $542 per ounce. This means that miners are currently turning over $1038 per ounce of gold mined. This is likely to translate into a huge supply glut that will crush goldbugs and wreak havoc on already tortured gold stock portfolios.

The numbers for silver are even uglier. Using the same method, I calculate that silver is currently trading at a premium of over $20 per ounce. Not only this, but graphite is set to replace many of the industrial uses of silver, making it largely useless as an industrial metal.


Meanwhile, the fundamental picture for gold and silver just keeps getting worse. As the Eurozone crisis persists, people appear to be losing faith in gold as a safe haven and instead turning to US treasuries for protection from global market turmoil. With the ten year yield at 1.48%, and gold still under $1600 per ounce, things are looking bleaker than ever for goldbugs. All in all, the horizon for precious metals is dismal, and investors would do well to approach this market with both caution and skepticism. 

Wed, 07/18/2012 - 10:13 | 2627854 fuu
fuu's picture

$5 to dig up the silver?

Wed, 07/18/2012 - 10:14 | 2627860 buzzsaw99
buzzsaw99's picture

Silver is merely a dross byproduct of copper production. [/troll]

Wed, 07/18/2012 - 11:00 | 2627903 Manthong
Manthong's picture


It is comforting to know that after the dollar bubble bursts I have an ample supply of #2 pencils that will be willingly accepted in exchange for stuff I need.

Wed, 07/18/2012 - 20:14 | 2630216 eatthebanksters
eatthebanksters's picture fucking moron, don't you read the news?

Everything yo said was usual...unless you're living in 2010 today...

Wed, 07/18/2012 - 10:15 | 2627863 I think I need ...
I think I need to buy a gun's picture

laughing,,,just laughing mdb

Wed, 07/18/2012 - 10:16 | 2627866 Tinky
Tinky's picture

"This is likely to translate into a huge supply glut that will crush goldbugs and wreak havoc on already tortured gold stock portfolios."

This may be the single most amusing 'analysis' you've presented. And that's saying something.

Wed, 07/18/2012 - 10:27 | 2627915 drmfh
drmfh's picture

You guys still don't get the fact the MDB is a mastery of irony. Read his posts from the perspective that he means the exact opposite of his thesis and you will enjoy tremendously.

Wed, 07/18/2012 - 10:28 | 2627921 Temporalist
Temporalist's picture

I don't think you get that people get what you think they don't get.

Wed, 07/18/2012 - 11:04 | 2628117 SmackDaddy
SmackDaddy's picture

That should be the definition of irony in Webster's

Wed, 07/18/2012 - 12:51 | 2628699 akak
akak's picture

An AnAnonymous might say, your analysis is truly and profoundly something, the very crustiest bit of the nib.

Wed, 07/18/2012 - 12:55 | 2628725 TheFourthStooge-ing
TheFourthStooge-ing's picture

Somehow that is very something, crustiness parangongulated muchly.

Wed, 07/18/2012 - 10:17 | 2627875 I Am Not a Copp...
I Am Not a Copper Top's picture

OK you've convinced me.  I will sell it all.  Thanks

Wed, 07/18/2012 - 10:21 | 2627892 Winston Churchill
Winston Churchill's picture

UST's safe.




Wed, 07/18/2012 - 10:40 | 2627978 Tunga
Tunga's picture

All your Bucky balls are belong to us.

Wed, 07/18/2012 - 11:16 | 2628176 BeetleBailey
BeetleBailey's picture

Did you know?

Run some numbers huh?

And you....having to "call your broker" to buy Faceberg.....awwww....troll......what a complete douche you are.

Tell ya what douche; if gold hits 2,000 an ounce first, will you swear to never post on here again?

I'll make that bet with you; if gold hits the 500 buck an ounce level first, I'll promise to not post on here......will you if gold hits 2,000 first?


Wed, 07/18/2012 - 11:34 | 2628248 ATM
ATM's picture

Sorry dude but your numbers are cash costs not as the industry calls them "all in costs". The real cost to produce an ounce of gold today is about $1250/oz. That incudes the things your number running excludes such as exploration and other things needed to run a continuing business.

Mark Cutifani, CEO of AngloGold Ashanti: "If you want to go on a total cost basis, we're running at about $1,200. The industry average is probably around $1,250 an ounce."    Steve Letwin, CEO of Iamgold: "It's going to be difficult for anybody to produce gold at less than $1,200 an ounce." 

Sat, 07/28/2012 - 15:58 | 2659331 MeelionDollerBogus
MeelionDollerBogus's picture

I've run the numbers.

Gold producers are having a hard time keeping costs down due to inflation for wages - real productive workers - and finding high-yielding mine-sites as all the easy stuff has been gleaned. Mining street-corners with cash-for-gold is much more profitable than mining and in a Depression like today a much less risky business model.

With gold now at a higher price, even adjusted for inflation, than all years ever prior to 2011, gold is a very good returning asset on sale. With a 10yr UST yielding under 10% to 20% it's clear gold is the winner and UST are a failure.

Graphite and GRAPHENE (see ) is not replacing ANY catalytic uses for silver, palladium or platinum BUT VERY MUCH will replace uses for silver for heat and electrical conduction and probably also for water purification. A graphene approach to water desalination (w/video)

Sneaky MDB - you snuck in lies and bullshit with real facts and a serious over-valuation of future uses of silver - very sneeeeeky.


Wed, 07/18/2012 - 10:35 | 2627956 LedMizer
LedMizer's picture

I just threw up in my mouth a little.

Wed, 07/18/2012 - 20:16 | 2630229 eatthebanksters
eatthebanksters's picture

Better than shitting your pants, a little    :-)

Wed, 07/18/2012 - 10:42 | 2627990 Pooper Popper
Pooper Popper's picture

Thats better than thinking about Maxine!That is one ugly women!


.I mean the last time I saw a mouth like that ,it had a hook in it!


Wed, 07/18/2012 - 11:35 | 2628252 ATM
ATM's picture

yup, that's a Grouper all right.

Wed, 07/18/2012 - 10:07 | 2627821 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Unfortuneately for him, his husband, Ben Bernanke, had a meeting to attend to.

Wed, 07/18/2012 - 10:13 | 2627825 notbot
notbot's picture

I'd rather get water boarded than get questioned on finance/economics by MW.

Wed, 07/18/2012 - 10:17 | 2627878 Cortez the Killer
Cortez the Killer's picture

Hang Waters and Frank on Roubini Banker's Street

Wed, 07/18/2012 - 10:20 | 2627889 LoneStarHog
LoneStarHog's picture

Barney does love those "moons".

Wed, 07/18/2012 - 10:40 | 2627982 Rich Bagg
Rich Bagg's picture

He enjoys Fudgepacking American Taxpayers more than his beautiful husband.



Wed, 07/18/2012 - 11:59 | 2628376 HANKREARDON

c-span live feed is down. sweet. nothing to see here.

Wed, 07/18/2012 - 10:02 | 2627795 nobusiness
nobusiness's picture

I love the way the "market" can go up two days on the same testimony.  Brilliant

Wed, 07/18/2012 - 10:07 | 2627823 Doubleguns
Doubleguns's picture

Reruns always have the same ending.

Wed, 07/18/2012 - 10:42 | 2627989 Praetor
Praetor's picture

Unless produced by George Lucas.

Wed, 07/18/2012 - 10:09 | 2627838 HelluvaEngineer
HelluvaEngineer's picture

"Chariman Bernanke, what is that big red button you keep pressing every 2 minutes?"

Wed, 07/18/2012 - 12:25 | 2628550 ParkAveFlasher
ParkAveFlasher's picture

lmao - making a scene in the office, thanks.

Wed, 07/18/2012 - 10:03 | 2627796 Pladizow
Pladizow's picture

The drill: Both the market and gold will retreat early in the day, only to have the market close positive and gold will remain suspiciously negative.

Wed, 07/18/2012 - 10:08 | 2627812 buzzsaw99
Wed, 07/18/2012 - 10:06 | 2627813 RobotTrader
RobotTrader's picture

Many congressmen are simply pissed off.


They going to demand that Bernanke engage Paul Krugman's "Final Solution"


1) Print $10 trillion

2) Start handing out $100,000 checks to small businesses

3) Extend unemployment another 99 weeks

4) Bail out any and all failed municipalities

Maybe, if we are unlucky, the result will be an increase in the 10-yr. yield from 1.5% to 3.5%.  Big deal.

Wed, 07/18/2012 - 10:16 | 2627870 giggler123
giggler123's picture

Is it time to start a new business to get my hands on some of these 100K cheques? ;)


When you lot got posted tax back cheques in a vain attempt that you'll all go out and spend it and boost the economy, I think Georgie was fuhrer - I remember feeling a little left out and wondering why the Brit's didn't do the same...


Wed, 07/18/2012 - 10:17 | 2627873 buzzsaw99
buzzsaw99's picture

-1, terrible troll. CONgreffpeople have nothing to be angry about. They have to try hard to feign anger in an election year because they are all fat and happy.

Wed, 07/18/2012 - 10:23 | 2627898 SheepDog-One
SheepDog-One's picture

LOL RoboTarder actually believes clowngress is pissed off, so funny!

Wed, 07/18/2012 - 10:38 | 2627974 Dr. Engali
Dr. Engali's picture

One can only hope they would do all of the above. That would be the end of the current system.

Wed, 07/18/2012 - 10:38 | 2627975 ITrustMyGut
ITrustMyGut's picture

many besmerch your words robo.. but I so get the experience you bring.. based on deep cynicism of any fluffy thay cant go on forever hopium... the likes of many have been telling us BANK HOLIDAY etc.. OMG Isra-hell invasion of Iran... dollar collapse IMMENIENT... etc ad nauseum.. and YET

here we are... 5+ years later.. and the status quo remains the status quo...


applying logic and reason in a 3rd world level corrupt enviorment.. just dont fly law dog...


the 3rd person observaytion of the corrupt circus is amusing... but we can NOT allow any expectation to grow of change..

expectation is foreplay for misery imho...

Wed, 07/18/2012 - 12:00 | 2628385 XitSam
XitSam's picture

If you have a successful business, you didn't do that, government is responsible for your success. Obama said so. So you should give your $100,000 back to the government. It's only fair.

Wed, 07/18/2012 - 10:08 | 2627814 LMAOLORI
LMAOLORI's picture

It would be pretty funny if someone brought up maxine water's giving her old man bail out funds



Bank-Hating Maxine Waters Charged With Improperly Steering Federal Funds to Bank

Bank in Maxine Waters case was weakest to get TARP help


Wed, 07/18/2012 - 10:11 | 2627835 Problem Is
Problem Is's picture


Maxine is a tough ole south central broad... She might just kick your ass...

Wed, 07/18/2012 - 10:33 | 2627943 dark pools of soros
dark pools of soros's picture

Stop chargin dees fees!!!

Wed, 07/18/2012 - 11:40 | 2628273 ATM
ATM's picture


I found this video of Maxine. She works a side job when Congress is on vacation.

Wed, 07/18/2012 - 11:54 | 2628344 Missiondweller
Missiondweller's picture

Yeah, whatever happened with that investigation?


Waters is always fun to see what incredibly stupid question she can come up with. Her IQ is about room temp.

Wed, 07/18/2012 - 10:06 | 2627818 sunnyside
sunnyside's picture

Yes, but CNBC has "The Brightest Minds" at the Alpha Conference.  Seeing Timmay with this headline under him made a little bile come up.


Wed, 07/18/2012 - 10:09 | 2627826 francis_sawyer
francis_sawyer's picture


Wed, 07/18/2012 - 10:13 | 2627851 Problem Is
Problem Is's picture

Timmah... More like "Dimmest Bulbs"...

Wed, 07/18/2012 - 10:08 | 2627827 virgilcaine
virgilcaine's picture

Beard stroking and quivering..  then the hand steeple gesture for the KO.

Wed, 07/18/2012 - 10:10 | 2627839 Winston Churchill
Winston Churchill's picture

Apparently the UN treaty on gun control is being signed by Hitlery Clinton

on July 27th.

Because of an earlier ratified treaty it will become US law unless specifically

vetoed by the Senate or TOTUS.

Its here.

They are coming for our guns.


Wed, 07/18/2012 - 10:18 | 2627879 Problem Is
Problem Is's picture

Come and get it bitch...

United States Constitution: Article II, Section 2, Clause 2:
Any treaty not ratified by the Senate is not a treaty...

"The President shall have Power, by and with Advice and Consent of the Senate, to make Treaties, provided two thirds of the Senators present concur."

Wed, 07/18/2012 - 10:32 | 2627904 HardAssets
HardAssets's picture

Its also a commonly repeated fallacy that treaties can usurp the US Constitution

Laws that violate the Constitution are invalid, much less directives based on treaties entered into without the consent of the People.

As usual - - - the lawyer/liar/politicians try to scam the citizenry

None of these jackals can sign away the God given rights of the American People

Wed, 07/18/2012 - 10:35 | 2627958 Trying to Understand
Trying to Understand's picture

...they do it daily... and all We The People do is vent about it.... we do nothing...

Wed, 07/18/2012 - 10:40 | 2627979 FEDbuster
FEDbuster's picture

What's the "US Constitution"?  Isn't that some old boat in Boston?


I am afraid the time had come to "stand your ground", they are prepping for the big gun grab fight.   Stock up now on ammo, you are going to need it.

Wed, 07/18/2012 - 10:31 | 2627933 Winston Churchill
Winston Churchill's picture

Since when has the Constitution stopped the doing anything lately.

Its just an amusing historical document to both parties.

Wed, 07/18/2012 - 10:32 | 2627942 Trying to Understand
Trying to Understand's picture

...but Clinton's EO, 13107, overrides to some extent, in that if a prez signs, all federal agencies must implement... no senate ratification necessary... sort of like the tobacco treaty... prez signed, depts implemented.... btw, the US is party to no less than 867 UN Treaties... and congress is legally obligated to implement them, step by step...  Ever wonder why the elected officials aren't listening to the citizens???


Wed, 07/18/2012 - 11:02 | 2628089 HardAssets
HardAssets's picture

This gets into a much bigger topic. Just websearch 'administrative law' and the "Adminstrative Procedures Act". Amazing though it may seem - - our Constitutional rights were fraudulently taken from us.

YOUR NAME IN CAPITAL LETTERS FOUND ON YOUR DRIIVERS LICENSE is a corporation, and so is the UNITED STATES. You don't have Constitutional rights, because youre not a American citizen - - but a citizen of the corporate UNITED STATES. You willingly (but unknowingly, compelled through fraud) give away your Constitututional rights in numerous ways each day. That's the justification they use on you. Completely unaccountable agencies rule your life.

Its all lawyer written smoke and mirrors bullshit.

This is a very tough topic to wrap your head around, I know. When I first heard about it, - it all sounded unbelievable.

Check out and the work of Ralph Winterrowd, to start. Also check out John Stadtmiller on that same network. The ZH crowd is a tough, skeptical bunch - - and that's fully justified and smart. But check this out. It'll likely blow you away. Financial and legal fraud seems to be the foundation of our country today. We need to change that. It starts with knowledge.

Wed, 07/18/2012 - 11:32 | 2628239 Offthebeach
Offthebeach's picture

Years ago when you drove into/across a Massachusetts town line you would see the town sign with a " incorporated in 1678" or such date. The just show the date now.

Wed, 07/18/2012 - 11:40 | 2628267 SMG
SMG's picture

Most of us here are actually well informed about this stuff, the problem is our numbers are in the THOUSANDS.  Somehow we need to pry MILLIONS of our fellow citizens away from American Idol, their smartphone, and all the other distractions.   The problem is most people are fat and happy in their little bubble, and I fear won't figure out what going on until the global depopulation and dictatorship starts.  An then it may be too late.

Got to keep trying to get through.

Wed, 07/18/2012 - 11:52 | 2628307 HardAssets
HardAssets's picture

SMG - - maybe I'm just slow when it comes to this stuff. It took many months picking it up in bits and pieces from various speakers before this all came together for me. Or maybe because I'm a 'visual learner' type. - - - Have you ever come across one book that explains all this (UNITED STATES corporation, adminstrative procedures, etc, etc) clearly & relatively concisely, with the supporting evidence of legal documents ?  That would be helpful in explaining it to others.

Wed, 07/18/2012 - 12:23 | 2628537 SMG
SMG's picture

Honestly it's not worth getting too far into the complexities, it just makes it harder to explain to people, and the Oligarchs are good at covering their tracks and making things confusing.   Best thing to do is keep it simple.

Explain it something like this:

There are a bunch of Elites working together against the freedom and interests of the people.  They are sneaky, they lie, but they are there working against us. 

You can show them these:

and you can talk about the fed and the irs.   Here is a great little cartoon about that, which has helped alot of people understand:

Also people have the attitude that all conspiracies are automatically baloney,  show them this:

Remember keep it simple, and don't dump too much too fast, people get overwhelmed.  And beware disinfo.

Wed, 07/18/2012 - 10:20 | 2627890 francis_sawyer
francis_sawyer's picture

Oh it ought to be a hoot watching all the 'boyz in the hood' support the TOTUS when he comes after their guns...

Wed, 07/18/2012 - 10:29 | 2627924 HelluvaEngineer
HelluvaEngineer's picture

Ought to be funnier when French troops roll into Alabama to round up the guns!

Wed, 07/18/2012 - 10:37 | 2627966 Temporalist
Temporalist's picture

HAHAHAHA that was the best joke I've read in months.  French troops!  I'm still rolling.  Senior living homes in Alabama have more guts and guns than the whole French army.

Wed, 07/18/2012 - 10:10 | 2627841 ZippyBananaPants
ZippyBananaPants's picture

Hey Barney, dumbfuck, your supposed to be asking questions, not spewing idiotic drivil from your pie hole.

Wed, 07/18/2012 - 10:10 | 2627843 fuu
fuu's picture

STFU Bawney Fwank.

Wed, 07/18/2012 - 10:11 | 2627844 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I apesheeate dat.  I am aways papwexed dat my weepubwecan coweegs continue to weeble wobble wit dere feweens.  Ween Bush was feeween wike a widdle weeblle wobble he cawed ben bernake.  Dis is bery bi-pardithon.

- Bawney Fwank

Wed, 07/18/2012 - 10:13 | 2627856 ZippyBananaPants
ZippyBananaPants's picture

+100 Mr. H!!

Wed, 07/18/2012 - 10:12 | 2627852 bdc63
bdc63's picture

... just remember, Maxine Waters represents the interests and the intellect of her constituents ... scarey, huh?

Wed, 07/18/2012 - 10:26 | 2627910 Everybodys All ...
Everybodys All American's picture

Democracies fail because of ignorance and immoral behavior.

Wed, 07/18/2012 - 11:09 | 2628146 HardAssets
HardAssets's picture

Democracies are dangerous. Two wolves and a sheep, voting what to have for dinner.

 We are supposed to   "have a republic, if you can keep it." - - Ben Franklin

Please research the difference between a democracy and a democratic republic - - they havent taught this distinction in schools for a very long time

Wed, 07/18/2012 - 10:14 | 2627861 asteroids
asteroids's picture

Notice how the market ramps when the FED or POTUS is speaking?

Wed, 07/18/2012 - 10:16 | 2627868 Dr. Engali
Dr. Engali's picture

I can't stomach it enough to watch. I just can't stand the sound of  Bawny Fwank or Maxipad Wetter. Two of the most annoying people in the world.

Wed, 07/18/2012 - 10:19 | 2627888 Problem Is
Problem Is's picture

+1... On the Maxipad reference...

Wed, 07/18/2012 - 10:33 | 2627946 Nothing To See Here
Nothing To See Here's picture

If they were'nt so full of themselves, that would already be hard enough. But seeing these two crooked, confused persons siting on their thrones as if they held truth and power in their hands is too much for me.

New England is nice for the panorama, not for the cleverness of its constituents.

Wed, 07/18/2012 - 10:17 | 2627877 e.blair
e.blair's picture

I don't think I can watch again.  But, if Santelli's right--that there was a smoking gun yesterday--somebody should put together a youtube clip of the moment when Bernanke admitted they were in the loop on LIBOR.  Shouldn't we be talking about that today?

Wed, 07/18/2012 - 10:19 | 2627885 Temporalist
Temporalist's picture

Never talk about reality.  Your hopium prescription shall be arriving shortly.

Wed, 07/18/2012 - 10:18 | 2627880 indio007
indio007's picture

Is something wrong with the audio all I hear is slurping.

Wed, 07/18/2012 - 10:18 | 2627882 The Duck Stops Here
The Duck Stops Here's picture

So Bernanke says growth is slowing and not wanting to do QE3, the numbers for data show that the economy is slowing, companies are beating beaten down estimates, China is slowing, Europe is Crashing and the market is up? When the market crashes next because of all this, I will choke the crap out of anyone in the market who complained that they lost money who were long stocks, or say they didn't see it coming. Fucking insanity LOL

Wed, 07/18/2012 - 10:19 | 2627887 Gene Parmesan
Gene Parmesan's picture

I refuse to click a video link that's preceded by a description that has "Barney Frank" and "penetrating" in the same sentence.

Wed, 07/18/2012 - 10:23 | 2627896 Bastiat
Bastiat's picture

Was about to say: bad taste to use "Barney Frank" and "penetrating" in the same sentence . . . or "bad taste" for that matter.

Wed, 07/18/2012 - 10:22 | 2627895 tony bonn
tony bonn's picture

maxine waters has a better understanding of corruption - at times - than most people give her least she knew that the cia was peddling drugs in inner la to raise money for its assassination and regime change programs.

Wed, 07/18/2012 - 10:23 | 2627897 Temporalist
Temporalist's picture

She corrupts the English language daily.

Wed, 07/18/2012 - 10:30 | 2627932 LMAOLORI
LMAOLORI's picture


You mean in the same sense as when they ask burglar's to show them their methods right???? 

Bank in Maxine Waters case was weakest to get TARP help

The bank at the center of a House ethics investigation of U.S. Rep. Maxine Waters was the weakest to receive funds from the government's Troubled Asset Relief Program at the time of its rescue, according to an analysis by the Investigative Reporting Workshop.

When then-Treasury Secretary Henry Paulson announced creation of the so-called "Capital Purchase Program" in October 2008, he said it was directed at "healthy institutions." Nevertheless OneUnited Bank of Boston received a $12.1 million capital injection from the Treasury Department on Dec. 19, 2008. The money has not been repaid, according to Treasury Department documents.

Records show that as of Sept. 30, 2008, the latest quarter before the investment, OneUnited had "Tier 1 capital" of just 1.8 percent of assets. Of the 363 banks that got TARP money in the fourth quarter of 2008, at the height of the financial crisis, that was the lowest Tier 1 ratio.

In fact, none of the 987 banks that got TARP money between October 2008 and December 2009 reported a lower ratio in the quarter before they received federal cash. As of March 31, 2010, 16 TARP banks had lower Tier 1 ratios then OneUnited's 4.98 percent.

Waters, a Democrat from Los Angeles, is alleged to have set up a meeting with regulators to help the bank, on whose board her husband served. OneUnited is based in Boston, but it has major operations in Los Angeles and Miami.


Wed, 07/18/2012 - 10:25 | 2627908 sunnyside
sunnyside's picture

This should provide some good fodder for Jon Stewart tonight.  Maxine is too much of an easy target for him to leave alone.


Wed, 07/18/2012 - 10:27 | 2627916 SheepDog-One
Wed, 07/18/2012 - 10:27 | 2627918 Problem Is
Problem Is's picture

The Bernankster

Back to Princeton with Krug-hole you worthless bitch...

Wed, 07/18/2012 - 10:29 | 2627923 Dr. Engali
Dr. Engali's picture

It's all Europes fault.

Wed, 07/18/2012 - 10:29 | 2627927 orangedrinkandchips
orangedrinkandchips's picture

I think BARNEY is worried he will look fat in his cock ring! On national TV no less!!!


oh my!

Wed, 07/18/2012 - 10:34 | 2627948 Richard Head
Richard Head's picture

Maxine is as dumb as Barney is gross.

Wed, 07/18/2012 - 10:35 | 2627957 Dr. Engali
Dr. Engali's picture

I decided to turn it on realizng that Ron Paul would be asking questions.

Wed, 07/18/2012 - 10:37 | 2627967 Payne
Payne's picture

I’ve just run the numbers on the dollar, and I'm afraid the results were not pretty. In 2010, the average printing cost for the dollar was .542 per 1000. This means that Banks are currently turning over $5 for every dollar printed. This is likely to translate into a huge supply glut that will crush dollar bugs and wreak havoc on already tortured  stock portfolios.

The numbers for Euro are even uglier. Using the same method, I calculate that Euro is currently trading at a premium of over $20 per dollar. Not only this, but China is set to replace many of the Financial uses of the dollar, making it largely useless as an Financial Instrument.


Meanwhile, the fundamental picture for gold and silver just keeps getting better. As the Eurozone crisis persists, the regulatory environment is getting more favorable for Gold, the demand for Gold and silver is expected to increase measurabley . With the ten year yield at 1.48%, and gold still under $1600 per ounce, things are looking great if you are a stacker of gold.  If you are looking for immediate results do what the Treasury officials do and seek the advice of a prostitute. 

All in all, the horizon for precious metals is Fantastic, and investors would do well to approach this market with both haste and confindence

Wed, 07/18/2012 - 10:37 | 2627968 HaroldWang
HaroldWang's picture

What's a "physical cliff"? Man, are these people stupid.

Wed, 07/18/2012 - 10:48 | 2628025 SWCroaker
SWCroaker's picture

Dat's de actual edge, as opposed to the meta-fiscal edge, which is, ya know, different.

Wed, 07/18/2012 - 10:55 | 2628066 azzhatter
azzhatter's picture

Fucking Baucas is an ignorant prick. Oh wait, I just described congress

Wed, 07/18/2012 - 11:49 | 2628311 GlomarHabu
GlomarHabu's picture

A true and righteous observation of Senator Baucus. But then the great state of Montana is the elephant burial grounds for the rusting hulks of single wides. Since I own property there and visit regularly I can say first hand that the people of Montana claim to be really independent minded, when in reality they are simply uninformed.

On the plus side there are some awesome hiking trails and good horseback riding country to be found in MT.

Wed, 07/18/2012 - 10:46 | 2628014 ZippyBananaPants
ZippyBananaPants's picture

Go Ron Go

Wed, 07/18/2012 - 10:53 | 2628053 Jena
Jena's picture

"Can we get that answer in writing?" Hahahaha

Wed, 07/18/2012 - 10:54 | 2628058 El Hosel
El Hosel's picture

Hardball Paul.... quick, give him the hook, before anybody wakes up.

Wed, 07/18/2012 - 10:53 | 2628055 rosiescenario
rosiescenario's picture

Ron Paul just made the only intelligent points to come from all this posturing by the professional politicos.

Wed, 07/18/2012 - 10:54 | 2628057 azzhatter
azzhatter's picture

Paul is the only one who truly stands up for the middle class

Wed, 07/18/2012 - 10:55 | 2628071 booboo
booboo's picture

Congressman Clay: How do we get my brothas to get off unemployment and welfare.

Bernanke: "er, diversity through imagination coupled with fairness in gobbledy gook blah, blah.

Congressman Clay: "Uh, ok"

Wed, 07/18/2012 - 10:57 | 2628078 Temporalist
Temporalist's picture

As Ron Paul was asking the last question he'll ever ask to a Fed chairdemon the other congress people were sitting on their hands thinking "I hope he doesnt' spoil all the graft I'm going to be getting before he leaves office."

Wed, 07/18/2012 - 10:57 | 2628079 Antifederalist
Antifederalist's picture

A gold standard would not provide price stability.  FUCK YOU BERNANK.  FUCK YOU FUCK YOU

Wed, 07/18/2012 - 11:00 | 2628097 buzzsaw99
buzzsaw99's picture

The sell gold, buy stocks trade is still smokin'!

Wed, 07/18/2012 - 11:12 | 2628155 Bastiat
Bastiat's picture

Good.   Double down.

Wed, 07/18/2012 - 11:59 | 2628373 Bastiat009
Bastiat009's picture

Gold is falling a little lower every day while stocks are going a little higher every day.

I don't know if it makes sense but I know that holding gold is not good these days are its value is falling and unlike my house can't provide shelter when it rains. If gold is a currency, it's not very safe these days.

Wed, 07/18/2012 - 10:58 | 2628080 Dr. Engali
Dr. Engali's picture

Liar! Gold is has proven to  be the most stable currency to provide long term price stablity for thousands of years.

Wed, 07/18/2012 - 11:04 | 2628119 buzzsaw99
buzzsaw99's picture

There were terrible depressions and deflations during the gold standard. Besides, most of the time gold is boring. It doesn't pay a dividend nor does it beat revised quarterly earnings estimates by a penny.

Wed, 07/18/2012 - 11:23 | 2628190 Dr. Engali
Dr. Engali's picture

You mean like the terrible depression we are in now? The depression was caused by an over expansion of credit, That truth held true in the 30s and it is true now.

Wed, 07/18/2012 - 11:41 | 2628279 Badabing
Badabing's picture

when the 90 day note ended and the newely formed fed printed more dollers than gold "they called it a gold shortage ha" thats when gold didn't work gold got stomped after silver was non monitized . all done by the FUCKING banks!

Wed, 07/18/2012 - 12:21 | 2628531 XitSam
XitSam's picture

Deflation is not necessarily a bad thing. It can come as an increase in efficiency of productivity. Gold is boring ... good, the monetary reference should be boring. Gold can pay a dividend if it is loaned out, but that creates a risk that it won't be paid back, which is as it should be, the interest is a fairly accurate reflection of the risk and the time value of (real) money.  All in all, I would rather be on a gold standard where the government cannot inflate the money supply.

Wed, 07/18/2012 - 10:58 | 2628086 Antifederalist
Antifederalist's picture

Amazing though that he got a question about the gold standard.  First they ignore you......

Wed, 07/18/2012 - 11:00 | 2628094 valkir
valkir's picture

Where the "market" will go,if Ron Paul pitch silver or gold coin in Beardmonkie face?

Wed, 07/18/2012 - 11:02 | 2628110 Temporalist
Temporalist's picture

Ben Bernanke: QE1 started the recovery, QE2 was just icing, Twist1 was a side dish, Twist2 is dessert, but the recovery started almost 4 years ago and the meal is still not over.

Wed, 07/18/2012 - 11:02 | 2628112 monopoly
monopoly's picture

MDB is back. Now I feel better. Just bought more miners.

Wed, 07/18/2012 - 11:05 | 2628120 booboo
Wed, 07/18/2012 - 11:05 | 2628123 resurger
resurger's picture

We need to add 4 TRillion , only! over the next Decade?!


Wed, 07/18/2012 - 11:09 | 2628141 ebworthen
ebworthen's picture

CNBC just cut away from testimony when time was yielded so Ron Paul could ask more questions.

"It looks like things are almost over..." just at the moment when Ron Paul was going to speak.



Wed, 07/18/2012 - 11:10 | 2628147 bigdumbnugly
bigdumbnugly's picture

worse.  he said that the "serious" questioning was just about over...

Wed, 07/18/2012 - 11:09 | 2628144 bigdumbnugly
bigdumbnugly's picture

a - f'ing - mazing


ron paul just about to question bernanke and cnbclownstation cuts off back to carl q.


a - f'ing mazing

Wed, 07/18/2012 - 11:15 | 2628168 Overfed
Overfed's picture

Ron Paul is way over the heads of average Americans. If you want to know the intelligence of the average American, look to Maxine Waters or Hank Johnson. That's about how smart we are as a whole. :-(

Wed, 07/18/2012 - 11:12 | 2628153 lynnybee
lynnybee's picture

Barney Frank takes the cake as being  the most disgusting, vile & corrupt politician ever!    why oh why don't the citizens of that state pitch that  horrid person!     i could say more, but, will refrain from the vulgarity of it all.     

Wed, 07/18/2012 - 11:12 | 2628154 resurger
resurger's picture

Double DOSE!


Wed, 07/18/2012 - 11:15 | 2628170 doc_in_the_house
doc_in_the_house's picture

on bloomberg tv:

ron paul told bQE and QEorganizer that they are FULL OF IT....LOL !!!!!!!!

Wed, 07/18/2012 - 11:15 | 2628164 doc_in_the_house
doc_in_the_house's picture

bQE: "QE worked"

"IT" caused the market to rally since March 2009...

QEorganizer-odummer:  "thanks to my POLICIES (PRINT BABY PRINT) i caused the market to go shows CONfidene in meeeee!!" LOL !!

QEorganizer: thanks to me RAPING the middle class..i was able to transfer wealth to the 1%, the political donors" ROFLMAO !!!!!

Wed, 07/18/2012 - 11:22 | 2628205 VEGASBROKER

Barney Frank should be asking his questions from the federal prision in Atlanta. How can you investigate a bank robbery with the robbers that robbed the bank leading the investigation?

Wed, 07/18/2012 - 11:29 | 2628228 doc_in_the_house
doc_in_the_house's picture


brought to you by ODUMMERNOMICS !! the stupid QEorganizer

Wed, 07/18/2012 - 11:54 | 2628340 GlomarHabu
GlomarHabu's picture

If you send bend-over-Barney to a Fed prison he would be in heaven with all the pricks who reside in those places. Just let him continue haunting and trolling the Congressional gym and Georgetown bars for his back door trysts.

Wed, 07/18/2012 - 11:49 | 2628208 Rudolph Steiner
Rudolph Steiner's picture

Bazinga Ben!

The Bernankster just throws the CFTC under the LIBOR bus for the second time in two days.

At this rate someone has to notice. CFTC will need to toss somene to the wolves, no?  Certainly not the JPM silver jobbers. As an agent of the State JPM is just toooo important here ~ that is the assumption. Who else might serve as scapegoat for Wall street leprosy in the popular eye. 





Wed, 07/18/2012 - 11:25 | 2628214 Getting Old Sucks
Getting Old Sucks's picture

I wish someone would ask about educating the banks on sound investments.

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