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Disappointment With The Fed

Tyler Durden's picture




 

From Peter Tchir of TF Market Advisors

Disappointment With The Fed

There are lots of things out there that once they have been done, can never be undone. Ben just disappointed the market for the first time. Whether he knew it or not he failed to beat expectations. He has been so good at managing expectations and using that as a policy tool he lost sight of how far ahead of itself the market had gotten. Everyone expected twist and seriously, what's a 100 billion in size between friends in this crazy market.

He downgraded the economy but didn't use that as an excuse to do more. There was no new, ingenious idea. If anything they tried to clarify the commitment to hold rates low til 2013 is dependent on economic conditions remaining weak.  Yet there were still 3 dissenters.

Ben has been a fan of making markets dance to his tune based on expectations. By disappointing some people I expect his ability to keep the market up by talking will be reduced as Investors will need to see action rather than being told vaguely that there could be action. That will take time to play out and even I have to admit he gave us something today, just not enough.

 

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Wed, 09/21/2011 - 15:18 | 1693931 King_of_simpletons
King_of_simpletons's picture

The Fed should have just announced a $10T stock market bail out instead. 

Wed, 09/21/2011 - 15:22 | 1693959 Clueless Economist
Clueless Economist's picture

I'd like to twist the neck of that bearded bastard Bernancke and punch that Keynsian creep Krugman in the mouth.

Wed, 09/21/2011 - 15:26 | 1693991 OOONONO
OOONONO's picture

Bernank, Krugster, other financial elites ....  hit them in the wallet - it's the only place that they have nerves - all else (and I mean All Else) is total numb dead meat 

Wed, 09/21/2011 - 15:27 | 1693999 SGS
SGS's picture

going short financials in 3....2....1

Wed, 09/21/2011 - 15:35 | 1694039 Bolweevil
Wed, 09/21/2011 - 15:45 | 1694089 TruthInSunshine
TruthInSunshine's picture

There are reports that Paul Krugman, upon hearing the news, tried to commit suicide using the paper shredder in his office at the NYT Building.

Developing.

Wed, 09/21/2011 - 15:59 | 1694177 MachoMan
MachoMan's picture

Reminds me of the guy on bachelor party with tom hanks that was trying to slit his wrists with the electric razor...

Wed, 09/21/2011 - 16:04 | 1694197 Bring the Gold
Bring the Gold's picture

Fuck Bernanke.

Fuck the FED.

Fuck the Oligarchs.

Fuck this "market".

 

That is all.

Wed, 09/21/2011 - 16:16 | 1694252 King_of_simpletons
King_of_simpletons's picture

Yo, what is up !

Wed, 09/21/2011 - 16:21 | 1694274 slewie the pi-rat
slewie the pi-rat's picture

got it! & i'm w/ ya since waaaay b4 i started blogging, here, B_G!

the benzelbub didn't fail to meet MY expectations!
or tyler's, i wouldn't say, although the overnight rate is to stay in the .25% upper-boung range, and that wasn't lowered, which t.d. himself, i believe, said would be un-wiZe in the ex-treme!

but those squid fuktards were wrong, again! so their "clients" are disappointed? L0L!!!

earth to the the vampire.squid: fuk you, asswipes!

Wed, 09/21/2011 - 16:53 | 1694414 SteveNYC
SteveNYC's picture

"Disappointment With The Fed"

 

"Sympathy for the Devil" ?

Wed, 09/21/2011 - 18:52 | 1694922 caconhma
caconhma's picture

It is clear that FED are paralyzed by the economic reality and utterly confused what to do about it.

It appears we are approaching a climax leading to disintegration of our economic foundation leading to a political and economic chaos.

 

Wed, 09/21/2011 - 15:34 | 1694030 He_Who Carried ...
He_Who Carried The Sun's picture

The FED should have bought Sino Forest today.

Wed, 09/21/2011 - 15:39 | 1694049 MassDecep
MassDecep's picture

Ben's just waiting for the upcoming Big event to happen. He's having a martini and laughing at the critics of his latest scam speech.

He's saying "Suckers, they just don't know how good they got it right now. Can't wait until all the sheeple are running around with their heads cut off, LOL LOL LOL.Everything going as planned!"

Wed, 09/21/2011 - 16:10 | 1694221 WSP
WSP's picture

MassDecep, you pretty much nailed it----cannot add anything to that nor is any needed!

Wed, 09/21/2011 - 16:27 | 1694305 covert
covert's picture

where is my bailout? where is the equality?

http://covert3.wordpress.com

 

Wed, 09/21/2011 - 15:22 | 1693939 junkyardjack
junkyardjack's picture

Any humans trading this news in the market yet?  I'd like to know what they think, the machines are still confused. The last 15 minutes are going to be epic

Wed, 09/21/2011 - 15:22 | 1693962 Stoploss
Stoploss's picture

Pull up charts of the EU, Asia indexes, and compare them with the NA indexes.

Therein lies your answer.

Wed, 09/21/2011 - 15:30 | 1694014 Chaffinch
Chaffinch's picture

They sure seem happy about something in Brazil ; )

Wed, 09/21/2011 - 15:55 | 1694151 sabra1
sabra1's picture

nude sunbathing is now permitted for 80 year olds and up!

Wed, 09/21/2011 - 16:00 | 1694184 TruthInSunshine
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The Bernank should follow this up with a 250 basis point fed funds rate hike tomorrow.

Wed, 09/21/2011 - 15:27 | 1693996 X.inf.capt
X.inf.capt's picture

yeah, thier trading,

talked to my coin dealer today.

he's getting crushed with people selling phyisical.

said his wholesaler is not buying, either.

he says even his long term investers are dumping.

whats happening, guys?

Wed, 09/21/2011 - 15:35 | 1694037 spiral_eyes
spiral_eyes's picture

disinfo, bitchez.

Wed, 09/21/2011 - 15:35 | 1694040 Buckaroo Banzai
Buckaroo Banzai's picture

Trolling is what's happening!

Wed, 09/21/2011 - 15:37 | 1694047 X.inf.capt
X.inf.capt's picture

no, im dead serious.

thats what he said.

i wanted to know if you guys knew something was up.

Wed, 09/21/2011 - 15:51 | 1694133 Waffen
Waffen's picture

Well.. IMO..  No QE and markets dont tank means that metal bugs including myself have been wrong.  It also means that TPTB are in control of the markets far more then we care to admit and that metals are going to flatline for a while.

I find this incredibly disapointing.

We metal bugs may be screwed for some time.

Wed, 09/21/2011 - 16:00 | 1694179 X.inf.capt
X.inf.capt's picture

he said silver, not gold

mostly bars.

god, i wanred to know if you guys saw something

Wed, 09/21/2011 - 16:16 | 1694199 Motley Fool
Motley Fool's picture

That makes sense then.

Still you will be given a lotta grief on ZH for even mentioning silver negatively. :P

Read this if you want :

http://fofoa.blogspot.com/2011/05/costatas-silver-open-forum.html

Wed, 09/21/2011 - 21:56 | 1695404 X.inf.capt
X.inf.capt's picture

thanks, motley, good story

cornered.....hmmmm...

remind me never to ask a question like that again on a metals thread.

im still bleeding from that one

i got dog-piled.....

Wed, 09/21/2011 - 16:11 | 1694226 Idiot Savant
Idiot Savant's picture

A bunch of newbies started buying silver when it was running up to $50.00 a few months ago. I'm guessing it's the same people who are now selling - weak hands. It's nothing to worry about.

Wed, 09/21/2011 - 18:18 | 1694748 X.inf.capt
X.inf.capt's picture

o.k. just got back from dealer, this is what i saw

DONT KILL ME!

alot of 100oz, and 10oz silver bars.

hesaid about a third of his trasactions are people trading up from silver to gold,

and his wholesaler said hes buried with bars, so hes holding off buying these for about 3 weeks, but he is buying.

said alot of these people bought higher than what there selling for.

said demand for 1oz silver and gold is strong.

but the bigger bars are not in demand.

p.s. went to buy dimes.

Wed, 09/21/2011 - 16:51 | 1694400 DosZap
DosZap's picture

X.inf.capt,

For NOW, Gold is off not even 1.50%,and Silver is off only .23%,this is not 2008.

People KNOW there is no other way to protect their life savings,this is it.

Folks here are HOLDERS,folks dumping are insane,and have bought for the wrong reasons.

If the prices drop 20%,or more, the prems will go out of sigt, as WE are the smallest PM player on the block,compared to the East.They will suck up anything at or below $1,700.00/$33/35.00.

And once the metal moves  overseas (as it already is, it ain't ever coming back this way again).

 

Wed, 09/21/2011 - 17:37 | 1694610 JohnG
JohnG's picture

Yep, and..all that paper is coming back, bonds go no bid, Ben quickly prints us into hyperinflation, and it all collapses.

Got food?

Wed, 09/21/2011 - 22:23 | 1695469 X.inf.capt
X.inf.capt's picture

no kidding,

i sure aint selling mine!

just wanted to know if something was up?

Wed, 09/21/2011 - 16:04 | 1694203 wisefool
wisefool's picture

Why in the world would you be worried if you have it in your posession, and you have the marketing skills to trade it for other things as nesecary?

Wed, 09/21/2011 - 16:07 | 1694212 Waffen
Waffen's picture

because much of my family were late comers to silver, and will continue to give me a shit ton of greif.

in addtion, it means that this charade will continue for who knows how long.

lastly, it means I probably have to sell my january calls.

Wed, 09/21/2011 - 16:24 | 1694294 xtop23
xtop23's picture

 Tell em youll buy all their metal at spot then if theyre so concerned . Shit man Ill buy it if you dont want it. PM's are a long term play. Tell em to bury that crap in the gd yard and forget about it and to stop being pussies.

Wed, 09/21/2011 - 16:52 | 1694413 Waffen
Waffen's picture

We aren't selling.  Its hard to tell my female family members to not be pussies when in fact they are pussy carrying sandwich makers.

Wed, 09/21/2011 - 16:07 | 1694214 Motley Fool
Motley Fool's picture

Screwed?

You sir must be a paper bug.

Sale on.

Wed, 09/21/2011 - 16:59 | 1694445 Waffen
Waffen's picture

no.. 95% of my assets are in hard metal but a flatline metals price through the fall would be a screwing imo.

Wed, 09/21/2011 - 17:04 | 1694465 Motley Fool
Motley Fool's picture

The fall? Why? Do you plan on selling some? Or are you buying more?

Wed, 09/21/2011 - 16:32 | 1694329 Citxmech
Citxmech's picture

The longer the inevitable future takes to get here, the more prepared I'll be.

No worries.  Keep on Stackin'.

Wed, 09/21/2011 - 17:02 | 1694459 DogSlime
DogSlime's picture

It's mad isn't it?  All those people with barrows full of coins queueing up outside the coin dealers and flooding ebay?

A guy was so desperate to get rid of some, he stopped me in the street and PAID me to take them from him.  I only had a soiled handkerchief, but he seemed happy to have got that.

Amazing.  Everyone with PMs is just offloading.

Wed, 09/21/2011 - 17:50 | 1694663 xtop23
xtop23's picture

God I hope so. Id love to have a window of Gold @ $1500 and Silver @ $25 Id start selling blood and semen if I had to.

All I can say is if they give me that kinda gift, when this finally takes off Ill be able to buy my own island and a Bugatti........

Or Ill be the only guy on my block with a full belly and an ox cart. Sorta depends how it plays out I suppose.

Wed, 09/21/2011 - 19:26 | 1695010 Bring the Gold
Bring the Gold's picture

I would be careful offering to get money for "blood and semen" around here. You might not like the terms of the deal.

Wed, 09/21/2011 - 15:38 | 1694051 Smiddywesson
Smiddywesson's picture

"talked to my coin dealer today.

he's getting crushed with people selling phyisical.

said his wholesaler is not buying, either.

he says even his long term investers are dumping."

Nice try.  Coin dealers make money off the spread, they don't care if you buy or sell, they just care that you come in the door.  The same goes for their wholesalers.  With gold refusing to stay below $1800, no long term holders of physical are dumping.  None.

You've been a member here for less than a month and then you make a paid troll comment like that?  You have 6 pages of comments, nice try, troll.

Wed, 09/21/2011 - 15:50 | 1694124 Spigot
Spigot's picture

"spread" which means he has to sell to someone else for more than he paid for it...notice the "wholesaler not buying" datum...

Wed, 09/21/2011 - 16:32 | 1694327 SilverDosed
SilverDosed's picture

Either his coin dealer is lying, he's lying, or they're both morons. My wholesalers are buying, they are ALWAYS buying, it is their business to buy, even when prices are falling. If they dont buy they go out of business, period.

Wed, 09/21/2011 - 22:04 | 1695419 X.inf.capt
X.inf.capt's picture

silver bars. its just what i heard, no lie!

i just wanted to know if you guys heard anything.

i sure in hell aint selling my dimes

Wed, 09/21/2011 - 16:11 | 1694230 donsluck
donsluck's picture

BTFD gold, silver, period. Wholesale deflation will not be permitted. Once again, BTFD.

Wed, 09/21/2011 - 15:45 | 1694093 r101958
r101958's picture

'X infantry captain'?  ...definitely NOT a Marine infantry captain! 

Wed, 09/21/2011 - 15:45 | 1694098 Debt-Penitent
Debt-Penitent's picture

said his wholesaler is not buying, either.

he says even his long term investers are dumping.

I'm buying!

Just bought more phyz today!

Who the hell else is selling?  Let me check it out!

Wed, 09/21/2011 - 15:48 | 1694107 Motley Fool
Motley Fool's picture

Did he differentiate between silver and gold?

Wed, 09/21/2011 - 16:22 | 1694278 fishface
fishface's picture

hahaha

news on Bloomberg:

http://www.bloomberg.com/news/2011-09-21/bullion-vaults-running-out-of-s...

or did you mean copper coins

Wed, 09/21/2011 - 16:42 | 1694375 slewie the pi-rat
slewie the pi-rat's picture

hey, X! @ talked to my coin dealer today:

i tried to tell ya a few daze ago i thought da boyz were "painting the charts" to make it look like a sure technical breakdown, and the spot price DID break down below $39 for a tad

did you actually SEE the sellers in the store selling the phyzzz? maybe he wants to buy all those rooosiez and mercz back from you? ash him he'll sell to you at 5% below melt and maybe you can help him out a bit. see if he'll sell any silver proof sets below melt? AU's? uncirculated moderns? SAE's?

i was in MY guy's store this morning, too!
him: how are you?
me: fuking pissed, i had an appointment and the BiCheZ in the office didn't tell me the office had moved! and i'm on my fuking bike! how tf are you?
him: just fabulous slewie!
me: well, we're battin .500, here! L0L!!!

there was ONE guy in the store, behind the counter, w/him, and they were up to something, but i didn't see any coins or weight, and the display case had not changed much at all since last friday

maybe the price will go lower; it has a bit 0'the squirrel on the limb look, but it already held one test. 2 to go?

if you're not a "trader" who carez???

now, we're seeing a sell-off, but w/ the USD up .79, now, what do you expect, here?

see ya!

Wed, 09/21/2011 - 18:24 | 1694830 X.inf.capt
X.inf.capt's picture

im long term in dimes, again i just wanted to if you guys heard anything.

if you mention selling and phyical in the same sentence, you get crushed.

Wed, 09/21/2011 - 19:58 | 1695094 slewie the pi-rat
slewie the pi-rat's picture

well, i'm not out to crush you, but you asked the "guys" a question, X-03, and now we have more info from you

i went back to my dealer to do some trading for a coupla new 2011 SAEs and asked him what he thought was coming. i don't ask him more than once or twice a year for his calls, but i did today, and when i went back there was a woman selling $300 of silver. so after we set up the deal and he gave me the eagles and i gave him the stuff that ='d the eagles + $5, i asked him for his prognostication

he sez that he thinks silver will be back up to 50 by the end of the year, but he does expect a VERY bumpy ride

me: well, $39 held, yesterday doya think it will break down if the price tests the support a coupla more times?
him: wouldn't surprise me
me: how low?
him: low 30's again
me: $33?
him: yeah, somewhere in that area

so that was his take.

i know you like dimes and you weren't in there to sell, x-03

i really like the support @ $39, a few weeks ago, coming into labor day, but the launch hasn't fired from there, so maybe my guy is right and we may get another "20% off sale" especially w/ the USD going north and no new printing for Ts

the chairsatan seems to be content for now to let the econom take care of itself and there seems to be a new budget battle brewing in the House, which is fine w/ me! the last one was a buncha bullshit, imo, so if the R's want to get the budget under control, LET'S CUT THE PORK!!!

Wed, 09/21/2011 - 20:38 | 1695205 X.inf.capt
X.inf.capt's picture

thanks, rat, sell? no way!

this tread is an emotional thread.

 

p.s.what is a paid troll?

Wed, 09/21/2011 - 23:13 | 1695562 slewie the pi-rat
slewie the pi-rat's picture

"paid" trolls are like "lobbyists" in that they work for special interests at the expense of the truth and of the common good

or they are like cramer or the talking heads: not so much interested in truth as in keeping their jobs and not upsetting TPTB (the powers that be) and the corporate advertising

on the internet, they spread disinformation. propaganda. they deal in false dichotomies, straw men, and outright lies

so we fight them
i don't see you as a troll, paid ot not, but you could be; i see you as a relative newbie, still learning what zH is about in its many, manifold, & manifest dimensions, and how fragile seeking after truth and a new consensus or paradigm can be

one of the best examples since i've been here was when the tsunami hit japan and fuk_u_shima lost coolant and power.
tepco lied about the severity, and people who kinda thought this might be a major, maybe even bigger and worse than chernobyl were ridiculed by people showing up here and telling us we were, basically, not at all realistic about the dangers, which were, of course, minimal

now, a lot of us zeroHeads, including myself, had a lot to learn and were willing to do the study and the work to try to get up to speed on what was the actual situ and the danger, but the atomic energy "scientists" and engineers and the giant companies and capital structures who employ them are into the "safe nuclear" mythos, and their future earnings and capital growth is pretty dependent on that crapola

so fuk_u wasn't really a threat, and we were just doing the entire world a disservice by being alarmist and we'd better stop this nonsense, b/c we didn't know the facts, such as the amount of radioactive potassium in a fuking banana!

so here's tyler calling tepco and the japanese "superstructure" peeps a bunch of lying shitbags everytime some "news" broke from them and as we kept studying and learning, we began to be a real threat to TPTB, and "bloggers" kept showing up to try to keep zeroHedge looking very confused, very ignorant, very interested in spreading panic, and so on. "paid" trolls whose agenda was to suppress truth in the interests of propagananda

to make a long story not too much longer, X-03, we kicked their styooopid asses and if the pulitzer committee doesn't have its head terminally impacted, zH should be recognized for the work it did and continues to do on the ongoing disaster, there

we published the truth and when we are fighting with big-moneyed interests like the nuclear industry, the central banksters, the political parties, the FBI, the crimex, the AMA, big pharma, NATO, the UN, mossad, the CIA, MI6, and the military-industrial fascist bastards operating via the council on foreign relations, we need our anonymity
~~not that TPTB don't know who you or i am, but we're not looking for glory; we're looking for truth and a better future for our children; tyler gives us free speech and anonymity here and our mythos is fight club, in my mind, in the dialogical sense of fighting for the Real and the True

anonymity and free speech! which is why slewie has such a perpetual raging hard-on for certain asswipes who "advertiZe" their fuking blogs here all day every day, inviting people to "come and give us yer e-mail address so we can chat and bond as silly geese somewhere else"

this ain't face-fukingBook, X-03
trust me

Wed, 09/21/2011 - 23:46 | 1695628 X.inf.capt
X.inf.capt's picture

o.k. i understand tptb lie through their teeth, and use the media to do the same

BUT HERE? if theyre paying people to spread prop. at this level. then this is alot worse then i ever could have imagined, this is military level psyops.

again, im new to this forum stuff. dont do facebook, god as my witness, and ive been reading this for about 2months.

if youre serious about this, then i think i need to sign off. man.

talk to you later, bro. again thank you for your service

i need to mush this over, ill come back in a couple months

later...

Thu, 09/22/2011 - 01:33 | 1695801 slewie the pi-rat
slewie the pi-rat's picture

not so much to spread the prop. the msm can't be beat for that!

but to make some of the ideas that are being developed here look inadequate to stand up against the prop-wash, X-03. that was what i was trying to get @ with the fuk_u drill

for you, today, what you reported from your coin shop seemed to fit the "profile" for some here who haven't paid as much attention to you as, say, myself, when we got to know each other a bit w/ out "VA" experiences and what you were doing w/ the food bank

that was an honest exchange in my book, so i "vetted" you for myself. i learned you are buying silver dimes (a very good idea to get started in PMs, imo) and that you are almost all-in. so i knew you were shooting straight, today, but otherz found the story a bit over the top, especially since you did not put it all out there, right away. i've got yer back, but i didn't know all the details at first, either

yes, silver is VERY emotional here. we each & all have very strong feeling about our values, and to buy silver V fiat and to trust PMs over lying cheating stealing fuking banksters is to be in a 1-3% range of people in the US, perhaps.

my daughter and i were having some iced tea @ a sidewalk table just before sunset together, talking about this & that when she pops out w/: what do you think of the obama tax plan? so styooopid me, i just told her a real earful about my take on prez0 and things went straight to hell from there! L0L!!!

if i could say one thing to you, straight up, X-03, it would be: wtf do you mean by "this level"? i don't think you're a FB person, but i say that often to distinguish zH from a "social" site, as i view your "revised biography"

we don't have fights here like in the book & movie, but rather with our minds and words; yet, as psychological as the book and movie are, the site isn't too damned far behind, is it?

Wed, 09/21/2011 - 17:57 | 1694606 Money 4 Nothing
Money 4 Nothing's picture

My coin dealer was more than happy to take 100 Silver troy oz off my hands today, I'm going to buy Netflix! Whoo Hooo!

I was in Silver at $14.00 troy, I'm going on vacation and wanted some extra $$$ in my pocket for Vegas.

 

Seriously, my guy was more than accomodating. Want his phone number?

 

The Bad Guy.

Wed, 09/21/2011 - 15:28 | 1694005 Variance Doc
Variance Doc's picture

I've been short single names and indexes for a while.  Made some good money.  My non-Gaussian pricing models have been helpful.  I held short positions, anticipating that OT2 was going to happen (it took some big balls!) and no QE3.  It worked in hindsight.

Wed, 09/21/2011 - 15:20 | 1693946 Hero Protagonist
Hero Protagonist's picture

Forget about the market, why wasn't this just an act of self-preservation?  That is, they are going to refinance 30% of their debt at exceptionally low interest rates from a few years to 30 years.  This extends the time before debt service > tax revenue.

Wed, 09/21/2011 - 15:22 | 1693956 Buckaroo Banzai
Buckaroo Banzai's picture

This is the Fed headline I'm hoping to see one day:

• FED PISSES UP ROPE, POUNDS SAND; BERNANKE PARKS HEAD UP ASS, BECOMES FIRST MAN EVER TO SHIT DOWN OWN THROAT

Wed, 09/21/2011 - 15:22 | 1693961 Mercury
Mercury's picture

It's just possible that even The Ben Bernank is aware that there is only so much monetary policy can do...

Wed, 09/21/2011 - 15:28 | 1694008 malek
malek's picture

I think you are giving him too much credit...

Wed, 09/21/2011 - 17:46 | 1694645 andybev01
andybev01's picture

...while we get none.

Wed, 09/21/2011 - 15:23 | 1693963 OOONONO
OOONONO's picture

The fed should just get it over with - just go to vegas and put $100T on red ... oops, I meant black ... 

Wed, 09/21/2011 - 15:26 | 1693988 zorba THE GREEK
zorba THE GREEK's picture

Obama wants him to put it on blue.

Wed, 09/21/2011 - 15:31 | 1694020 deepdish
deepdish's picture

Problem is that if the FED win, it will bail out the casino.

 

Remember, the losses are socialized, while the winnings are private.

Wed, 09/21/2011 - 15:23 | 1693964 Seasmoke
Seasmoke's picture

the expectations on benny shaloms shoulders are now so high, he can never overcome .....he is finished

Wed, 09/21/2011 - 15:23 | 1693966 TheSilverJournal
TheSilverJournal's picture

The Fed's doing more QE, just not saying it. They're in there buying Treasuries in order to fulfill their commitment of holding rates low.

Wed, 09/21/2011 - 16:12 | 1693968 TruthInSunshine
TruthInSunshine's picture

This should be called the "Bank of American Sucking Chest Wound Medical Kit."

Selling 400 bn of short term tnotes to buy 400 billion of MBS?

Hmmm....I wonder who they will directly and indirectly buy these from (hmmmm...Freddie, Fannie & BofA).

It's all band-aids and jerry-rigging now.

There's nothing but air under equities (not even kick the can Fed interventionism, anymore).

Economic activity indicates that even as their share price drop, PCLN, LULU and CMG will soon have P/E ratios of 2,500 to 1.

Also, almost everyone had been telling me how Kocherlakota had turned into a dove, after misinterpreting his statements made after the last FOMC meeting.

As I had stated, Kocherlakota not only isn't more dovish, he regrets putting a time table on the ZIRP commitment, now.

Risk Off, and equity markets are going to catch up with the bearish economic fundamentals that bond markets have been signaling for some time now.

It's going to be a long, hard, painful fall (and Fall).

Wed, 09/21/2011 - 15:24 | 1693972 Cartman
Cartman's picture

Is Rosenberg shocked and awed?

Wed, 09/21/2011 - 15:37 | 1694043 valuetrader
valuetrader's picture

well, i assume that he never actually meant that the fed would do that ... i am sure he would come out and say that actually he expected just a twist .... and no rock and roll!

Wed, 09/21/2011 - 19:32 | 1695026 oogs66
oogs66's picture

His bullish call was just tactical :)

Wed, 09/21/2011 - 15:24 | 1693973 zorba THE GREEK
zorba THE GREEK's picture

We know where all this is headed, why not just print enough to bail the whole world out and get it over with?

What other real options are there? Grow our way out, fat chance.

Wed, 09/21/2011 - 16:46 | 1694394 Citxmech
Citxmech's picture

I thought adding to the monetary base = growth?

Step 1 Print more money;

Step 3 Growth!

 

Wed, 09/21/2011 - 15:24 | 1693974 Mutatto
Mutatto's picture

Ben should have put AAPL in the Dow. Perhaps he will have better luck managing the wealth effect by utilizing momo stocks...

Wed, 09/21/2011 - 15:25 | 1693980 SilverIsKing
SilverIsKing's picture

Look out below!  Market is digesting but tomorrow will get real ugly for longs.  Look at the bank stocks.  They have been telling us that something big is going to happen.  Metals?  Who the fuck knows in the short term?  Long term it's up up and away.

Wed, 09/21/2011 - 15:42 | 1694076 Smiddywesson
Smiddywesson's picture

Yes, there was enough price manipulation in gold leading up to today's meeting that it will have to be allowed rise a bit to release the pressure.  It's a good time to go long paper gold.

Wed, 09/21/2011 - 15:49 | 1694118 SilverIsKing
SilverIsKing's picture

Not so sure about that.  We could see a sharp decline in PMs in the short term since they could be sold with everything else in a market rout.  I'd prefer to wait for more blood before going long paper PMs.

Wed, 09/21/2011 - 16:05 | 1694208 WonderDawg
WonderDawg's picture

Careful, now. Smiddy gets cranky if anyone suggests that PMs aren't on a rocket ship to the moon.

Wed, 09/21/2011 - 15:25 | 1693984 kito
kito's picture

amen to that mr tchir---benbucks is out of ammo. he knows whatever rabbit he has in his hat WONT be used until the world starts to crumble.

Wed, 09/21/2011 - 16:34 | 1694022 nyse
nyse's picture

Love it! Should be BenBen blowing himself tho. Or maybe a gay daisy chain with the Pharaohbama Big Ben, and Buffett?

Wed, 09/21/2011 - 15:27 | 1693994 tahoebumsmith
tahoebumsmith's picture

100 heroin addicts in one room and Ben only brought enough dope for 25 of them....Only question left is who is going to get their fix and who is going to be sent off to the methadone clinics?

Wed, 09/21/2011 - 16:02 | 1694194 terryfuckwit
terryfuckwit's picture

great analogy.. and who gave them free access to the drugs cabinet in the first place?

Wed, 09/21/2011 - 15:27 | 1693997 somethingelse
somethingelse's picture

Ben opted for the "Oliver Twist"...."please sir, may i have some more?"

Wed, 09/21/2011 - 15:27 | 1694001 nyse
nyse's picture

Look at this absolute fucking joke: http://signon.org/sign/want-a-real-economic.fb1?source=s.fb.in&r_by=641750

 

That's the ticket!

Wed, 09/21/2011 - 15:39 | 1694054 Au Shucks
Au Shucks's picture

And why is that a joke exactly?  The only flaw i can see in it is that it doesn't help enough people or forgive enough debt.  what about forgiving all debt and starting over?  There is absolutely no way forward whilst saddled with all the debt the world has.  Forgive all debt across the globe and let's get on with human evolution already. 

Wed, 09/21/2011 - 15:59 | 1694173 WonderDawg
WonderDawg's picture

So, if someone owed you 100K, you'd just be willing to say, forget about it, have a nice day?

Wed, 09/21/2011 - 16:33 | 1694330 nyse
nyse's picture

Its a joke because this is not the issue and will fix nothing, merely create more waste. This will do nothing positive in the long run, and I would argure that if this is an option, this would create more negative externalities than positive.

Is this the problem here? That students can't pay for their debt? Maybe they should have gone to class and quit smoking weed all day, or chose a major that was worth a shit then perhaps they could have gotten a job that could cover their payments.

Not sure how old you are, if you went to college or when, but I am not even out 10 years and this is exactly how it was where I went. 

Its just kind of sickening to me, is all. The entitlement mentality is so pervasive in this country we forget how ludicrous it is in the first place. 

What ever happend to having some skin in the game. Shit, if defaulting was an option, I would have financed the whole thing myself, saved my parents the heartache and just defaulted on it. Fuck it.

(Thanks ORI +1)

Thu, 09/22/2011 - 21:41 | 1699608 Herd Redirectio...
Herd Redirection Committee's picture

The problem with society is wealth disparity first, and income disparity second.  Justice, freedom, all else will flow from the solution to those problems.

So in this case, forgiving student loan debt would mean people who lent money to students at interest would lose their investment.   And students (or graduates) would have their equity position dramatically increased.  So the wealth disparity would shrink, unlike what it has done ever since 2008, when the chasm between the richest 1% and the other 99% stretched somehow wider.

After addressing wealth disparity it will be time to pursue justice.  Prosecute central bankers for counterfeiting, and politicians for war crimes.  That kind of justice.

Wed, 09/21/2011 - 15:28 | 1694003 Au Shucks
Au Shucks's picture

It's all just lip service, as all astute ZH readers know already.  The game is extend and pretend until the point where the collapse occurs and there is a move to another paper currency as reserve.  Of course, what is needed is a jubilee which would restart all of the banking boys games all over again and allow them to run their ponzi at least several more years, if not longer.  Of course, this would free the peasants from the shackles that have been so careful placed upon them by the cartel for agenda completing purposes, so logic must sit in the corner on time out until the house catches fire.

There is but one solution which I will once again shout toward the empty seats in my poorly attended, albeit luxurious stage theater...

FIGHT BACK!  Remove all cash from every bank account you have.  Default on all bank debt you hold.  If you have the balls, stop paying your mortgage and live free until you either win your house in court or lose it.. then go rent something and put the savings into real things.. gold, silver, means of production.  This non-participation approach is the ONLY thing that will get attention and ultimately force the hand of change.  Plus, soldiers practicing this form of system assault will benefit not only their country, but themselves as well when they are in a position of real wealth and real productive capacity when the house of cards finally falls back into two dimensional form.

Wed, 09/21/2011 - 18:23 | 1694827 PianoRacer
PianoRacer's picture

This, this, a thousand times this.

I am in your theater, friend, and we are dancing to the exact same tune.  As others awaken and the facts become more obvious, they will join us.

You are not alone.  I bought in 2006 right out of college: 30-yr fixed, 100% financing, no "skin in the game", liars loan because we faked credit lines (it was my first loan EVER!) though I did have the income to pay.  Stopped paying last September, foreclosure was in June.  Redemption period lasts until December, and then: we rent!  We rent a nicer house in a nicer neighborhood for less money!  Meanwhile I am fucking the bank (well lets be honest, Fannie Mae), disentangling myself from the corrupt, corrupting system, and saving tens of thousands of dollars (which I am obviously putting into PMs and items of real value).  I have no credit cards and no other debt, and I cashed out my IRA and 401k and gladly paid the 20% hit.  Now I am truly free.

The derision of some unenlightened friends and, for some unexplicable reason, Tyler Durden, are small (and easy) prices to pay.

Wed, 09/21/2011 - 15:28 | 1694004 props2009
props2009's picture

FOMC trades 1.3780 short SL 1.3810
hits target 1.3650
http://capital3x.com/?page_id=1446
 
7 other trades. SPY short 1212 from 4 days back closing in on target 1775. 

1800 pips profit in sept alone. 1400 in augu. 1100 in july

try out once. 7 trials.

 

Got FOMC absolutely accurate as EURUUSD SHORT mounted at 1.3780 live with over 150 clients 5 minutes prior to FOMC TP 1.3640. 7 other treade

 

Wed, 09/21/2011 - 15:28 | 1694006 Denver768
Denver768's picture

The monkeys have changed but the shit smells the same.

Wed, 09/21/2011 - 15:28 | 1694007 FranSix
FranSix's picture

Hm.  No rise in short term interest rates.  The Fed is plumb out of bullets.

 

http://www.bloomberg.com/markets/rates-bonds/government-bonds/us/

Wed, 09/21/2011 - 15:30 | 1694011 RobotTrader
RobotTrader's picture

 

 

USDX going totally vertical.

Peter Schiff must be shitting in his pants.

Wed, 09/21/2011 - 15:53 | 1694140 Spigot
Spigot's picture

Schiff Shitty...hmmm

So, here we have a cave to the GOP saber rattling...

only thing I see here is an addition to the increasing chaos that is roiling everything in its path...

including hammering US Exports, though lowering (for a time) US import prices

Just seems that we are on the next leg of a very unpleasant journey, and I'm hoping it is not a centipede (many more legs to come) :(

Wed, 09/21/2011 - 16:49 | 1694402 Citxmech
Citxmech's picture

Seems like the DXY can go up as high as it wants - but it doesn't seem to mean I can buy more. . .

Hmmmm, why is that?

Wed, 09/21/2011 - 17:05 | 1694473 Floordawg
Floordawg's picture

He Schiffed his pants?

Wed, 09/21/2011 - 15:30 | 1694012 John Law Lives
John Law Lives's picture

3 dissenting votes on Operation Twist:

"Voting against the action were Richard W. Fisher, Narayana Kocherlakota, and Charles I. Plosser, who did not support additional policy accommodation at this time."

Maybe getting a real QE3 won't be as easy as Goldman wishes.

Wed, 09/21/2011 - 15:47 | 1694104 M.B. Drapier
M.B. Drapier's picture

To what extent is this all about low politics? Obviously Fisher is a Republican, but I'm having trouble placing the partisan alliegances of the other two dissenters (never mind the governors who voted for the Twist). The GOP seems hell-bent on denying Obama an economic bounce in the run-up to the 2012 elections, while I'm sure the Democrats are keen on one (see also Barney Frank's sudden interest in Fed reform). Are the governors, or some of the governors, now acting as agents of partisan interest?

Wed, 09/21/2011 - 15:55 | 1694150 John Law Lives
John Law Lives's picture

Interesting questions. Maybe the dissenters really believe additional easing is bad policy and they voted their conscience. Who knows if they really have a conscience.

Wed, 09/21/2011 - 15:31 | 1694018 buzzsaw99
buzzsaw99's picture

now everyone hates him. good job ben.

Wed, 09/21/2011 - 15:31 | 1694021 props2009
props2009's picture

what about gold? well supported? or are we going to see xplosion above to 1900

Wed, 09/21/2011 - 15:33 | 1694027 fdisk
fdisk's picture

GOLD trades with the Market now, as pink sheet stock,
seems like nobody want it..

Wed, 09/21/2011 - 15:35 | 1694036 nachtliche
nachtliche's picture

Not the first time. Generally whenever ben or obama speaks, the market tanks.

Wed, 09/21/2011 - 15:35 | 1694038 youngman
youngman's picture

This is from one Wall Street player who is angry because little Feddy didn´t bring his ball out to play...boo hoo....what a baby....they just don´t get it...fake markets..means fake values...and it will all fall back to reality some day...

Wed, 09/21/2011 - 15:49 | 1694116 fdisk
fdisk's picture

You better shave, cause everything is down except the Dollar.
They going to over think overnight, tomorrow we'll see
different picture.. Sell the News nothing new.

Wed, 09/21/2011 - 16:01 | 1694187 buzzsaw99
buzzsaw99's picture

they got socks instead of a red ryder bb gun with a compass in the stock. boo hoo indeed.

Wed, 09/21/2011 - 15:39 | 1694050 jhalmos
jhalmos's picture

This is great news. Less is more. And he delivered less. Maybe next time he won't do anything. Obviously the Fed knows what it did, and is setting us up slowly for relying on them less and less as they've got an empty quiver. It's like he's saying "Fuckit. I did all I can. You guys did nothing. Ball's in your court." I say hurray. Let the market collapse as soon as it can so it can be rebuilt properly.

Wed, 09/21/2011 - 15:39 | 1694053 nearvana
nearvana's picture

the suckers will go to war instead ...

remember 

"... In conclusion, we have demonstrated, that the main long-term driving force of the US economy through the entire
history of the USA has been massive public investments in the private sector, ?nanced by signi?cant increases in
public debt, during times of war."

http://www.google.de/search?q=zerohedge+keynesian+economy+after+all&ie=u...

 

Wed, 09/21/2011 - 15:39 | 1694057 csmith
csmith's picture

Why bring out the big guns when the S&P is only off 4% on the year? Don't fire till you see the whites of their (panicked) eyes, I say.

Now, down 18% to 20%...let's talk then.

Wed, 09/21/2011 - 15:39 | 1694058 RobotTrader
RobotTrader's picture

 

 

Commodities and commodity currencies are getting poleaxed.

So much for "Things".....

Wed, 09/21/2011 - 15:54 | 1694146 sdmjake
sdmjake's picture

Silver up .30% = poleaxed?

put down the bong...

Wed, 09/21/2011 - 15:59 | 1694175 entendance
entendance's picture

WHEN EVERYONE THINKS ALIKE, THERE ISN'T MUCH THINKING TAKING...when everyone is on one side of the boat it is fine and dandy, until they all fall into the ocean; at some point the $ train will leave the station, the $ boat will suddenly leave the dock!
http://www.entendance.com/forums/viewtopic.php?f=17&t=782&p=19437#p19437

Wed, 09/21/2011 - 15:41 | 1694070 PulauHantu29
PulauHantu29's picture

$2 Trillion....that's what I thought Ben would announce in a free-for-all bond buying, MBS Purchase Palooza......

Only $400 Billion?

I'm sorely disappointed.

Wed, 09/21/2011 - 15:42 | 1694072 oogs66
oogs66's picture

The market lost it's bernanke virginity today!

Wed, 09/21/2011 - 15:42 | 1694073 marcusfenix
marcusfenix's picture

did ben just dump the whole mess on DC today?

"here you go guys...good luck"

 

Wed, 09/21/2011 - 15:43 | 1694080 economics1996
economics1996's picture

Gold will drop and then Ben will start the printing press again.  This dance is just begining.  Gold long term is a lock.

Wed, 09/21/2011 - 15:43 | 1694083 Bill Lumbergh
Bill Lumbergh's picture

Transports are being flushed down the tubes with a 4.5% loss...another 100 points more and the August lows will be breached.

Wed, 09/21/2011 - 15:45 | 1694095 eddiebe
eddiebe's picture

30 year treasuries: The limbo ( how low can you go )  http://www.youtube.com/watch?v=XgCHOrF5ryY

Wed, 09/21/2011 - 15:45 | 1694100 plantigrade
plantigrade's picture

Disappointed ... that you tried ?

Wed, 09/21/2011 - 15:47 | 1694103 adr
adr's picture

Funny, we got the Big Ben drop and then the algo rebound followed by the mad dash to reprogram the computers to sell. Now we start to see the real market in action.

If it wasn't for the algofest rebound while everyone was rereading the speech to find some hint of free trillions the market would already be down 300 points. Guess we'll have to settle for -200.

Down 2% on no announcement of free cash isn't that bad at all. Guess we'll have to wait until tomorrow. Cramer is probably trying to find some way of saying Bernake said something that can drive Chipotle to $500.

 

Wed, 09/21/2011 - 15:48 | 1694111 walküre
walküre's picture

Some are missing the bigger picture.

Today is the day that the once almighty FED died.

They had no bullets left. Open season.

Is it coincidence that TWIST was the operation of last resort in 1961 before the gold standard got lifted in 1963?

 

Wed, 09/21/2011 - 16:17 | 1694258 YHC-FTSE
YHC-FTSE's picture

It does feel that way. I read the script completely wrong for today - stop loss saved me from a disaster. Is this the way of things to come? Perpetual disappointments for the markets? How else are they going to pretend things are rosy, or is that pretense now off the table and we're about to see some draconian measures introduced to "fix" the economy?  With gold still hovering below 1790/oz, it's perplexing.

Wed, 09/21/2011 - 16:59 | 1694441 falak pema
falak pema's picture

Ben is like a viagra salesman whose new bunch of pills doesn't do the job with his clients...Oh Ben, your magic pill, your white powder, doesn't get me high! 

Now there will be doubt and despair if on the big plays you don't make the grade...mama mia!

Wed, 09/21/2011 - 15:51 | 1694126 TradingTroll
TradingTroll's picture

Now comes the part where the market rather forcibly tells Shalom Ben exactly what it needs and right now.

Wed, 09/21/2011 - 15:52 | 1694136 adr
adr's picture

Bouncin off 1175. COME ON YOU CAN DO IT, PUSH THROUGH YOU KNOW YOU WANT TO, 1100 ISN'T THAT FAR AWAY!!!!!

Wed, 09/21/2011 - 15:53 | 1694138 TruthInSunshine
TruthInSunshine's picture

RoboTarder, trapped in bull-call spreads in equity options, soon attempts to commit suicide by CMG burrito asphyxiation.

Wed, 09/21/2011 - 15:53 | 1694139 walküre
walküre's picture

RULE 48! RULE 48! NOW NOW NOW

Someone pull the breaks on this thing! We gonna go doooowwwwwwwwwwwwwwwwwwwwwwwwwwwwwwnnnnnnnnnnnnnnnnnnnnnnnnnnn SPLAT!

Wed, 09/21/2011 - 15:55 | 1694147 youngman
youngman's picture

Yes a weak statement...its Japan....it sagflation....its EU problems....then USA problems...oh and thow in a couple of Mideast problems too...boy this is going to be fun...its not now what to invest in....its where to move to to sit this one out....and "it" will be a couple of generations

Wed, 09/21/2011 - 15:57 | 1694161 sbenard
sbenard's picture

Bubbles Bernanke has disappointed. Where's out bubble, Bubbles?

QE is welfare for Wall St. It's about time we cut the apron strings!

Wed, 09/21/2011 - 15:58 | 1694166 walküre
walküre's picture

youngman, is that your webcam pic? gosh, you're one ugly dude!

Wed, 09/21/2011 - 16:02 | 1694190 youngman
youngman's picture

Hey...I get better looking if your drunk...real drunk....Colt 45 style.....then oand only then ..will I kiss you

Wed, 09/21/2011 - 16:05 | 1694206 walküre
walküre's picture

No you won't dude. No matter how drunk I'd be. No amount of alcohol could turn that face into anything resembling a gal.

Wed, 09/21/2011 - 16:08 | 1694217 youngman
youngman's picture

Then stick to investing......you ain´t getting any....but me..I am going out and getting drunk...so at least I think I look better....what a joke today was...at least Oprah gives presents to all the people in the studio.....we didn´t even get a Groupon coupon for a 20% an ounce of gold...

Wed, 09/21/2011 - 16:29 | 1694309 prains
prains's picture

youngman, is that your webcam pic? gosh, you're one ugly dude!

 

that is not a dude, it's a housefrau.

Wed, 09/21/2011 - 15:58 | 1694168 msmith
msmith's picture

USD strength http://bit.ly/qwB3Ab.  The USD should continue to go verticle here.

Wed, 09/21/2011 - 16:12 | 1694232 Waffen
Waffen's picture

Isn't dollar strength the last thing the fed wants?

Wed, 09/21/2011 - 16:12 | 1694235 Alex Kintner
Alex Kintner's picture

Bernanke seen entering Freedom Park with his sleeping bag to join the #OccupyWallStreet rally. He might see his name on a few derogatory signs. Oh wait, NYPD is arresting people for carrying signs -- never mind, forgot NYC is a police state now.

Wed, 09/21/2011 - 17:18 | 1694528 Alpha Monkey
Alpha Monkey's picture

And for writing on the sidewalk in chalk, and for wearing masks IAW a law from the 1800s.  NYPD is also confescating gasoline for camp generators.  Why should we expect different from a police force that has rapists and murderers protected?

Wed, 09/21/2011 - 16:13 | 1694244 msmith
msmith's picture

The EURUSD just keeps dropping.  It should continue to do so as major support gets taken out.  http://bit.ly/oYIfxA

Wed, 09/21/2011 - 16:16 | 1694251 msmith
msmith's picture

Once the 85 level break on crude, it will drop quite a bit more.  http://bit.ly/of1zer

The S&P looks like it is getting ready to make some technical damage to the downside.  http://bit.ly/nlr4c9

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