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Goldman's Take On Bernanke's "NEW QE" Speech

Tyler Durden's picture


While it appears to us that Bernanke's message was loud and clear, there are those who need validation and peer-confirmation. Such as that from the firm whose alumni run the Fed, namely Goldman Sachs. Below is Jan Hatzius' take on the "surprising" Chairman speech which essentially said QE can and will come at any time there is a downtick in the market, masked by the unemployment rate rising to its fair value, as estimated by Gallup, somewhere around 9%.

From Goldman Sachs:

BOTTOM LINE: Fed Chairman Bernanke argued that the outperformance of labor market indicators recently may reflect a “catch-up” from unusual weakness in jobs during the recession. By implication, continued declines in unemployment will require faster GDP growth in the future. He also continued to argue that most of the increase in long-term unemployment is cyclical rather than structural in nature. Chairman Bernanke’s read on the state of the labor market was consistent with an accommodative stance for monetary policy—though he did not directly call for additional easing.


1.    Federal Reserve Chairman Ben Bernanke spoke on recent labor market developments before the annual meeting of the National Association for Business Economics (NABE) today. His comments focused on two aspects of the current debate on the labor market: (1) the outperformance of labor market data relative to GDP growth; and (2) how much of the increase in long-term unemployment reflects cyclical rather than structural factors.

2.    Chairman Bernanke discussed three alternative explanations for the better performance of labor market indicators recently. First, the surprisingly large drop in the unemployment rate may reflect statistical noise, and that GDP could be revised higher in the future. However, he said that there is no specific evidence to support this conclusion at this point, and in fact Gross Domestic Income (GDI)—an alternative measure of aggregate activity—was weaker than GDP over the last year. Second, the decline in the unemployment rate could be overstating the improvement in the labor market, as the drop partly reflects potential workers exiting the labor force. However, Chairman Bernanke argues that the decline in broader measures of labor underutilization (he cites the BLS’s U-5 measure) casts doubt on this explanation. Third, the large decline in the unemployment might reflect “a catch-up from outsized job losses during and just after the recession”. Chairman Bernanke ultimately finds this argument most compelling, and presents some simple supporting evidence.

3.    The chairman’s comments on the recent decline in the unemployment thus cut two ways. On the one hand, the drop in the unemployment rate is likely a real and encouraging development. On the other hand, because the outperformance compared to GDP likely reflects a catch-up from past weakness then, in Chairman Bernanke’s words, “further improvements in unemployment will likely require faster economic growth than we experienced during the past year”.

4.    The second portion of the Chairman’s speech focused on whether the increase in long-term unemployment reflected cyclical or structural factors. Consistent with his existing views, Chairman Bernanke argued that elevated structural unemployment is mostly a cyclical phenomenon, and that structural factors can explain only a small (and possibly temporary) part of the increase.

5.    On monetary policy, the Chairman said that faster growth—perhaps needed to see further declines in unemployment—“can be supported by continued accommodative policies”. He also argued that because the increase in long-term unemployment was primarily cyclical, “then accommodative policies to support the economic recovery will help address this problem as well”. These statements were not necessarily calls for additional easing, but they clearly supported the Fed’s current accommodative stance.


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Mon, 03/26/2012 - 09:42 | 2290636 GetZeeGold
GetZeeGold's picture is's so shiney you can hardly look at it.


Mon, 03/26/2012 - 09:42 | 2290642 SilverTree
SilverTree's picture

The new, new QE.

Mon, 03/26/2012 - 09:44 | 2290652 GetZeeGold
GetZeeGold's picture



Be the first on the block to trade the old QE for the new QE.


Mon, 03/26/2012 - 09:52 | 2290679 bigdumbnugly
bigdumbnugly's picture

yes!  now i feel like i've caught up with the joneses.

Mon, 03/26/2012 - 09:55 | 2290686 malikai
malikai's picture

Title should have read: "Goldman's prepared take on Bernanke's 'NEW QE' Speech".

Mon, 03/26/2012 - 10:00 | 2290700 battle axe
battle axe's picture

Goldman Sachs, "we are the federal government".

Mon, 03/26/2012 - 11:44 | 2291190 The Big Ching-aso
The Big Ching-aso's picture



Must be time for more WS/IB bonuses. Without which the Hamptons would suffer an average person's existence.

Mon, 03/26/2012 - 09:45 | 2290657 Sudden Debt
Sudden Debt's picture

And just like the New New Ipad, they burn a hole in your lap and toast your balls!

Mon, 03/26/2012 - 09:47 | 2290661 HoofHearted
HoofHearted's picture

Goldman...or QE?

Mon, 03/26/2012 - 10:16 | 2290732 strannick
strannick's picture

Goldman and QE, cause they have their fingers crossed behind their back

Mon, 03/26/2012 - 10:15 | 2290728 SWRichmond
SWRichmond's picture

The new, new QE.

But hardly surprising.  The smackdown in precious metals was needed to allow the Benrnake the space to announce more QE, so as not to make the effect of it take off from an already-high price.

Once you've seen the playbook a few times, nothing surprises.  Strong hands.  Period.


OT: I posted an article in the forums; no feedback.  I don't know whether it's over people's heads or just poorly written.


Mon, 03/26/2012 - 10:35 | 2290825 xela2200
xela2200's picture

Yes, it all felt like prep work.

Mon, 03/26/2012 - 11:40 | 2291173 Assetman
Assetman's picture

The "new QE" is more likely going to be "more Operation Twist".

Bernanke is trying to use employment as distraction to justify accomodative policies that simply will not address the underlying issues of long-term unemployment.  Even Uncle Ben himself admitted that we are not likely to grow ourselves out of this problem-- though his prescriptions suggest totally the opposite.

Here's the reality: the Fed desperately needs to suppress the long end of the Treasury curve-- or the government's debt and interest burden becomes unmanagable.  An additional round of QE could be justified if deflation was abundant... but it isn't.  I think that the only thing that really matters to the Fed at this point is to prevent a possible government debt implosion. 

Why?  Because the Fed fully endorsed the concept of unprecented deficit spending (and the explosion of debt that went with it) in the first place.

So... it appears once O-Twist 1.0 winds down in June, we get (at least) O-Twist 2.0.

Interstingly, enough, the bond market calls BS on the whole thing and bids long-term Treasury yields higher.

This is going the get real interesting the next few months... 

Mon, 03/26/2012 - 10:42 | 2290866 BKbroiler
BKbroiler's picture

party on Garth!

Mon, 03/26/2012 - 11:07 | 2290967 BlackholeDivestment
BlackholeDivestment's picture

Chairsatan just loves to sacrifice babies beasts upon Moloch's flaming alter.

Mon, 03/26/2012 - 09:42 | 2290639 Cognitive Dissonance
Cognitive Dissonance's picture

On monetary policy, the Chairman said that faster growth—perhaps needed to see further declines in unemployment—“can be supported by continued accommodative policies”.

Accommodate THIS Fed bitch.

Mon, 03/26/2012 - 09:47 | 2290662 Theta_Burn
Theta_Burn's picture

A nice Diss from the Cog...

Mon, 03/26/2012 - 09:52 | 2290678 FrozenOut
FrozenOut's picture

I'll say it again, since nobody seems to remember.... Rational Expectations Theory! The public knows the difference between real growth and fake sugar high growth created by monetary policy and reacts differently to each scenario. 

Mon, 03/26/2012 - 09:42 | 2290643 SeverinSlade
SeverinSlade's picture

Can someone please send a memo out to the HFT algos that QE3 is coming, but ONLY after a significant downtick in the market (at LEAST 10-30 percent).

Mon, 03/26/2012 - 09:48 | 2290664 SheepDog-One
SheepDog-One's picture

Man the shit must REALLY be bad behind the curtain if they have to come out with daily QE rumors, and now 'Perma QE'? Just these anytime you see a slight downtick so now the markets are teflon coated bulletproof? 

Mon, 03/26/2012 - 10:40 | 2290854 xela2200
xela2200's picture

And We haven't heard Iran news in a week neither.

Mon, 03/26/2012 - 10:56 | 2290948 mendigo
mendigo's picture

Market is very anemic and needy.
They have to follow thier dual mandate of misleading the public while giving hand-jobs to bankers.

Another excellent Tylerism: "Ctrl-Preserve". Pretty well sums it. Thanks!

Mon, 03/26/2012 - 09:43 | 2290645 RagnarDanneskjold
RagnarDanneskjold's picture

What will the Chinese villagers do? Demand more gold.

Mon, 03/26/2012 - 10:22 | 2290750 strannick
strannick's picture

And the Indians, and the Turks...

Mon, 03/26/2012 - 09:43 | 2290646 Sudden Debt
Sudden Debt's picture





Mon, 03/26/2012 - 10:23 | 2290735 t_kAyk
t_kAyk's picture


Mon, 03/26/2012 - 09:43 | 2290647 unrulian
unrulian's picture

I have on many occasions, accomodated your mom

Mon, 03/26/2012 - 09:44 | 2290648 Lost Wages
Lost Wages's picture

"Those who wish to understand the Federal Reserve must first understand the Kabbalah." -Madonna

(fake Madonna quote)

Mon, 03/26/2012 - 09:43 | 2290650 Deep79
Deep79's picture

ZH has been claiming since last June QE is coming

even a broken clock is right twice.


It aint coming unless SP breaks 1000



Mon, 03/26/2012 - 10:03 | 2290707 LawsofPhysics
LawsofPhysics's picture

Hey idiot, ZIRP is QE!  Unless of course you really believe that there is no real cost for creating capital without adding any real value to the economy.

Mon, 03/26/2012 - 10:12 | 2290725 Deep79
Deep79's picture

No need for names. I am stating my view. 

It amazes me this site, best financial site on web, but if someone dares to have a opposing view, they are vilified. We should be having open dialogues.


And no, ZIRP is not QE, get your facts straight






Mon, 03/26/2012 - 10:25 | 2290755 jcaz
jcaz's picture

Your view isn't opposing, it's just wrong.

And if you cannot see ZIRP for what it is, perhaps this site is not for you-  Motley Fool sounds more your speed.....

Mon, 03/26/2012 - 10:30 | 2290784 Deep79
Deep79's picture

For you to be 100% certain that my view is wrong, and to say it out loud, maybe you should be on Motley Fool

Anyone who says they are 100% certain, is a FOOL



Mon, 03/26/2012 - 11:50 | 2291213 malikai
malikai's picture

Uh, how do you reckin they acheive ZIRP?

Mon, 03/26/2012 - 10:44 | 2290873 CryingBear
CryingBear's picture

Watch it, someone got junked 27 times in a row for thinking Ron Paul might be wrong and I got junked 14 times a row for laughing at him getting junked 27 times.

Mon, 03/26/2012 - 11:09 | 2291032 mendigo
mendigo's picture

Sorry, couldn't resist.

Mon, 03/26/2012 - 10:28 | 2290764 brewing
brewing's picture

ok, it was coming no matter what but sp 1000 isn't going to happen.  it will only take a 6 to 8% correction for accomodation to commense...

Mon, 03/26/2012 - 10:34 | 2290805 Deep79
Deep79's picture

thats seems to be the view here, I respectfully disagree. If anyone thinks the market will never go down agian, they are VERY VERY wrong.

The Market will eventually call the FED's bulff, you can manipulate over short term, but eventually market will do what has to be done.


Mon, 03/26/2012 - 10:40 | 2290858 brewing
brewing's picture

agree, the market will tank someday.  but, we're talking short term accomodation and it will happen with the correction i'm suggesting and the market will melt-up again...

Mon, 03/26/2012 - 09:45 | 2290656 SheepDog-One
SheepDog-One's picture

GREAT so now we just have totaly artificial markets supported by 'I'll flood in more fake money any time the market takes a little lurch down' and HELLO $120 new floor for oil!

AH its a new dawn in america, sure is!

Mon, 03/26/2012 - 09:46 | 2290658 Snakeeyes
Snakeeyes's picture

Tim prints, Ben buys. Train to hell!


Mon, 03/26/2012 - 09:50 | 2290668 Silveramada
Silveramada's picture

Hamlet dilemma was To Be or not to BE....BERNANKE has it easy: between printing or not printing the answer IS: PRINT MORE AND MORE PAPER TILL THE DOLLAR IS WORTH ZEROOOO!!!!!

Mon, 03/26/2012 - 09:50 | 2290670 LongSoupLine
LongSoupLine's picture



GS and the Fed can both rot in the molten masses of hell.  I f'ing hate them!

Mon, 03/26/2012 - 09:52 | 2290673 fredquimby
fredquimby's picture

4.    The second portion of the Chairman’s speech focused on whether the increase in long-term unemployment reflected cyclical or structural factors.

So this is the Chairman wondering whether companies are going to throw out the super efficient, 24hr working, no strikes, mistakes or vacation taking machines that they just installed to replace those silly and inefficient humans?

Good luck with that cycle Ben.


Mon, 03/26/2012 - 09:52 | 2290676 Firing Pin
Firing Pin's picture

The fact that Ben is on a speaking tour to specifically bash gold is very telling in my opinion. It must be really bad behind the scenes...

Mon, 03/26/2012 - 09:58 | 2290697 Global Hunter
Global Hunter's picture

absolutely 100%, they're scrambling to buy time until all the Fee Mah camps can be made fully operational.

Mon, 03/26/2012 - 09:53 | 2290680 khakuda
khakuda's picture

Bernanke's speeches should just read something like this:

"The stock market went down a bit last last week.  This is deflation and this aggression will not stand.  It must go up every day and every week, or I will print more money and debase the currency even more to give the appearance that my policies are working.  Having destroyed the housing and bond markets in enormous bubbles, it's the stock markets turn to make everything appear great.  It's had it's 10 year rest and it's time."

Mon, 03/26/2012 - 09:53 | 2290681 devo
devo's picture

Retail investor bait.

Mon, 03/26/2012 - 09:57 | 2290690 TradingJoe
TradingJoe's picture

mui correcto Bubba! They desperately need to unload...! 1414 was last week's top, we're almost there...! Friday is window dressing...!

Mon, 03/26/2012 - 10:03 | 2290702 devo
devo's picture


Anyone who believes the Fed can justify QE3 deserves the loss they're about to take.

Mon, 03/26/2012 - 10:34 | 2290820 riphowardkatz
riphowardkatz's picture

Not saying it will or will not happen but is laughable to think the Fed needs to justify itself. Or maybe I should ask who do they need to justify themselves to?

The only ones they are accountable to are their egos.


Mon, 03/26/2012 - 10:54 | 2290939 cosmictrainwreck
cosmictrainwreck's picture

well, you're half right. they're accountable to their shareholders = the elitist of the elite

Mon, 03/26/2012 - 12:57 | 2291482 malikai
malikai's picture

well, you're half right. they're accountable to their shareholders = the elitist of the elite

Absolutely correct. And it also happens to be that those are the same people with the most to lose in any real deflation. Therefore, the answer is clear.

Mon, 03/26/2012 - 09:56 | 2290688 AssFire
AssFire's picture

As false flags go this one is the most certain one coming... In spite of all the damning information on Trayvon, the media will ignore it and the riots will occur.

George Zimmerman’s black friend Joe Oliver describes him as “not a racist.” He also says that Zimmerman probably used the word “goon” on the 9/11 call. He said “these goons always get away.”

Note: Trayvon Martin’s brother’s Twitter account suggests that Trayvon had been suspended from school for violently assaulting a bus driver. There is also evidence on his Facebook account that he may have been a drug dealer involved in a gang.

The real Trayvon was a 6’3?, 160 pound, 17-year-old football player with gold teeth and multiple tattoos who posted to Twitter as “No Limit Nigga.” He was in Sanford because he had been suspended from high school in Miami. The real Trayvon attacked George Zimmerman from behind, knocked him to the ground, and had broken his nose and was beating him when Zimmerman shot and killed Trayvon in self defense.

Zimmerman is not a racist, pointing out that he and his wife mentored for two black children for free. "When I asked this mother [of the mentees], who trusted [Zimmerman and his wife], and she's an African-American, if she trusted George Zimmerman, she said she did, and I asked her if there was anything that caused her to believe that she was a racist, and she said, 'Absolutely not.' And I said, went further, 'Did you ever hear him use racial slurs in any time that you'd been around him?' And she said, 'no' as well," Also the fact the Zimmerman mentored two blak kid for free will never crack the surface.

So fuck the truth, reason and logic Amerika... some people know the path to get what they want and they are facillitated by the media and government that believe it should be taken from us.

Mon, 03/26/2012 - 10:23 | 2290753 Theta_Burn
Theta_Burn's picture

Turd show du jour

You will undoubtedly enjoy this

The herd really needs to be thinned....

Mon, 03/26/2012 - 10:36 | 2290827 El
El's picture

The only thing I can't reconcile is why Zimmerman continued to follow Trayvon after he was repeatedly told by the 911 operator NOT to do so. I suspect what happened was that Trayvon thought he was about to be jumped, so he turned the tables and jumped Zimmerman first. Zimmerman may have shot him in self-defense, but if he had stopped following as he was told, it never would have happened.

Mon, 03/26/2012 - 10:54 | 2290938 riphowardkatz
riphowardkatz's picture

maybe because 911 operators can be complete idiots. 


Just watched a show where the 911 operator told a lady not to follow  a car with a screaming girl in the back seat who was shortly thereafter killed. The ladies report of the screaming girl was never forwarded to police. 

911 operator in our community sued for not being able to take micro naps.

Personally spoke with a 911 operator before?They are not geniuses. I wouldn't trust most of them for a second. They drop the ball all the time 

Mon, 03/26/2012 - 10:56 | 2290950 DosZap
DosZap's picture


WHERE you there???, so your opinion is just like eveyone elses....................worth what you paid.

911 Operators do not have any authority to tell any American their rights.

Zimmermans job was Neighborhood Watch Patrol....................he did not have to call 911 at all.

Mon, 03/26/2012 - 11:06 | 2291015 SmoothCoolSmoke
SmoothCoolSmoke's picture

Were you there?

Mon, 03/26/2012 - 10:58 | 2290962 AssFire
AssFire's picture

Fuck the 911 operator, not likely anyone can protect anything if you are told "return to your home and leave the thug alone"...Why bother with a watch program if the gubmint on the phone tells you "just let it happen, we will take care of it"..being they can't take care of shit?

Mon, 03/26/2012 - 11:45 | 2291192 SmoothCoolSmoke
SmoothCoolSmoke's picture

So, if Zimmerman had listened to you think anyone would have ended up dead?  I'd say probably not.  BUt, can't have that wimpy-ass outcome in "Dodge City", FL now can we?

Mon, 04/02/2012 - 01:15 | 2308916 MeelionDollerBogus
MeelionDollerBogus's picture

Protect from what? Zimmerman by all accounts was following Martin without Martin even knowing at first. That means there is no defense or need for defense. It also means use of force is premeditated, opening up more serious murder charges. The videos now show there were no injuries as stated by police & by Zimmerman so that's falsifying evidence (false police report).

That's just how the facts add up.

Mon, 03/26/2012 - 10:52 | 2290920 DosZap
DosZap's picture


As false flags go this one is the most certain one coming... In spite of all the damning information on Trayvon, the media will ignore it and the riots will occur.

Yes, and they will be ass kissed by the MSM, and Obamma has already YET again passed judgement on a situation w/out the facts.

Run the country FOOL, and leave the race baiting hatred to the Panthers, and the rest of the Left black community.......that NEVER reads or waits for the facts.

When they get them, it still makes not a whit...............

I for one am SICK and tired of reverse racism,and PC BS being used as a tool for gun control,and race based inflammation and HATRED.

Mon, 03/26/2012 - 09:58 | 2290692 FrozenOut
FrozenOut's picture

Oh and I forgot --- The Permanent Income Hypothesis (thank you Milton F). I'll give you money now but promise to take it back later ==> Saving of "free money" so that it can be returned when called upon.

Why don't they just make a lottery for the bills in existence and refuse to honour the numbers that come up. That way you'll have to spend as much as you can as fast as you can (Gresham's Law) to make sure you don't end up with "retired" paper.

Mon, 03/26/2012 - 09:58 | 2290693 FrozenOut
FrozenOut's picture

<deleted double post>

Mon, 03/26/2012 - 09:58 | 2290694 Unprepared
Unprepared's picture

New QE? Does it heat the market as much as the New iPad?


I can't wait for the QE LTE.

Mon, 03/26/2012 - 09:58 | 2290699 xela2200
xela2200's picture

So carrot again? Stick in April?

Mon, 03/26/2012 - 10:03 | 2290706 Odin
Odin's picture

So to sum up, if this is a cyclical problem, we will print. If this instead turns out to be a structural problem, then instead of printing, we will print....

...Is that $50 silver I smell just around the corner???

Mon, 03/26/2012 - 10:21 | 2290747 Stanwick
Stanwick's picture

HAHAHAHAH If you smell something its not smoke

Mon, 04/02/2012 - 01:10 | 2308907 MeelionDollerBogus
MeelionDollerBogus's picture

yes, 50 & 1815/gold is around the corner. for math on related price movement. description in image contains links to other images with other math indicating dates : 2012 apr early, 2012 aug late, july likely.

Mon, 03/26/2012 - 10:04 | 2290709 Dingleberry
Dingleberry's picture

QE to infinity bitchez.....this is all you need to know. Maybe I should start my own blog? I'm such a freakin' genius. And I didn't even go to an Ivy...

Mon, 03/26/2012 - 10:05 | 2290711 Kaaos
Kaaos's picture

QE3. That makes sence... Since QE1 and QE2 (+ other accommodative measuremens) has not worked so far, i.e they have not helped unemployment to declaine, we just need to do more QE's and even in large scale as before...

Mon, 03/26/2012 - 10:06 | 2290712 schatzi
schatzi's picture

Read my lips: No more inflation

Mon, 03/26/2012 - 10:09 | 2290714 riphowardkatz
riphowardkatz's picture

Adding a little more gas the fire won't hurt will it?

BTW How long is transitory? I guess it is all relative.

Cal-Maine's Net Falls 22% on Higher Feed Costs
Gross margin fell to 21.5% from 23.9%, reflecting 11% rise in feed costs. 

 Coincidentally or not that matched the general mills report of 11% higher input costs. Glad inflation is coming in at the magic 2% number.



Mon, 03/26/2012 - 10:09 | 2290718 tempo
tempo's picture

After May QE3 appears political and it less likely. Maybe Ben is right!! After $14 trillion in worldwide central bank stimulus and nearly everyone warning that the "sky is falling", the dollar is strong, interest rates keep falling to record low, jobs are created and inflation (ex war related oil) is low. So why not more stimulus??? Oh yes, we are slowly becoming more and more dependent on Ben for our freedoms. As long as the FED has the "pedal to the metal" there are no "black swans" in sight.

Mon, 03/26/2012 - 10:11 | 2290724 Vince Clortho
Vince Clortho's picture


Are there some constitutional freedoms they haven't trashed yet?

Mon, 03/26/2012 - 10:16 | 2290730 rehypothecator
rehypothecator's picture

No.  They've hit all ten in the Bill of Rights.  Although with respect to the Third Amendment they don't quarter soldiers in houses, they just snowflake the house and then seize it altogether.  

Mon, 04/02/2012 - 01:08 | 2308906 MeelionDollerBogus
MeelionDollerBogus's picture

This is the first I've heard of the term...

they just snowflake the house and then seize it altogether

what does it mean?

Mon, 03/26/2012 - 10:21 | 2290749 cat2
cat2's picture

"After May QE3 appears political and it less likely."


I think this is right and the likely reason we will get a round now instead of later, for appearance sake.

Mon, 03/26/2012 - 10:16 | 2290731 Sweet Chicken
Sweet Chicken's picture

Can we hang this mother fucker yet?!?!?

Mon, 03/26/2012 - 10:19 | 2290738 Everybodys All ...
Everybodys All American's picture

Bernanke comes out on Monday morning at 8:00 am to juice the market.

... nothing else matters. Does not matter what he says or how he says it. The market er Brian Sack buys it like everything is OK. Crazy world we live in.

Mon, 03/26/2012 - 10:35 | 2290814 roadhazard
roadhazard's picture

When I turned on the TV and saw HIM I thought we were in trouble. 

~ Butch Cassidy

Mon, 03/26/2012 - 12:02 | 2291265 walküre
walküre's picture

We are in trouble. Investors are on alert.

Mon, 03/26/2012 - 10:19 | 2290742 BandGap
BandGap's picture

Please help me, why is the market going up????

Mon, 04/02/2012 - 01:02 | 2308899 MeelionDollerBogus
MeelionDollerBogus's picture

here's a hint:

You won't see a big market drop without a big oil drop. Even with oil drops in the past you can see sometimes the magical s&p500 just kept on going up anyhow.

Mon, 03/26/2012 - 10:29 | 2290774 PRINTallDAY
PRINTallDAY's picture

"The BLS' fraudulent seasonal adjustments to unemployment have outpaced the more modestly fraudent adjustments made by the BEA to GDP.  As we continue through the reelection season, I mean summer, expect the fraudulent GDP numbers to rise more in line with the fraudulent unemployment numbers."

That's how I read it.

Mon, 03/26/2012 - 10:31 | 2290789 csmith
csmith's picture

Not the QE3, or the "new" QE... just the QE.


Come on people, get it right!

Mon, 03/26/2012 - 10:45 | 2290880 ItsDanger
ItsDanger's picture

Lowering longer term rates part of QE has nominal impact at this pt.  Buying up bank crappy assets part of QE just perpetuates the ongoing problems.   Bernanke just looks like a stooge at this pt.

Mon, 03/26/2012 - 10:46 | 2290885 Sweet Chicken
Sweet Chicken's picture

I don't know where I should post this but I just got an alert from Chicago Jewelers Alert about tungsten filled gold bars being found recently. Apparently the bars matched their stated weights but for some reason were suspect and cut in half which revealed the drilled holes and filling.

Mon, 03/26/2012 - 11:22 | 2291092 farmerjohn2112
Mon, 03/26/2012 - 12:57 | 2291481 Sweet Chicken
Sweet Chicken's picture

That is what I thought originally as well when the email came across but this was reported in New York. As it turns out the information in the email led me to believe this was a different event. After following through it is the same story as previously reported on ZH. I apologize.


Mon, 03/26/2012 - 10:49 | 2290905 topshelfstuff
topshelfstuff's picture

a reminder of Ben's Track Record, one of many youtubes


Bernanke's s total failure, clips of WRONG predictions!

Uploaded by on Feb 24, 2011

Is he just a professional liar to be WRONG this often? This guy has to be smart right? How do you get to his level and be dumb?

Mon, 03/26/2012 - 10:50 | 2290912 Nucking Futs
Nucking Futs's picture

QE just by saying there will be QE.  well played bernank.  well played.

Mon, 03/26/2012 - 11:15 | 2291058 CaptainTripps
CaptainTripps's picture

this is all very sad folks


market basically near all time highs again and they are still pumping on year 4 now straight



Mon, 03/26/2012 - 11:16 | 2291063 slackrabbit
slackrabbit's picture

you keep printing ben, 

we'll keep stacking ...

Mon, 03/26/2012 - 11:34 | 2291146 kahunabear
kahunabear's picture

It is amazing what six trillion $ of new debt has done for us over the last 4 years! Let's do it agian!!!!

Mon, 03/26/2012 - 11:55 | 2291235 Robslob
Robslob's picture



Time to write your congressman something simple:

How many times do you think Ben Bernanke can be wrong before YOU LOSE YOUR JOB?

Disclaimer: He is appointed by Banks so his job will not be in jeapordy.

Do NOT follow this link or you will be banned from the site!