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Former Fed Governor Heller: "Fed Will Not Act Before Fiscal Cliff Resolved"
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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Capitalism's beauty is that investors are punished for misallocation of capital.
The FED removed causation and thus destroyed American capitalism.
removed causation = decoupled from reality = economic deathstar hologram
CNBC, MSM, Washington, Wall St: BLAH BLAH BLAH!
Just buy PM's!
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!
I've seen a few Robert Heller interview on CNBC and l have always liked it. His view is very close to common sense.
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.
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).
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.
Some of us already did :O)
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.
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.
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....
vast-dom said:
"and the hot hopium air is slowly seeping out of the indices...."
Nice! + 1
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
DUUUUUUUUUUUUUUUUUUUUUHHHHHHHHHHHHHH ALL U FUKS
I said the EXACT SAME THING 60 DAYS AGO!!!
NOTHIN TILL ELECTION RESULTS JAN 21 MEETING
Geeeeeezus F Christ.
Why is everyone Republican so oblivious to the obvious???
Translation: We will not act until the S&P is at 1100.
"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
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
THE END!
You're right. We should never forget who the FED crones work for.
Just one thing.. Where's my check?
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!
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?
yes, he just drove FB down another 5%.
"We got a bleeder."
http://www.youtube.com/watch?v=8Xuah8LC-Cw
http://www.imdb.com/title/tt0129387/
FB should be at 0. Worthless.
how about that fella williams from san fran, not that theres anything wrong with that...
How long till' all these Fed heads have the word "former" in front of their names?
Former and wealthy.
When they figure out how to print gold and silver so they retire with something worth something
"Fed Will Not Act Until Fiscal Cliff Resolved" -- Wile E. Coyote
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
History of the World Part I = +1
"They are my people, I am their sovereign; I love them! PULL!"
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
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?
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?
huh?
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?
respect...
Mr Heller, Who specifically do you expect to address the fiscal cliff? Obomney? CONgress? We are so fucked.
China will do it for us, when they're ready.
@ Vincent Vega + 1
STOMP on the accelerator!
ain't it awful?
that is an 11th-grade question where i came from
you?
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
too
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!!!
HEDGE EVERYTHING
Long prayers.
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.
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.
John Bohner will have a large margin account packed with SPY shorts ahead of the fiscal cliff debate--he is no dummy.
They are all guilty of insider trading. Not just Boner. They are all crooked.
Heller sez that the Fed will stay on the sidelines... HA
MSM shines the hopium spotlight on 'em every fucking day.
Beyond farcical...
BLUES POWER BITCHEZ!
I like Mr. Heller. There is nothing oily about him. He speaks with credibility.
Fire Everyone
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.
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?
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...
Howard Dean - "Let's drive over the fiscal cliff..."
http://www.youtube.com/watch?v=hxt5lXTl0Bw
"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.
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).
^^ THIS!!1!
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! www.electanewcongress.com
A very happy labor day you muppets Have fun with 97+ crude courtesy of our algos.. signed your bosses that own you. Suckers!!
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?
BERNANKE MADE HIS STRONGEST CASE YET FOR MORE EASING!!!!!!!!!!!!!!!!!!!!!!!!!!!!
REALLY!!!!!!! AAAAAAAHHHHHHHHHHHHHH!!!!!!!!!!!!!!!!!!!
adr... it's known as 'jawboning'...
I believe you and I are from the 'believe it when you see it' school...
I see that you went to the same school I did, Snidley.
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.
Hookers are legal there. many are desparate women with families and kids to support -don't forget them.
Patriotism takes many forms!
If I dont fuck hookers, the terrorists win!
Best one of the day! Thanks! I am never disappointed here.
"If I dont fuck hookers, the terrorists win!" +100, laughed so hard I sharted!
Resolve the fiscal cliff? Dream on. Will never never ever happen.
"I don't see that happening before the election"..............YES! Say goodbye to Obummer and his Marxist playmates!
Last trading day in August, the PPT rampjob is in.
CAN'T GO INTO SEPTEMBER ON A LOSING NOTE.
The beatings will continue until morale improves.
Thank you sir! May I have another?!
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?
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?
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.
"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 ?
You silly boy, you!
My understanding is they have until 12/31/ .....2113 to fix the fiscal cliff.
BULLSHIT!
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.
Still Not A Story:
The chair/head of virtually every federal agency
http://en.wikipedia.org/wiki/List_of_United_States_federal_agencies
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.
http://www.thenation.com/article/167683/mitt-romneys-neocon-war-cabinet#
http://en.wikipedia.org/wiki/Executive_Office_of_the_President_of_the_United_States
{and the http://en.wikipedia.org/wiki/White_House_Office which is subsumed under the EOPOTUS}
http://en.wikipedia.org/wiki/Council_of_Economic_Advisers
http://en.wikipedia.org/wiki/United_States_National_Economic_Council
http://en.wikipedia.org/wiki/President%E2%80%99s_Council_on_Jobs_and_Competitiveness *{chief economist}
http://en.wikipedia.org/wiki/Bureau_of_Economic_Analysis
http://en.wikipedia.org/wiki/Internal_Revenue_Service
http://en.wikipedia.org/wiki/Federal_Deposit_Insurance_Corporation
http://en.wikipedia.org/wiki/U.S._Securities_and_Exchange_Commission
http://en.wikipedia.org/wiki/Office_of_Management_and_Budget
http://en.wikipedia.org/wiki/Financial_Crimes_Enforcement_Network
http://en.wikipedia.org/wiki/Commodity_Futures_Trading_Commission
They also have it in common with The Chair and 4 of the 7 members of the "Federal" "Reserve" Board:
http://www.federalreserve.gov/aboutthefed/default.htm
and - surprisingly - only 4 or maybe 5 of the 12 regional bank presidents:
http://www.federalreserve.gov/aboutthefed/bios/banks/pres01.htm
and probably around half {therefore} of the mighty FOMC
http://www.federalreserve.gov/monetarypolicy/fomc.htm
HOW IS IT WE CAN'T EVEN DISCUSS THIS PHENOMENA SIMPLY AS A PHENOMENA? AND IF THERE'S A NEED FOR "DIVERSITY" AT THE LOCAL FIRE DEPARTMENT - WHY NOT IN THE FEDERAL GOVERNMENT WHEN A GROUP IS SO BREATHTAKINGLY OVERREPRESENTED?
Shalom!
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
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.
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
"most of the neocons were right-wing Jews." Are you out of your mind???
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)
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:
http://www.newser.com/story/51372/bushs-top-neocon-denies-existence-of-neocons.html
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 …”
Mark my words:
NO COCAINATED EASING UNTIL WTI CRUDE OIL AT $60 .......AT LEAST OR BRENT CRUDE AT $75 .......AT LEAST.
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.
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.
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.
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!"
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.
resistance is futile. you will be assimilated.
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
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.
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.
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.
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
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.
Chorus:
We are the chorus, and we agree.
We agree, we agree, we agree.
- Bored of the Rings, by Harvard Lampoon
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.
<-- PM will continue to go up for the rest of the year
<-- repetition of 2008: credit crunch and PM sell off coming
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!
Robert Heller is much easier to listen to that Bernanke