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CTRL+SPIN 3: The Fed Propaganda Tour Live Re-Educates Us On Their Response To The Financial Crisis

Tyler Durden's picture




 

Today could be the day when all your beliefs and misconceptions of the great central banking machine are set straight. After explaining to us in the previous two lecture how the gold standard is just silly, why central banks are constitutionally awesome, and how the Fed almost single-handedly created the US since World War II, today's piece-de-resistance is Bernanke's take on his own response to the financial crisis. We are sure it will be thorough in its discussion of the massive and entirely hidden loans for nothing that were given to the banks, how they encouraged the risk-taking that led to it via their regulatory mis-controls, and removing MtM and unlimited free-money helped the world go around - all the while maintaining a strong-dollar policy inline with Treasury's apparent mandate. As far as Word-Bingo: Tweet if you hear the word 'Helicopter' or 'Printing Press' or 'Level 3 Assets are all worthless illiquid junk at best' and if Bernanke says 'CDO' more than 10 times, we all get an animated silver bear.

 

Free desktop streaming application by Ustream

 

In the meantime - here are the bears explaining the link between OTC Derivatives and the financial crisis (with a sprinkling of Corzine, Rubin, and Greenspan).

 

 

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Tue, 03/27/2012 - 12:44 | 2294736 Decay is Constant
Decay is Constant's picture

Love those bears!

Tue, 03/27/2012 - 13:20 | 2294867 comrade pravda
comrade pravda's picture

Ben Shitter Bernanke, the asshole who shits Benjamins in a vain attempt to keep the status quo stumbling along for one more day.

Tue, 03/27/2012 - 13:42 | 2294937 Mark Carney
Mark Carney's picture

Can someone explain to me how you can have The FED and 'Balance Sheet' in the same sentance??

 

I mean, they creat money out of thin air, use that money to buy 'assets', so in a sense do they really not have anything to balance, they really just own a bunch of stuff and paid nothing for it....confused

 

* i am solely going insane to the world around me and everyone I talk too at home thinks I am nuts (i know Im not)...I have given up trying to reach people.

 

I am selling my home and people thinnk I am an idiot...prices only go up stupid!!!!!

Tue, 03/27/2012 - 22:05 | 2295281 The Big Ching-aso
The Big Ching-aso's picture

 

 

Ya know, Ben kinda looks like a cuddly teddy bear.  I wonder what color's the teddy.

Tue, 03/27/2012 - 17:14 | 2295637 Normalcy Bias
Normalcy Bias's picture

Here's another good one that shows what the remainder of the banker bust-out of the US will probably look like.

Argentina's Financial Collapse - https://www.youtube.com/watch?v=Zsqa-YHE36A

Tue, 03/27/2012 - 16:39 | 2295548 MiddletonRobert3
MiddletonRobert3's picture

my roomate's sister makes $85 hourly on the computer. She has been fired from work for 6 months but last month her paycheck was $16158 just working on the computer for a few hours. Read more here .....  http://lazyCash9.com

Tue, 03/27/2012 - 17:44 | 2295729 waterhorse
waterhorse's picture

Hmmm.  "Money" out of thin air.   Did Ben print her paycheck?

Tue, 03/27/2012 - 17:57 | 2295764 Normalcy Bias
Normalcy Bias's picture

Your roommate's sister makes $85 hourly ON HER KNEES...

Tue, 03/27/2012 - 12:45 | 2294740 RagnarDanneskjold
RagnarDanneskjold's picture

Now that he's buying European debt, will he also soon be buying Chinese debt?

Chinese developers rush to unload ?5 trillion inventory

Tue, 03/27/2012 - 12:46 | 2294747 dick cheneys ghost
dick cheneys ghost's picture

Everbody Hates Banksters...............

Tue, 03/27/2012 - 13:11 | 2294831 ghengis86
ghengis86's picture

Every bankster hates you (and everybody else who doesn't buy their BS)

Tue, 03/27/2012 - 12:51 | 2294764 imaginalis
imaginalis's picture

Another pile of shite

Tue, 03/27/2012 - 13:00 | 2294777 Cognitive Dissonance
Cognitive Dissonance's picture

It's only (Fed) propaganda when you don't believe it.

To some (including lifelong PhD academics devoted to the study of the First Great Depression) it is the Almighty Gospel (fire and brimstone Old School Testament, Book of Ben).

Tue, 03/27/2012 - 13:28 | 2294894 t_kAyk
t_kAyk's picture

shhhhh!  you'll attract MDB!

Tue, 03/27/2012 - 12:57 | 2294779 gjp
gjp's picture

Fuck you Bernanke

Tue, 03/27/2012 - 12:58 | 2294787 junkyardjack
junkyardjack's picture

The tragedy of the Tulip craze was that people stopped buying tulips, Bernake has fixed the problem. Bullish

Tue, 03/27/2012 - 13:20 | 2294872 francis_sawyer
francis_sawyer's picture

the reality is... there aren't any tulips...

The only TRUTH (vis-a-vis "TULIPS") is... If a central bankers TULIPS are moving, there's ZERO TRUTH involved...

Tue, 03/27/2012 - 13:08 | 2294810 kato
kato's picture

He does look a bit like Lenin.

Tue, 03/27/2012 - 13:10 | 2294812 HD
HD's picture

Ben is so smart. He's a college man.

http://www.youtube.com/watch?v=DhrfhjLd9e4

Tue, 03/27/2012 - 13:10 | 2294824 gookempucky
gookempucky's picture

junk BERNANKE

Tue, 03/27/2012 - 13:11 | 2294827 Whats that smell
Whats that smell's picture

Ben was shooting the bird?

Tue, 03/27/2012 - 13:15 | 2294850 waterhorse
waterhorse's picture

yes, I think so.  A big FU to the "little people".  Passive-aggressive Ben.

Tue, 03/27/2012 - 13:12 | 2294834 SamAdams
SamAdams's picture

FED 100 year charter up for renewal in 2013.  It has begun its campaign, we should as well.  Write your Senators & House Reps, encourage OWS to draw attention to this VERY important issue.  There are three enormous scams in this world, and fake money enables the other two.  War (Wash DC), Religion (Vatican) and Private Money Creation (London, courtesy of your gods on earth, the Rothschilds)....

Tue, 03/27/2012 - 14:25 | 2295039 fuu
fuu's picture

"Upon the filing of the organization certificate with the
Comptroller of the Currency a Federal reserve bank shall become a
body corporate and as such, and in the name designated in such
organization certificate, shall have power -
First. To adopt and use a corporate seal.
Second. To have succession after February 25, 1927, until
dissolved by Act of Congress or until forfeiture of franchise for
violation of law."

from here: http://codes.lp.findlaw.com/uscode/12/3/IX/341

 

I do not think the charter is up anytime soon...although I could be wrong.

Tue, 03/27/2012 - 15:03 | 2295153 TruthInSunshine
TruthInSunshine's picture

SamAdams:

 

As I just mentioned to NedZ below, the charter automatically renews as per amendment of the Fed Reserve Act (i.e. The Federal Reserve lives on like a blood-sucking vampire until the Congress affirmatively acts to revoke its charter).

*Edit - fuu beat me to the punch. You are not wrong, fuu.

Tue, 03/27/2012 - 15:14 | 2295197 fuu
fuu's picture

Not being a lawyer I am not confident my interpretation of the law is accurate. Thanks for the confirmation.

Tue, 03/27/2012 - 13:14 | 2294839 Cow
Cow's picture

Is it certain that MF was using derivatives?  I thought they were buying govt debt.

Tue, 03/27/2012 - 13:31 | 2294877 Yardfarmer
Yardfarmer's picture

according to Jim Willie MF'G was JPM derivative anchor in US. "the" Alan Greenspan? bwahahahahahahaha.

Tue, 03/27/2012 - 13:19 | 2294863 CheapBastard
CheapBastard's picture

Pink Slime.......more of it all the time.....filling every nook and crannie of the American culture.....sad.

Tue, 03/27/2012 - 13:25 | 2294885 bullet
bullet's picture

time for another live post of the federal reserve twitter page...

so we can let Ben know how we appreciate the great work he did...

Tue, 03/27/2012 - 13:25 | 2294886 docj
docj's picture

It ought to be somewhat obvious that the very need for Benron to go on this charm-offensive points to the utter and complete failure of his CTRL+ALT+P "solution" to the crisis of his and his central bankster comrades' own creation.

Then again, I'm not part of the bankster cabal and am therefore just a useless eater and oxygen consumer, so what do I know?

Tue, 03/27/2012 - 13:36 | 2294917 Benjamin Glutton
Benjamin Glutton's picture

Stop lying to these children you friggin' POS Bernanke!

Tue, 03/27/2012 - 13:37 | 2294921 williambanzai7
williambanzai7's picture

AT THE SPHINX

Tue, 03/27/2012 - 13:46 | 2294945 Ned Zeppelin
Ned Zeppelin's picture

Renewal of Fed Charter is a slam dunk in the management of the Empire, absent some economic catastrophe between now and then.  Even then, the Fed will backfill the craters with freshly printed FRNs and announce all is well.  If you don't believe all is well, that belief will be enforced by the power of state coercion, as We The People have lost control of our government and it will not come back without a serious fight.

Tue, 03/27/2012 - 14:56 | 2295129 TruthInSunshine
TruthInSunshine's picture

The charter automatically renews as per amendment of the Fed Reserve Act (i.e. The Federal Reserve lives on like a blood-sucking vampire until the Congress affirmatively acts to revoke its charter).

Tue, 03/27/2012 - 14:17 | 2295016 XitSam
XitSam's picture

I think the student's questions are getting better, but I'd still rather see people like William K. Black or Peter Schiff doing the questioning. That I would pay to watch.

Tue, 03/27/2012 - 14:21 | 2295023 Lost Wages
Lost Wages's picture

Hopefully these stirring Bernanke presentations will come out on Blu Ray soon. I love the nervous quiver of a failed liar's voice in HD.

Tue, 03/27/2012 - 14:34 | 2295065 Clowns on Acid
Clowns on Acid's picture

It is really funny to watch / listen to both videos at the same time (which one can do).

Bernanke speaks in terms of text books, the Bears speak in terms of what actually was the outcome of pursuing Ben Dover's text book theory...I mean policies.

Tue, 03/27/2012 - 19:28 | 2295979 jack stephan
jack stephan's picture

Joey Naylor: ...so what happens when you're wrong? 
Nick Naylor: Whoa, Joey I'm never wrong. 
Joey Naylor: But you can't always be right... 
Nick Naylor: Well, if it's your job to be right, then you're never wrong. 
Joey Naylor: But what if you are wrong? 
Nick Naylor: OK, let's say that you're defending chocolate, and I'm defending vanilla. Now if I were to say to you: 'Vanilla is the best flavour ice-cream', you'd say... 
Joey Naylor: No, chocolate is. 
Nick Naylor: Exactly, but you can't win that argument... so, I'll ask you: so you think chocolate is the end all and the all of ice-cream, do you? 
Joey Naylor: It's the best ice-cream, I wouldn't order any other. 
Nick Naylor: Oh! So it's all chocolate for you is it? 
Joey Naylor: Yes, chocolate is all I need. 
Nick Naylor: Well, I need more than chocolate, and for that matter I need more than vanilla. I believe that we need freedom. And choice when it comes to our ice-cream, and that Joey Naylor, that is the defintion of liberty. 
Joey Naylor: But that's not what we're talking about 
Nick Naylor: Ah! But that's what I'm talking about. 
Joey Naylor: ...but you didn't prove that vanilla was the best... 
Nick Naylor: I didn't have to. I proved that you're wrong, and if you're wrong I'm right. 
Joey Naylor: But you still didn't convince me 
Nick Naylor: It's that I'm not after you. I'm after them. 
[points into the crowd

Tue, 03/27/2012 - 19:32 | 2295985 flow5
flow5's picture

Nominal gDp's (2 year) rate-of-change peaked in the 2nd qtr of 2006 @ 12%. Bernanke let it fall to 8% by the 4th qtr of 2007 (or by 33%). It fell to 6% in the 3rd qtr of 2008 (another 25%). It then plummeted to a -2% in the 2nd qtr of 2009 (another - 133%).

What caused this phenomenal decline? Long-term monetary flows (our means of payment money X's its transactions rate-of-turnover) began to trend lower in March of 2006 (coterminous with the peak in the housing market). Monetary flows are equal to aggregate monetary purchasing power, which in turn is equal to nominal gDp (the value of all final goods & services produced within one year).

I.e., after Bernanke was inducted as Fed Chairman, money flows proceeded to fall for 29 consecutive months. By Jan 2008 money flows were projecting a negative rate-of-change in nominal gDp for 4th qtr 2008.

Federal Reserve Chairman Ben Bernanke deliberately engineered this protracted decline in money flows. Ben Bernanke pricked the housing bubble & forced our economy into a recession/depression. Ben Bernanke had time to prevent the 4th quarter debacle.  This is another example of the dangers of overeducation.

 

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