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Bernanke Testimony To Senate Live Webcast
While Bernanke's prepared remarks to the Senate today will be identical to those given to Congress last week, the Q&A session will be different. One notable difference will be Bernanke's take on the "huge jobs number" which was not public last week. He will likely be put to task to answer if and why he still expects QE when the economy is supposedly improving (on the back of a collapsing labor force, yes it makes no sense, don't ask us). We wonder what his non-answer answer will be to that one. Also we wonder if like last week, when answering Congressman Flores, he admits that the ECB collateral certification process is much better than that of the Fed when it comes to issuing cash under the discount window.
Watch it live after the jump.
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What's gold up to right about.... now?
goldbug does his task well
What's gold up? While I was watching went from 1721 to 1731. Bernanke is like viagra for gold charts.
Ya gotta love his track record with the metals.
Reasons why Bernanke is the BEST Fed Chairman in recent years:
1. He understands the importance of the Federal Reserve’s INDEPENDENCE and that there is no place in this day and age for political meddling with monetary policy which was reflected in his rejection of Ron Paul’s insane “audit the Fed” bill
2. He recognizes that the dual mandate for maximum employment and price stability is a LONG-TERM endeavor, and has thus committed to keeping interest rates low for an extended period while wisely ignoring transitory price inflation
3. He is willing to take the time out of his busy schedule to educate economic illiterates like Ron Paul who fail to understand even the most elementary principles of monetary policy
4. He also enjoys VAPORIZING things in his spare time...
He finds signs in manufacturing "encouraging" ....
By the way, manufacturing's share of industrial employment was below 9% for the second consecutive year in 2011. 8.9% for two years in a row, the lowest it's ever been since the stats were being tracked.
Manufacturing, vaporized!
http://aidwatch.org.au/sites/aidwatch.org.au/files/images/National%20Int...
American households right at the 99th percentile (that is, the cut-off for the top 1 percent) will earn about $506,553 in cash income this year..
The average net worth for the 99th percentile in net worth was $19,167,600 as of 2007...
"He also enjoys VAPORIZING things in his spare time..." is he more like Marvin the Martian, Dr. Evil, or Dr. Strangelove?
On his little name plate they abbreviated Chairman to just CHRM...sort of reads like Christmas Bernank. Free money for everyone who's been "good"! (bankers).
He's their little charm! I wonder if they rub his bald head for good luck behind the curtain....
Either that or Ritholtz's buddha belly... Speaking of which... Did anyone know that Hank Paulson was Barry Ritholtz's new BFF?
http://www.ritholtz.com/blog/2012/02/my-newfound-respect-for-hank-paulson/
Brian Dingleberry has some competition for Biggest Douchebag in the Universe.
@ Temporalist, I think this is what you're looking for.
Austin Powers - 100 billion dollars
http://www.youtube.com/watch?v=jTmXHvGZiSY
The dollar, vaporized!
I love your sarcasm
He is willing to take the time out of his busy schedule to........NOT attend to any personal grooming issues
The banks bend us over once again!
http://garereport.blogspot.com/
In jest I would add. He is targeting 2% inflation. First half of last year 3 1/2% last half 1 1/2% average 2%, a true marksman.
housing down by 4% + inflation in food, energy, etc up by 8% = 4% net inflation
government fudging numbers to make it 3% inflation
There you have it why food prices are soaring way more than 2% a year.
If you're a bankster at a TBTF bnk, the the Bernank is your best friend...if you're a little guy on Main Street looking for a loan or a saver he's your 2nd worst nightmare (#1 is Geithner). They are all about status quo...they wold rather have 20 years of what we are going through than a couple of tough years followed by a growing economy...
I see phallic symbolism all over that gold chart.
I'm really starting to like this guy!
Why don't they give him his own TV show, like Bill Cosby used to have...?
Don't listen to him too long, lest you start to believe in his lies!
http://ericsprott.blogspot.com/
Gold is preparing for launch. Bring on QE3! Get Tepper's balls back on that wall! We need someone to purchase this shadow inventory which estimates show now is approaching 10 million in size:
http://www.ftense.com/2012/02/2012-real-estate-outlook-supply-shadow.html
Yep QE has fuck all to do with Americans and everything to do with keeping zombie banks alive. Wonder how Bernank will spin that. I mean, he can't exactly imply the employment numbers he uses for justifying everything are fake, can he?
He can and most likely will. The crappy thing is, the idiots listening to him will eat it up.
It is disgusting how the Congressmen kiss his ass, telling him constantly how great a job he has done, how hard it was to handle the recession (that the Fed triggered with low interest rates that led to the housing bubble/the lack of good regulations that led to the internet bubble).
For real. How hard is it to hand out printed cash to your banker friends. Real hard work.
money printing keeps current congress in power by keeping the delusion alive.
stupid homeowners think hey home prices stopped dropping and is stable, when inflation on everything else is > 0% meaning your home value lost 4% relatively.
and ya'll wanna know why i keep advocating puttin caps n these socipath bankers asses...
they tellin u to ur face that they intend to rob u forever and the US citizens sit by like a bunch of fucking dip shits...sure, start a riot over a fucking football game but do nothing while being marched into serfdom in perpetuity....
"The Federal Reserve Open Market Committee (FOMC) has made it official: After its latest two day meeting, it announced its goal to devalue the dollar by 33% over the next 20 years. The debauch of the dollar will be even greater if the Fed exceeds its goal of a 2 percent per year increase in the price level. The Fed’s zero interest rate policy accentuates the negative consequences of this steady erosion in the dollar’s buying power by imposing a negative return on short-term bonds and bank deposits. In effect, the Fed has announced a course of action that will steal — there is no better word for it — nearly 10 percent of the value of American’s hard earned savings over the next 4 years."
http://www.forbes.com/sites/charleskadlec/2012/02/06/the-federal-reserve...
+$10.65 to $1731.46/oz., last I checked.
Agree!
Want a good laugh, listen to the idiot from Florida (D-Nelson). He is so goddamn stupid its embarrasing to listen to this democratic fool.
Senator Foghorn. Is Bill Nelson for real or is he character from Saturday Night Live. Perfectly scripted, you cannot make this stuff up.
Who cares of this idiot.
In other news the stock market appears to be hovering around again waiting on good news and shedding bad news. Some BS Greek savior will easily put the DOW over 13k. All speculation but rallies often end on great news.
I'm like everyone else here who see the markets on the edge of collapse. As does webbot. I don't know much about webbot though haven't really looked into it.
...blablabla: 1,731
So this is why gold made a move up just now.
Keep Bernanke talking!
Blah, blah, blah, QE3, blah, blah, blah, QE4, blah, blah, blah, blah, blah, blah, QE5, blah, blah, blah, QE6, blah, blah, blah, according to my PhD thesis we have the printing press to take care of any deficit problem.
Damn it yogibear, you beat me to it. I was going to say the same thing.
Every time Gold-is-not-money-Bernank opens his frontal orifice, gold shoots up. And nobody cares to ask why, except on this fine blog of course.
"...assuming that the economy is back to full employment."
HAHAHHHAHAHAHHHAHAHAHAHAHAHHAAHAHAHHAHAHAAHAHAHAHAHAHAHAHA
All they have to do is drop about 6 million more people off the system an we will be there.
All they have to do is send all the unemployed to FEMA camp locations to build them in order to live in them. Then erase their recorded information from all databases. Instant 100% employment.
OHHHHHH
benny says health care costs were PREDICTED for DECADES...So has Peak Oil.
500MPH into a brick wall
"impede the current economic recovery"...BWAAAAAAAAAAAAAAAAAHAHAHAHAHAHAHA, what a moroon! What a rube!
maybe we can all get jobs on one of zynga's virtual farms
Sipping Coffee with Ben Bernanke
[Tiny Dancer Blares on the loudspeaker, as Bernanke walks on the set wearing a sweater vest and khakis]
[APPLAUSE]
Good morning everyone. Welcome to Sipping Coffee, with me, Ben Bernanke. Today we are going to clarify how the r-rate move will help k-keep current estamates of g-growth inbetween five and s-six p-percent.
[Ben sits down in a lay-z-boy]
We have the t-tools to withdraw funds when we need, assuming the economy is close to full employment, but there will be a structural budget gap and this is very dangerous. It happened due to an aging population and health care costs, which is why we are going to keep rates near zero....FOREVER!
[Music blasts on the loudspeaker/Bernanke stands up and does the macarana]
[RYTHMIC CLAPPING]
That's right! You America, will have money dropped from helicopters forever! How about that?!
[APPLAUSE]
When we get back, we will discuss the best way to rape a nation's wealth by the careful design of tax and spending policies, but first a word from our sponser....
[A voice comes over the loudspeakers....]
tiptoe thru the printing, rain Inflation, bailout bankers, floor the accelerator, print the Weimar bucks, LOL
go Berflunky; I leave you to it....print it baby.
music: http://youtu.be/skU-jBFzXl0
we re on the highway to hell ....
http://youtu.be/a5ngDbU1T4g
Stayin' Alive - Tiny Tim
http://www.youtube.com/watch?v=TFJHVcd0bCk (5:48)
Bernanke: US Manufacturers have become competitive.
Translation We are destroying the dollar and soon we will have our very on Foxconns.
Biggest laugh of all is the employment chart. This clown show is so disgusting I wish someone would just stand up and tell this man he and his clown friends are liars. An entire banking and economic system built on lies and deception.
One softball pre-canned question after the other....................
What a theatre !
Just pump gold back up sir ...
Benanke's new name, Weimar Zimbabwe Bernanke. Surrounded by print to infinity doves in the Federal Reserve.
When everyone is booted off unemployment and other assistance this economy will show it's true face. We already see it but too many people who have jobs are "invincible" they think. Then the billions pulled out of the economy will screw them also. It's a total collapse in the works. Of course WW3 could speed things up. I have a theory that total collapse and massive death has been pre-calculated. They're doing everything they can do avoid it and economic stimulation thru war is the only way out. Which will never work because of technologically advanced weapons known as nukes. It's hard telling, Iran seems to think the last great mesiah will only return during armageddon and are hell bent on blowing us all up. It just seems like everyone is going to hell in a handbasket all at once. Our whole livelyhood in the US is based on flashing red and green lights and digital zeros stored in hard drives. Curiously how sustainable is that? I don't buy into the "learn to live off the land" bit and buy pm's because you'll have 1,000,000 people against you when it happens. Everyone is screwed, no one is safe is my opinion.
these senators are practically getting on their knees to kiss the chair satan's ass
Bernake: Kiss the ring...
Grassly: How many times your Majesty? I have an hour..
I'm sick of hearing...If the congress doesn't act we will have the largest tax increase in the history of the world.
maybe if they refer more pork project money to their hometowns and businesses, things will get better.
Did Grassly just blow Bernanke on TV?
Hey where is Robo? I wonder if he foersaw the jump in gold. I'm sure he was ahead of the move.
Yeah, no shit Grassley, your constituents have figured out the Federal Reserve racket. Get used to it, you are a fucking dinosaur and you and your like will be extinct soon.
IO Psychic TV in da house!
in a year benny will say "energy prices" have hampered recovery.
just like T-ball
i wanna puke.
OMFG !!!!!!!!!
How scripted !
Hollywood !
Hollywood is at times, entertaining at least to me. This is akin to someone walking in and reading aloud from the phone book.
Sorry that I insulted Hollywood !
Love the way they stroke each other for a job well done ! LOL !
say it wyden!!!!
peak oil !!!
say it!
Does Wyden have Tourette's?
why cant we get someone to sneak n2 these hearings....then we he begins to speak, just bum rush his ass and hit him 10- 12 times with a fecal dipped shank....
for crying out loud people!!!!!
CTRL-Ben!
Please keep talking, my gold wants to say thank you
Fuckin disconnected blow hard.. Or is he? Just let this shit crash so American's can get down to buissness of reclaiming their Country.
In other news: A developing story out of the White House.
White House seizes all Iranian assets.. ALL, In the USA. Should be up on Drudge soon. I will insert the link when I see it.
Here is one: http://jessescrossroadscafe.blogspot.com/2012/02/us-seizes-iranian-assets-citing.html
Have a nice day!
I'm writing a poem about Senators and Helicopters, but can't think what rhymes with Kabuki theater
try meat cleaver.......
Fukushima Creators?
Just sayin.....
Spooky cheaters?
Cookie eater?
Chinook is a helicopter. Add something after with an "e" and you are set.
Or Wookie, for the facial hair? Bald Wookie?
Maybe nookie?
"legal avoidance practices"
i puked
My "Formula" is 100% correct.
Dow 15,000 = Gold $2,500
Gold bugs should be rooting for:
- New highs in the Dow
- More Fractional Reserve Banking
- Bigger Ponzi Pyramid Finance
- Larger OTC Derivatives Casino
- Ebullient consumer spending
I'm still bullish on both gold and the Dow right now, Cartel slamdowns notwithstanding.
Until 1 Euro Country shits the sheets, yes, you are correct... for now.
Gold is about to breakout of its three day range and if it does we could see it go to $1800. It is possible it stays where it is for a couple more weeks though, as there is nothing more important for the Banking Houses (led by the Fed) to wash it out thouroughly.
Because the EZ is near default, gold is nearing a phase where it goes parabolic. If the euro goes under, money will run to gold. The euro is going under, it is a question of when, not if. So Bernanke and his POMO bastards will try to keep a lid on it, so to blame Europe for all the world's problems.
If I had Euros I wouldn't have any more Euros...just saying. I don't know why anyone that has to transact with them hasn't already exchanged them for real money.
You forgot
-more Bernanke speeches
Mark Begich is the only guy who has brains
Begich says people won't refinance into a new 3.75% mortgage rate because they lack confidence? Low consumer confidence discourages home loan refinancing? He said it a couple times. That's a new one.
At least he was not thanking Ben Shit ...
John Cornyn brought the point that the Fed's are not considering the people who gave up on work into unemployment!
That's bullshit...I'm a real estate appraiser we've been busy for over a year.
Let's blame the middle east for peak oil!
the senators seem eager to mention their own indecision and inaction while warning of future disaster and apologizing to the chair satan for making his own job so difficult...
exactly!
good cop bad cop - plausible deniability
May 2011 highs in SPY was 134.95
Only inches away from breaking those highs.
Wake me up when we close above 136.22.
Bullish euro-austerity. It's all the rage.
And long sustainable paths.
REBOOT: CTRL ALT DEL: END THE FED BITCHES
like squatting bitch!
The Bernank is not evil. He's a good kid. Give him a chance!
A real question about unemployment? Unheard of.
John Cornyn been reading ZH!
Do not fall for this. The Republican establishment is very good at CYA and that is exactly what these guys are doing.
Fuck em all Tars! am saying he is the best looking horse in the glue factory
are stocks and gold up because he repeated the same he said last week, ZIRP?
and are all stocks, indices, futures, ETFs, options, commodities connected to his microphone, or what?
"rising oil prices could be very disruptive because they induce inflation" - asshole! He inflated the whole commodity bubble, not the other way around.
My shorts are getting fried...:(
From RanSquawk:
Really? You'd think with that whole "dual mandate" thingy the news of the "massive" jobs gain would be on his agenda.....unless of course, it didn't happen that way.....
So that's what a financial terrorist money-launderer looks like!
nice work, Toomey.
Go Pat Toomey!!! Nice question!!!
that's right...drive people into riskier investment in pursuit of yield...who doesn't like bubbles? bubbles are fun!
Why is it when this man opens his mouth the market rallies?
[Take Your Pick] How To Fix The Economy In Only Two Words:
GOLD STANDARD
OR
RON PAUL
And Since RP Will Not Win.........
Volume... Laughable
Con man. Liar. Traitor! Front man for the Global Syndicate that dictates the Fed Actions.
Guilty of un-American activities, subversion, fraud, and high crimes.
Prosecute him for High Treason and hang him.
Has anyone asked him what kind of jobs he foresees in his 'full employment' crystal ball?
Is it just me or did Bernake just describe a hyperinflationary deathspiral in response to Sessions?
TWO WORDS:
Unsustainable
milliondollarbonus - How's that savings account doing? did the dollar in your wallet get bigger or smaller overnight?
Does someone know how to post an image here?
Unless you've acquired a certain status (contributor, e.g.), you can't. But you can post a link.
Yes and most of those privileges have been revoked, for abusers like the RetardBot especially.
Does Bernanke check the gold price after his speeches?
rip - Bernake buys gold before his speeches....