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Live Webcast Of Ben Bernanke Testimony

Tyler Durden's picture




 

Ben Bernanke will deliver the semiannual report on monetary policy to the Senate Banking Committee Tuesday. The market is hoping and praying that the Chairsatan will make it rain. He won't. In fact, as explained earlier, it is likely that Ben will say absolutely nothing of significance today and in a world in which only the H.4.1 matters, this is not going to be taken well by the market. Of course, if Benny does crack and promises to push the S&P to 1450 just in time for the re-election, all bets are off.

The headlines:

  • BERNANKE REPEATS FED PREPARED TO ACT, DECLINES TO SPECIFY STEPS
  • BERNANKE PREDICTS `FRUSTRATINGLY SLOW' PROGRESS ON JOBLESSNESS
  • BERNANKE REITERATES FOMC PREPARED TO EASE FURTHER IF NECESSARY
  • BERNANKE REITERATES RATES LIKELY TO STAY LOW THROUGH LATE 2014
  • BERNANKE SEES `MODEST SIGNS OF IMPROVEMENT IN HOUSING'
  • BERNANKE SAYS MANUFACTURING `HAS SLOWED IN RECENT MONTHS'

From the committee:

Panel 1

The Honorable Ben S. Bernanke
Chairman
Board of Governors of the Federal Reserve System

As a reminder, earlier this year in March, Chairman Bernanke's testimony indicated that recent signs of strength in the U.S. economy have not changed the Fed’s view that “exceptionally low” interest rates are likely to be warranted at least to the end of 2014.  But he also refrained from saying that additional policy easing is under consideration. The Federal Reserve reports to the Senate Banking Committee and the House Financial Services Committee twice a year on the conduct of monetary policy and the state of the U.S. economy.  On Wednesday, the Chairman will give his semiannual report to a House committee.

Full prepared testimony:

Chairman Ben S. Bernanke
Semiannual Monetary Policy Report to the Congress
Before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, Washington, D.C.
July 17, 2012

Chairman Johnson, Ranking Member Shelby, 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 before turning to monetary policy.

The Economic Outlook

The U.S. economy has continued to recover, but economic activity appears to have decelerated somewhat during the first half of this year. After rising at an annual rate of 2-1/2 percent in the second half of 2011, real gross domestic product (GDP) increased at a 2 percent pace in the first quarter of 2012, and available indicators point to a still-smaller gain in the second quarter.

Conditions in the labor market improved during the latter part of 2011 and early this year, with the unemployment rate falling about a percentage point over that period. However, after running at nearly 200,000 per month during the fourth and first quarters, the average increase in payroll employment shrank to 75,000 per month during the second quarter. Issues related to seasonal adjustment and the unusually warm weather this past winter can account for a part, but only a part, of this loss of momentum in job creation. At the same time, the jobless rate has recently leveled out at just over 8 percent.

Household spending has continued to advance, but recent data indicate a somewhat slower rate of growth in the second quarter. Although declines in energy prices are now providing some support to consumers' purchasing power, households remain concerned about their employment and income prospects and their overall level of confidence remains relatively low.

We have seen modest signs of improvement in housing. In part because of historically low mortgage rates, both new and existing home sales have been gradually trending upward since last summer, and some measures of house prices have turned up in recent months. Construction has increased, especially in the multifamily sector. Still, a number of factors continue to impede progress in the housing market. On the demand side, many would-be buyers are deterred by worries about their own finances or about the economy more generally. Other prospective homebuyers cannot obtain mortgages due to tight lending standards, impaired creditworthiness, or because their current mortgages are underwater--that is, they owe more than their homes are worth. On the supply side, the large number of vacant homes, boosted by the ongoing inflow of foreclosed properties, continues to divert demand from new construction.

After posting strong gains over the second half of 2011 and into the first quarter of 2012, manufacturing production has slowed in recent months. Similarly, the rise in real business spending on equipment and software appears to have decelerated from the double-digit pace seen over the second half of 2011 to a more moderate rate of growth over the first part of this year. Forward-looking indicators of investment demand--such as surveys of business conditions and capital spending plans--suggest further weakness ahead. In part, slowing growth in production and capital investment appears to reflect economic stresses in Europe, which, together with some cooling in the economies of other trading partners, is restraining the demand for U.S. exports.

At the time of the June meeting of the Federal Open Market Committee (FOMC), my colleagues and I projected that, under the assumption of appropriate monetary policy, economic growth will likely continue at a moderate pace over coming quarters and then pick up very gradually. Specifically, our projections for growth in real GDP prepared for the meeting had a central tendency of 1.9 to 2.4 percent for this year and 2.2 to 2.8 percent for 2013.1 These forecasts are lower than those we made in January, reflecting the generally disappointing tone of the recent incoming data.2 In addition, financial strains associated with the crisis in Europe have increased since earlier in the year, which--as I already noted--are weighing on both global and domestic economic activity. The recovery in the United States continues to be held back by a number of other headwinds, including still-tight borrowing conditions for some businesses and households, and--as I will discuss in more detail shortly--the restraining effects of fiscal policy and fiscal uncertainty. Moreover, although the housing market has shown improvement, the contribution of this sector to the recovery is less than has been typical of previous recoveries. These headwinds should fade over time, allowing the economy to grow somewhat more rapidly and the unemployment rate to decline toward a more normal level. However, given that growth is projected to be not much above the rate needed to absorb new entrants to the labor force, the reduction in the unemployment rate seems likely to be frustratingly slow. Indeed, the central tendency of participants' forecasts now has the unemployment rate at 7 percent or higher at the end of 2014.

The Committee made comparatively small changes in June to its projections for inflation. Over the first three months of 2012, the price index for personal consumption expenditures (PCE) rose about 3-1/2 percent at an annual rate, boosted by a large increase in retail energy prices that in turn reflected the higher cost of crude oil. However, the sharp drop in crude oil prices in the past few months has brought inflation down. In all, the PCE price index rose at an annual rate of 1-1/2 percent over the first five months of this year, compared with a 2-1/2 percent rise over 2011 as a whole. The central tendency of the Committee's projections is that inflation will be 1.2 to 1.7 percent this year, and at or below the 2 percent level that the Committee judges to be consistent with its statutory mandate in 2013 and 2014.

Risks to the Outlook

Participants at the June FOMC meeting indicated that they see a higher degree of uncertainty about their forecasts than normal and that the risks to economic growth have increased. I would like to highlight two main sources of risk: The first is the euro-area fiscal and banking crisis; the second is the U.S. fiscal situation.

Earlier this year, financial strains in the euro area moderated in response to a number of constructive steps by the European authorities, including the provision of three-year bank financing by the European Central Bank. However, tensions in euro-area financial markets intensified again more recently, reflecting political uncertainties in Greece and news of losses at Spanish banks, which in turn raised questions about Spain's fiscal position and the resilience of the euro-area banking system more broadly. Euro-area authorities have responded by announcing a number of measures, including funding for the recapitalization of Spain's troubled banks, greater flexibility in the use of the European financial backstops (including, potentially, the flexibility to recapitalize banks directly rather than through loans to sovereigns), and movement toward unified supervision of euro-area banks. Even with these announcements, however, Europe's financial markets and economy remain under significant stress, with spillover effects on financial and economic conditions in the rest of the world, including the United States. Moreover, the possibility that the situation in Europe will worsen further remains a significant risk to the outlook.

The Federal Reserve remains in close communication with our European counterparts. Although the politics are complex, we believe that the European authorities have both strong incentives and sufficient resources to resolve the crisis. At the same time, we have been focusing on improving the resilience of our financial system to severe shocks, including those that might emanate from Europe. The capital and liquidity positions of U.S. banking institutions have improved substantially in recent years, and we have been working with U.S. financial firms to ensure they are taking steps to manage the risks associated with their exposures to Europe. That said, European developments that resulted in a significant disruption in global financial markets would inevitably pose significant challenges for our financial system and our economy.

The second important risk to our recovery, as I mentioned, is the domestic fiscal situation. As is well known, U.S. fiscal policies are on an unsustainable path, and the development of a credible medium-term plan for controlling deficits should be a high priority. At the same time, fiscal decisions should take into account the fragility of the recovery. That recovery could be endangered by the confluence of tax increases and spending reductions that will take effect early next year if no legislative action is taken. The Congressional Budget Office has estimated that, if the full range of tax increases and spending cuts were allowed to take effect--a scenario widely referred to as the fiscal cliff--a shallow recession would occur early next year and about 1-1/4 million fewer jobs would be created in 2013.3 These estimates do not incorporate the additional negative effects likely to result from public uncertainty about how these matters will be resolved. As you recall, market volatility spiked and confidence fell last summer, in part as a result of the protracted debate about the necessary increase in the debt ceiling. Similar effects could ensue as the debt ceiling and other difficult fiscal issues come into clearer view toward the end of this year.

The most effective way that the Congress could help to support the economy right now would be to work to address the nation's fiscal challenges in a way that takes into account both the need for long-run sustainability and the fragility of the recovery. Doing so earlier rather than later would help reduce uncertainty and boost household and business confidence.

Monetary Policy

In view of the weaker economic outlook, subdued projected path for inflation, and significant downside risks to economic growth, the FOMC decided to ease monetary policy at its June meeting by continuing its maturity extension program (or MEP) through the end of this year. The MEP combines sales of short-term Treasury securities with an equivalent amount of purchases of longer-term Treasury securities. As a result, it decreases the supply of longer-term Treasury securities available to the public, putting upward pressure on the prices of those securities and downward pressure on their yields, without affecting the overall size of the Federal Reserve's balance sheet. By removing additional longer-term Treasury securities from the market, the Fed's asset purchases also induce private investors to acquire other longer-term assets, such as corporate bonds and mortgage backed-securities, helping to raise their prices and lower their yields and thereby making broader financial conditions more accommodative.

Economic growth is also being supported by the exceptionally low level of the target range for the federal funds rate of 0 to 1/4 percent and the Committee's forward guidance regarding the anticipated path of the funds rate. As I reported in my February testimony, the FOMC extended its forward guidance at its January meeting, noting that it expects that economic conditions--including low rates of resource utilization and a subdued outlook for inflation over the medium run--are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014. The Committee has maintained this conditional forward guidance at its subsequent meetings. Reflecting its concerns about the slow pace of progress in reducing unemployment and the downside risks to the economic outlook, the Committee made clear at its June meeting that it is prepared to take further action as appropriate to promote a stronger economic recovery and sustained improvement in labor market conditions in a context of price stability.

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

 

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Tue, 07/17/2012 - 10:01 | 2623981 doomandbloom
doomandbloom's picture

Let the drinking games begin....

Tue, 07/17/2012 - 10:03 | 2623989 bigdumbnugly
bigdumbnugly's picture

a shot for each "however"?

Tue, 07/17/2012 - 10:09 | 2624023 ZippyBananaPants
ZippyBananaPants's picture

Can this clown read better than a 3rd grader? 

 

Com' on man.  

 

What a bunch of idiots

Tue, 07/17/2012 - 10:15 | 2624042 BLOTTO
BLOTTO's picture

 'Ben Shalom Bernanke' = 'He Bankers Nobleman' (anagram)

or

 'Nobleman Banks Here'

Not for us 'commoners' - but 'noblemen'

Tue, 07/17/2012 - 10:19 | 2624052 Badabing
Badabing's picture

Ben Bernanke live? aren't vampires dead?

Tue, 07/17/2012 - 10:20 | 2624066 Shocker
Shocker's picture

Waiting to see the new report on the current unemployment. At this time with all the bailouts/stimulus we were told we should be about 6% or less.

Unemployement still an issue and hasn't changed for several years.

Layoffs/Closing List below

http://www.dailyjobcuts.com

.

Tue, 07/17/2012 - 10:32 | 2624120 francis_sawyer
francis_sawyer's picture

How come there are water bottles on the desk? I thought he only drank Kool-Aid... (well ~ come to think of it, the water bottles do appear toi be full)...

Tue, 07/17/2012 - 10:36 | 2624135 Precious
Precious's picture

My fucking lie detector is OFF THE CHARTS.

Tue, 07/17/2012 - 10:45 | 2624176 Popo
Popo's picture

" The market is hoping and praying that the Chairsatan will make it rain. He won't. In fact, as explained earlier, it is likely that Ben will say absolutely nothing of significance today"

"Of course, if Benny does crack and promises to push the S&P to 1450 just in time for the re-election, all bets are off."

Oh come on. It's definitely not up. But if it is up, then it's up. LOL. Was this post written by Phoenix Capital?

Tue, 07/17/2012 - 10:55 | 2624217 Money 4 Nothing
Money 4 Nothing's picture

He said the only thing he can do now is buy Treasuries and distressed Morgage paper, end of story, next Zero Hedge topic please. Bottom line is were hung out to dry because QE anything was a failure, as expected.

Tue, 07/17/2012 - 11:06 | 2624286 Precious
Precious's picture

Bernanke's stutter is protractedly worse when he is talking to Republicans compared to Democrats.   Why the difference, if the Fed is not political BEN ?

Tue, 07/17/2012 - 11:35 | 2624427 bernorange
bernorange's picture

I was listening a while ago when a Senator asked him what tools were still available to the Fed.  The Bernank listed 3 tools the Fed has discussed using: buying Treasuries/MBS, adjusting rates / discount window, and adjusting IOER.

www.pmbug.com

Tue, 07/17/2012 - 12:22 | 2624599 Benjamin Glutton
Benjamin Glutton's picture

WOW!!! The Bernanke said municipalities should have known Banksters were manipulating LIBOR because of rumors in the press and because they are sophisticated investors.

 

after all that is how HE found out....hilarious!!!

Tue, 07/17/2012 - 13:40 | 2624933 Citxmech
Citxmech's picture

Did that asshat actually say that the "LIeBOR manipulation wasn't for profit?"

I saw that roll across the screen on Bloomberg and almost spit my coffee up.

Tue, 07/17/2012 - 10:38 | 2624146 Money 4 Nothing
Money 4 Nothing's picture

Lemon flavor was served today, just transparent like this Administration. 

Tue, 07/17/2012 - 10:32 | 2624123 ACP
ACP's picture

Madman Bernanke mentioned WSJ and FT articles. Why didn't he mention any ZH articles?

Tue, 07/17/2012 - 10:41 | 2624137 Hard1
Hard1's picture

From the Senate Banking Committee I only trust MR CRAP-O to tell the truth

Tue, 07/17/2012 - 10:35 | 2624129 Precious
Precious's picture

When Bernanke opens his mouth, you now know the sound of a BFAL --- Big Fucking Audacious Lie. 

Tue, 07/17/2012 - 10:40 | 2624157 ACP
ACP's picture

Sounds like a Belgian arms company.

Tue, 07/17/2012 - 10:27 | 2624101 Oldballplayer
Oldballplayer's picture

Give him a break, its the first time he's seen it too....You think the big boys let him see this shit beforehand?

Tue, 07/17/2012 - 10:38 | 2624144 Precious
Precious's picture

Really?  Then why do the congress people read their questions, and Bernanke reads his answers?  Cunts.

Tue, 07/17/2012 - 10:34 | 2624127 Kaiser Sousa
Kaiser Sousa's picture

BULLSHIT, BULLSHIT, BULLSHIT, BULLSHIT, BULLSHIT BULLSHIT, BULLSHIT, BULLSHIT, BULLSHIT, BULLSHIT!!!!!!!!!!!!!!!!!!!!!!!!!

Tue, 07/17/2012 - 10:41 | 2624161 ACP
ACP's picture

I'd like to see that in a word cloud.

Tue, 07/17/2012 - 10:03 | 2623992 Diet Coke and F...
Diet Coke and Floozies's picture

Cool, what are we taking a shot on?

Tue, 07/17/2012 - 10:04 | 2623995 FL_Conservative
FL_Conservative's picture

Fucking idiot.....at least he pushed the EUR/USD off the cliff it was on.

Tue, 07/17/2012 - 10:08 | 2624014 bigdumbnugly
bigdumbnugly's picture

this guy johnson sounds like a real genius

he gives me hope

 

Tue, 07/17/2012 - 10:17 | 2624048 Hippocratic Oaf
Hippocratic Oaf's picture

............now all you need is change.

Tue, 07/17/2012 - 10:32 | 2624118 Hard1
Hard1's picture

Apparently 2nd grade reading skills are not a requirement for becoming a US senator, right Mr Johnson?

Tue, 07/17/2012 - 10:39 | 2624152 Randall Cabot
Randall Cabot's picture

Only requirement is being an AIPAC/ADL puppet.

Tue, 07/17/2012 - 11:14 | 2624332 Overfed
Tue, 07/17/2012 - 10:46 | 2624177 Randall Cabot
Randall Cabot's picture

BERNANKE REITERATES FOMC PREPARED TO EASE FURTHER IF NECESSARY

That might be tomorrow at 10am.

Tue, 07/17/2012 - 10:52 | 2624210 FL_Conservative
FL_Conservative's picture

There will be NO QE until the fan is coated with shit.  S&P 1350 doesn't qualify.  Neither does 1250....or 1200.  I've already placed my (significant) bet on that.

Tue, 07/17/2012 - 10:58 | 2624233 Randall Cabot
Randall Cabot's picture

I basically agree but we've seen these assholes make abrupt 180s when under pressure.

Tue, 07/17/2012 - 11:25 | 2624373 SWCroaker
SWCroaker's picture

Theory: The QE that has *already* taken place has no good "home" to run to.  It is currently sloshing about in our markets, affectionately known as *hot money*.  It wants to win, is terrified of being short, and is effectively holding the steaming thing up at the level it's at.

Ben doesn't need to put more money in to float the market; the stuff he did in the past hasn't yet been siphoned out via bonuses, commissions, and outright losses.  When the hot money panics and runs en masse to some non-market haven, *then* the bazooka gets reloaded.

Tue, 07/17/2012 - 10:04 | 2623996 YesWeKahn
YesWeKahn's picture

Fuck you  Bernanke the market manipulator, the fake money maker and cock sucker son of bitch.

Tue, 07/17/2012 - 10:06 | 2624000 asteroids
asteroids's picture

"The floggings will continue until moral improves"  or... "The FED will print until the economy improves" The FED is truly moronic if they believe this.

Tue, 07/17/2012 - 10:09 | 2624021 FlyoverCountryS...
FlyoverCountrySchmuck's picture

And no mention of the coming Obama/Democrat TAXMEGEDDON...

Gee, I wonder why?

Tue, 07/17/2012 - 10:06 | 2624003 mr1963
mr1963's picture

Obama's given a back door stimulus anyway by fiat, opening welfare to all takers -- you don't even have to be looking for work now, come in apply and you'll get it...

Tue, 07/17/2012 - 10:35 | 2624131 Money 4 Nothing
Money 4 Nothing's picture

Obama's day's of back door stimulus stopped when he left Chicago. I *could be wrong though?

Tue, 07/17/2012 - 10:06 | 2624004 LawsofPhysics
LawsofPhysics's picture

The Fed is out of amunition.  Anything they do now will only insure their end.  If I were them, I would shut the fuck up and simply collect the interest that I still can.  Maybe do a few humanitarian things for good PR, but that is about it.  I would also activite the self destruct sequence on all my operatives so they can't spill their guts.  The new age of "robber barrons" is upon us, hedge accordingly. 

Tue, 07/17/2012 - 10:14 | 2624038 FlyoverCountryS...
FlyoverCountrySchmuck's picture

The ONLY thing that matters is propping up the economy through election day.

After that, it can go to hell, so that the Radical Academic Obama Socialists can rebuild it in to the Leninist Socialist Utopia they have long envisioned.

Tue, 07/17/2012 - 10:21 | 2624068 Hippocratic Oaf
Hippocratic Oaf's picture

Agree. I said a long time ago the shit wouldn't hit the fan until after the election. Then one of two things will happen: Obama won't give a flying fuck what happens if re-elected and economy and nation will go down the toilet or the blame will be put on the new president (Romney). 

Either way, cue the toilet.

Tue, 07/17/2012 - 11:33 | 2624414 Lucky Guesst
Lucky Guesst's picture

Obama 2.0 is going to be way worse than the current bummer. We ain't seen shit yet.

Tue, 07/17/2012 - 11:15 | 2624292 LawsofPhysics
LawsofPhysics's picture

You stupid fucking sheep. Keep believing that left/right bullshit, all the while being raped by the fascists you keep electing.  Would these be the same "socialists" that bailout private companies with taxpayer dollars? Fucking moron.

Tue, 07/17/2012 - 11:27 | 2624387 RSloane
RSloane's picture

You'll live a lot longer if you stop letting stupidity anger you.

Tue, 07/17/2012 - 12:28 | 2624618 LawsofPhysics
LawsofPhysics's picture

I live just fine, see my post below.  I can see from the vote that the divide and conquer plan is working perfectly.  The banks and financial houses thank you.

Tue, 07/17/2012 - 12:11 | 2624568 TWSceptic
TWSceptic's picture

No he's right, the message is just not complete that is all. Romney is the lesser of two evils, not voting for him may be the really evil thing to do though.

Tue, 07/17/2012 - 12:38 | 2624614 LawsofPhysics
LawsofPhysics's picture

LMFAO!  Romney is the same evil, voting for him will change nothing.  I'll write in Ron Paul, sleep well, and continue to acquire physical assets of real value and like minded, well-armed neighbors, thank you very much.

Tue, 07/17/2012 - 13:20 | 2624834 TWSceptic
TWSceptic's picture

Same evil? Then you haven't been paying attention, at least acknowledge it's a different kind of evil. Obviously Obama is a big government communist while Romney is a big government capitalist. At least know your definitions when you talk about this stuff.

 

Fine waste your vote, indirectly vote for Obama.

Tue, 07/17/2012 - 13:37 | 2624920 Citxmech
Citxmech's picture

So which color dick tastes better: Red or Blue?

Is one objectively better stuffed up your asshole, or is it all a matter of personal taste?

Inquiring rape victims want to know.

Tue, 07/17/2012 - 10:06 | 2624005 strongband
strongband's picture

this is about as live as ... well, something that isn't live.

Tue, 07/17/2012 - 10:07 | 2624007 Money 4 Nothing
Money 4 Nothing's picture

Ta ta ta - day Mr. Johnson! Stammerin, illiterate f__k.

Tue, 07/17/2012 - 10:07 | 2624008 DougM
DougM's picture

The Ben Bernank

Tue, 07/17/2012 - 10:07 | 2624010 razorthin
razorthin's picture

No matter what, SPX cannot go higher than 1400.  It is written in the charts.

Tue, 07/17/2012 - 10:08 | 2624011 Spastica Rex
Spastica Rex's picture

The guy currently speaking can hardly even read.

Tue, 07/17/2012 - 10:09 | 2624019 Diet Coke and F...
Diet Coke and Floozies's picture

I'm glad I'm not the only one to have noticed...

Tue, 07/17/2012 - 10:08 | 2624017 Bastiat009
Bastiat009's picture

US$ up, gold down ... before the testimony starts.

Tue, 07/17/2012 - 10:29 | 2624110 Money 4 Nothing
Money 4 Nothing's picture

And will continue. No QE means get liquid, end of story.

Tue, 07/17/2012 - 12:37 | 2624659 fuu
fuu's picture

You posted too soon, all green now. See you next red day.

Tue, 07/17/2012 - 12:52 | 2624708 Money 4 Nothing
Money 4 Nothing's picture

You mean 2:40 PM.

Tue, 07/17/2012 - 14:34 | 2625126 fuu
fuu's picture

Bastiat009 is now free to post around the forums.

Tue, 07/17/2012 - 10:09 | 2624020 RobotTrader
RobotTrader's picture

Bernanke "jawboning" again, commodities selling off as the Algo/Igor/Robo computers are pre-programmed to sell en masse.

 

Once again, Bernanke moves the meatball in the other direction and the pack of greyhounds change directions instantaneously.

Tue, 07/17/2012 - 11:19 | 2624349 MillionDollarBogus_
MillionDollarBogus_'s picture

Robo.

What's up, old buddy...??

Back on the meds..??

Tue, 07/17/2012 - 10:11 | 2624026 Inthemix96
Inthemix96's picture

Here benny boy.

Inthemix96, everyone he knows including his kids, his wife, his mother and father, his friends and brothers, and sisters of the whole fucking world say just do one thing you slimy little fucking shit hawk of a thief.

Fuck off and die you little cunt of whore.

And thats asking you nicely you knee high cock sucking faggot of a bastard.  Cunt.

Tue, 07/17/2012 - 10:16 | 2624044 LULZBank
LULZBank's picture

Dont be polite or hold back.

Tell us how you really feel?

Tue, 07/17/2012 - 10:25 | 2624093 Inthemix96
Inthemix96's picture

Here lulz,

I am only really talking to benny as I would anyone else in the street mate, especially some cunt I would like to stick a nice fucking claw hammer through their head type of way though.

Happy fucking days, when will this shit storm end mate, I really have had enough.......

Tue, 07/17/2012 - 10:38 | 2624143 Kaiser Sousa
Kaiser Sousa's picture

AGENT 96 that's just downright rude...
giggle, giggle.....

Tue, 07/17/2012 - 10:52 | 2624211 justinius1969
justinius1969's picture

I REALLY ENJOYED YOUR COMMENT ON THE OTHER STORY... THIS IS EVEN BETTER..

 

Tue, 07/17/2012 - 11:00 | 2624253 Inthemix96
Inthemix96's picture

just1969,

Thankyou, I get plenty of practise, I write bambams script, can you imagine how ba it really is now then?

hehehehehehe (joking of course)................(or am I)??????...................

Tue, 07/17/2012 - 10:11 | 2624028 RobotTrader
RobotTrader's picture

Gold and silver look like they are going to break support.

 

TPTB is now salivating, since a technical failure is so close, they can taste victory and smell the fear of the PM investors who are on the verge of throwing in the towel after buying so many dips the last 6 months.

Tue, 07/17/2012 - 10:17 | 2624046 bnbdnb
bnbdnb's picture

You just don't get it. PM bugs just see sales.

Tue, 07/17/2012 - 10:25 | 2624095 youngman
youngman's picture

Any time this guy speaks..I buy more...the endgame is the same no matter what he says....what can he do other than print...print print print....it will happen..probably overnight

Tue, 07/17/2012 - 10:52 | 2624199 Money 4 Nothing
Money 4 Nothing's picture

*If... PM buyers knew the real end game, they would cash it all in and throw a month long block party! Wall Street style!

 

Line dancing (aka brain darts) with Hookers not withstanding.

Tue, 07/17/2012 - 10:21 | 2624071 LoneStarHog
LoneStarHog's picture

Why don't you analyze the COMEX Open Interest to see how full of SHIT you are.

Tue, 07/17/2012 - 10:23 | 2624082 Temporalist
Temporalist's picture

Why don't you all leave RobotTrader alone?  Sucking off bums in back alleys for a swig of wine and getting home before momma beats you would make you bitter too.

Tue, 07/17/2012 - 11:38 | 2624426 francis_sawyer
francis_sawyer's picture

You know Robo... You really are a fucking dumb ass...

The commodities you speak of, traded in those markets, are all just a paper game like everything else... So the fuck what if "they" push it off a cliff... It would just be another reason for paper pushers ro all then 'push the meatball' to the other side...

Do you REALLY thing Au & Ag are going to totally collapse (even 'paper wise')?... There are a people on the other side of the planet who are not tied into dollar hedgemony that are just salivating for that to happen & say "go ahead, make my day"...

Actually ~ I don't think you're idiot enough NOT to know it, but what pisses me off is just the idiotic & useless trolling...

Tue, 07/17/2012 - 10:13 | 2624033 Milton Waddams
Milton Waddams's picture

The Bernank must be so bored listening to the clowns make their political talking points, veiled as questions.

Tue, 07/17/2012 - 11:46 | 2624480 Sofa King Confused
Sofa King Confused's picture

The thing that gets me is they keep asking Bernanke, how can we do this, or how should we regulate that.  Congress makes the rules.  They can vote at anytime to break up the TBTF banks or even vote to end the FED.  This is nothing more than a show for the public who are starting to wake up to their financial slavery.

Tue, 07/17/2012 - 10:14 | 2624035 Euro Monster
Euro Monster's picture

I will add something constructive... FUCK YOU BEN!

Tue, 07/17/2012 - 10:18 | 2624053 Piranha
Piranha's picture

Continuing high unemployment - the fault of warm weather - nice one

Tue, 07/17/2012 - 10:18 | 2624054 CvlDobd
CvlDobd's picture

I feel like I'm really expressing myself well on the twitter pomolist today. Bernanke speeches are brain food.

Tue, 07/17/2012 - 10:19 | 2624057 Blankenstein
Blankenstein's picture

This dumb ass is clueless about the housing market.  

Tue, 07/17/2012 - 10:23 | 2624079 LULZBank
LULZBank's picture

But dont worry. He will fix it.

Tue, 07/17/2012 - 10:19 | 2624060 the not so migh...
the not so mighty maximiza's picture

Hey he drives a Chrysler(Aka Fiat) , he not all bad

Tue, 07/17/2012 - 10:25 | 2624091 Spastica Rex
Spastica Rex's picture

Viva Italia!

Italians make the best cars. A Chrysler is very much like a Ferrari.

Tue, 07/17/2012 - 10:42 | 2624163 pods
pods's picture

I remember those old K cars.  Accelerated like a Testarossa.

Snap your neck in one of those things!

pods

Tue, 07/17/2012 - 10:19 | 2624061 DavidC
DavidC's picture

Oops, his voice is beginning to tremble already!

DavidC

Tue, 07/17/2012 - 10:22 | 2624073 LULZBank
LULZBank's picture

Thats so true. His voice is always trembling when he speaks, atleast the times I've heard him speak.

Thought thats how he speaks.. the cocksuker.

Tue, 07/17/2012 - 10:22 | 2624069 Nonexistent Uni...
Nonexistent Uninvented God's picture

Once the "economic headwinds" disappear everything will be all hunky-dory huh Bernanke? Wow screw economics thats ECONOMAGIC!

Tue, 07/17/2012 - 10:22 | 2624077 Atomizer
Atomizer's picture

Let's play a game called, Uncle Ben's Buzzword Bingo. Shall we?

/sarc

Tue, 07/17/2012 - 10:43 | 2624170 pods
pods's picture

Fundamentally, the fundamentals are sound.

pods

Tue, 07/17/2012 - 10:26 | 2624097 eclectic syncretist
eclectic syncretist's picture

The key statement: The most effective way that the Congress could help to support the economy right now would be to work to address the nation's fiscal challenges in a way that takes into account both the need for long-run sustainability and the fragility of the recovery.

In other words, the best idea he has in all this impressive and erudite vergiage is just to kick the can down the road again.

Tue, 07/17/2012 - 10:28 | 2624106 flacon
flacon's picture

Did the lights just go out?

 

Tue, 07/17/2012 - 10:30 | 2624108 Vagabond
Vagabond's picture

Is Tim Johnson partially retarded?  How did that half wit make it into the Senate let alone chairman of the banking committee? 

Tue, 07/17/2012 - 10:31 | 2624115 flacon
flacon's picture

That's what I was thinking. Either drunk or retarded. And does anyone believe for one moment that he has any understanding at all of the answer given to his question. 

Tue, 07/17/2012 - 10:35 | 2624132 Vagabond
Vagabond's picture

Please, that guy doesn't even understand the question, forget about the answer.  How appropriate it is, that the man questioning the banker in the most powerful "public" position in the world is retarded and unable to understand anything going on.  A perfect microcosm of our society.

Tue, 07/17/2012 - 10:33 | 2624117 Money 4 Nothing
Money 4 Nothing's picture

And everyone wonders why all our Bill's don't get read on the Hill? Becuase they can't, and if they did, their comprehension level is too low to understand. Long Floridated water in DC!! 

Tue, 07/17/2012 - 10:33 | 2624124 Spastica Rex
Spastica Rex's picture

He does sound special. Maybe "differently-abled" is the correct word. It's nice to see them being accepted and validated.

Tue, 07/17/2012 - 10:37 | 2624133 El Hosel
El Hosel's picture

.... How did he ( Johnson ) make it? He is perfect for the job, you have to be a retard to not see through all this Banker bullshit.

Tue, 07/17/2012 - 10:38 | 2624145 DavidC
DavidC's picture

"On December 13, 2006, during the broadcast of a live radio interview from Washington with WNAX radio in Yankton, South Dakota, Johnson suffered bleeding in the brain caused by a cerebral arteriovenous malformation, a congenital defect that causes enlarged and tangled blood vessels. In critical condition, he underwent surgery at George Washington University Hospital to drain the blood and stop further bleeding. Johnson then underwent a lengthy regimen of physical, occupational, and speech therapy to gain strength and mobility and restore his severely affected speech".

http://en.wikipedia.org/wiki/Tim_Johnson_(politician)

DavidC

Tue, 07/17/2012 - 10:49 | 2624185 Vagabond
Vagabond's picture

An actual answer, thanks.  Those are unfortunate events for the man. I can't find much discussing his cognitive abilities... apparently they were unaffected, but it seems reading for him is as troubling as speaking.  Not my area of expertise, but I wouldn't vote for him to represent me while he is in the condition he is in.

Tue, 07/17/2012 - 10:52 | 2624209 DavidC
DavidC's picture

Not quite the same, but a friend of mine in his early 60s had a stroke some years ago. His intellect and (wicked!) sense of humour were unaffected. He did make a subsequent effective full recovery (Senator Johnson's might be different though).

DavidC

Tue, 07/17/2012 - 10:42 | 2624165 Watts_D_Matter
Watts_D_Matter's picture

Sen. Johnson is the token disabled Senator....he also does great imitations of Ted Kennedy after drinking booze all night....

Tue, 07/17/2012 - 12:15 | 2624583 TWSceptic
TWSceptic's picture

These days the correct question to ask is: how does any sane and intelligent person get in there?

Tue, 07/17/2012 - 10:34 | 2624126 flacon
flacon's picture

He said his only other tool is a "communication tool" (meaning that his words alone can affect the markets). Fucking looser!

 

Tue, 07/17/2012 - 10:38 | 2624147 Fix It Again Timmy
Fix It Again Timmy's picture

The gorilla talking to the baboons - epic waste of time.....

Tue, 07/17/2012 - 10:41 | 2624160 El Hosel
El Hosel's picture

The Federal Reserve "looking for a few good Tools"..... and finding them apparently, that room is loaded with tools.

Tue, 07/17/2012 - 10:40 | 2624156 YesWeKahn
YesWeKahn's picture

"BERNANKE PREDICTS `FRUSTRATINGLY SLOW' PROGRESS ON JOBLESSNESS"

After 20 trillion fresh new money, still no jobs? How can the congress tolerate such a low IQ person to lead the FED?

Tue, 07/17/2012 - 11:24 | 2624376 mudduck
mudduck's picture

I'm sure someone on this panel is gonna ask about that $20 trillion and how it affected libor necessity and reporting.

Tue, 07/17/2012 - 10:40 | 2624158 FieldingMellish
FieldingMellish's picture

Must smash gold to show how powerful Mr. B is. SMASH! SMASH! SMASH! Paper is the only TRUE money! NOW TAKE MY PAPER, DAMMIT!

Tue, 07/17/2012 - 10:45 | 2624171 virgilcaine
virgilcaine's picture

 The so called Humphrey Hawkins testimony.....zzzz,

Tue, 07/17/2012 - 10:44 | 2624172 marcusfenix
marcusfenix's picture

OT I know, but I saw this AP story and wanted to share it-

"Typically, eminent domain has been used to clear property for infrastructure projects like highways, schools and sewage plants. In this case, supporters say, the public purpose is served because communities battered by foreclosures have seen tax rolls decimated and services gutted and have suffered economic blight.

The plan targets homeowners who are current on their mortgage payments but "under water," meaning they owe more on the mortgage than the home is worth. Here's how it would work for a hypothetical city:

— The city goes to court and argues that the public purpose is served by having the county own, and ultimately refinance, the mortgage.

— The city pays fair market value to the owner of the mortgage. That is usually a securitization trust, an otherwise passive financial entity used to bundle mortgages and sell pieces to investors that became a bigger part of the mortgage market during the 2000s housing boom.

— The city, the new owner of the mortgage, encourages and helps the homeowner to find refinancing. Now the principal is lower, and interest rates are at historic lows, so the homeowner winds up with easier monthly payments.

— Mortgage Resolution Partners collects a flat fee, $4,500 per loan, for helping the city find homeowners who can be helped and for handling the other mechanics of the process."

eminent domain on underwater mortgages? just the next faze of eliminating "private ownership" of pretty much anything in this country perhaps?    

disturbing to say the least.

Tue, 07/17/2012 - 10:50 | 2624200 Spastica Rex
Spastica Rex's picture

REALLY weird.

Strange times - thanks for pointing this out. +1

http://www.usnews.com/news/us/articles/2012/07/16/calif-cities-eye-plan-to-seize-mortgages-3

Tue, 07/17/2012 - 10:47 | 2624184 SmoothCoolSmoke
SmoothCoolSmoke's picture

So far, Buck Fernankie is slipping the axe to the BTFD sheep.  SP down 12 since 10 am.

Tue, 07/17/2012 - 10:47 | 2624188 Getting Old Sucks
Getting Old Sucks's picture

We have to put up with government invading our privacy.  Why not fight fire with fire?  Can no one develope technology to measure truths/lies spoken though voice waves?  Flame away, but with what's going down, I'd love to see that happen. 

Tue, 07/17/2012 - 10:48 | 2624190 A Man without Q...
A Man without Qualities's picture

sounds to me like he's just taken QE3 off the table...

Tue, 07/17/2012 - 10:48 | 2624194 Inthemix96
Inthemix96's picture

Gentlemen,

I do believe I did tell you that before you offered me this high position at the round table, that I did tell you I may not be the sharpest tool in the box.  I told you respected congress men that I had a hole in my head where my arse should be?  Did I not?

And now, to the detriment to this fine nation you have the nerve to call me here and watch me not be able to get the words out of my mouth properly as I am suffering from the Dance, that I now know that I know now I dont know what the fuck I am talking about or doing?  The very hypocricy is astounding gentelemen it really is.

You shouldnt have let me do it men, I told you I was a knee high cock sucking whore of a cunt many times, but NO!!!!!  You fucking idiots...........  (hehehehehe)

Tue, 07/17/2012 - 10:54 | 2624213 flacon
flacon's picture

HERE COMES CHUCKIE!!!! 

Tue, 07/17/2012 - 10:58 | 2624230 flacon
flacon's picture

Chuckie is pressing Ben VERY HARD to QE3!!! Wow, he's throwing down the gauntlet. PRINT! PRINT! PRINT! 

Tue, 07/17/2012 - 10:58 | 2624231 Money 4 Nothing
Money 4 Nothing's picture

He just had a little Froidian slip that the Fed has kept Unemployment up as a mandate. Ooops.

Tue, 07/17/2012 - 10:56 | 2624222 Watts_D_Matter
Watts_D_Matter's picture

Schumer...Makes a political statement than ask any questions of uncle ben...DOUCHE!

Tue, 07/17/2012 - 10:57 | 2624226 ebworthen
ebworthen's picture

Chuck Schumer:  "Candy!  I want more candy!  You need to make us more candy!  Waah! Bawh-wah-bah!"

Tue, 07/17/2012 - 10:59 | 2624236 flacon
flacon's picture

"SO GET TO WORK MR. CHAIRMAN!" ~ Chuckie

Tue, 07/17/2012 - 11:00 | 2624243 Christoph830
Christoph830's picture

I just puked in my mouth

Tue, 07/17/2012 - 10:59 | 2624238 chanxmanx
chanxmanx's picture

Take a shot every time someone mentions:

 

Stimulus

Inflation

Bernake

Senator

Fed

Action

Economy

Chug a beer when someone mentions:

QE

Tools

Communication

Projections

 

Double shot or waterfall with your colleagues when someone mentions:

Unemployment

Tue, 07/17/2012 - 11:06 | 2624290 flacon
flacon's picture

Take two shots every time they mention LIBOR.

Tue, 07/17/2012 - 11:00 | 2624244 Occam's Moistur...
Occam's Moisture Strip's picture

We need to invite Bernanke on one of those unfortunate boat rides we're always taking..

Tue, 07/17/2012 - 11:07 | 2624293 Watts_D_Matter
Watts_D_Matter's picture

Menendez...Adresses the Fed chairwoman about recent issues regarding Liebor....Mentions greed, corruption, manipulation, ....I think the dick from NJ was talking about his collegues in DC...

Tue, 07/17/2012 - 11:08 | 2624301 Blankenstein
Blankenstein's picture

HEY BOB you are from New Jersey you asshole.  What about an investigation into the theiving Jon Corzine??

Tue, 07/17/2012 - 11:17 | 2624346 Money 4 Nothing
Money 4 Nothing's picture

Because Menendez and Corzine are in buissness together, it's a conflict of interest to investigate him. Search that. I live in Dirty Jerzey so I know.

Tue, 07/17/2012 - 11:11 | 2624318 Ted Baker
Ted Baker's picture

DOES ANYONE LISTEN TO THIS GUY ANYMORE? I BET THE CHINESE DONT AND THOSE ARE THE ONLY ONES WHO TODAY MATTERS....CARRY ON CHINA DUMP MORE OF THE US TREASURY BONDS...THE US ECONOMY HAS BEING IN A RECESSION SINCE THE 15TH JUNE AND BY THE WAY THE HOUSING MARKET HAS WORSEN....

Tue, 07/17/2012 - 11:12 | 2624324 Atlantis Consigliore
Atlantis Consigliore's picture

The big budget Bernanke FED (Helicopter Ben)  Reserve and US Economy:

 

QE Infinity and Beyond to the Next Election;

 

http://youtu.be/Layz-3XxZC4

Tue, 07/17/2012 - 11:13 | 2624328 LarryDavis
LarryDavis's picture

So let me get this straight........the fed has poured trillons into the "enonomy" and the employment picture is worsening. I wonder if giving money to Wall St. is a good idea after all?? Keeping interest rates low to make risk assets look more attractive is working however because the S&P should be at 200-250. The notion of a market has been totally obscured/supplanted by central planning and dishonesty. I really hope people pull their money out and today. Learn to play blackjack or bet on sports if you really need action. These government and financial institutions make the treachery of casinos/crime lords look like yoga retreats for tweens. Do not feed this system of iniquity.

Tue, 07/17/2012 - 11:14 | 2624334 RaymondKHessel
RaymondKHessel's picture

I don't get it. This one ahole controls our markets? What a sick joke. What's different between this and the old USSR?

Tue, 07/17/2012 - 11:31 | 2624405 Overfed
Overfed's picture

Well, it's different, 'cause we're Americans, not Soviets. /s

Tue, 07/17/2012 - 11:20 | 2624356 Rudolph Steiner
Rudolph Steiner's picture

... and, on the LIBOR chain of '08 reactions ~ this is how we hang the CFTC out to dry. About time Ben, better late than never, thanks.

Tue, 07/17/2012 - 11:19 | 2624358 Vagabond
Vagabond's picture

It takes a kaka to praise the Bernank.

Tue, 07/17/2012 - 11:20 | 2624360 Blankenstein
Blankenstein's picture

I'm pretty sure most of these senators couldn't pass a 2nd grade math class.  

Tue, 07/17/2012 - 11:45 | 2624473 Lucky Guesst
Lucky Guesst's picture

Yes they would. Everybody passes now. Failing kids equal fired teacher.

Tue, 07/17/2012 - 11:20 | 2624364 oldmanagain
oldmanagain's picture

Amazing smugness from the Repubs in wrecking every effort to solve problems. 

Blaming the Fed for the problems is a Zerohedge sport but not realistic. Although Greenspan was a failure, Bernanke is often the only sane one in the room.

Of course, the Fed blaming the Brits is not a solution, either.

The frenzy of the very rich, who control congress, to protect a 4-5% increase back to more normal rates of taxation, is wrecking the country.  But under current campaign financing unlikely to change.  These interests no longer have the USA as primary interest but are imbedded in a very profitable world system where they can extort exemptions in the name of jobs from the world.

Tue, 07/17/2012 - 11:55 | 2624518 Dr. Engali
Dr. Engali's picture

Go blue team the red team sucks! Gotcha. News flash ... It's all one big club and we ain't in it.

Tue, 07/17/2012 - 11:21 | 2624367 Inthemix96
Inthemix96's picture

Gentlemen,

I do believe that you all here assembled have known me to be a high class scholor of the greenspan school of economics?

Well I must hold my hands up to one unedifying piece.  I got my certificates out of kellogs cornflakes box, you know, like they give everyone else nowerdays.  I am really sorry I have for four fucking years kept making things fucking worse, but forgive me, I knew no fucking better!!!!!

It seems it now falls on your shoulders gentlemen to convince the sound asleep Aerican republic that I am a cunt of the highest magnitude of galactic order.  Erm, good luck on that gentlemen, the fuckers are dancing with stars or some other bullshit........

Any questions please?............(HHHHHHHHmmmmmm, he says)

Tue, 07/17/2012 - 11:22 | 2624372 jumbo maverick
jumbo maverick's picture

WTF!! There is a picture ad to the left and right of this story. It's got obunghole on it and it says- happy birthday Barack then below that it says sign the card and below that it says Obama Biden.

I can't get away from this fucker. I think it must be some computerized psyop thing they are doing.

Fuck Barack obunghole and joe bunghole. I'm sonsickmof them I can't stand it.

Fucking assholes! Ruined a nice day.

Tue, 07/17/2012 - 11:25 | 2624381 Getting Old Sucks
Getting Old Sucks's picture

Since the students laughed at me, I'm going to the teachers who grade them now.  "Access to good advise and education"  WTF?  He means teaching the people to bend over with a smile.

Tue, 07/17/2012 - 11:31 | 2624407 Getting Old Sucks
Getting Old Sucks's picture

They might as well save a couple of bucks and just show reruns of past hearings.  One dog and pony show is the same as another.

Tue, 07/17/2012 - 11:33 | 2624415 Overfed
Overfed's picture

Enforcement! We just need more enforcement and less freedom. That will make us rich and free!/s

Tue, 07/17/2012 - 11:36 | 2624430 yrad
yrad's picture

Ben should be smiling. This is the last time he will have to answer to Ron Paul.

Give em hell, Ron!! God I will miss that man...

I will get to see him in Tampa tho, one last hoorah!!

Tue, 07/17/2012 - 11:40 | 2624450 Money 4 Nothing
Money 4 Nothing's picture

They.. TPTB and MSM are not going to allow Ron Paul to speak at the last convention for obvious reasons. Watch, they already reported that fact.

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