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Live Webcast Of Bernanke Testimony To Congress

Tyler Durden's picture




 

Today's second most important event is the testimony of Bernanke before the House Financial Services Committee (yes, Maxine Waters will be there). Lawmakers will  question him about the Fed's plans on avoiding inflation and the current unemployment rate. Committee members are also expected to inquiry about fiscal policy, the status of the nation's economic recovery, the impact of rising gas prices, and the debt crisis in Europe. Most importantly, Benny will be asked to testify on when more QEasing is coming as the markets need their fix. Watch it live at C-Span after the jump.

Testimony Highlights:

  • BERNANKE SEES `POSITIVE DEVELOPMENTS IN THE LABOR MARKET'
  • BERNANKE: GAS PRICES LIKELY TO TEMPORARILY PUSH UP INFLATION
  • BERNANKE: UNEMPLOYMENT `ELEVATED,' PRICE OUTLOOK `SUBDUED'
  • BERNANKE SAYS HIGHLY ACCOMMODATIVE STANCE MEETS BOTH FED GOALS
  • BERNANKE SAYS FALL IN UNEMPLOYMENT `MORE RAPID' THAN EXPECTED
  • BERNANKE SAYS `THE JOB MARKET REMAINS FAR FROM NORMAL'
  • BERNANKE SAYS `CRITICAL' CHALLENGES REMAIN FOR EURO ZONE

Full Testimony (link)

Semiannual Monetary Policy Report to the Congress
Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C.
February 29, 2012

Chairman Bachus, Ranking Member Frank, and other members of the Committee, I am pleased to present the Federal Reserve's semiannual Monetary Policy Report to the Congress. I will begin with a discussion of current economic conditions and the outlook and then turn to monetary policy.

The Economic Outlook

The recovery of the U.S. economy continues, but the pace of expansion has been uneven and modest by historical standards. After minimal gains in the first half of last year, real gross domestic product (GDP) increased at a 2-1/4 percent annual rate in the second half.1 The limited information available for 2012 is consistent with growth proceeding, in coming quarters, at a pace close to or somewhat above the pace that was registered during the second half of last year.

We have seen some positive developments in the labor market. Private payroll employment has increased by 165,000 jobs per month on average since the middle of last year, and nearly 260,000 new private-sector jobs were added in January. The job gains in recent months have been relatively widespread across industries. In the public sector, by contrast, layoffs by state and local governments have continued. The unemployment rate hovered around 9 percent for much of last year but has moved down appreciably since September, reaching 8.3 percent in January. New claims for unemployment insurance benefits have also moderated.

The decline in the unemployment rate over the past year has been somewhat more rapid than might have been expected, given that the economy appears to have been growing during that time frame at or below its longer-term trend; continued improvement in the job market is likely to require stronger growth in final demand and production. Notwithstanding the better recent data, the job market remains far from normal: The unemployment rate remains elevated, long-term unemployment is still near record levels, and the number of persons working part time for economic reasons is very high.2

Household spending advanced moderately in the second half of last year, boosted by a fourth-quarter surge in motor vehicle purchases that was facilitated by an easing of constraints on supply related to the earthquake in Japan. However, the fundamentals that support spending continue to be weak: Real household income and wealth were flat in 2011, and access to credit remained restricted for many potential borrowers. Consumer sentiment, which dropped sharply last summer, has since rebounded but remains relatively low.

In the housing sector, affordability has increased dramatically as a result of the decline in house prices and historically low interest rates on conventional mortgages. Unfortunately, many potential buyers lack the down payment and credit history required to qualify for loans; others are reluctant to buy a house now because of concerns about their income, employment prospects, and the future path of home prices. On the supply side of the market, about 30 percent of recent home sales have consisted of foreclosed or distressed properties, and home vacancy rates remain high, putting downward pressure on house prices. More-positive signs include a pickup in construction in the multifamily sector and recent increases in homebuilder sentiment.

Manufacturing production has increased 15 percent since the trough of the recession and has posted solid gains since the middle of last year, supported by the recovery in motor vehicle supply chains and ongoing increases in business investment and exports. Real business spending for equipment and software rose at an annual rate of about 12 percent over the second half of 2011, a bit faster than in the first half of the year. But real export growth, while remaining solid, slowed somewhat over the same period as foreign economic activity decelerated, particularly in Europe.

The members of the Board and the presidents of the Federal Reserve Banks recently projected that economic activity in 2012 will expand at or somewhat above the pace registered in the second half of last year. Specifically, their projections for growth in real GDP this year, provided in conjunction with the January meeting of the Federal Open Market Committee (FOMC), have a central tendency of 2.2 to 2.7 percent.3 These forecasts were considerably lower than the projections they made last June.4 A number of factors have played a role in this reassessment. First, the annual revisions to the national income and product accounts released last summer indicated that the recovery had been somewhat slower than previously estimated. In addition, fiscal and financial strains in Europe have weighed on financial conditions and global economic growth, and problems in U.S. housing and mortgage markets have continued to hold down not only construction and related industries, but also household wealth and confidence. Looking beyond 2012, FOMC participants expect that economic activity will pick up gradually as these headwinds fade, supported by a continuation of the highly accommodative stance for monetary policy.

With output growth in 2012 projected to remain close to its longer-run trend, participants did not anticipate further substantial declines in the unemployment rate over the course of this year. Looking beyond this year, FOMC participants expect the unemployment rate to continue to edge down only slowly toward levels consistent with the Committee's statutory mandate. In light of the somewhat different signals received recently from the labor market than from indicators of final demand and production, however, it will be especially important to evaluate incoming information to assess the underlying pace of economic recovery.

At our January meeting, participants agreed that strains in global financial markets posed significant downside risks to the economic outlook. Investors' concerns about fiscal deficits and the levels of government debt in a number of European countries have led to substantial increases in sovereign borrowing costs, stresses in the European banking system, and associated reductions in the availability of credit and economic activity in the euro area. To help prevent strains in Europe from spilling over to the U.S. economy, the Federal Reserve in November agreed to extend and to modify the terms of its swap lines with other major central banks, and it continues to monitor the European exposures of U.S. financial institutions.

A number of constructive policy actions have been taken of late in Europe, including the European Central Bank's program to extend three-year collateralized loans to European financial institutions. Most recently, European policymakers agreed on a new package of measures for Greece, which combines additional official-sector loans with a sizable reduction of Greek debt held by the private sector. However, critical fiscal and financial challenges remain for the euro zone, the resolution of which will require concerted action on the part of European authorities. Further steps will also be required to boost growth and competitiveness in a number of countries. We are in frequent contact with our counterparts in Europe and will continue to follow the situation closely.

As I discussed in my July testimony, inflation picked up during the early part of 2011.5 A surge in the prices of oil and other commodities, along with supply disruptions associated with the disaster in Japan that put upward pressure on motor vehicle prices, pushed overall inflation to an annual rate of more than 3 percent over the first half of last year.6 As we had expected, however, these factors proved transitory, and inflation moderated to an annual rate of 1-1/2 percent during the second half of the year--close to its average pace in the preceding two years. In the projections made in January, the Committee anticipated that, over coming quarters, inflation will run at or below the 2 percent level we judge most consistent with our statutory mandate. Specifically, the central tendency of participants' forecasts for inflation in 2012 ranged from 1.4 to 1.8 percent, about unchanged from the projections made last June.7 Looking farther ahead, participants expected the subdued level of inflation to persist beyond this year. Since these projections were made, gasoline prices have moved up, primarily reflecting higher global oil prices--a development that is likely to push up inflation temporarily while reducing consumers' purchasing power. We will continue to monitor energy markets carefully. Longer-term inflation expectations, as measured by surveys and financial market indicators, appear consistent with the view that inflation will remain subdued.

Monetary Policy

Against this backdrop of restrained growth, persistent downside risks to the outlook for real activity, and moderating inflation, the Committee took several steps to provide additional monetary accommodation during the second half of 2011 and early 2012. These steps included changes to the forward rate guidance included in the Committee's post-meeting statements and adjustments to the Federal Reserve's holdings of Treasury and agency securities.

The target range for the federal funds rate remains at 0 to 1/4 percent, and the forward guidance language in the FOMC policy statement provides an indication of how long the Committee expects that target range to be appropriate. In August, the Committee clarified the forward guidance language, noting that economic conditions--including low rates of resource utilization and a subdued outlook for inflation over the medium run--were likely to warrant exceptionally low levels for the federal funds rate at least through the middle of 2013. By providing a longer time horizon than had previously been expected by the public, the statement tended to put downward pressure on longer-term interest rates. At the January 2012 FOMC meeting, the Committee amended the forward guidance further, extending the horizon over which it expects economic conditions to warrant exceptionally low levels of the federal funds rate to at least through late 2014.

In addition to the adjustments made to the forward guidance, the Committee modified its policies regarding the Federal Reserve's holdings of securities. In September, the Committee put in place a maturity extension program that combines purchases of longer-term Treasury securities with sales of shorter-term Treasury securities. The objective of this program is to lengthen the average maturity of our securities holdings without generating a significant change in the size of our balance sheet. Removing longer-term securities from the market should put downward pressure on longer-term interest rates and help make financial market conditions more supportive of economic growth than they otherwise would have been. To help support conditions in mortgage markets, the Committee also decided at its September meeting to reinvest principal received from its holdings of agency debt and agency mortgage-backed securities (MBS) in agency MBS, rather than continuing to reinvest those proceeds in longer-term Treasury securities as had been the practice since August 2010. The Committee reviews the size and composition of its securities holdings regularly and is prepared to adjust those holdings as appropriate to promote a stronger economic recovery in the context of price stability.

Before concluding, I would like to say a few words about the statement of longer-run goals and policy strategy that the FOMC issued at the conclusion of its January meeting. The statement reaffirms our commitment to our statutory objectives, given to us by the Congress, of price stability and maximum employment. Its purpose is to provide additional transparency and increase the effectiveness of monetary policy. The statement does not imply a change in how the Committee conducts policy.

Transparency is enhanced by providing greater specificity about our objectives. Because the inflation rate over the longer run is determined primarily by monetary policy, it is feasible and appropriate for the Committee to set a numerical goal for that key variable. The FOMC judges that an inflation rate of 2 percent, as measured by the annual change in the price index for personal consumption expenditures, is most consistent over the longer run with its statutory mandate. While maximum employment stands on an equal footing with price stability as an objective of monetary policy, the maximum level of employment in an economy is largely determined by nonmonetary factors that affect the structure and dynamics of the labor market; it is therefore not feasible for any central bank to specify a fixed goal for the longer-run level of employment. However, the Committee can estimate the level of maximum employment and use that estimate to inform policy decisions. In our most recent projections in January, for example, FOMC participants' estimates of the longer-run, normal rate of unemployment had a central tendency of 5.2 to 6.0 percent.8 As I noted a moment ago, the level of maximum employment in an economy is subject to change; for instance, it can be affected by shifts in the structure of the economy and by a range of economic policies. If at some stage the Committee estimated that the maximum level of employment had increased, for example, we would adjust monetary policy accordingly.

The dual objectives of price stability and maximum employment are generally complementary. Indeed, at present, with the unemployment rate elevated and the inflation outlook subdued, the Committee judges that sustaining a highly accommodative stance for monetary policy is consistent with promoting both objectives. However, in cases where these objectives are not complementary, the Committee follows a balanced approach in promoting them, taking into account the magnitudes of the deviations of inflation and employment from levels judged to be consistent with the dual mandate, as well as the potentially different time horizons over which employment and inflation are projected to return to such levels.

Thank you. I would be pleased to take your questions.

 

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Wed, 02/29/2012 - 11:07 | 2207751 battle axe
battle axe's picture

It would be great if he came out and said, "you know what? I really do not know what the fuck I am doing"

Wed, 02/29/2012 - 11:09 | 2207767 bdc63
bdc63's picture

Unfortunately he knows EXACTLY what the fuck he is doing ....

Wed, 02/29/2012 - 11:11 | 2207781 battle axe
battle axe's picture

True, bought and paid for. 

Wed, 02/29/2012 - 11:14 | 2207795 spiral_eyes
spiral_eyes's picture

Sup, bitchez.

Off topic (well kinda on-topic given that this thread is about fiat debasement) but someone was asking a couple days ago about Berkshire Hathaway priced in gold.

Well, I did it.

Looks back for Warren, bitchez

http://azizonomics.com/2012/02/29/warren-buffett-priced-in-gold/ 

Wed, 02/29/2012 - 11:26 | 2207867 BLOTTO
BLOTTO's picture

The plan is *looks around* their is no plan

THAT is the plan

Wed, 02/29/2012 - 11:35 | 2207903 The Big Ching-aso
The Big Ching-aso's picture

 

 

"How many fingers, Winston?"

Wed, 02/29/2012 - 11:58 | 2208056 Jake88
Jake88's picture

3.0 I see it now.

Wed, 02/29/2012 - 12:21 | 2208210 Hober Mallow
Hober Mallow's picture

love the stupid latina old bitch Nydia asking questions that have been written for her to read

its "would" not "wool" Nydia

School before congress is not a bad idea

Wed, 02/29/2012 - 11:40 | 2207916 TruthInSunshine
TruthInSunshine's picture

Shaky McShakes Bernank Twitch-A-Lot Testimony Drinking Game

 

The drinking words for today are 'transitory,' 'temporary' & 'sustainable'

Must be at least 80 proof.

'Price stability' is the bonus phrase, and also requires drinking a shot.

 

Good luck, bitchez.

Wed, 02/29/2012 - 11:47 | 2207965 resurger
resurger's picture

hahaha!

Wed, 02/29/2012 - 11:57 | 2208040 Hard1
Hard1's picture

Brilliant Ron Paul silver store of value speech!

Wed, 02/29/2012 - 12:07 | 2208116 derek_vineyard
derek_vineyard's picture

brilliant content of speech, but lousy delivery...paul was preaching and brash....bernanke was cool

bernanke's first response back was light and sensible saying hello to mr paul and acknowledging that everyone has right to own silver, gold or other currencies....purposely calming words to paul and telling him if thats what you believe, then buy silver

bernanke made paul look cranky, eccentric and slightly crazy

sorry ZHers, but paul looked the fool

 

 

Wed, 02/29/2012 - 12:12 | 2208154 derek_vineyard
derek_vineyard's picture

Hard1.................paul is not the right messenger....politics takes eloquence

Wed, 02/29/2012 - 12:30 | 2208262 stirners_ghost
stirners_ghost's picture

Is that what you call miles-deep layers of bullshit?

Wed, 02/29/2012 - 15:07 | 2209107 derek_vineyard
derek_vineyard's picture

let me rephrase.....i have to force myself to listen to ron paul to hear the great words

Wed, 02/29/2012 - 11:42 | 2207942 Everybodys All ...
Everybodys All American's picture

Sure ... did he expect the US to lose there AAA credit rating? For the US to lose the reserve currency status(which is in the making)? I'd bet he didn't foretell any of this happening.

Wed, 02/29/2012 - 11:59 | 2208057 In Fed We Trust
In Fed We Trust's picture

Ben Prints a boat load of money that cause inflation. 

The Neocons invade Iran which sends oil to $200.

Ben blames inflation on the price of oil (im lovin it)

 

 

Wed, 02/29/2012 - 12:49 | 2208387 joq
joq's picture

I hate the F*** Bastard Bernanke, screw you f***face

Wed, 02/29/2012 - 13:25 | 2208593 Silver Dreamer
Silver Dreamer's picture

Unfortunately for us, fortunately for him and his masters.

Wed, 02/29/2012 - 11:12 | 2207788 lizzy36
lizzy36's picture

When was the last time you heard a PH.D economist come out and day "i really don't know what the fuck i am doing"?

When pigs fly and hell freezes over.

Legitmacy is derived from credibility. Credibility comes from being a member of the "club". Right school, right degree, right peer group, "right" being the buzzword. Note - credibility doesn't come from being the best. In this enviroment being the best, would mean going against generally accepted wisdom of the peer group and get one fired.

Wed, 02/29/2012 - 12:24 | 2208235 Problem Is
Problem Is's picture

Remember: Elites Only Fail Upward
(See: The Rubin Principle)

The failure of the US economic "expert" class is almost as great as the failure of the incompetent, corrupt US political class...

Wed, 02/29/2012 - 13:41 | 2208649 peekcrackers
peekcrackers's picture

PH.D

today stands for  " Popa Has Dough"

Wed, 02/29/2012 - 11:49 | 2207981 resurger
resurger's picture

They know what the fuck they are doing battle, they are running this circus!!

It will come to an end, RON is Bashing the mother fucker.

Wed, 02/29/2012 - 12:22 | 2208220 Raging Debate
Raging Debate's picture

Ron Paul stated he believed the Fed would break apart on its own. I don't agree. The United States may be a bankrupt government, go through re-organization and be broken apart first. Defense and entitlement spending are so far out of control either Washington politicians break the promises and tell the people they were lied to or the Fed (which violated its independence and IS defacto government) prints.

In the event the U.S. breaks apart, there wouldn't be a Central Bank afterward, likely three total regions and regional banks. I just make a guess based on physics as to the amount of regions, not someone's stated plans (such as ten NWO regional governments and governors).

To others thinking of the U.S.A. losing the peg. I believe this is a common fallacy. The formation of SDR's in 1971 correlates to Nixon going to China. China becoming the reserve currency is a FEATURE, not a BUG. And understand that being the reserve currency for the globe means being the global policeman.

Didn't you think it was beyond bizarre China wound up such a hefty share of Iraq oil contracts considering America nailed down the entire country at a cost into the trillions and thousands of lives lost?

Iran is next and China will be the global policeman afterward. 2014 will be the year China officially becomes the reserve currency and the following year we'll see China demonstrate its military muscle in its new role. I believe geopolitical conflicts will arise with America, China and Russia all vying for the last empire. The strategic relationship of China being manufacturing muscle, currency peg and backed by Russia won't last. These two countries historically hate each other. But enough of my own opinion. I am curious in what others have to say.

 

Wed, 02/29/2012 - 11:49 | 2207985 knight99
knight99's picture

what a shame ron paul wont be president of the US. You guys are going to get the President you desrerve

Wed, 02/29/2012 - 11:57 | 2208010 TruthInSunshine
TruthInSunshine's picture

Dr. Paul just waved a silver round in Bitch Bernank's face & told him he can buy 3x the amount of gasoline with it now than when The Bernank began his circus act!

Then Paul laughed and said "[c]ongress need not revoke the Federal Reserve Act, because the Federal Reserve is going to implode soon on its own initiative."

Gave me a raging boner!

Wed, 02/29/2012 - 11:57 | 2208047 redpill
redpill's picture

Yep that was awesome

Wed, 02/29/2012 - 12:04 | 2208108 TonyCoitus
TonyCoitus's picture

Oh God, I missed it.  Anyone have video link?

Wed, 02/29/2012 - 12:15 | 2208178 TruthInSunshine
TruthInSunshine's picture

Video link (starts at 0:50 seconds in):

 

https://www.youtube.com/watch?feature=player_embedded&v=H4uL6CSiGrU

Wed, 02/29/2012 - 12:20 | 2208203 Hobbleknee
Hobbleknee's picture

Thanks!

Wed, 02/29/2012 - 14:23 | 2208893 WryObserver
WryObserver's picture

I agree with just about everything Ron Paul said with the exception of his comment about the Fed destroying itself. That will not happen for a variety of reasons. Unfortunately, Mr. Paul also came across as a little bit of a rambler who just wanted to make a speech instead of engaging in dialogue.

Politicians should also be statesmen who try to build concensus with people who may be sympathetic or tolerant of their cause. Quid pro quo. As much as I sympathize with his ideas, he appears to go out on a limb and start sawing on the limb aggressively in public.

Ben Bernanke is neck deep in the status quo, and he cannot change his fundamental approach given his mandate. If he tried, he would be replaced immediately. Right now, Ron Paul and the Fed can't even agree on the data, much less the solution.

It is important with engagement to deal in specificities, and let the facts speak. If the facts speak, it begs new questions which need to be answered. While I support many of Ron Paul's policies, it is frustrating to listen to him ramble, stutter, and not engage the Fed Chairman and indeed the listeners with coherent reasonable questions. THAT would put the Fed out on the branch, and hand them their own saw with which they would begin to cut.  

 

Wed, 02/29/2012 - 12:16 | 2208184 In Fed We Trust
In Fed We Trust's picture

JEB BUSH?????

Or Donald Trump

 

Wed, 02/29/2012 - 12:29 | 2208251 Raging Debate
Raging Debate's picture

Let me get my Jesus cross out Knight 99 to go with your hooded purpose. Certainly we Americans must be hung for failing to individually raise a few hundred million each and buy out our government. I guess the real people who did that get a message, a cigar and a BJ eh? Send us that cross, we're too broke to buy our own, although with this justice system they make you buy your own nails.

PS: Go fuck yourself.

Wed, 02/29/2012 - 13:12 | 2208525 DavidPierre
DavidPierre's picture

Jason:

Take a deep breath ... step away from the keyboard. 

Go take a long walk ... get some fresh air. 

Your PS sounds like SmokeyQuinn.

 

 

Wed, 02/29/2012 - 14:01 | 2208773 Raging Debate
Raging Debate's picture

Ha! I have taken some walks David. Good for the heart and mind.

Quinn had a habit of calling Americans morons. Knight 99 was doing the same thing, blaming the victims.

So should I stay silent as the rape victim get's strangled? Those park rapists sure don't like leaving evidence lying around now do they?

PS: I pick my battles

Wed, 02/29/2012 - 12:17 | 2208190 Howdan
Howdan's picture

Hahaha OMG I am literally crying with laughter!! +100000 for that comment sir! So funny

Wed, 02/29/2012 - 12:55 | 2208426 GoldenGal
GoldenGal's picture

I was expecting the Bernanke , the man with the golden tongue to give me a goldasm....instead , all I got was a dirty Sanchez.

Wed, 02/29/2012 - 13:09 | 2208502 General Decline
General Decline's picture

I vote we replace the term "Hot Karl" with "Hot Bernanke" in the Urban Dictionary.

Wed, 02/29/2012 - 11:08 | 2207752 Comay Mierda
Comay Mierda's picture

can someone please throw a hot bag of steaming shit at this fucker's face?

Wed, 02/29/2012 - 11:12 | 2207792 resurger
resurger's picture

lol

Wed, 02/29/2012 - 11:24 | 2207849 Genzero
Genzero's picture

How would we know if we did?

Wed, 02/29/2012 - 11:07 | 2207758 AL_SWEARENGEN
AL_SWEARENGEN's picture

Anyone just see that 75 cent swing in Silver that happened in just seconds?  Cocksuckerz!

Wed, 02/29/2012 - 11:09 | 2207764 Comay Mierda
Comay Mierda's picture

take a look at gold. maybe tyler tweeted something about margin hike rumors lol

Wed, 02/29/2012 - 11:21 | 2207836 TheSilverJournal
TheSilverJournal's picture

The drop was on the release of Bernanke's prepared statements.

TheSilverJournal.com

Wed, 02/29/2012 - 11:09 | 2207769 Bastiat
Bastiat's picture

Comex crime scene.

 

Wed, 02/29/2012 - 11:10 | 2207773 bdc63
bdc63's picture

... and gold is now down 15 bucks ... I guess crude is next ...

Wed, 02/29/2012 - 11:15 | 2207799 Bastiat
Bastiat's picture

Blythe's monkies jumping up and down on their desks, shreiking and throwing dung.  They will fail.

Wed, 02/29/2012 - 11:16 | 2207818 Dr. Richard Head
Dr. Richard Head's picture

Just wait till The Bernanke starts talking.  The take down was used to accomodate the Bernanke induced gold rally.

Wed, 02/29/2012 - 11:29 | 2207873 resurger
resurger's picture

When Ron spoke it dropped from 1784 to 1773 in a flash second!

Dont tell me that was Supply/Demand!

Wed, 02/29/2012 - 12:53 | 2208418 A Lunatic
A Lunatic's picture

Bernanke pushed the takedown button on his secret decoder ring.

Wed, 02/29/2012 - 11:26 | 2207863 Kaiser Sousa
Kaiser Sousa's picture

"Anyone just see that 75 cent swing in Silver that happened in just seconds?  Cocksuckerz!"

 

pure coincidence....now, have some more debt coupon dollars and like them.....

Wed, 02/29/2012 - 11:07 | 2207759 lizzy36
lizzy36's picture

Leap Day and Maxine Waters.

Really today is AWESOME.

On a serious note did anyone actually think The Bernank, would become less accomdative in the face of ECB printing over EUR1T in 3 months. This isn't about dual mandate it is about making sure the USD stays weak, for yank exports to the island of misfit toys.

Wed, 02/29/2012 - 12:04 | 2208110 In Fed We Trust
In Fed We Trust's picture

Maxine Waters:

"Ben if you would please explain ..... the connections between you and the mega banks .....there seems to be a lot of connections... and I think many Wall Streeters are connected to you and others.... Ben would please explain the connections..."

Maxine Waters

 

Wed, 02/29/2012 - 11:09 | 2207768 firstdivision
firstdivision's picture

LOL!  Employment Improvment...that's funny.

Wed, 02/29/2012 - 11:09 | 2207771 battle axe
battle axe's picture

I can not wait to hear some crazy shit out of Maxine Water's mouth, that  women cracks me up. Come on Maxine, don't disappoint!!!!

Wed, 02/29/2012 - 11:14 | 2207809 Bastiat
Bastiat's picture

It's great comfort having a mind like that on our side!

Wed, 02/29/2012 - 11:35 | 2207898 Dolar in a vortex
Dolar in a vortex's picture

You only say that because she, like Sheila Jackson Lee is ...... truly stupid.

Wed, 02/29/2012 - 12:13 | 2208163 Bastiat
Bastiat's picture

Damn! You got me.

Wed, 02/29/2012 - 11:10 | 2207775 Sabibaby
Sabibaby's picture

I see no mention of rainbows and unicorns. The "dual mandate" and "dual objectives" are unclear as well.

Wed, 02/29/2012 - 11:16 | 2207786 bdc63
bdc63's picture

the dual mandate is 1). spike the stock market and 2). shove as much money as possible into the banks ... what's so unclear about that?

Wed, 02/29/2012 - 11:11 | 2207776 Hedgetard55
Hedgetard55's picture

His tiny testicles are in a vise. Keep easing and watch $8 gas, or tighten and watch DOW 6000, and bond market implode.

 

This is what printing gets you Uncle Ben.

Wed, 02/29/2012 - 12:09 | 2208136 In Fed We Trust
In Fed We Trust's picture

Dow 15,000

The money has to go somewhere, so why not bid up the winners. The United Corporations of America. 

That said I still I wouldn't buy it own Principle alone.  Do you know what that means Tyler? Principles.

NOT the money of a loan.  But sheer principles alone.

 

Wed, 02/29/2012 - 11:11 | 2207779 RobotTrader
RobotTrader's picture

As usual, XRT is unfazed by the gyrations in the metals and currencies.

Wed, 02/29/2012 - 11:11 | 2207784 The Swedish Chef
The Swedish Chef's picture

Buzzword of the day: acomodate. 

 

No promises, just more ZIRP. Possible until Jesus comes back, wich is when The Bernank raises rates to tank the market. That way the second coming is viewed unfavorable to the market and the EU will forbid it, just like they did with shorting financials.

Wed, 02/29/2012 - 11:15 | 2207800 bdc63
bdc63's picture

Ben Shalom Bernanke is Jewish.  I seriously doubt he is planning anything around the second coming of Jesus.

I, on the other hand, have very little left to hang my hat on ...

Wed, 02/29/2012 - 12:27 | 2208246 In Fed We Trust
In Fed We Trust's picture

What Ron Paul should be saying:

" I am also like yourselves sick and tired of the Zionists and BANKSTERS running this country into the ground.  Therefore if I am electedPresident, I will prepose that the your MORTGAGE is paid in FULL.  And if the BANKSTERS dont like that, then its time to NATIONALIZE them.  And the backing of the new currency shall be the housing stock of the USA and if you live in a house, it is now yours FREE and clear.  That ought a clear the market."

President Ron Paul

 

Wed, 02/29/2012 - 12:57 | 2208443 A Lunatic
A Lunatic's picture

.........because owning a home is a basic human right.............right? I think you've confused Ron Paul with Uncle Mittens.

Wed, 02/29/2012 - 14:29 | 2208941 WryObserver
WryObserver's picture

Go ahead and use the term "zionists." It doesn't help your postion, but go right ahead. Use of terms like that allows big government types to belittle people who believe there are serious problems with this country's currency and banking system. It is much better for them if they can paint all of us as racists and buffoons.

So thanks for the help.

Fri, 03/23/2012 - 01:47 | 2282694 MeelionDollerBogus
MeelionDollerBogus's picture

Truth is what it is. Zionism is very bad & people who get it say so honestly. Ron Paul gets it but... to win over Republicans said he defends zionism - just not to the point of funding it.

Wed, 02/29/2012 - 11:12 | 2207787 bankonzhongguo
bankonzhongguo's picture

Please G_d.

Please let Islamo-fascist ass-clowns parachute out of the sky and machine gun this circus of scheming thieves.

Please bring relief to our weary country.

Make our national nightmare end.

 

Wed, 02/29/2012 - 11:12 | 2207789 weyes1
weyes1's picture

We oPpose DECEPTION.

Wed, 02/29/2012 - 11:14 | 2207798 Bansters-in-my-...
Bansters-in-my- feces's picture

"YOU " are a fucking LIAR and a THIEF Ben Bernanke.

Wed, 02/29/2012 - 11:14 | 2207802 Uchtdorf
Uchtdorf's picture

Barney Frank says bring the troops home from Afg and stop subsidizing NATO. Alright, alright, alright!

Wed, 02/29/2012 - 11:14 | 2207805 autonomos
autonomos's picture

Please who are his masters ?

Who owns the FED ?

Wed, 02/29/2012 - 11:14 | 2207806 RobotTrader
RobotTrader's picture

Blythe throwing a temper tantrum.  Meanwhile, the F12-punching GATA monkeys are punching out.

 

Too much leverage, too many guys playing in the futures market, as usual.

Wed, 02/29/2012 - 11:16 | 2207813 Uchtdorf
Uchtdorf's picture

Bachus: Ron Paul, thorn in the flesh.

Wed, 02/29/2012 - 11:16 | 2207814 resurger
resurger's picture

RON!!!!!!!!!

Wed, 02/29/2012 - 11:16 | 2207816 Curtis LeMay
Curtis LeMay's picture

...and Helicopter Ben is testifying to Barney "Fannie/Freddie" Frank.

The shit is surreal :(

Wed, 02/29/2012 - 13:13 | 2208535 A Lunatic
A Lunatic's picture

If everything goes well Barney is going to (in his own words) "Take all of you up my fat ass Benny baby".

Wed, 02/29/2012 - 11:16 | 2207817 Gringo Viejo
Gringo Viejo's picture

PMs are tanking as I type. Have to keep up appearances.

Wed, 02/29/2012 - 11:20 | 2207827 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Europe just TARP'd themselves $787b.  What do you think they will do with the liquidity?  They have to get the price of PM lower, it is their mandate by proxie, so to keep the value of fiat strong.

Wed, 02/29/2012 - 11:25 | 2207850 Quinvarius
Quinvarius's picture

I don't think it will last very long and it will be very expensive for them.  Expensive for the gov is good, because Fed/Treasury gold losses are the same as money printing.  They lose gold backing and/or they print money to cover losses.  Plus, gold would never go down if they didn't do this nonsense and we would never get a good entry point.

Wed, 02/29/2012 - 11:16 | 2207822 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Bawknee Fwank:  Wibba wabba, jibba jabba, baw pawtwasin wibba wabba.

Bernanke:  Uhm....no....uh....transtory.....uh.....

Fwank:  Can wee cuntinue dith debate when dee opotunitee wibba wabba.

Bernanke:  Uh......uh.....uhm.....

Sweet!  Ron Paul, bitchez!

Wed, 02/29/2012 - 11:17 | 2207823 Antifederalist
Antifederalist's picture

Go Ron.  We love you man.

Wed, 02/29/2012 - 11:17 | 2207826 realtick
realtick's picture

Barney Frank = Bank Near Fry

Wed, 02/29/2012 - 11:19 | 2207829 resurger
resurger's picture
WTFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF 1,774.30 -14.10 -0.79%
Wed, 02/29/2012 - 11:21 | 2207835 resurger
resurger's picture

IT was 1786 when Ron SPOKE

FUCK TPTB!!!

Wed, 02/29/2012 - 11:23 | 2207846 resurger
resurger's picture
Gold 1,770.40 -18.00 -1.01%
Wed, 02/29/2012 - 12:01 | 2208095 JFK.4PREZ
JFK.4PREZ's picture

Gold and Silver dropping!  The markets must have found new confidence in the Bernank's wishy washy bullshit statements.  

Wed, 02/29/2012 - 12:06 | 2208123 resurger
resurger's picture

It's all rigged JFK, ALL OF IT

Wed, 02/29/2012 - 11:19 | 2207830 firstdivision
firstdivision's picture

Ehhhh...yen o_0  Some cheap USGBT's

Wed, 02/29/2012 - 11:19 | 2207834 YesWeKahn
YesWeKahn's picture

just wanna vomit on him

Wed, 02/29/2012 - 12:54 | 2208423 francis_sawyer
francis_sawyer's picture

"Jim never vomits at home..."

Wed, 02/29/2012 - 11:26 | 2207837 firstdivision
firstdivision's picture

Ben's balls seem to fit Rep. Watt's chin quite well.

Wed, 02/29/2012 - 11:21 | 2207838 Uchtdorf
Uchtdorf's picture

Who is this bootlick from NC praising Bernank and the Fed?

Wed, 02/29/2012 - 11:22 | 2207843 LoneStarHog
LoneStarHog's picture

Mel "One" Watt is illuminating everyone about Bernanke.

Wed, 02/29/2012 - 11:23 | 2207845 rubearish10
rubearish10's picture

It never ceases to amaze me how inept these chosen Financial Committee Congress members are. PTA meetings are more constructive!

Wed, 02/29/2012 - 11:41 | 2207932 Monedas
Monedas's picture

When was the last time Libertarian values were advanced at a PTA meeting ?  You're comparing tan shit with brown shit !  Monedas  2012  Otherwise, I agree !

Wed, 02/29/2012 - 12:19 | 2208204 rubearish10
rubearish10's picture

Never mentioned libertarian values. At least we agree they're both SHIT.

Wed, 02/29/2012 - 11:25 | 2207855 RobotTrader
RobotTrader's picture

Precious Metals traders are by far the jumpiest, most nervous investors on the planet.

 

No conviction.  They just panic sell or panic buy, depending on the news flow out of Bernanke's pie hole.

Investors in names like Capital One have no such worries.  Just a steady grind up to new highs.

http://bigcharts.marketwatch.com/kaavio.Webhost/charts/big.chart?nosetti...

Wed, 02/29/2012 - 11:30 | 2207880 Monedas
Monedas's picture

That's because they're trading real money in a hostile, manipulatory environment !  Monedas  2012  Hoarders Have More Fun

Wed, 02/29/2012 - 11:33 | 2207887 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I hope yo don't consider Blythe Masters a "precious metals trader", because she should not be moving your assumptions of PM traders.  And as far as it goes, the only PM traders I know, for the most part, don't sell, they buy; not the jumpy trigger pullers you assume they are.

Real PM investors are long term, buy and hold investors that would make other buy and hold investors blush.

Wed, 02/29/2012 - 11:48 | 2207948 El Hosel
El Hosel's picture

 JPM is in charge there,  "investors"   WTF! LMAOF

 

In concert with Bernanke testimony, JPM and the Boyz raid gold.... "Investing" at its highest level.  Look Barney ( Elmer Pud ), no inflation.

Wed, 02/29/2012 - 14:20 | 2208885 engineertheeconomy
engineertheeconomy's picture

We're in 2012

Come to present time

Fri, 03/23/2012 - 01:49 | 2282695 MeelionDollerBogus
MeelionDollerBogus's picture

"MARGIN traders are by far the jumpiest, most nervous investors on the planet."

There, fixed it for you.

Those holding physical metals aren't nearly jumpy as those with stocks. Can't be. You can't just click to convert dollars to shares, shares to dollars, dollars to options contracts & all of it to bankster-fees.

Wed, 02/29/2012 - 11:27 | 2207861 Monedas
Monedas's picture

Gather the kids around for another lesson in elocution and poise from the never shrill enough Maxine Waters ! Monedas  2012  Comedy Jihad Twat Noir

Wed, 02/29/2012 - 11:28 | 2207870 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Alright, he's talking!  So gold prices should start going up any minute now....

Wed, 02/29/2012 - 11:28 | 2207871 Bastiat
Bastiat's picture

UN and Fed started by a Princeton prof; now we got another one to finish the job.

Wed, 02/29/2012 - 11:30 | 2207883 Dr. Engali
Dr. Engali's picture

Transitory

Wed, 02/29/2012 - 11:36 | 2207906 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Treasonous

Wed, 02/29/2012 - 11:34 | 2207893 death_to_fed_tyranny
death_to_fed_tyranny's picture

Inflation to remain subdued? Has this guy bought gas,food,durable goods,etc. I just want to punch him in the face!

Wed, 02/29/2012 - 11:37 | 2207909 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

He rides around in limos and has his dinners paid for by the tax payer or rich bankers.

Wed, 02/29/2012 - 11:34 | 2207896 realtick
realtick's picture

The geeks shall inherit the earth - and ruin it.

Wed, 02/29/2012 - 11:38 | 2207921 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I thought Baccus went to prison?  Now that I think about it I thought Waters went to prison too.  But now that I really think about it, I am not surprised they didn't, after all, Frank was running a male whorehouse (not sure what the slang term for a male whorehouse is) and he didn't go to prison.

Wed, 02/29/2012 - 11:41 | 2207939 El Hosel
El Hosel's picture

  Congress asking Bernanke what will happen if Congress continues to spend beyond all reasonable means to repay..... Classic

 

Wed, 02/29/2012 - 11:40 | 2207928 np1262873
np1262873's picture

The Economic Outlook

The recovery of the U.S. economy continues, but the pace of expansion has been uneven and modest by historical standards. After minimal gains in the first half of last year, real gross domestic product (GDP) increased at a 2-1/4 percent annual rate in the second half.(1) The limited information available for 2012 is consistent with growth proceeding, in coming quarters, at a pace close to or somewhat above the pace that was registered during the second half of last year.

We have seen some positive developments in the labor market. Private payroll employment has increased by 165,000 jobs per month on average since the middle of last year, and nearly 260,000 new private-sector jobs were added in January. The job gains in recent months have been relatively widespread across industries. In the public sector, by contrast, layoffs by state and local governments have continued. The unemployment rate hovered around 9 percent for much of last year but has moved down appreciably since September, reaching 8.3 percent in January. New claims for unemployment insurance benefits have also moderated.

The decline in the unemployment rate over the past year has been somewhat more rapid than might have been expected, given that the economy appears to have been growing during that time frame at or below its longer-term trend; continued improvement in the job market is likely to require stronger growth in final demand and production. Notwithstanding the better recent data, the job market remains far from normal: The unemployment rate remains elevated, long-term unemployment is still near record levels, and the number of persons working part time for economic reasons is very high.(2)

Household spending advanced moderately in the second half of last year, boosted by a fourth-quarter surge in motor vehicle purchases that was facilitated by an easing of constraints on supply related to the earthquake in Japan. However, the fundamentals that support spending continue to be weak: Real household income and wealth were flat in 2011, and access to credit remained restricted for many potential borrowers. Consumer sentiment, which dropped sharply last summer, has since rebounded but remains relatively low.

In the housing sector, affordability has increased dramatically as a result of the decline in house prices and historically low interest rates on conventional mortgages. Unfortunately, many potential buyers lack the down payment and credit history required to qualify for loans; others are reluctant to buy a house now because of concerns about their income, employment prospects, and the future path of home prices. On the supply side of the market, about 30 percent of recent home sales have consisted of foreclosed or distressed properties, and home vacancy rates remain high, putting downward pressure on house prices. More-positive signs include a pickup in construction in the multifamily sector and recent increases in homebuilder sentiment.

Manufacturing production has increased 15 percent since the trough of the recession and has posted solid gains since the middle of last year, supported by the recovery in motor vehicle supply chains and ongoing increases in business investment and exports. Real business spending for equipment and software rose at an annual rate of about 12 percent over the second half of 2011, a bit faster than in the first half of the year. But real export growth, while remaining solid, slowed somewhat over the same period as foreign economic activity decelerated, particularly in Europe.

The members of the Board and the presidents of the Federal Reserve Banks recently projected that economic activity in 2012 will expand at or somewhat above the pace registered in the second half of last year. Specifically, their projections for growth in real GDP this year, provided in conjunction with the January meeting of the Federal Open Market Committee (FOMC), have a central tendency of 2.2 to 2.7 percent.(3) These forecasts were considerably lower than the projections they made last June.(4) A number of factors have played a role in this reassessment. First, the annual revisions to the national income and product accounts released last summer indicated that the recovery had been somewhat slower than previously estimated. In addition, fiscal and financial strains in Europe have weighed on financial conditions and global economic growth, and problems in U.S. housing and mortgage markets have continued to hold down not only construction and related industries, but also household wealth and confidence. Looking beyond 2012, FOMC participants expect that economic activity will pick up gradually as these headwinds fade, supported by a continuation of the highly accommodative stance for monetary policy.

With output growth in 2012 projected to remain close to its longer-run trend, participants did not anticipate further substantial declines in the unemployment rate over the course of this year. Looking beyond this year, FOMC participants expect the unemployment rate to continue to edge down only slowly toward levels consistent with the Committee's statutory mandate. In light of the somewhat different signals received recently from the labor market than from indicators of final demand and production, however, it will be especially important to evaluate incoming information to assess the underlying pace of economic recovery.

At our January meeting, participants agreed that strains in global financial markets posed significant downside risks to the economic outlook. Investors' concerns about fiscal deficits and the levels of government debt in a number of European countries have led to substantial increases in sovereign borrowing costs, stresses in the European banking system, and associated reductions in the availability of credit and economic activity in the euro area. To help prevent strains in Europe from spilling over to the U.S. economy, the Federal Reserve in November agreed to extend and to modify the terms of its swap lines with other major central banks, and it continues to monitor the European exposures of U.S. financial institutions.

A number of constructive policy actions have been taken of late in Europe, including the European Central Bank's program to extend three-year collateralized loans to European financial institutions. Most recently, European policymakers agreed on a new package of measures for Greece, which combines additional official-sector loans with a sizable reduction of Greek debt held by the private sector. However, critical fiscal and financial challenges remain for the euro zone, the resolution of which will require concerted action on the part of European authorities. Further steps will also be required to boost growth and competitiveness in a number of countries. We are in frequent contact with our counterparts in Europe and will continue to follow the situation closely.

As I discussed in my July testimony, inflation picked up during the early part of 2011.(5) A surge in the prices of oil and other commodities, along with supply disruptions associated with the disaster in Japan that put upward pressure on motor vehicle prices, pushed overall inflation to an annual rate of more than 3 percent over the first half of last year.(6) As we had expected, however, these factors proved transitory, and inflation moderated to an annual rate of 1-1/2 percent during the second half of the year - close to its average pace in the preceding two years. In the projections made in January, the Committee anticipated that, over coming quarters, inflation will run at or below the 2 percent level we judge most consistent with our statutory mandate. Specifically, the central tendency of participants' forecasts for inflation in 2012 ranged from 1.4 to 1.8 percent, about unchanged from the projections made last June.(7) Looking farther ahead, participants expected the subdued level of inflation to persist beyond this year. Since these projections were made, gasoline prices have moved up, primarily reflecting higher global oil prices - a development that is likely to push up inflation temporarily while reducing consumers' purchasing power. We will continue to monitor energy markets carefully. Longer-term inflation expectations, as measured by surveys and financial market indicators, appear consistent with the view that inflation will remain subdued.

Monetary Policy

Against this backdrop of restrained growth, persistent downside risks to the outlook for real activity, and moderating inflation, the Committee took several steps to provide additional monetary accommodation during the second half of 2011 and early 2012. These steps included changes to the forward rate guidance included in the Committee's post-meeting statements and adjustments to the Federal Reserve's holdings of Treasury and agency securities.

The target range for the federal funds rate remains at 0 to 1/4 percent, and the forward guidance language in the FOMC policy statement provides an indication of how long the Committee expects that target range to be appropriate. In August, the Committee clarified the forward guidance language, noting that economic conditions - including low rates of resource utilization and a subdued outlook for inflation over the medium run - were likely to warrant exceptionally low levels for the federal funds rate at least through the middle of 2013. By providing a longer time horizon than had previously been expected by the public, the statement tended to put downward pressure on longer-term interest rates. At the January 2012 FOMC meeting, the Committee amended the forward guidance further, extending the horizon over which it expects economic conditions to warrant exceptionally low levels of the federal funds rate to at least through late 2014.

In addition to the adjustments made to the forward guidance, the Committee modified its policies regarding the Federal Reserve's holdings of securities. In September, the Committee put in place a maturity extension program that combines purchases of longer-term Treasury securities with sales of shorter-term Treasury securities. The objective of this program is to lengthen the average maturity of our securities holdings without generating a significant change in the size of our balance sheet. Removing longer-term securities from the market should put downward pressure on longer-term interest rates and help make financial market conditions more supportive of economic growth than they otherwise would have been. To help support conditions in mortgage markets, the Committee also decided at its September meeting to reinvest principal received from its holdings of agency debt and agency mortgage-backed securities (MBS) in agency MBS, rather than continuing to reinvest those proceeds in longer-term Treasury securities as had been the practice since August 2010. The Committee reviews the size and composition of its securities holdings regularly and is prepared to adjust those holdings as appropriate to promote a stronger economic recovery in the context of price stability.

Before concluding, I would like to say a few words about the statement of longer-run goals and policy strategy that the FOMC issued at the conclusion of its January meeting. The statement reaffirms our commitment to our statutory objectives, given to us by the Congress, of price stability and maximum employment. Its purpose is to provide additional transparency and increase the effectiveness of monetary policy. The statement does not imply a change in how the Committee conducts policy.

Transparency is enhanced by providing greater specificity about our objectives. Because the inflation rate over the longer run is determined primarily by monetary policy, it is feasible and appropriate for the Committee to set a numerical goal for that key variable. The FOMC judges that an inflation rate of 2 percent, as measured by the annual change in the price index for personal consumption expenditures, is most consistent over the longer run with its statutory mandate. While maximum employment stands on an equal footing with price stability as an objective of monetary policy, the maximum level of employment in an economy is largely determined by nonmonetary factors that affect the structure and dynamics of the labor market; it is therefore not feasible for any central bank to specify a fixed goal for the longer-run level of employment. However, the Committee can estimate the level of maximum employment and use that estimate to inform policy decisions. In our most recent projections in January, for example, FOMC participants' estimates of the longer-run, normal rate of unemployment had a central tendency of 5.2 to 6.0 percent.(8) As I noted a moment ago, the level of maximum employment in an economy is subject to change; for instance, it can be affected by shifts in the structure of the economy and by a range of economic policies. If at some stage the Committee estimated that the maximum level of employment had increased, for example, we would adjust monetary policy accordingly.

The dual objectives of price stability and maximum employment are generally complementary. Indeed, at present, with the unemployment rate elevated and the inflation outlook subdued, the Committee judges that sustaining a highly accommodative stance for monetary policy is consistent with promoting both objectives. However, in cases where these objectives are not complementary, the Committee follows a balanced approach in promoting them, taking into account the magnitudes of the deviations of inflation and employment from levels judged to be consistent with the dual mandate, as well as the potentially different time horizons over which employment and inflation are projected to return to such levels.

Thank you. I would be pleased to take your questions.

(1) Data for the fourth quarter of 2011 from the national income and product accounts reflect the advance estimate released on January 27, 2012. (2) In January, 5-1/2 million persons among those counted as unemployed--about 43 percent of the total--had been out of work for more than six months, and 8-1/4 million persons were working part time for economic reasons. (3) See table 1, "Economic Projections of Federal Reserve Board Members and Federal Reserve Bank Presidents, January 2012," of the Summary of Economic Projections available at Board of Governors of the Federal Reserve System (2012), "Federal Reserve Board and Federal Open Market Committee Release Economic Projections from the January 24-25 FOMC Meeting," press release, January 25, http://www.federalreserve.gov/newsevents/press/monetary/20120125b.htm; also available in Part 4 of the February 2012 Monetary Policy Report to the Congress. (4) Ben S. Bernanke (2011), "Semiannual Monetary Policy Report to the Congress," statement before the Committee on Financial Services, U.S. House of Representatives, July 13, http://www.federalreserve.gov/newsevents/testimony/bernanke20110713a.htm. (5) Bernanke, "Semiannual Monetary Policy Report to the Congress" (see note 4). (6) Inflation is measured using the price index for personal consumption expenditures. (7) See table 1 available at Board of Governors, "Federal Reserve Board and Federal Open Market Committee Release Economic Projections" (see note 3). (8) See table 1 available at Board of Governors, "Federal Reserve Board and Federal Open Market Committee Release Economic Projections" (see note 3).

Wed, 02/29/2012 - 13:43 | 2208661 Problem Is
Problem Is's picture

The next time you are going to take up 34" of column space...

Ask Tyler to guest post...

Wed, 02/29/2012 - 14:28 | 2208930 engineertheeconomy
engineertheeconomy's picture

Society collapsing as we speak

www.survivalblog.com

there's not much time left to prepare

Wed, 02/29/2012 - 11:39 | 2207931 Olympia
Olympia's picture

Those who won all battles shall lose the war.

Bilderberg Group and the crimes against humanity.

 

This is how things work in all countries. Whatever used to belong to their people, today it belongs to the multinational companies of the Club. People were betrayed by their given leaderships and they lost everything. Capitals and markets were handed to the Club bosses. If you understand what is going on in Greece, you can understand what is going on in Britain, France, and Germany etc..

 

http://eamb-ydrohoos.blogspot.com/2012/02/world-war-iii.html

 

Authored by PANAGIOTIS TRAIANOU

Wed, 02/29/2012 - 13:46 | 2208679 Raging Debate
Raging Debate's picture

Sorry Olympia or Panagiotis, I stopped reading your piece not even half way through when I came to the "The Jews did it" part. The organizations responsible for the crime wave were close but they completely ignored nepharious activities of other major powers outside the United States from the end of the second world war. What follows looting patterns, shortages of commodities, civil unrest of this magnitude between sovereigns is world war. I know, I know I can be such an optimist.  

Wed, 02/29/2012 - 11:40 | 2207933 RobotTrader
RobotTrader's picture

Bernanke is a Rock Star

 

He is able to move currencies and metals at will by simply "jawboning" them in the direction he wishes.

Nobody else in financial market history has had so much power and influence.

Wed, 02/29/2012 - 11:56 | 2208032 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

You are insinuating he has wanted gold to go from $700 to $1900 sine the Fall of '08?

Wed, 02/29/2012 - 12:02 | 2208097 francis_sawyer
francis_sawyer's picture

Well we know he's lying because his lips are moving (same as you know LULU is up because Robo is trolling)...

Wed, 02/29/2012 - 13:03 | 2208471 YesWeKahn
YesWeKahn's picture

You wished you would be Benasshole's daughter, didn't you? You could make trillions.

Wed, 02/29/2012 - 13:45 | 2208669 Problem Is
Problem Is's picture

Bennie's daughter...

A bald chick with a beard...

Wed, 02/29/2012 - 13:52 | 2208713 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

That's just Bernanke in drag.

Wed, 02/29/2012 - 14:40 | 2208986 engineertheeconomy
engineertheeconomy's picture

 Bernanke is hands down the most evil man in the history of mankind

He makes Satan look like Baby Jesus

or do just like him because he goes all the way down and swallows?

Wed, 02/29/2012 - 12:29 | 2207946 Dr. Engali
Dr. Engali's picture

Shut the fuck up Fwank

Wed, 02/29/2012 - 11:44 | 2207953 realtick
realtick's picture

Doesn't he know that it's rude to talk with jizz in your mouth?

Wed, 02/29/2012 - 11:48 | 2207970 TooRichtoCare
TooRichtoCare's picture

didn't this fucking twit barney fwank retire?

Wed, 02/29/2012 - 11:47 | 2207971 Steve Evets
Steve Evets's picture

Shut up Barney, you are utterly clueless

Wed, 02/29/2012 - 11:49 | 2207977 Negro Primero
Negro Primero's picture

RON ROCKS!!!

Wed, 02/29/2012 - 11:49 | 2207978 mc_LDN
mc_LDN's picture

Uh-oh - RON PAUL BITCHEZ!!! Gold is not money.

Wed, 02/29/2012 - 11:49 | 2207979 TooRichtoCare
TooRichtoCare's picture

oh good...now we can have some REAL commentary, instead of fucking useless ass-kissing from barney fwank about what a great job the Fed has done.  Shame on you Barney!  Take it away Ron Paul !!

Wed, 02/29/2012 - 11:49 | 2207982 In Fed We Trust
In Fed We Trust's picture

 
My 2012 Predictions:

1. Donald Trump Enters Pres. race
2. War with Iran (thanx to the NEOCONS )
3. $8 gas for the sheeple
... 4. Gold = $2900 OZ
5. Food very expensive (up 20%)
6. Jeb Bush Next President (yes Dear, I know he isn't on the ballot.
7. If Im wrong on #6, then Obama will be your next dictator.

2013 Predictions

1. Devaluation of the American dollar by 20%. (what you have in the BANK is now worth 20% less.

2. Martial Law.

3. Patrick the PAINTER arrested for terrorism. Who would of thought that WORDS could be so dangerous

Wed, 02/29/2012 - 11:49 | 2207983 AndrewJacksonsGhost
AndrewJacksonsGhost's picture

Hey CSPAN, wipe off the lens on the camera now. Ol Bawney saying everything is great nothing to see here. Just like in 2007. Yep.

Wed, 02/29/2012 - 11:50 | 2207990 paint it red ca...
paint it red call it hell's picture

I flip on the testimony and what do I find? Barney going done on Ben, time to find something else to do today.

Wed, 02/29/2012 - 14:44 | 2209010 engineertheeconomy
engineertheeconomy's picture

Ben "Ron Jeremy" Bernanke

 

Wed, 02/29/2012 - 11:50 | 2207992 digalert
digalert's picture

Ron Paul!

your policy is theft

 

Wed, 02/29/2012 - 11:50 | 2207993 mc_LDN
mc_LDN's picture

hahaha - SILVER BITCHEZ!!!

Wed, 02/29/2012 - 12:13 | 2207997 Diet Coke and F...
Diet Coke and Floozies's picture

OMG...

Wed, 02/29/2012 - 11:50 | 2207998 Dr. Engali
Dr. Engali's picture

Thank God Fwank is not talking. Go Ron Paul!

Wed, 02/29/2012 - 11:50 | 2207999 firstdivision
firstdivision's picture

Ron Paul is muddling this testimony with facts and logic.

Wed, 02/29/2012 - 11:54 | 2208017 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

And now, Maxine "Bat Shit Crazy" Waters!

Wed, 02/29/2012 - 11:51 | 2208003 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Paul is flashing silver coins at Bernanke; I am surprised Bernanke didn't recoil.

Silver is money!

Alright, Ron just solidified my vote. 

Vote Ron Paul, bitchez!

Wed, 02/29/2012 - 11:55 | 2208028 resurger
resurger's picture

+ 100000000000000000000000 

did you see how the cock sucker stammmmmmered there... OWNAGE!

Wed, 02/29/2012 - 12:04 | 2208111 francis_sawyer
francis_sawyer's picture

He should have flipped a coin over at him and watch it burn through his flesh...

Wed, 02/29/2012 - 11:54 | 2208012 Hobbleknee
Hobbleknee's picture

Oh, so gas prices cause infation.  Now I get it.

Wed, 02/29/2012 - 11:55 | 2208015 Dr. Engali
Dr. Engali's picture

Fuck watters is puking her vomit. Go back to Ron Paul.

Wed, 02/29/2012 - 11:55 | 2208023 AndrewJacksonsGhost
AndrewJacksonsGhost's picture

THANKS TEXAS!

 

Maybe she can suggest nationalizing the fed?

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