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Former Fed Governor Heller: "Fed Will Not Act Before Fiscal Cliff Resolved"

Tyler Durden's picture


Perhaps it is the weight that is lifted from having to tow the propaganda life while under the influence of the Fed, but Robert Heller (ex Fed Governor) just laid out the 'translated' version of Bernanke's speech this morning. "I don't think the Federal Reserve will take any action, certainly not until the fiscal cliff, the fiscal uncertainties are actually addressed," which is similar to our interpretation of Bernanke's comments as he added "if they're not addressed and the economy falls off the cliff; yes, then you may get QE3," but "I don't see that happening before the election!" This great interview - somewhat stunningly truthy for CNBC - is well worth five minutes of your time (on this ever-so-hectic Friday before Labor Day) as Heller discusses teh fading impact of QE, the risk of enormous losses for the Fed, and the danger of believing in a 'safe' exit strategy.



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Fri, 08/31/2012 - 12:28 | 2753035 Precious
Precious's picture

Capitalism's beauty is that investors are punished for misallocation of capital.

The FED removed causation and thus destroyed American capitalism.


Fri, 08/31/2012 - 12:32 | 2753057 diogeneslaertius
diogeneslaertius's picture

removed causation = decoupled from reality = economic deathstar hologram

Fri, 08/31/2012 - 12:33 | 2753061 Pladizow
Pladizow's picture

CNBC, MSM, Washington, Wall St: BLAH BLAH BLAH!

Just buy PM's!

Fri, 08/31/2012 - 12:49 | 2753107 stocktivity
stocktivity's picture

Just more of the same ....they stand ready to fire up the printing presses and hopium is kept alive. Now the count down starts for the next Fed meeting. Will he or won't he.  It's all Bullshit!

Fri, 08/31/2012 - 12:50 | 2753111 theXman
theXman's picture

I've seen a few Robert Heller interview on CNBC and l have always liked it. His view is very close to common sense.

Fri, 08/31/2012 - 13:00 | 2753155 DoChenRollingBearing
DoChenRollingBearing's picture

Yes, Pladizow.  

+ 1

Just buy PMs.  Best diversification and best store of wealth in town.  Shelter from the coming storm.  Pb is also another friend you should get to know as well.

Fri, 08/31/2012 - 13:18 | 2753212 Race Car Driver
Race Car Driver's picture

I dunno... I think there are better preps than Peanut butter. Espescially since peanuts are now a GMO product and Pb is no longer packed in glass jars (I'd rather risk breakage than poisoning from plastic leaking toxins into the Pb).

Fri, 08/31/2012 - 15:48 | 2753663 jekyll island
jekyll island's picture

Pb is the atomic symbol for lead, not peanut butter.  Pb doesn't come in glass jars, it is in boxes with 50 single use units per carton.  

Fri, 08/31/2012 - 13:17 | 2753207 MillionDollarBoner_
MillionDollarBoner_'s picture

Some of us already did :O)

Fri, 08/31/2012 - 12:40 | 2753084 LawsofPhysics
LawsofPhysics's picture

I'd say it is a bit more complicated than that.  All any truly free market is supposed to do is serve as a place where prices are truly discovered.  Good management, good ideas and good behavior is rewarded in the pricing and bad management, bad ideas, and bad behaviored is allowed to fail.  Sure, investors, like the corporate owners and management should be the ones paying back the creditors and not the fucking taxpayer.


Now when is the last time this market worked like that.  Ah the smell of fascism and "mark to fantasy" accounting.

Stupid fucking sheep.

Fri, 08/31/2012 - 13:20 | 2753216 Nobody For President
Nobody For President's picture

But LOP, that would require Rule of Law and the end of moral hazard - ain't gonna happen when TPTB own the so-called lawmakers... 

Nice sentiments, though.

Fri, 08/31/2012 - 12:41 | 2753085 vast-dom
vast-dom's picture

gold and oil outperforming the fake SP 500 hopium levitation today. what a bad joke this all is. and the hot hopium air is slowly seeping out of the indices....

Fri, 08/31/2012 - 13:02 | 2753162 DoChenRollingBearing
DoChenRollingBearing's picture

vast-dom said:

"and the hot hopium air is slowly seeping out of the indices...."

Nice!  + 1

Fri, 08/31/2012 - 13:05 | 2753164 Zero Govt
Zero Govt's picture

Precious : "The FED removed causation and thus destroyed American capitalism."

Agreed.... but the Fed IS the destruction of capitalism even before policy begins.. the Fed is a monopoly on money (tokens for trading value)... capitalism requires the competition mechanism (a more technical word for freedom) to operate at its most efficient and effective

The Fed, like Govt, is the enemy of freedom/competition, it is a stinkingly corrupt private cartel monopoly 

Fri, 08/31/2012 - 16:06 | 2753702 Republi-Ken
Republi-Ken's picture




Geeeeeezus F Christ.

Why is everyone Republican so oblivious to the obvious???

Fri, 08/31/2012 - 12:28 | 2753039 malikai
malikai's picture

Translation: We will not act until the S&P is at 1100.

Fri, 08/31/2012 - 13:19 | 2753196 Zero Govt
Zero Govt's picture

"the Fed will Not Act before Fiscal Cliff is Resolved"

Translation: the private cartel behind the Fed will not act to save the stupid politicians until they introduce budget cuts that secure their interest payments (ie. blood sucking vampires/bankers of whole nation States)

it's 'who blinks first' time ...the dumb US Govt blackmailed by the private cartel they gave the monopoly to

...oh the irony, musn't laugh

Fri, 08/31/2012 - 14:30 | 2753425 slewie the pi-rat
slewie the pi-rat's picture

oh, bullshit, mal_i, old sport!

the FED-Treas acts every day (and twice on sunday!); stop pretending that isn't ALL you are watching and trying to "perceive";  the checks will be in the mail next month too

maybe the tooth fairy handles that in yer world, but not in slewie's

their vigilance covers every nano you see and three dimensions beyond your fledgling fascinations of their machinations

this is the civil dialogue slewie has ears to hear:>  the FED sez:  we're doing our JOB;  fuk everybody that doesn't get it or "like" it!  any extra monetary koolAid will not even be considered before my bosses, [the congress] address the fuking mess

:>  the congress sez:  you are doing great too!  and these huge fuking checks we get for ourselves and our cronies are the cat's me-OW!  we promise to address everthing just as soon as we sober up from the inaugural ok?  that would be sometime early next year;  if it isn't too cold, of course


Fri, 08/31/2012 - 15:09 | 2753531 malikai
malikai's picture

You're right. We should never forget who the FED crones work for.

Just one thing.. Where's my check?

Fri, 08/31/2012 - 17:19 | 2753871 slewie the pi-rat
slewie the pi-rat's picture

i haven't been getting mine long myself

never played "disabled";  just a personal choice b/c i was always thankful to be relatively healthy and in the game of life for a while with some pretty cool people and times, too

so ya hafta "work" and get a "FICA deposit" for 40 quarters (ten years)

so for a 25 year-old, 1/4 per year over the next 40 years ya hafta get a paycheck.  once a year, basically, for 40 years;  one PAYCHECK a year!  'work' 1 week a year for 40 years, BiCheZ!

then depending on whosie & whatsis, when you get to be 65, m/l,  depending on whatever, ya getsa check!

i hope it is bigger than slewie's!

i started in 1960 and had a coupla years mandatory military enslavement, er, "service" which, of course, didn't "count"

any other questions, please contact yer friendly federal goobermint!

Fri, 08/31/2012 - 12:30 | 2753040 Cognitive Dissonance
Cognitive Dissonance's picture

Stuff a gage in him pronto. Who let him out of his cage? Did you see what he did to the Ponzi market?

Bicycle tube repair kit on aisle 3 stat. And why aren't the emergency pumps coming on?


Fri, 08/31/2012 - 12:30 | 2753051 JohnKozac
JohnKozac's picture

yes, he just drove FB down another 5%.

Fri, 08/31/2012 - 13:00 | 2753151 surf0766
surf0766's picture

FB should be at 0. Worthless.

Fri, 08/31/2012 - 12:32 | 2753056 smlbizman
smlbizman's picture

how about that fella williams from san fran, not that theres anything wrong with that...

Fri, 08/31/2012 - 12:29 | 2753046 SHEEPFUKKER

How long till' all these Fed heads have the word "former" in front of their names? 

Fri, 08/31/2012 - 12:50 | 2753114 Stuck on Zero
Stuck on Zero's picture

Former and wealthy.


Fri, 08/31/2012 - 12:50 | 2753115 CPL
CPL's picture

When they figure out how to print gold and silver so they retire with something worth something

Fri, 08/31/2012 - 12:30 | 2753049 LoneStarHog
LoneStarHog's picture

"Fed Will Not Act Until Fiscal Cliff Resolved" -- Wile E. Coyote

Fri, 08/31/2012 - 12:30 | 2753052 diogeneslaertius
diogeneslaertius's picture

the austerity train does not need to go off a cliff


and the real story is the Economic Tyranny all of this represents - we are literally like the NWO piss boys (mel brooks reference)


a basic translation of both talking points is better as "we will quietly continue to run a massive pipeline off the books and we will not have a pleb slush funding mechanism until such time as the people get really desperate and are ready to take it in the ass even harder (i.e. whatever policy is next)"


my gut says maybe firearms or something else, anyways, why waste a perfectly good political leverage mechanism, drink no wine before its time


and the underlying reality that is bursting bottles like a new wine is that all the volume is institutional algos (the economic deathstar hello mcfly) and QE at this point is like dry humping your cousin

Fri, 08/31/2012 - 12:47 | 2753097 Spastica Rex
Spastica Rex's picture

History of the World Part I = +1

"They are my people, I am their sovereign; I love them! PULL!"

Fri, 08/31/2012 - 12:51 | 2753121 Snidley Whipsnae
Snidley Whipsnae's picture

Where oh where did I put that SAFE EXIT STRATEGY? I was toying with it a few months ago... hmmm

Maybe it's put away in the hopium bin? ... gotta find it

Fri, 08/31/2012 - 17:54 | 2753961 slewie the pi-rat
slewie the pi-rat's picture

why?  who put you in charge snide?

the "exit strategy" was way more than a few monts ago at least from the FED altho "people" whom you read & respect may have been jacking you off about it.  do ya have a link to the FED which is under 3 months young?  talking about "exit strategy"? 

a year ago last May we were blogging on this and even before that on the agora sites

and of course, there was NO WAY the FED could ever fail to destroy everything then, either...

b.c you see thet didn't have en exit strategy from "QE"

they can just stay at ZIRP until the pols decide things;  isn't that the "plan"

wtf does the FED care at this point?

they can only do so much.  that IS the point, ya know!

they are a bank and they make loans and regulate the "finacial system"

what the hell does an "exit stretegy" have to do wth their ACTUAL JOB?  can you find it in dodd/frank?  the FED Reserve Act?

why don't you tell whomever is preaching this that you might be looking for another church?  see if he has a better "exit strategy" for YOU to follow?

Fri, 08/31/2012 - 19:18 | 2754095 slewie the pi-rat
slewie the pi-rat's picture

or perhaps i could ask you to think of it this way: 

if the FED's job can be viewed as maintaining systemic stability and enabling the Treasury to keep the checks in the mail without bankster-generated further BK problems, how does "exit strategy" make any sense?


maybe one of the "talking FED-heads" threw it out, but i follow this pretty closely myself and i don't recall the chairSatan mentioning this recently

but i probably just missed that part today, so a paste or a recent link and you win!

but if ya can't find one, maybe ya ought to consider what i'm trying to tell some people here, ok?


Fri, 08/31/2012 - 12:31 | 2753053 Vincent Vega
Vincent Vega's picture

Mr Heller, Who specifically do you expect to address the fiscal cliff? Obomney? CONgress? We are so fucked.

Fri, 08/31/2012 - 13:00 | 2753158 viahj
viahj's picture

China will do it for us, when they're ready.

Fri, 08/31/2012 - 13:06 | 2753175 DoChenRollingBearing
DoChenRollingBearing's picture

@ Vincent Vega  + 1

STOMP on the accelerator!

Fri, 08/31/2012 - 20:24 | 2754258 slewie the pi-rat
slewie the pi-rat's picture

ain't it awful?

that is an 11th-grade question where i came from


do you recall?  it is in theConstitution;  the fiscal cliff is not covered, but spending bills are;  for some reason, they didn't worry about fiscal cliffs even though they were centainly on one;  they just took care of #1 & 2 & the kids as best they could

and they elected people to congress and those poeple didn't take care of mary & joe & the kids, they just wrote spending bills and tried to figure how to pay for them


and when the "centralBanker" tried to tell them what to do and how to do it, i believe he got called out and shot

twice;  by a poilitician

so maybe that was the banker's "fiscal cliff"?

if you are constantly afraid, you might need to get away from here for a short time and seek some help

you don't want to be quite so negaive now, do ya?  L0L!!!

Fri, 08/31/2012 - 12:31 | 2753054 teahouse
teahouse's picture


Fri, 08/31/2012 - 12:45 | 2753095 saturn
saturn's picture

Long prayers.

Fri, 08/31/2012 - 12:32 | 2753058 Milton Waddams
Milton Waddams's picture

Everyone knows that the New QE is one, contrived flash crash away.  A threat to the recovery of the fortunes of the 'investor class' is the only way Bernanke will put the credibility of the Fed in jeopardy.  Everyone else can suck it up and cope.

Fri, 08/31/2012 - 12:34 | 2753064 Meremortal
Meremortal's picture

Heller is right. And congress won't act until the last second, just like congress always handles the debt ceiling inevitable raise parties.

The election just got more important, as it will influence the deals that get made on the fiscal cliff. Not more important in saving the economy etc., it's too late for that.

Just more important in how to trade between now and January 1.


Fri, 08/31/2012 - 12:37 | 2753074 slaughterer
slaughterer's picture

John Bohner will have a large margin account packed with SPY shorts ahead of the fiscal cliff debate--he is no dummy.  

Fri, 08/31/2012 - 12:55 | 2753131 madcows
madcows's picture

They are all guilty of insider trading.  Not just Boner.  They are all crooked.

Fri, 08/31/2012 - 12:36 | 2753073 HyperLazy
HyperLazy's picture

Heller sez that the Fed will stay on the sidelines... HA

MSM shines the hopium spotlight on 'em every fucking day.

Beyond farcical...

Fri, 08/31/2012 - 12:37 | 2753076 disabledvet
disabledvet's picture


Fri, 08/31/2012 - 12:38 | 2753078 rufusbird
rufusbird's picture

I like Mr. Heller. There is nothing oily about him. He speaks with credibility.

Fri, 08/31/2012 - 12:38 | 2753080 Atlantis Consigliore
Atlantis Consigliore's picture

Fire Everyone

Fri, 08/31/2012 - 12:50 | 2753112 madcows
madcows's picture

secede.  We've been voting them out for years and it's only gotten worse.  It's time to withdraw from the union.  They no longer represent the people.  They represent their own interests.  They have willfully bankrupted the country in order to preserve the position at the top.  What's the point in putting another crooked vote swapping special interest serving money laundering totalitarian in place.


Fri, 08/31/2012 - 12:39 | 2753082 Dr. Engali
Dr. Engali's picture

Does anybody really believe congress is going to do anything about the "fiscal cliff"? I don't..even if the elections shake things up (which it won't and doesn't matter if it does) the lame duck congress isn't going to do anything. he real question now is ..when does the "market" acknowledge that?

Fri, 08/31/2012 - 12:49 | 2753110 Spastica Rex
Spastica Rex's picture

If the Republicans come out on top in November, can't Bernanke convince them to keep him on board?

It would be a shame if something happened to that beautiful economy of yours...

Fri, 08/31/2012 - 12:52 | 2753122 HD
HD's picture

Howard Dean - "Let's drive over the fiscal cliff..."

Fri, 08/31/2012 - 13:04 | 2753165 madcows
madcows's picture

"We're going to Oregon, and Michigan, and South Dakota and Puerto Rico, and Guatamala, and then we're going back to Washington DC and we're going to take back the white house... Yahhhhhh!"

He should go on a country wide Vaudeville tour with the rest of the DNC.

Fri, 08/31/2012 - 14:14 | 2753393 ElvisDog
ElvisDog's picture

What will be "done" about the fiscal cliff is more extend and pretend. Look to the supposedly temporary payroll tax cut for an example. It just keeps getting extended and extended. Same will happen with everything to do with the fiscal cliff. No cuts will be made. They (doesn't matter which party wins) will make a deal where they will promise serious deficit cutting 1-2 years from now but nothing right now because that might "endanger the recovery". Fiscal cliff is a non-event (for now).

Fri, 08/31/2012 - 14:57 | 2753508 ITrustMyGut
ITrustMyGut's picture

^^ THIS!!1!

Fri, 08/31/2012 - 12:45 | 2753093 New American Re...
New American Revolution's picture

He don't know Dick,... or Ben, and Ben will do whatever it takes to bail out Europe.  This has been the historic mantra of the FED since the Great War (WWI).   Serfs Up America!

Fri, 08/31/2012 - 12:45 | 2753096 Meesohaawnee
Meesohaawnee's picture

A very happy labor day you muppets Have fun with 97+ crude courtesy of our algos.. signed your bosses that own you. Suckers!!

Fri, 08/31/2012 - 12:50 | 2753100 adr
adr's picture

Who needs anyone to do anything when headlines can fake the market to new highs.

JACKSON HOLE, WYO. (CNNMoney) -- Federal Reserve Chairman Ben Bernanke made his strongest case yet for more easing, during a high-profile speech in Jackson Hole, Wyo., Friday.

JACKSON HOLE, Wyo. (AP) -Bernanke Says the Fed Will Do More About High Unemployment

CNBC - Fed Chief Paves the Way for More Easing

What news conference did they just watch? What speech did they read? What the mother fuck is going on?


REALLY!!!!!!! AAAAAAAHHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!!

Fri, 08/31/2012 - 12:54 | 2753129 Snidley Whipsnae
Snidley Whipsnae's picture

adr... it's known as 'jawboning'...

I believe you and I are from the 'believe it when you see it' school...

Fri, 08/31/2012 - 13:08 | 2753185 DoChenRollingBearing
DoChenRollingBearing's picture

I see that you went to the same school I did, Snidley.

Fri, 08/31/2012 - 12:47 | 2753101 Zap Powerz
Zap Powerz's picture

Today, I do not care.  I am going to Las Vegas this weekend and I plan on spending lots of money on strippers and booze.

Waiting for the end of the world is wearing me out.  I need a vacation.

Fri, 08/31/2012 - 13:08 | 2753183 Savyindallas
Savyindallas's picture

Hookers are legal there. many are desparate women with families and kids to support  -don't forget them.

Fri, 08/31/2012 - 13:12 | 2753199 Brazillionaire
Brazillionaire's picture

Patriotism takes many forms!

Fri, 08/31/2012 - 13:22 | 2753226 Zap Powerz
Zap Powerz's picture

If I dont fuck hookers, the terrorists win!

Fri, 08/31/2012 - 13:24 | 2753235 Brazillionaire
Brazillionaire's picture

Best one of the day! Thanks! I am never disappointed here.

Fri, 08/31/2012 - 13:42 | 2753299 moonstears
moonstears's picture

"If I dont fuck hookers, the terrorists win!" +100, laughed so hard I sharted!

Fri, 08/31/2012 - 12:47 | 2753102 Jake88
Jake88's picture

Resolve the fiscal cliff? Dream on. Will never never ever happen.

Fri, 08/31/2012 - 12:49 | 2753106 Gringo Viejo
Gringo Viejo's picture

"I don't see that happening before the election"..............YES! Say goodbye to Obummer and his Marxist playmates!

Fri, 08/31/2012 - 12:51 | 2753117 adr
adr's picture

Last trading day in August, the PPT rampjob is in.


Fri, 08/31/2012 - 12:52 | 2753125 e-man
e-man's picture

The beatings will continue until morale improves.

Fri, 08/31/2012 - 13:20 | 2753218 Brazillionaire
Brazillionaire's picture

Thank you sir! May I have another?!

Fri, 08/31/2012 - 12:57 | 2753133 Flounder
Flounder's picture

In other news FB now worth only AEP plus ED.  Which would you rather own, two electric companies paying 4% divs or one virtual whatchamacallits?

Fri, 08/31/2012 - 18:01 | 2753974 slewie the pi-rat
slewie the pi-rat's picture

yes, flounder, even with "centralPlanning" there are still a tremendous amout of individual economic decisions aren't there?

debt decisions may be the most problematic for many people

i young woman needs to buy her mom a little gift;  so she goes to the department store and starts "shopping" for her mom;  soon she is in the shoe dept and is thinking:>    i think maybe i should buy those cute "fuk me" shoes!  i can stop by the goodwill and see if there is anything mom would like there;  shit!  now i can buy two pair!

so, you nailed that, eh?

Fri, 08/31/2012 - 12:56 | 2753137 jjsilver
jjsilver's picture

The fed has been rigging markets since the 87 crash through the presidents working group on financial markets. So if the market crashes like 2008(which the fed  rigged) then it will be because the fed pulled the rug out from under this market.

Fri, 08/31/2012 - 12:57 | 2753142 Cult of Criminality
Cult of Criminality's picture

"I don't think the Federal Reserve will take any action, certainly not until the fiscal cliff, the fiscal uncertainties are actually addressed,"

Does this mean fraudsters are going to prison then, to straighten things out ?

Fri, 08/31/2012 - 13:11 | 2753194 Brazillionaire
Brazillionaire's picture

You silly boy, you!

Fri, 08/31/2012 - 12:57 | 2753143 SmoothCoolSmoke
SmoothCoolSmoke's picture

My understanding is they have until 12/31/ .....2113 to fix the fiscal cliff.

Fri, 08/31/2012 - 13:00 | 2753153 DavosSherman
DavosSherman's picture


Fri, 08/31/2012 - 13:00 | 2753154 SoundMoney45
SoundMoney45's picture

The federal reserve corporation has to create new dollars to fund the deficit, either through FRC balance sheet expansion or primary dealer balance sheet expansion.  That is a given.  This is just the circus.  Please enjoy the show, it requires great deal of effort and planning. 

Fri, 08/31/2012 - 13:06 | 2753176 Darth Mul
Darth Mul's picture

Still Not A Story:

The chair/head of virtually every federal agency

having oversight or control of the banking/financial industry or the federal budget is Jewish - a croup comprising 2.5% of the population. 


Whether or not this is through fear of being smeared as an 'antisemite' or the misapprehension that it actually is, I can not tell.


All I know is the lack of a story on this strange fact is ... strange... and reminds me of a Voltair quote... "To learn who rules over you, simply find out who you are not allowed to criticize."


I think it's the same phenomena wherein one can't point out the painfully obvious truth that necons got us into Iraq based on 'sexed up' evidence, largely if not primarily out of concern for Israel, and that most of the neocons were right-wing Jews.



{and the which is subsumed under the EOPOTUS} *{chief economist}

They also have it in common with The Chair and 4 of the 7 members of the "Federal" "Reserve" Board:

and - surprisingly - only 4 or maybe 5 of the 12 regional bank presidents:

and probably around half {therefore} of the mighty FOMC


Fri, 08/31/2012 - 13:23 | 2753228 Brazillionaire
Brazillionaire's picture


Fri, 08/31/2012 - 13:28 | 2753239 otto skorzeny
otto skorzeny's picture

it really is bizarre how they rise to the upper levels of power-and with only 1.7% of US population. and people laugh at this conspiracy theory-yet as long as the media is controlled the shouts of "anti-semitism" are the most powerful weapon they have

Fri, 08/31/2012 - 13:32 | 2753263 Thisson
Thisson's picture

It's not "bizarre" at all that a people that prizes learning above almost all-else would find success in a society that rewards higher education.  No conspiracy required.  Or is it a "conspiracy" that basketball is dominated by african-american athletes?  Damn. 

Fri, 08/31/2012 - 13:37 | 2753272 otto skorzeny
otto skorzeny's picture

gimme a goddamned break- it's a big (nosed) club and you and I ain't in it. and if you think the "geniuses" in Israel could survive without Uncle Sam's bayonet you are retarded

Fri, 08/31/2012 - 13:30 | 2753251 Thisson
Thisson's picture

"most of the neocons were right-wing Jews."  Are you out of your mind???

Fri, 08/31/2012 - 13:32 | 2753264 otto skorzeny
otto skorzeny's picture

no-actually alot of them were/are. and throw in a few wanna-be's like Hillary Clinton(who managed to marry her fugly daughter into a prominent Tribe family)

Fri, 08/31/2012 - 14:28 | 2753430 JR
JR's picture

You mean “out-of-your-mind” like in Bush's Top Neocon Denies Existence of Neocons? Here’s Kevin Spak on the Newser Staff to address the widespread guffaws:

(Feb 20, 2009) – In real life, Richard Perle is the neoconservative mastermind who devised the Bush Doctrine and argued vociferously for the Iraq war. But apparently, Perle lives in a different world, writes Dana Milbank of the Washington Post. At a foreign policy forum yesterday, Perle insisted that:

  • He is not a neoconservative.
  • Neoconservatives don't exist.
  • If they did exist, you couldn’t blame them for Bush’s foreign policy.

“There is no such thing as a neoconservative foreign policy,” Perle insisted.

 So what about the 1996 report he co-authored that lays out neoconservative foreign policy? “I didn’t approve it. I didn’t read it.” His barnstorming tome An End to Evil? “There’s hardly an ideology in that book.” His cheerleading for the Iraq war? “Regime change does not imply military force … when I use the term.

P.S. The Christian Century on November 6, 2002, had this to say about the founder of neoconservatism, Norman Podhoretz:

If the cold war was World War III as some argue, Norman Podhoretz thinks the United States should precipitate World War IV. Writing in Commentary (September 2002), he lauds President Bush's call for a preemptive strike against Iraq, but then asks: Why stop there? Indeed, most of the Muslim world needs to be overhauled... including the ‘axis of evil’ (Iraq, Iran and the very non-Muslim North Korea), other Muslim countries such as Syria, Lebanon and Libya, as well as the ‘friends’ of America, Saudi Arabia and Egypt, and for good …

Fri, 08/31/2012 - 13:12 | 2753182 ekm
ekm's picture

Mark my words:



All Benny and Jon want to do is: SAVE PRIMARY DEALERS, nothing else. They are both trying to lure INSTITUTIONAL SUCKERS, since they already sucked all retail money.

That's it. They want to sucker hedge funds into buying stocks from Primary Dealers and let hedge funds collapse. Ain't gona happen.

They will try, and try and try and try and try...........................but hedge funds have smartened up. They have not made any money recently as Zerohedge has made that plainly clear.

NO MORE SUCKERS, RETAIL OR INSTITUTIONAL, PERIOD. They are getting more and more desperate.

Fri, 08/31/2012 - 19:25 | 2754142 AurorusBorealus
AurorusBorealus's picture

Now you are catching on.  Crude prices... crude prices... crude prices.   QE = high gasoline prices = worsening economic slide, and public demonstrations over the war planned for Iran.  No QE = economic crash as the black holes of debt suck every mass of capital out of the system (through repos, taking segregated accounts to cover magin calls, etc.).  So talk in riddles and insinuations... hope crude falls before crash... queue the war.

Fri, 08/31/2012 - 13:08 | 2753186 yogibear
yogibear's picture

The Bernanake money printer, Dudley, Yell will keep printing and debasng the currency until all faith is lost in the US dollar.

Wall Street wants a higher market, so dump all US dollars into assets and have the Federal Reserve the only buyer of US debt.  The big big Ponzi scheme has arrived.

The US will mimic Zimbabwe and Argentina, thanks to the Bernanke and the Federal Reserve US dollar trashers.


Fri, 08/31/2012 - 13:17 | 2753208 Brazillionaire
Brazillionaire's picture

Gideon Gono was a true visionary... so far ahead of his time! He and Jethro Bodine are my heros!

If you're wondering why I put Jethro in there, it was he who said, "Funny thing about them naughts... by themselves, they's nothin'... but put another number over there on the left, and wheeee dogie!"

Fri, 08/31/2012 - 13:20 | 2753219 deez nutz
deez nutz's picture

When your nation's only hope is for a man to place his fingers on the keyboard of his computer to create something we call "money" is abso-fukking-lootly insane.

Fri, 08/31/2012 - 13:22 | 2753227 Brazillionaire
Brazillionaire's picture

resistance is futile. you will be assimilated.

Fri, 08/31/2012 - 13:24 | 2753229 otto skorzeny
otto skorzeny's picture

I'm starting to think that evrything asset-wise will crash in a matter of minutes. it will make the fall of 2008 seem like super slow motion

Fri, 08/31/2012 - 13:25 | 2753232 Tombstone
Tombstone's picture

The Benny the Clown Circus is really becoming a non-event.  The perception remains, but the reality is all huff and puff.  If he continues with more QE's, that signals that all is not well.  If he does more QE's, he pushes us closer to a black swan event that not even the heavens can contemplate.  If he does nothing, perhaps the markets go down but we still have a rising deficit to contend with.  Rising expenses, even with rising revenues will be beyond his influence.  And what about Europe?  Of course, we all know how more and more debt will create enough prosperity to save the day.  Debt, uncontrolled and misused, will always put you into a box; perhaps the only calming sensation will be is if there is some gold in that box also.  But, that will be only a temporary comfort.

Fri, 08/31/2012 - 13:29 | 2753250 MrBoompi
MrBoompi's picture

What a bunch of bullshit.  The fiscal cliff episode is just the latest taxpayer extortion scheme, while they don't even mention the money-printing going on behind the scenes.  Since when does Congress get a say in M1 2 or 3, or the Fed's balance sheet?  And does the Fed actually worry Congress or the President won't do their bidding?  Give me a fucking break.  QE3 is already occurring and will continue to occur and the jokes on us.

Fri, 08/31/2012 - 13:33 | 2753268 monad
monad's picture

Its all bullshit, to legitimize the criminal transfer of wealth from producers to theives. We can't convict 'em because they took out the law, but we can stop playing the game.

Fri, 08/31/2012 - 15:58 | 2753684 Sofa King Confused
Sofa King Confused's picture

There is another thing we can do also....but I'll leave it to your imagination so I don't get a visit from one of those 3 letter agencies

Fri, 08/31/2012 - 13:32 | 2753260 monad
monad's picture

Oh, the leaves are falling, the flowers are wilting, and the rivers are all going Republican. 

O Ramar, Ramar, ride quickly on your golden unicycle and warn the nymphs and drag queens!

Ah, who now shall gather lichee nuts and make hoopla under the topiaries? Who will trim my unicorns? See, even now the cows laugh, Alas, alas. 



We are the chorus, and we agree. 

We agree, we agree, we agree.

- Bored of the Rings, by Harvard Lampoon

Fri, 08/31/2012 - 13:57 | 2753346 Anonymous peon
Anonymous peon's picture

Fiscal cliff, what a load of crap! We went over the fiscal cliff a few years ago. There is a certain amount of time that passes between when you jump off a cliff and when you hit the ground, during which you are still alive. We are like a terminal cancer patient that refuses to admit that they are sick. A fourth quarter blow out, the clock says the game isn't over yet but the scoreboard makes very clear that it is.

Fri, 08/31/2012 - 14:03 | 2753350 TWSceptic
TWSceptic's picture

<-- PM will continue to go up for the rest of the year

<-- repetition of 2008: credit crunch and PM sell off coming

Fri, 08/31/2012 - 17:24 | 2753903 SKY85hawk
SKY85hawk's picture

Demographic pitch:

If you're too young to remember 1969 thru 1981, ask someone u trust.

If you were there recall the politician's responses.

It was a time of Stagflation.   That word will be used soon.

The 'Bob Hope" generation entered their 'spend less-save more' life stage.  OUR Grandparents!

Understand that the baby-boom is in the same life-stage. OUR Parents!

NOT ONE POLITICIAN WILL ADMIT THEY ARE HELPLESS to restart Growth!  They will wait this thing out, just like before.

We must demand cuts in Government spending, to match cuts in REVENUE.

Each year, I am moving 401-K  money into Roth-IRA accounts.  Since I'm not working, foreigners are, there is NO tax cost!

There will be lots of tax-free income, for the rest of my children's lives!

Tue, 09/04/2012 - 13:54 | 2761123 dadichris
dadichris's picture

Robert Heller is much easier to listen to that Bernanke

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