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Bernanke's Latest Take On The Recovery: "Frustratingly Slow"
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.
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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Fuck you, Bernanke.
You know what's slow? Dow reaching 8,000 before we print our way to infinity and BEYOND
By slow he actually means the presses can't run fast enough.
The Fed has too few monkeys pressing zeros on the keyboards, needs more monkeys.
DavidC
I shall start the next and largest (to date) twitter bomb:
#FuckBenBernanke
#InflationIsTooLowSARC
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Dick(head) Bove on Bloomberg regarding "stress tests" - "Citi can survive a 3 year depression and everyone should love Pandit."
What a total fucktard!!
Did Bove have Pandit's jizz on his cheeks?
Somebody slap that guy.
That's amusing, that's my opinion of Bernanke's perception of reality.
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.
Being paranoid doesn't mean they aren't after you.
In fact, it often means they are.....unless they aren't......yet. :>)
Fact: big brother reads sites like ZH to "monitor the situation"
Fact: They have lost control
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?
Prostitutes on every street corner?
Not that.
This, that and the other thing. :>)
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".
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!
"Ah, I'm just so frustrated! Guess I'll just have to, uhm, print some more dollars. Oh well."
-BS Bernanke
He had to say something dovish, USD is on the rise.
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....
RELOAD!!!!!
Blame it on iPorn. The SEC does.
The Dow is at 13,200 right now.
He has to be happy about that, right..??
Bove predicts bank stocks to be up 25% this year. time to make a reverse bove play again...
Meds... they work so much better with Tequilla on the side!
. DICK BOVE
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...
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.
The 10 year yeild has been ripping lately.
Looks like possibly the FED is about to lose control on interest rates? 10yr.
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.
When the 10 year is above 4.0%, The Bernank will resign to spend more time with his family.
"unexpected"
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!)."
Damn straight we're going to do QE up in this piece.
-B. Bernanke
P.S. Bitches!
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?
The headline should read:
Bernanke's Latest Take On The deliberate destruction: "Frustratingly Slow"It's the "Frustratingly Slow Show" starring The Bernank.
And now a word from our sponsor Golden Sacks.
Reality TV gone wrong.
My take on Bernanke- frustratingly ignorant cocksucker
Words spoken by an Unrestricted Free Agent.
"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
Bennies at Techworld eyeballing the latest in high speed printing devices
WHAT RECOVERY, fucking imbecile.
take out 10% GDP of printed money , WE ARE WORSE THAN IN G. DEPRESSION
alx
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."
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.
"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.
Dear Ben: You fucking moron, depressions are
"Frustratingly Slow"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!!
Hmmm could his bashing of community banks have anything to do with the fact that several large international banks just failed the stress test?
Bernanke's capability to understand how sound money policy works is "frustratingly slow" as well.