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On Eve Of Critical FOMC Decision, Republicans (Re)Send Letter To Bernanke Demanding No More QE
Nine months after the very same quartet of republicans, headed by John Boehner, sent a letter to Bernanke protesting the launch of QE2, this time the GOP has waited until a mere 24 hours before the actual announcement with an identical, if preemptive, message, namely: don't print, or stated differently, "we submit that the board should resist further extraordinary intervention in the U.S. economy, particularly without a clear articulation of the goals of such a policy, direction for success, ample data proving a case for economic action and quantifiable benefits to the American people." And while the political undertone of the letter is all too obvious: i.e. prevent any additional Obama-benefiting stimulus in the economy through the only conduit Obama has left, courtesy of Fiscal stimulus being snarled for good due to the republican majority in the House, Boehner et al bring up a valid point, which is that the Fed policy now accentuates market uncertainty and promotes trade wars: precisely the topics discussed in an earlier article today. As stated by Boehner: "Our long-term growth depends on restoring confidence and certainty in our fiscal, regulatory, and trade policies -- and not on government’s willingness to engage in additional stimulative measures. When asset prices increase due to anticipated Federal Reserve policy rather than economic fundamentals, it increases the potential for speculative action and erodes confidence in the economic outlook, making it more difficult to generate sustainable growth." Regardless of its actual merit, one thing is without doubt: QE3, and the Fed, just become once again critically politicized, and as such, even more market uncertainty is imminent. All that said, the theatrical optics of this action are quite glaring.
Full letter:
Dear Chairman Bernanke,
It is our understanding that the Board Members of the Federal Reserve will meet later this week to consider additional monetary stimulus proposals. We write to express our reservations about any such measures. Respectfully, we submit that the board should resist further extraordinary intervention in the U.S. economy, particularly without a clear articulation of the goals of such a policy, direction for success, ample data proving a case for economic action and quantifiable benefits to the American people.
It is not clear that the recent round of quantitative easing undertaken by the Federal Reserve has facilitated economic growth or reduced the unemployment rate. To the contrary, there has been significant concern expressed by Federal Reserve Board Members, academics, business leaders, Members of Congress and the public. Although the goal of quantitative easing was, in part, to stabilize the price level against deflationary fears, the Federal Reserve’s actions have likely led to more fluctuations and uncertainty in our already weak economy.
We have serious concerns that further intervention by the Federal Reserve could exacerbate current problems or further harm the U.S. economy. Such steps may erode the already weakened U.S. dollar or promote more borrowing by overleveraged consumers. To date, we have seen no evidence that further monetary stimulus will create jobs or provide a sustainable path towards economic recovery.
Ultimately, the American economy is driven by the confidence of consumers and investors and the innovations of its workers. The American people have reason to be skeptical of the Federal Reserve vastly increasing its role in the economy if measurable outcomes cannot be demonstrated.
We respectfully request that a copy of this letter be shared with each Member of the Board.
Sincerely,
Sen. Mitch McConnell, Rep. John Boehner, Sen. Jon Kyl, Rep. Eric Cantor
And here is the letter sent back on November 17, 2010, after QE2 was already in process:
The Honorable Ben S. Bernanke
Chairman
Board of Governors of the Federal Reserve System
20th Street and Constitution Avenue, NW
Washington, D.C. 20551
Dear Chairman Bernanke:
We firmly believe that monetary policy decisions by the U.S. Federal Reserve must be free and independent from political pressures. At the same time, the Federal Reserve should be open to receiving input and data from a wide range of sources. This combination preserves confidence in the credibility and effectiveness of decisions made by the Federal Reserve.
It is with that understanding that we write to express our deep concerns over the recent announcement that the Federal Reserve will purchase additional U.S. Treasury bonds, the so-called Quantitative Easing 2 (QE2). While intended to improve the short-term growth of the U.S. economy and help maintain a stable price level, such a measure introduces significant uncertainty regarding the future strength of the dollar and could result both in hard-to-control, long-term inflation and potentially generate artificial asset bubbles that could cause further economic disruptions.
The Federal Reserve’s recent move has also generated increased criticism and action from other central banks and governments. We appreciate that such comments must be examined within the context of which they have been offered. However, any action taken by our nation or foreign nations that impairs U.S. trade relations at a time when we should be fighting global trade protection measures will only further harm the global economy and could delay recovery in the United States.
Perhaps most damaging, we believe that QE2 is giving the impression that the Federal Reserve will keep making new and different attempts to boost the short-term prospects for the economy. Our long-term growth depends on restoring confidence and certainty in our fiscal, regulatory, and trade policies -- and not on government’s willingness to engage in additional stimulative measures. When asset prices increase due to anticipated Federal Reserve policy rather than economic fundamentals, it increases the potential for speculative action and erodes confidence in the economic outlook, making it more difficult to generate sustainable growth.
We hope you and the other Board Members will keep these concerns in mind as you review and discuss these issues in the coming months.
Sincerely,
Mitch McConnell
U.S. Senator
John Boehner
Member of Congress
Jon Kyl
U.S. Senator
Eric Cantor
Member of Congress
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wow how the mighty have fallen......how has benny shalom allowed himself to be boxed in a corner and now dictated by the republicans ......sorry Obama you bet on the wrong horse in a one horse race
In other words, BLAH BLA BLAH BLAH BLAH, we dont care what you say so SUCK IT!
repubs will get their way tomorrow. only assurances of what the fed "can" do, but not what they will do.
What? GOP no longer believes in"Trickle-Down"?
Trickle Me! Now
LOL, the Republicans wouldn't have to make their dissent official unless they knew he was going to print.
I guess the banking crisis in the EU is worse than I thought. Reggie said it was, and many people said it would spill over into the US faster than we would have thought. And now we have the Republicans, after the markets closing, registering a letter that it wasn't their fault.
Tomorrow is going to be a freak show.
LOL, the Republicans wouldn't have to make their dissent official unless they knew he was going to print.
This is a very astute point. He'll print, because over 2000 years of consistent monetary history says he will. There are no game changers at the levers of policy today peeps, only milque toasts, crass pretenders, and sickly imitations of statesmen. So why expect the game to change?
This is a very good point. Man I realy hope you are correct.
Glad he did it.
Somebody needs to be on the record against the unilateral actions of the Fed. The unelected Fed and other central bankers have put themselves in the spotlight by making all policy, foreign and domestic through their interventions. The little people are suffering the consequences while they pillage and beat their chest for the NWO.
good thing jaw boner is worried someone has an evil plan
.
cuz he dont
I wrote all of my Congressional critters about this (except Ron Paul) and got back a bunch of weak ass responses of how they didn't support the Bernanke nomination blah blah blah....
Go figure they missed the point and THE point was about the Federal Reserve bringing America down to her knees with their actions.
PAIN BITCHEZ
Good for you that you actually wrote to them. How many of us have? How many signed the petition to end the fed? We's gotsa work with the critters we gots...for now anyway
Yes and no. What's the point of communicating with someone you are convinced is a two-faced manipulative liar? It's just a waste of time - no matter what, those sell-outs will always do what their masters bid them do, with lots of rationalized justifications to help ease the pain.
It is a fallacy to believe they care most about being re-elected. The FBI has so much dirt on those sick fucks (child prostitutes, anyone? http://www.youtube.com/watch?v=ggxiBWv4xYE ) that they are entirely under control.
It's a shame that no one seems to ever talk about independents or 3rd parties, even on supposedly non-mainstream sites like ZH. The Repub/Dem parties are extremely sophisticated political machines whose sole purpose is to keep the revolting status quo, so why consider anyone (present or future) who survives their selection process?
What's truly amazing is that both ends of the political spectrum have new proposals that an anti-kleptocratic agenda can support. that are hardly "radicals". Let's take these two recent examples, one is Obama's "millionaire tax", which of course we can support. But what about this letter today from Republican Congressional leaders to the Federal Reserve calling for the end of endless market interventions and money printing that only helps speculators and hurst real people? We should be all over this to SUPPORT as well. So we have two proposals that seem partisan that really aren't, giving us an opening to turn things on their head !!!
Yes, because married couples making $250K are Millionaires. Fuk you Obama.
That 250k is not correct, he is creating a new base of $1 million.
Big fuckin deal mate. There is a strong possibility that before too long we'll all be millionaires many times over. As a soon to be multi-millionaire I can't support the "millionaires tax" and that's beside the point that it is partisan and political as hell.
Well, they make some valid points that we have discussed here many times. And, as clueless as the board is they have to at least give lip service to Congress. Going to be a very interesting day tomorrow. Of course, if they do nothing, my guess is we will lose 500 on the Dow in one day. Then, the next day, Bernank advises "just kidding" here is your lollipop. No matter what I am set. Took off my miner trading positions today on the ramp, have all my core positions, and if they dump on us I will just buy more at lower prices. You really think anything they do will make a difference for more than a few days.
But still not shorting this market. Way too dangerous. NFLX at 300 would have been a gem, oh well. 0
The one I regret most was RIMM at 66. Will it go down, nah, QE2 will probably ramp it to 100. Oops
I can't believe yous americans leave Federal Reserve Building...STANDINDG,on an Avenue called Constitution Ave.....
What a fucking insult...
Just like Lady Liberty on the silver bullion.....
Lady Liberty...?????
Another fucking insult.
And ...face value...?????
Another insult.
Time to tear the fucking building down boys and girls.....
Whats holding yous up...????
Star search,or American Idol...?
Dancing With The Stars started up just yesterday! Someone will get eliminated tonight! The Fed can wait a few months right?
Alot of people are pissed off, and the storm is gathering. . .
Yep often wondered why folks blast up malls when they could be making themselves more useful.
This guy has it right
http://www.youtube.com/watch?v=7EChnZTJicw&feature=youtu.be
Look the holidays are coming: support your local bankster
Don't throw us in that briar patch Uncle Ben!!!!
"Republicans (Re)Send Letter To Bernanke Demanding No More QE"
Like those morons know what "QE means???
All of them leaving on the moon. I guess few weeks
7am-3pm factory job rehabilitation
( For each Congress member Rep or Dem)
will help them to return on Earth and back to reality.
Eating cheap burgers and drink Coke (during lunch time)
and work hard for spare change can actually make a difference..
Dear Boner, et al:
If I don't buy the fucking UST paper, who do you think will and at what rates? You want some? How 'bout some mortgage paper?
Do you think we can service the UST debt at true market rates? With a economy collapsing at an accelerated rate?
As for Fed damage to the economy: it's done, pal, toast.
The only choice is a) print and collapse later or b) don't print and collapse sooner.
Please study the attached sketch: the loops of decreasing radius are what you propose: http://boingboing.net/2011/04/20/euthanasia-coaster-a.html
Please circle your choice and send it back initialled. I promise not to wipe my ass with it because I only use the good stuff.
Your Devoted Servant,
Benocide Bernankenstein
XXXOOO
Terminal velocity ;-)
Ben will choose b) don't print and collapse sooner.
Crisis is seeded.
Massive meltdown in 3-4 weeks.
Barry O packs up and leaves DC for urgent reasons.
Game on
the letter says 'governments'..stimulative...etc...'
since when is the federal reserve a part of the government its privately held and owned cartel.
could this be an honest mistake? or ignorance?
no, it's part of the deceptive republican techniquies to keep the public ignorant.
as if , the republicans didn't themselves have a choice to nationalize the federal reserve by changing or revoking its charter.
i call horseshit on letters like this. they are not only posturing but misleading their own base to believe they are against the banks.
this is not 'controlled opposition' this is just totally fake opposition.
it's like when rick perry says he's 'against the banks' and then you see a video the next day of bank of america lobbyist telling him they are going to all circle jerk on the weekend.
The letter is simply a "guillotine waiver form". These will become more and more popular as time passes.
So ... around the time that Republican candidates like Perry start to run against the Fed and against QE, regional Fed governor Richard Fisher makes a crowd-pleasing speech in which he denounces QE and repeats the Republican talking-point/lunatic fantasy that the only things holding up US unemployment are regulatory uncertainty and concern about the public debt (seriously, that's what he said). Then - what a coincidence! - just a few weeks later Barney Frank suddenly decides that the regional Fed governors have to go. (Because he, Barney Frank, wants to reduce the banking industry's influence over the Fed. Seriously, that's what he said.) Now this while Bernanke prepares some kind of QE3. What a show.
On Eve Of Critical FOMC Decision, Republicans (Re)Send Letter To Bernanke Demanding No More QE Until Obama Is Safely Gone
i'm all for barney frank's policy so long as he starts with the new york fed. yea, let's see him get ass fucked over that .....i would say frank is the stupidest person out there, except for the american public being far stupider.
he know she can lie and decieve because 10 years of seeing the american public has rightly led him to believe that they're mostly idiots.
Actually Barney might like that.
News Flash....BlowHorn [CNBC]...Larry Kudlow....
"Today, an unbelievable attack on the Federal reserve by the Republican party."
Really? That letter was an "unbelievable attack?"
Until such time as bankers are finally wrangled to the floor, and their rights to print and leverage money taken from them, and until such time that a financial news network would call this letter an "unbelievable attack"
To just say the words aloud, "Federal Reserve" is an unbelievable attack on the banksters that have run American since 1913.
Like cockroachs, they do not want to be seen nor spoken about.
... is deprived of its license to broadcast "news", the greater American Depression rolls on.
"Until such time as bankers are finally wrangled to the floor"
Instead of wrangling to the floor how about "dangling from a rope."
Let's take a look at what a real attack looks like:
http://www.youtube.com/watch?v=PCZnlq1fHLc&feature=player_detailpage
and of course Morgan made a point of keeping the damage which is still there today. Nowadays "it's all about the victims" and "Larry Kudlow comes on the air to decry the unbelievability!" Never did that back then. Hmmmm. Isn't that interesting. A more honest age perhaps?
Kudlow is an ass. Cure is not to watch or listen - your head will explode due to extreme cognitive dissonance trying to process his moronic pronouncements.
The question is...will TPTB use this as another excuse to slam dowm PMs...I hope so!
Reps or Dems they all better shut up.. Who starts IRAQ war? I actually won't be surprise that Pentagon behind 9/11 attacks which leads to trillions in funding $$$ years to come.. Till now, I cannot believe that some arab newbs, who's barely can drive the camels was able to navigate 747 on manual mode into some tiny landmarks, such as twin towers and Pentagon so perfectly??? You know the story.. Follow the money...Shut up. REPS!!! That's your DEBT too, mostly yours, f*cking WAR criminals!
You sir have shown a critical thought process. Hence, you are a terrorists and an enemy of the state!
Please take your vaccinations and be quiet! Big sis is watching you.
"If you see tyranny, say something."
as a card carrying member of "The Conspriracy" i've just gotten word "they're sorry" and "they didn't think it would turn out this way." Something about "parades" and "national heroes day" and "hot dogs and burgers"...none of which panned out. Did I forget to tell you they were sorry?
they're all fucktards! They can't print demand!
Sure they can: just send everybody a check for $100K.
That would heal the banks also.
edit: thanks for the junk. to clarify, a lot of people would use the 100k to pay of debt and thereby make the banks solvent.
Do some research on Steve Keen, he has actually proposed this. Getting the stimulus in to the consumers hand is in the best interest of everyone. They wont do that as it is too obvious. They will create inflation which will have semi similiar effects for paying down debt.
Just creating some market churn for their masters.
Boehner is a dick.
To put it bluntly, the GOP just said to the Bernanke 'let the patient die' !
Bernanke is a quack.
It is funny that these clowns don't even understand Bernanke is funding the US government via QE. If he stops, they will really start howling.
I think the Reps are just going on record that they oppose QE3. If the Fed goes ahead with QE3 and it causes inflation, then they can blame Bernanke. And if nothing happens, their letter will be quickly forgotten.
If I were Bernanke, I might be inclined to hold off on anything really major for the moment, because if a big QE3 is announced and then the Euro implodes soon after, the Fed will have spent all its ammunition. But if he waits until the Euro implodes and the shock waves are beginning to hit the US, he might be able to do something much bigger and with much less political opposition.
The euro will not implode or explode. No Armageddon, as you know.
No just melt down over time.
I agree there is no imminent crisis to provide political cover for this iteration of QE. And it's the Fed's fault for the increaswed focus on what they do to begin with - all they can do is set rates and conjure "wealth" in the form of fiat notes from sheer nothingness. The ultimate product - no cost, infinite margin, total monopoly, above the law.
This is just so the Banana Republicans (R) can cover their asses and prove that they were against Q2. We know their tricks, it's just like when all the Banana Republicans (D) wrote a letter supporting Eric Schneiderman's stance on B of A after the press started reporting on it. Get ready for more printing and more blaming.
I can't stand the authors, but they have some valid points.
awwww. How do they do it on your Planet then? Let's look closer:
http://www.youtube.com/watch?v=31AIo12REz0&feature=player_detailpage
Perhaps we have some "cross-pollination" coming?
Our long-term growth depends on restoring confidence and certainty in our fiscal, regulatory, and trade policies, nevermind that later next year, we will object to a debt ceiling increase and further the uncertainty we are so clearly concerned about.
Cretins, at least half of the co-signors have no clue what the words mean on this "letter".
Messrs. McConnell, Boehner, Kyl, and Cantor: you are hypocrites, MmmmmK?
And just how does more money printing and debt make us more certain??? Oh wait, extend and pretend, keep the dolares flowing and everything will be ok. Yes, that is certainty!
Unfortunately, yes. That is implied.
I hate the system too. Just hate the politics around it much more. Before we end the FED, we have to end the political bullshit first.
+1
Help me obi wan kenobe....you're my only hope
Classic political posturing and positioning. Demanding something from someone that you know they are most likely to do anyway makes it look like you have power over them. Fact is, the Fed is not going to QE3 right now, excluding Twist, which is too subtle to really count. If there is a QE3, its going to be a whopper, but, not until later when it can impact and sustain through the next election process.
Apparently Alan Greenspan is coming "armed to the teeth with famous 60's protest music" since for reasons everyone but him understand "no one is listening." Here's his first selection for his "Gettin' The Bernank right!" playlist:
http://www.youtube.com/watch?v=3EyGcXj84mE&feature=player_detailpage
Ah...well, yes. The macro news over the last week would have made FDR want to vomit, Europe is imploding, Japan is one step away from hyperinflation, China is bankrupt, and banks all around the world are insolvent. Yet, the Dow has rallied 700 pts. since last Monday.
Has anyone ever heard of the term "frontrunning" around here?
If there is no QE the market will collapse. If there is a QE, the market/economy will hyperinflate collapse. Either way, we're totally fucked. We just have to wait and see one more day on how to allocate balls to the wall Tepper style.
Either TZA or Physical depeding on the outcome. Nothing else matters. Other than a good cigar along with some ripe pussy. This GOP letter is nothing but a political grandstanding move at this point: even the despots know with 100% certainty QE won't work yet they know in their warped little hearts there is no way it doesn't happen. Later, they can proclaim: "we told you so." When in fact, they did nothing to prevent this from transpiring not once, not twice, not thrice......
You get the point. The letter is bullshit. They know QE3 is coming and they're just trying to protect their own asses. The worms are all turning on eachother now (S + P with debt ceiling, BAC and multi-lateral lawsuits, etc.). When they start turning on each other , you know it's really close to the game being over.
We're really fucking close.
You must mean TR. FDR would be arming the nation to the teeth and have "we're gonna win!" music being piped in to every household on the planet. Here's a taste:
http://www.youtube.com/watch?v=uzf6eR3F3Mk&feature=player_detailpage
and yes we were better then. now we are defeated for even trying to fight. now "the fool is the one who isn't corrupt" or "simply willing to be bought."
No QE.
USD soars.
The world feels safe again.
China gets a wake up call.
Methinks the Fourth (and Actually Ruling) Branch of Government will ignore what its lower echelon employees in Congress are recommending.
Dear Ben: if anything goes wrong don't blame us cause we told ya so, but did ya listen? Nahhh
We're the Republitards: clean as the driven snow
I still find it amazing that zerohedgers can be so knowledgable about trading, but fully incompetent in regards to economics. I can't find a single comment above which even demonstrates even basic knowledge... oh I forgot, blah blah criminal banksters... blah blah money masters... blah blah fiat, hyperinflation, teleprompter. Better to rant than educate yourself I suppose.
fuck you
(sorry for being so direct it's been a bad day - dealing with assholes at two levels of govnt over zoning etc. your comment reminded me of one of my many conversations with the drone like civil servants passing their days doing nothing, not wanting to do anything wallowing and waiting for the buyout or the payout; hating themselves, hating their customers, arrogant and ignorant at the same time, barely alive, human slugs* )
*with apologies to slugs
...
no appologies necessary, and a sincere fuck ya back at ya. your comment reminded me of the socially retarded and withdrawn to the point that you refuse to take any responsibility for yourself let alone try to educate yourself on a topic that you claim to be passionate about ;) your 'insight' into my character would be amusing to everyone if you knew anything about me, but who cares... guys like you are a dime a dozen. now finish cutting my grass and get off my lawn, serf.
I for one love vigorous debate and would love to hear your thoughts on the economic mistakes being postulated by the posters on ZH.
As far as the topic under which these comments are located I am all ears as to what your thoughts are on the upcoming decisions by the FED and the possible ramifications, if any, of the Republicans call for no further monetary easing and increases in the FED's balance sheet.
Heres your chance. Go.
Go on, 'educate' us with your Keynesian wisdom. Humor us.
Few of the commenters here really seem to know trading, either., honestly. There are a few, though, but they don't post much anymore. I've been reading this site every day and commenting here and there since the old zerohedge.blogspot.com site, and the crowd really seems to have gotten steadily dumber over the last 2.5 years, even as the quality of the content here has improved.
Before the religious zealots cry for my head -- Yes, I am long PMs. Yes, I am long miners of PMs. Yes I am long in size. Yes, I am a professional. Yes, I am hedged. And still, it's not worth reading the comments most of the time. Including this one.
I feel your pain....
What seems odd to me about the thread is that it is plain as day that members of both parties have been on the take, repeatedly, like for frickin ever. One days its all "R"s are swore allegance to the devil; and the next Obama is the devil.
The problem here is:
a) completely unrealistic spending by a government who is out of control
b) corruption
c) cronyism
d) moral hazard
e) out and out theft of the wealth of a generation (or more) via currency debasement
f) an overly accomodative self-preserving FED, whose very existence is anathama to our founders; and a FED whose cozy relationship allows the government to spend carte-blanche.
So as long as you are for fixing this mess, rational/competitive tax rates and economic policies, and against corruption, I don't give a damn what your political party is.
If the people on this site can't see the "thread" that runs through everything we see today, we're really hosed. We need to all push for reform, resoration of rights, privacy....
and quit bitching about parties.
...Sincerely,
Four career politicians who placed Party, personal ambition, prestige, and financial gain ahead of their respective states and our country.
You want to serve your state, country, and individual liberty? END the Fed. Return us to sound money. How dare you grovel to the Fed. How dare you! Each of you are charged with serving millions of Americans. Resign immediately, or pick yourselves up from the ground and stand for individual freedom.
Signed, one Tea Party member.
Anything less than a bill to dismantle the FED is nothing but hot air.
...the ''Honorable'' Chairsatan!!!! yeeeeeeaaaaah riiiiiiiiight. Honor among thieves and evil delusional dipshits.
the heart is heavy
the eyes have seen too much ... and today
what can be said?
they are as full as the sea
...at this point
http://www.youtube.com/watch?v=o-R8gHj_7v8&feature=related
Bernanke will be happy to give the GOP the middle finger tomorrow. In my opinion, this makes another balance sheet expansion more likely, rather than less. Bernanke hates the GOP.
This is getting fun!
The Republicans have gotten much-needed traction out of Fed bashing, especially Rick Perry's double-barrel "traitors!" remark.
Two weeks later The Bernanke, pissed off by Perry's remark and the Republican's earlier debt ceiling skullduggery, concludes his Jackson Hole summation with, “The country would be well served by a better process for making fiscal decisions. The negotiations that took place over the summer disrupted financial markets and probably the economy as well, and similar events in the future could, over time, seriously jeopardize the willingness of investors around the world to hold U.S. financial assets or to make direct investments in job-creating U.S. businesses.”
The recent Republican debate was loaded with anti-Fed rhetoric. It was a real crowd pleaser. Now we get this letter from the party leaders.
I can't wait for Bernanke's comments tomorrow. This is way better than the usual political grandstanding about flag burning, gay marriage, lipstick, etc. Fire in the hole!
I just bought a boat, I need to Hyperinflate so I can pay it off. U stupid fuckers let the fucking monkey print
Don't worry the banks will have their servants congress pass claw back laws in order to make you pay in full with the new currency. Sorry no free passes.
What happend to the market needing to tank between 20 and 25% before QE3 gets implemented? Now the expectation is for Twist, a lowering of IOER, and more LSAP by the Fed? Yeah . . . right.
My bet is that we get Twist and maybe a reduction in IOER (to something still above zero) and more language about the Fed closely monitoring the situation and having "tools" to meet its dual mandate.
And guess what . . . the market will probably love it and go up 2% in this ridiculously crazy world!
Thank God for Boehner!
A sound rationale voice in the midst of much insanity.
I'm proud of him!
watch this chick put the make on Tom Keene earlier today on bloomberg surveillance midday i think his bow tie was spinning
http://www.bloomberg.com/video/75804480/
Basically, what it says is QE3 will be officially announced.
here let me edit this like they really wanted it delivered....
"Respectfully, we submit"
signed,
other thugs that dont want fingers pointed at them when TSHTF
beware the demands of murderers and con men. it is not a beneficient breast, sheesh ongoing.
.
.
and, did i forget to mention?
end the criminal and
freeloading fed disease !
.
yes i did. so let me state it directly.
end the criminal and freeoading fed before
it eats your children. get it?
oh.. let it eat your children.
why should i care? i bet they taste just fine.
Our little town passed 12 unpaid furlough days for city employees in order to help balance budget.
That includes everybody in our govt.
Also dismissed 2 directors (80 grand + bennies ea./yr).
Our credit rating was just raised.
Who here believes these morons should take their 5 weeks unpaid?
No demands made of these folks taking cuts in benefits, but screw everybody else.
Which 2 directors should go first?
Disclosure... I receive 0 govt benefits, and don't expect to see any when it's my time either.
i just heard on market place (npr) that gold would be $2300.00 by end of the year. does this mean its time to sell?
The Stock market crash should be blamed squarely on the Repugnicans in this case. Keep printing or Bloomberg said we will have riots in the streets.
What a mess, eh.
Of course, this has nothing to do with the elections. No. Nothing at all. Certainly, tanking the economy sooner rather than later wouldn't hurt an incumbent's chances. No sir.
No QE3, that was already clear for months (and I been sayin it). There's no more political cover left for large scale monetary stimulus. That's what the Chinese are upset over. That's what provoked the whole Arab spring. We're too close to the edge of dollar destruction.
No, Ben has made it clear that now it's up to the politicians to stimulate. That's why the jobs program, biz tax breaks, mortgage refi plan and other spending plans are ready on the launchpad.
Monetary stim goes through WS and bankster hands first. Fiscal stim goes local first. It's bottom up vs top down.
But Ben needs to keep hopes alive so we'll get little snack foods like some form of Operation Twist, rate cut combo with a bunch of jawboning about the Fed 'standing ready'.
Instead of cowtowing to these douchebags why dont they just do away with the federal reserve system altogether hrmmm? Not like the effing thing is working.
Because just like the democrats they have no interest in ending deficit spending.
They just want to be holding the wheel and steer the titanic into their choice of icebergs.
And you think handing the keys of the printing presses to congress will restrain the money printing?
At the very least, it would eliminate the "vig" were paying the private bankers and give our politicians less wiggle room to deflect blame when monetary expansionism is a policy that is pursued.
Much wailing and gnashing of teeth this evening, the night before the big game, no doubt. I see a lot of fine points but it is hard to weave all this into a coherent message, and I simply do not have the time. Suffice to say I will watch the unraveling very closely, not interms of myself, but in regards to my three young sons, two of which are at draft age. Uncertainty, trade wars, double dealing.....we have seen where this leads. So I watch, wait, prepare and live life to the fullest extent as possible.
It still amazes me that the powers that be keep droning on, although I see more and more breaking off and questioning the big picture. At some point in the future like minded people will need each other. Make sure your mind is open but your hand is steady. It is going to get worse before it even remotely gets better.
May His Blessing be upon those that seek the truth.
Bullion Vaults Run Out of Space on Gold Rally
http://www.bloomberg.com/news/2011-09-21/bullion-vaults-running-out-of-s...
There's still room at my place...
Preparations for lift off.
We are going to have such a monstrous war when this finally ignites. Going to be biblical.
if measurable outcomes cannot be demonstrated????
wtf do they think "saving the econom" is? L0L!!!