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Bernanke Testimony Before Joint Economic Committee Live Webcast: More Operation Twist Hints
Headlines from the Bernanke speech:
- BERNANKE SAYS FED READY TO ACT, REFRAINS FROM DETAILING STEPS
- BERNANKE: `FISCAL CLIFF' IN 2013 POSES A `SIGNIFICANT THREAT'
- BERNANKE SAYS U.S. BUDGET TREND `IS CLEARLY UNSUSTAINABLE'
- BERNANKE: EUROPE CRISIS IMPAIRING EXPORTS, CONSUMER CONFIDENCE
- BERNANKE SAYS EUROPE CRISIS POSES `SIGNIFICANT RISKS' TO U.S.
But the kicker, as we explained a few days ago, is the Chairman's hint that more QE would come in the form of additional Twist, not LSAP:
In addition, the Federal Reserve has been conducting a program, announced last September, to lengthen the average maturity of its securities holdings by purchasing $400 billion of longer-term Treasury securities and selling an equal amount of shorter-term Treasury securities. The Committee also continues to reinvest principal received from its holdings of agency debt and agency mortgage-backed securities (MBS) in agency MBS and to roll over its maturing Treasury holdings at auction. These policies have supported the economic recovery by putting downward pressure on longer-term interest rates, including mortgage rates, and by making broader financial conditions more accommodative. 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 a context of price stability.
Full testimony here
Finally, judging by the testimony word cloud, this is nothing but a scapegoating session: with Fiscal the most used word, it is clear what is going on: "It is all Congress' fault"
At the rate the market has soared in the past 3 days, one would think Bernanke has already formally announced QE. Instead we have had a rumor, a hint, and a headline. All of this was sufficient to push the DJIA up 500 points. Problem is there has been nothing official from the Fed. Which is why everyone will be looking for the Chairman to leak something at the 10am hearing before the Joint Economic Committee. Otherwise, if nothing comes now, and nothing comes on June 20, we may be looking at another deja vu event from 2011: namely the August 2011 market crash.
From C-Span
Federal Reserve Chairman Ben Bernanke goes before the full Joint Economic Committee for a quarterly hearing to review the economic outlook for the nation.
Committee Chairman Senator Bob Casey (D-PA) is expected to press Mr. Bernanke on possible action by the Federal Reserve to stimulate the economy in light of last week’s unemployment numbers and recent global economic uncertainty.
In an interview with C-SPAN, Joint Economic Committee member Rep. Mick Mulvaney (R-SC) said the GOP will question Chairman Bernanke on the possibility of monetary easing. He also stated his plan to speak with the Fed Chief about the negative implications of inflation.
Bernanke is expected to reiterate his call for Congress and the Administration to work on long-tern legislation to lower the deficit. He told a House panel in February that the economic recovery is "frustratingly slow" which should "prompt Congress to enact policy that will address the crisis."
The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and analyze the effectiveness of economic policy.
Live webcast below starting at 10 am
Full Bernanke speech:
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Committee Chairman: Before your opening statement we would like our Congressional barber to shave off your beard.
Bernanke: May I ask "Why"?
Committee Chairman: Transparency, Mr Bernanke. You have stated many times how you want to make the Federal Reserve more transparent. We're here to help you. Your beard can hide facial tics and twitches that are signs of hesitancy and lack of transparency.
Bernanke: Hmmm…well…I…er...
Committee Chairman: Electric shaver or straight razor, Mr. Bernanke?
Bernanke: Everything is fine. Spend Spend Spend. Plenty of jobs, economy is booming.
Congress: Thank you Mr. Chairman.
Really, a PM raid during Heli Ben's speech? Never seen that before. /sarc
this guy sounds just like the handicapers at the derby, or the guy telling you which teams will be in the superbowl, or the nba experts....and they all have 1 common feel to them.....and that is they are rarley correct.....
We're heading for a fiscal cliff AAAhhhhahHH fire up the ROFLCOPTER!!!!
Psst.... hey...ZHers.... gold and silver will rebound to post raid prices before the end of today ;)
He's a little mixed up. We went off the fiscal cliff years ago. What's coming in 2013 is THE GROUND.
Splat.
Redpill, EXACTLY!
Bernanke's in a good mood. He's blaming the politicos and he's correct. He's mocking them and looks like he's tired of taking all the heat for political folly........and no longer wants to be the dupe and answer the same kick the can questions over and over and over from the politicians that create the problems.
Bernanke did all he can with QEs and Twists and ZIRP......
Bernanke is tired of taking all of the heat from public while saving asses of Congress status quo.
MONETARY accomodation has been more than accomodative
Time for FISCAL policies to change.....Tax billionare money changers and and give it back to workers who will spend on housing, cars, travel, food, etc. to boost economy. Cut military, cut corporate subsidies, etc. Top 0.1% aren't spending their capital gains enough to boost consumption. Most American's savings rate is near ZERO....meaning they spend all they get.....not good for their retirement, but good for economy to get money flowing, create jobs, etc.
Bernanke to Congress: Get off of your high horse you idiots and give more productivity gains to average workers people to spend.
What Bernanke really said to Congress: "We need you to do something on the fiscal stimulus front before we go balls out."
Actual quote: "I'd be much more comfortable if Congress would take some of this burden from us and address those issues," Bernanke said during a question-and-answer session.
Herr Chairman is unhappy with the current crop of politicos he and his merry band of bankster-gangsters have purchased??
Boo-fucking-hoo...
Bingo!
Ditto!
i am certainly impressed with linda sanchez from cali.......fuck me...
Benny to advisor: "psst, how do I say that nothing is changing except that we aren't changing anything for a longer period of time?"
I am expecting the Chairman to tell the truth today.
Ben "The Candy Man" Bernanke will not disappoint the market. He just might not give out the sweets today.
He and his ilk have destroyed the fundamentals and consequently the technical aspects of what used to be a somewhat free market and is now just a central bank racket.
The smug little shit controls the world until the unexpected happens and a forces cataclysmic inversion of FV and PV on him.
He better disperse the candy before the face-eating zombie algos latch on to the remaining drunk+homeless retail investors... FFS Ben, the beard will only slow them down!!
Can someone, anyone group of honest Police/Military arrest this motherfucker along with 534 House members (excluding Ron Paul) plus 99 Senate members (excluding Rand Paul) plus a President/VP and attorney General.
Charge them with Treason, Crimes Against The American People, Crimes Against Humanity. Have a fair trail, convict, then execute them?
Can anyone please?
Hello? Anyone?
you mean like gabrielle giffords, lincoln, JFK, etc?
Politicians are there as a buffer between the real owners versus pawns. Morgans, Rockefellers, Rothschilds want you to shoot the puppets rather than the man behind the curtain.
Bernanke is controlled by white house. White house is controlled by multinational interests. Multinational interests are owned by wall st. Wall st's largest investors are.......top 1000 wealthiest families in the world.
The weather has once again foiled Ben's plans for economic success. Damn you weather!
ZIRP4EVA!!!
Let's Twist again, like we did last summer!
QE to infinity and beyond!
Damn, that there is funny!
That depends,are his lips moving or not.
His mouth seems to move faster than his beard. Definitely a suspicious sign.
Committee Chairman: We also need you to shave your crotch. Those trillions of times you hit CTRL-P must be compensating for something.
Comrades,
Contrary to what your instincts or intellect may tell you, bailing out banks is not a form of moral hazard or cronyism. Nor does it create an uneven playing field. Banks, dear comrades, are necessary middlemen. Much like the mosquito, tapeworm, or deer tick, they are part of the ecology of business and commerce.
banks are merely utilities. A clearing place for transactions. The fact they have become such a large part of our economy has led to destruction and chaos. Fuck You Bernanke
Every good host needs a few parasites. We're in a symbiotic relationship with our banking overlords. They get to live the "life" and we get to work for them. We should consider ourselves lucky that our parasites don't suck out every last bit of blood.
Haven't yet sucked out every last bit of blood.
FIFY
Without banks there could be no Muppets... and everyone loves Muppets!
Expecting Bernanke to say the Fed is concerned but must wait and see before taking further action...Translates to: Europe needs to burn before I hit CTRL-P.
CTRL-P pre-announcement day.
Here it is:
BERNANKE SAYS FED READY TO ACT, REFRAINS FROM DETAILING STEPS
Gold to $2000.
Or a blowtorched freefall of $20...$25.
Blowtorches work well against paper with the word "gold" printed on it. The metal, not so much.
ZIRP through 2014.
I think you have dysleksia. That should be 2140.
Ok he said at least through 2014.
Oh wait, my bad. That should be 4102.
Civilization technologically decends to 1024.
BC?
NSA interference led to a duplication in the matrix.
$30...$35...$40...
Gold smash down in progress, comrade.
Pretty great that all it took to fix the US economy was a few words out of an economics professor. Used to be you'd have to actually invest capital and make something, and then sell it, so much easier these days though. God bless the FIRE economy.
They frontran gold to create the illusion "gold knows something".
They're down to the lowest of the lowest tricks.
No more magic, no more POOF.
Game over and they know it. Discussed with a few buddies last night how the system is going to fail and we all (10 of us from different walks of life) all agreed. Everyone knows that the system is in its final stage.
BANK RUN 2012
I've noticed a few family and friends that a year ago found me to be a humourous oddball are actually frightened now by what is going on. I'd agree people are figuring out that something is not right.
China's move this morning and even the timing of the announcement reek of TOTAL DESPERATION.
Look at the BDI that's free falling again. And it's only June!
Yup, same here. Was at a party last weekend and had a conversation about the FED etc., and for the first time I was not looked at with the deer in the headlights look! Slowly, people are waking up, what that means, who the hell knows!
Al,
I'm old enough to remember a simpler time when equities were bought and sold based upon ancient metrics such as p/e ratios, PSR's, dividend yields, earnings and other microeconomic factors. Our "bible" was Graham and Dodd's Security Analysis and investment banks actually were in the business of capital formation.
I guess it's time to put myself out to pasture.
Plus 100,000 fucking up arrows. I am that old as well, but now I am terminally fucking pissed off ready to lock and load!!!
Deja vu - bullion banks clock silver 100 CentiFeRNs while CONgress **cks the ChairSatan's **ck, effectively jisming in the eye of those who trust metal over electrons, showing the muppets who's in charge. "Act surprised."
Appreciate that when the (not really) Federal (with no) Reserve creates CyberFeRNs out of thin air, it debases the currency, thereby robbing ("taxing" in govspeak) the Sheeple. No Act of CONgress.
Appreciate that when the (not really) Federal (with no) Reserve gives 16 trillion new CyberFeRNs to its bank shareholders, it is effectively doling out ("appropriating" in govspeak) four times as much as the federal gubmint does in a whole year. Again, no Act of CONgress.
Of course, the Sheeple have no representation on the board of the private, for-profit organization "taxing" them.
Is there any question about who is really in charge?
Disclosure: Long silver, gold, steel, lead & rope.
Silence! The bearded clam is about to speak!
Bernanke- You will do whatever the fuck I say you taxed slaves!!!!!!!!
fuck you bernake!
too late^?
Lets watch for signs of QE in the quavering of his voice when he says the word "monetary policy" and the shaking in his limbs when he says "recovery."
And I am shinin' down on this house once again... blink, Maestro! Obfuscate into the camera for the good of all... http://idealorder.org
Why is it that members of Congress always talk to Bernanke about CHINA'S currency manipulation but never about Bernanke's own currency manipulation?
And the fact that China holds close to $2 trillion of US debt which they would have to sell before they "strengthen" the RMB or take a big loss on the Dollars they hold.
and PM are hammered before he even opens his mouth.... How unexpected
LOL! Its as if someone had the script! /sarc
Yeah, what happened there?!?
Someone phoned Blythe over at JPM a little early.
PMs hammered, US dollar rising and stocks just float away in the ether. When the financial system is clearly broken, just buy more Amazon at 100x earnings, that will make the world right.
Also no one gives a flying monkey fuck what these politicians have to say- it’s all fucking bullshit. Listen to the wizard of Oz talk you taxed slaves. WOOOHAHAHAHAHAHA...........................................................................HA. I know I sound crazy but so is this system.
GLD and GDX getting taken out back and shot.
Retail stocks the number one leading sector on my screen right now.
Same old, same old.
ABX, BTD?....
Retail stocks are a dog most of the time and you know it. Celebrate being able to use GLD puts or shorting with margin for the few days you can. It's a short-term play that if you held longer-term would bankrupt you and you know it.
I heart Rep. Kevin Brady!
Do i smell the Liesman US "bailout the world" rancid odor?
Europe:2 times
Europe: affecting US consumer confidence? That's a fucking lie... What is affecting consumer confidence here in the states is the fucked up government we have.
Wow, thank you Kevin Brady for actually saying it clearly and directly.
"The Fed has done all it can and an additional round of QE won't stimulate the economy or create jobs."
So Mr. Fed Chairman, what is the real purpose of additional QE?
The recorvery we deserve. I'm feeling really good about the next 17 seconds....
Can SOMEONE please ask Bernanke, "How many more points does the S&P need to drop before you announce QE3?"
Imagine that little fuck squirm in his seat.
Don't be shy bernaked, show us your birinyi ruler.
PM = post mortem. Gold soon to its intrinsic value of zero. $1,100 today.
+1,100. That's how many silver ounces I'm buying tomorrow.
EDIt:
+2,200. Gold's NEXT stop.
Dumbest post today. Tell me one time in the history of man where gold was worth zero. I can name plenty of times where fiat went to zero.
probably dumbest post ever here
Gold won't blend, has no value...
Mmm mm good
http://www.youtube.com/watch?v=lAl28d6tbko
PMs up at 7am - there's the pump - and then down on Bernanke's comments. And here's the dump.
Real things are being liquidated now, because paper is so much easier to cart around and show the neighbors and there will be lots more coming, very very soon.
Can anyone lend me a truck to back up? And does anyone know a reputable vault builder? Books on canoe safety?
Benjamin is looking a little pale...don't you think? He doesn't look well.
Vampires and the Undead don't tan well...
sorry boys i need a 15% pullback before i do qe 3..10% JUST WASNT ENOUGH..
Let me summarize Bullshit-Bernanke:
Fuck savers.
Fuck the 99%.
Record bonuses for government collusion fraud faggots.
No one sees anything but growth and blue skies.
Why isn't Bernank in an orange jumpsuit with arm and leg shackles?
Because he works for a super PAC -- Fraud Inc.
There are no laws/rules enforced with the honorable, therein.
Execute this asshole
All i'm hearing is everything is getting better! I dont see how he can cap this speech off with a hint for any QE?!
In the current little Gold mini-cycle the pop came unmistakeably from London and the current smackdown is in New York. I hate conspiracy theories because they seldom help me make money but there is something really odd about gold at the moment. From a straight technical p.o.v. if it closes below $1600 on Friday it should breach $1500 quite soon... but if the market really is being manipulated then the manipulators will struggle to get it below $1525. Even in a manipulated market the pressure of natural buyers and sellers carries the greatest weight if you push the price too far from where the majority thinks it ought to be.
it doesn't have to be a central bank....maybe a bank with huge trading position...
All I know is I'm gonna miss these blue light specials when they're gone.
Long live the K-mart!
Mahkit not lovin' Bernanke so far.
I think the market things Obama is speaking right now.
I would just like to hear SOMEONE call him a "Fucking Dichead". That would make it all worthwhile.
I'd settle to see Kevin Brady throw his shoe at Bernanke's head.
Bernanke: The Federal Reserve stands ready to act if economic conditions weaken.
TRANSLATION:
Things ain't bad enuf yet. S&P too high.
Judging by the reaction in gold, Bernanke plans to have the Fed print up millions of tonnes of gold, which will then be disbursed to deserving recipients.
Bernanke: Fed will review holdings and adjust accordingly to accomodate.
TRANSLATION:
Operation Twist for a few more months. No mo LSAP yet.
I guess I was wrong, we won't be seeing 1340 before the break, lower highs going back to lower lows. Strap on
So tired of all of this. Just so tired.
I think that's part of their objective. Grind the bears into submission.
Ok well he's past the importatn parts.
summary keep rates the same through late 2014
mentioned twist, didnt say much about extending
Dont see any QE mentioned besides saying they will be watching.
Bernanke testimony before joint economic committee: "Hold the pickles, hold the lettuce, special orders don't upset us, all we ask is that you let us serve it your way."
Whos the brat behind Casey?
PM's - BTFD!
Here we go .......
Answer the fucking question .
Bernake asked point blank is QE3 coming - answer I dont know yet. Rally off!
OMFG - he's using the weather excuse for structural unemployment.
Improve employment using more debt, currency swaps to Europe, and ZIRP?
What a fucking JOKE.
June 16th.
Greece votes to end the charade.
May the bankers have mercy on their souls.
Debt securities.....what a fucking oxymoron.
I disagree. As long as there are debt slaves who would be nothing more than debt slaves, there is debt security. They will be slaves and contribute slave labor until their dying day.
Bernanke says, "what's QE? Oh you mean am I going to print a shitload of money and destroy the world economy and start wars? Probably later, yeah." What a dickhead.
At least Greenspan could play a clarinet.
It is comical (and fully predictable) that members of Congress want to know exactly what The Bernanke plans to announce. Gee, do you think the corporate whoremongers who OWN Congress want a hint at what is coming so they can frontrun it?
What a crock of shite.
Get used to one thing American Slaves: Eurpoe and France will retire at 60 and you will work until 80 or death, whichever comes first. Uncle Ben has favorites and you are not one of them.
Take it off! Take it off!
Just another day in Fucksville DC
Yes please, take QE3 off the table, as well as funding European banks and artifically floating the markets for the sake of the vampire squid on Wall Street that have DECIMATED main street!
It would have been a shocker if he agreed to say that. Being "vague" is part of the job.
Get him to say no QE, even in the face of legislative inaction? Yeah, he'll go for that. (rolling eyes)
He didn't say anything new and stated again he sees positive signs in US economy, bad for gold.
It's obvious he wants to postpone QE as long as possible.
Will Bumble Bernanke insist?
You’ve had quite enough of my Twist
“Please Sir,” they implore
“We want some more.”
But they’re already thoroughly pissed.
Committee Chairman: Are you going to buy us dinner first?
Bernak: Huh?
Committee Chairman: Are you going to buy us dinner first, before you f*ck us in the ass?
Sanchez...
Useless idiot...
This lady is a complete idiot.
Just lobbing Bernank an easy softball.
Is Greece like the U.S.?
The "Recovery" continues.
God Bless us All.
How in the fuck are these idiots in charge of our country?
A lot of people are on drugs and are products of public education, er indoctrination.
IF you are one of the people who voted for Linda Sanchez... please know that I "fart in your general direction".
And I'll be the guy next to sdmjake with the lighter.
Sanchez "are we likely to become like Grease?"
Ben "No but your hair is!"
Ben asked that only the dumbfucks ask questions. oh shit that's all of them.
Hey NSA dickwads, record this: FUCK BERNANKE and his asshole cronies!
Sanchez is a moron. It is frightening that she is on the economic committee.
It's frightening any of these clowns are on the economic committee. Every time I hear "What should we be doing?" I think you stupid fuck if you don't know you don't belong there.
Ok, so the Chairsatan is now referred to as the "Chairman"?
Seeing too many things like this latey... something's up at ZH?
They should at least serve some caviar on toast points, I mean they must all be famished with all this work they're doing. After lunch maybe thay can all go outside and the people can swing them on a rope attached to their necks.
Holy crap i just saw a glitch in the matrix on bernanke answering QE3
Is it true then, is his real appearance Reptoidal?
Seriously, there were 2 seconds rewound there. I'm guesing this is not a "live" hearing. Probably a broadcast delay but i'll let you consipiracy nuts tear into this.
Ben we are paying 1.5% for ten year money because we have the luxury of the reserve currency and you can print at will...a luxury we won't have forever.
Has everyone thanked everyone enough? Let me add a few thank you's, thank you thank you thank you for attending you cocksucker. Thank you so much for not answering my questions that are stupid anyway you assclown. Thank you so much for no jerking off while we're all in session you prick. There that should relax every one. After all they're all comrades in crime.
show me the bounce at $1600. show me the bounce.
If Gold loses $1600 its going to get uglier than a Master P sneaker...
trapeze net at $1600, it can break and snap back up.
looks like the trapeze artist is a little bit fatter then I calculated!! ahahahaa $1525 then.
junkin fuckers, btfd!!!
Take it off now and bring QE back to the table in September seems like something they would do to help the elections. Looks like something good/bad is right around the corner.
I think he says uh a lot on purpose
Question: How can we minimize the effect of europe on the US economy?
Bernanke: cksdneidhdkhjchxkchcxlxihxkjcvlkajhd kdjhakjdsf aldf aa;sdkhf a;a,
(translation)
We can clarify our fiscal situation by shifting the mass of toxic european debt onto the backs of the American Taxpayer.