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.

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