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Bernanke's Latest Take On The Recovery: "Frustratingly Slow"

Tyler Durden's picture




 

The Fed Chairman, who is too busy to tweet at the moment, has just released his pre-recorded speech on Community Banking. In its we find the following pearl: "Despite some recent signs of improvement, the recovery has been frustratingly slow, constraining opportunities for profitable lending." Wait, hold on, yesterday the same Chairman told an eager headline scanning robotic world that economic growth was upgraded from "modest" to "moderate" - so which is it? Or will the Fed merely feed the HFT robots whatever cherry picked keywords are needed to nudge the market in the appropriate direction as required? Oh wait, we forgot... Election year. Carry on.

From the Fed

Chairman Ben S. Bernanke At the Independent Community Bankers of America National Convention and Techworld, Nashville, Tennessee (via prerecorded video)

Community Banking

I'm glad to have the chance to speak again to the Independent Community Bankers of America, even if it's by way of prerecorded remarks. This will be the first time in quite a few years that I haven't been with you in person, but, as you may know, the Federal Open Market Committee met just yesterday in Washington, so I am unable to join you in Nashville. I have very much enjoyed attending these annual ICBA get-togethers, especially since I get the chance to hear directly from you about what's happening in your local economies and in community banking more generally. It's a tradition I hope to reestablish in the future.

The Role of Community Banks in a Challenging Economy

Community banks remain a critical component of our financial system and our economy. They help keep their local economies vibrant and growing by taking on and managing the risks of local lending, which larger banks may be unwilling or unable to do. They often respond with greater agility to lending requests than their national competitors because of their detailed knowledge of the needs of their customers and their close ties to the communities they serve.

As you well know, however, community banks are also facing difficult challenges. Their close ties to local economies are, on balance, a source of strength, but a drawback of those ties is that the fortunes of communities and their banks tend to rise and fall together. Another concern for community banks is the narrowing of the range of their profitable lending activities: Because larger banks have used their scale to gain a pricing advantage in volume-driven businesses such as consumer lending, community banks have tended to specialize in other areas, such as loans secured by commercial real estate. That said, I know that community banks are continuing to look for ways to prudently diversify their revenue sources.

Like larger banks, community banks are also being affected by the state of the national economy. Despite some recent signs of improvement, the recovery has been frustratingly slow, constraining opportunities for profitable lending. And, as I will discuss momentarily, actual and prospective changes in the regulatory landscape have also raised concerns among community bankers.

and so on

 

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Wed, 03/14/2012 - 10:13 | 2253890 digitlman
digitlman's picture

Fuck you, Bernanke.

Wed, 03/14/2012 - 10:14 | 2253901 jcia
jcia's picture

You know what's slow? Dow reaching 8,000 before we print our way to infinity and BEYOND

Wed, 03/14/2012 - 10:21 | 2253941 JPM Hater001
JPM Hater001's picture

By slow he actually means the presses can't run fast enough.

Wed, 03/14/2012 - 10:42 | 2254085 DavidC
DavidC's picture

The Fed has too few monkeys pressing zeros on the keyboards, needs more monkeys.

DavidC

Wed, 03/14/2012 - 10:21 | 2253943 TruthInSunshine
TruthInSunshine's picture

I shall start the next and largest (to date) twitter bomb:

 

 

#FuckBenBernanke

#InflationIsTooLowSARC

Wed, 03/14/2012 - 17:05 | 2255804 VanceEva1
VanceEva1's picture

my classmate's sister makes $82 hourly on the internet. She has been out of work for 10 months but last month her income was $17192 just working on the internet for a few hours. Read more on this site ....  http://qr.net/h7eu

Wed, 03/14/2012 - 10:22 | 2253953 LongSoupLine
LongSoupLine's picture

 

 

Dick(head) Bove on Bloomberg regarding "stress tests" - "Citi can survive a 3 year depression and everyone should love Pandit."

What a total fucktard!!

Wed, 03/14/2012 - 10:44 | 2254094 azzhatter
azzhatter's picture

Did Bove have Pandit's jizz on his cheeks?

Wed, 03/14/2012 - 10:13 | 2253892 chunga
chunga's picture

Somebody slap that guy.

Wed, 03/14/2012 - 10:13 | 2253895 EscapeKey
EscapeKey's picture

That's amusing, that's my opinion of Bernanke's perception of reality.

Wed, 03/14/2012 - 10:14 | 2253903 The Swedish Chef
The Swedish Chef's picture

I honestly think that The Bernank, or his speech writers, reads "fringe blogs" and, to some extent, adapts his language just to fuck with our minds. 

Wed, 03/14/2012 - 10:17 | 2253918 Cognitive Dissonance
Cognitive Dissonance's picture

Being paranoid doesn't mean they aren't after you.

In fact, it often means they are.....unless they aren't......yet. :>)

Wed, 03/14/2012 - 10:20 | 2253939 jus_lite_reading
jus_lite_reading's picture

Fact: big brother reads sites like ZH to "monitor the situation"

Fact: They have lost control

Wed, 03/14/2012 - 10:17 | 2253911 Cognitive Dissonance
Cognitive Dissonance's picture

Ignore what the Fed and its minions say. Watch what they do.

They "see' exactly what Zero Hedge sees coming. When then do you expect them to do?

Wed, 03/14/2012 - 10:19 | 2253931 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

They 'see' exactly what Zero Hedge sees coming.

Prostitutes on every street corner?

Wed, 03/14/2012 - 10:31 | 2254012 Cognitive Dissonance
Cognitive Dissonance's picture

Not that.

This, that and the other thing. :>)

Wed, 03/14/2012 - 10:17 | 2253913 Alcoholic Nativ...
Alcoholic Native American's picture

It's frustratingly painful to watch the FED basically free float the economy after what should have been a systematic collaspe of all major financial institutions and then turn around and call throwing trillions of dollars into a black hole a "recovery".

Wed, 03/14/2012 - 12:09 | 2254535 francis_sawyer
francis_sawyer's picture

The "FRUSTRATING" thing to Bernanke is how long it actually takes in the process of keeping his foot on the neck of the sheep long enough whilst manipulating paper commodity markets via counterfeit money so they finally have to capitulate and sell their PM's to dealers who melt it down into bricks which find themselves into the vaults of the central banks...

Damn those sheep... They need to get with the program!

 

Wed, 03/14/2012 - 10:17 | 2253919 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

"Ah, I'm just so frustrated!  Guess I'll just have to, uhm, print some more dollars.  Oh well."

-BS Bernanke

Wed, 03/14/2012 - 11:03 | 2254211 hamurobby
hamurobby's picture

He had to say something dovish, USD is on the rise.

Wed, 03/14/2012 - 10:18 | 2253920 Sudden Debt
Sudden Debt's picture

When I was 18 years old, my recovery time was about 10 to 15 minutes... now it takes me about 30 minutes...

it's not fun to explain that kind of recovery time to the misses...

now that are frustratingly slow recoveries....

Wed, 03/14/2012 - 10:21 | 2253944 Carbon Skidmark
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RELOAD!!!!!

Wed, 03/14/2012 - 11:36 | 2254388 espirit
espirit's picture

Blame it on iPorn.  The SEC does.

Wed, 03/14/2012 - 10:17 | 2253921 bobola
bobola's picture

The Dow is at 13,200 right now.

He has to be happy about that, right..??

Wed, 03/14/2012 - 10:21 | 2253948 brewing
brewing's picture

Bove predicts bank stocks to be up 25% this year.  time to make a reverse bove play again...

Wed, 03/14/2012 - 10:40 | 2254065 Sudden Debt
Sudden Debt's picture

Meds... they work so much better with Tequilla on the side!

 .                                                          DICK BOVE

Wed, 03/14/2012 - 10:18 | 2253924 jus_lite_reading
jus_lite_reading's picture

Why would anyone pay this fraud any attention? We have entered a period similar to a good Geroge Orwell novel where the gov'ts must lie 90% of the time just to keep the wheels spinning, even if they are going nowhere! Anyone who studied political science knows this all too well...

Wed, 03/14/2012 - 10:20 | 2253936 Carbon Skidmark
Carbon Skidmark's picture

Sounds like the last time I took a dump...it took FOREVER!

Don't worry too much Benny...all good things come to those who wait...like an ass splashed with cold piss-mingled water when that turd finally plunks down into the bowl.

Wed, 03/14/2012 - 10:20 | 2253937 Dr. Engali
Dr. Engali's picture

The 10 year yeild has been ripping lately.

Wed, 03/14/2012 - 10:22 | 2253954 Fastback
Fastback's picture

Looks like possibly the FED is about to lose control on interest rates? 10yr.

Wed, 03/14/2012 - 10:26 | 2253981 Sleepless Knight
Sleepless Knight's picture

I have been waiting for the "can" to finally run out of road, but it seems everytime it might be near, someone builds an exit ramp and kicks it down a new one. The road seems to be getting longer, the can smaller and not one pussy out there can kick. When this does come down it will be epic, fast, and over a "normal" weekend. STACK, LOCK, and LOAD.

Wed, 03/14/2012 - 10:26 | 2253986 TruthInSunshine
TruthInSunshine's picture

When the 10 year is above 4.0%, The Bernank will resign to spend more time with his family.

Wed, 03/14/2012 - 10:45 | 2254106 azzhatter
azzhatter's picture

"unexpected"

Wed, 03/14/2012 - 11:05 | 2254195 Shizzmoney
Shizzmoney's picture

Reminds me of when Pete Carroll left USC to coach the Seahawks.....2 weeks before the NCAA held their investigation on Reggie Bush getting kickbacks from boosters, which cost them their 2005 title.

"What?  He got cash and a house from boosters?  I never noticed while I was coaching he was getting free stuff (as Bush was on the cover of magazine as a Freshman driving a souped up 2003 Honda Civic Coupe with 10K-a-piece rims, which Pete acknolwedged in an interview he drove to practice!)."

Wed, 03/14/2012 - 10:27 | 2253987 firstdivision
firstdivision's picture

Damn straight we're going to do QE up in this piece.

-B. Bernanke

P.S. Bitches!

Wed, 03/14/2012 - 10:28 | 2253990 BandGap
BandGap's picture

That's my take on Berspanke - frustratingly slow.

At what point do people start to see that not only is the emperor not wearing any clothes, but that the entire court and ourt jesters are naked, as well?  Even the mainstream media is disreagrding some of the bullshit propaganda coming out in regards to inflation and unemployment. And WTF is with Oblahmas getting re-elected? He is worse than Jimmah Carter in regards to numbers at this point. Is everyone assuming that some magic will take place here?

Wed, 03/14/2012 - 10:37 | 2254057 jjsilver
jjsilver's picture

The headline should read:

Bernanke's Latest Take On The deliberate destruction: "Frustratingly Slow"
Wed, 03/14/2012 - 11:43 | 2254422 espirit
espirit's picture

It's the "Frustratingly Slow Show" starring The Bernank.

And now a word from our sponsor Golden Sacks.

Reality TV gone wrong.

Wed, 03/14/2012 - 10:42 | 2254087 azzhatter
azzhatter's picture

My take on Bernanke- frustratingly ignorant cocksucker

Wed, 03/14/2012 - 10:43 | 2254090 haskelslocal
haskelslocal's picture

Words spoken by an Unrestricted Free Agent.

Wed, 03/14/2012 - 10:46 | 2254112 moonman
moonman's picture

"the Federal Open Market Committee met just yesterday in Washington, so I am unable to join you in Nashville"

 

What a bunch of shit. We all know Ben has a helicopter he could have gotten there

Wed, 03/14/2012 - 10:46 | 2254113 azzhatter
azzhatter's picture

Bennies at Techworld eyeballing the latest in high speed printing devices

Wed, 03/14/2012 - 10:51 | 2254135 alexwest
alexwest's picture

WHAT RECOVERY, fucking imbecile.

take out 10% GDP of printed money , WE ARE WORSE THAN IN G. DEPRESSION

alx

Wed, 03/14/2012 - 10:56 | 2254170 Etiolated Esthete
Etiolated Esthete's picture

He sets up the fine upstanding Community Banker crowd with boilerplate PR boosterism, then delivers their epitaph: "...community banks have tended to specialize in other areas, such as loans secured by commercial real estate."

Wed, 03/14/2012 - 10:58 | 2254178 Shizzmoney
Shizzmoney's picture

Love how he shuttles the little people (community banks) off.  Looks like they are also victim's of "Worthington's Law".

Maybe if he realized how his FOMC's enabling of corporations shuttling jobs overseas to China, along with his CTRL-P scheme (to cover up zombie bank insolvency due to FRAUD and keep the price of exports down) has raided the earning power of the labor force in this nation, maybe THEN he fuckin' realize that the reason why consumers aren't spending like they used to be, because like everything else in this country, they are IN DEBT and CAN'T PRINT MONEY ON THEIR PRINTERS LIKE HE CAN. 

What an ignorant, condescending twat. 

Wed, 03/14/2012 - 11:04 | 2254214 Vince Clortho
Vince Clortho's picture

"Or will the Fed merely feed the HFT robots whatever is needed to nudge the market in the appropriate direction whenever needed?"

Bingo.

The Fed and the HFT

A Boy and his Dog.

Wed, 03/14/2012 - 11:13 | 2254270 DavosSherman
DavosSherman's picture

Dear Ben: You fucking moron, depressions are 

"Frustratingly Slow"
Wed, 03/14/2012 - 12:08 | 2254528 Yardfarmer
Yardfarmer's picture

Gold capped. Stocks highest since 2007. Employment rising. Retail sales surging. USD cracking 80. VIX happy. CPI inflation curbed. Obama approval rating back above 50%. Happy Days. excuse me while I vomit. BWAAAAAAAAAAH!!

Wed, 03/14/2012 - 12:13 | 2254566 Spanish Lizard
Spanish Lizard's picture

Hmmm could his bashing of community banks have anything to do with the fact that several large international banks just failed the stress test?

 

Wed, 03/14/2012 - 12:25 | 2254621 thewhigs
thewhigs's picture

Bernanke's capability to understand how sound money policy works is "frustratingly slow" as well.

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