Live Webcast Of Politician Bernanke Explaining Open-Ended QE Two Months Before The Election

Tyler Durden's picture




 

This is the last Bernanke conference that people will actually pay attention to, as we now know going forward everything that the FOMC will do. He better make it count.

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Thu, 09/13/2012 - 14:01 | 2790874 Parabolic
Parabolic's picture

Where is Graham Summers now Bitchez??

Thu, 09/13/2012 - 14:02 | 2790886 YuropeanImbecille
YuropeanImbecille's picture

GOTTO LOVE THIS DUDE! MY PM's LOVE HIM AND SO DO I!!!

 

YEEEHAAA!

Thu, 09/13/2012 - 14:06 | 2790932 malikai
malikai's picture

I just checked again, and I can confirm: You cannot print gold, silver, or oil.

Thu, 09/13/2012 - 14:08 | 2790948 AN0NYM0US
AN0NYM0US's picture
Open Letter to Ben Bernanke

The following is the text of an open letter to Federal Reserve Chairman Ben Bernanke signed by several economists, along with investors and political strategists, most of them close to Republicans:

We believe the Federal Reserve’s large-scale asset purchase plan (so-called “quantitative easing”) should be reconsidered and discontinued...

http://blogs.wsj.com/economics/2010/11/15/open-letter-to-ben-bernanke/

Thu, 09/13/2012 - 14:11 | 2790963 Atlas_shrugging
Atlas_shrugging's picture

Come on guys, can't you all see that today's market ramp is pure evidence that the Obama Administration's policies are working?   Chances of hearing this tonight on TV...100%.     (sarc a la MDB)

Thu, 09/13/2012 - 14:28 | 2791091 Stackers
Stackers's picture

And surprise surprise Steve LIESman gets the first question, again.

Thu, 09/13/2012 - 14:31 | 2791117 malikai
malikai's picture

What a complete dud this guy is spewing.

Thu, 09/13/2012 - 14:35 | 2791147 Michael
Michael's picture

I 100% guaranteed QE3 to all my clients so they could get filthy rich too, or they could put a bullet in my head should I fail.

Thank the Creator I'm off the hook now.

Thu, 09/13/2012 - 14:42 | 2791198 nope-1004
nope-1004's picture

 

 

"The other accomodative tool we have is communication.  We can better communicate to the public our intentions, and therefore better educate the public as to our goals, which will facilitate further investment and growth."

 

WTF??????

 

Thu, 09/13/2012 - 14:43 | 2791215 exi1ed0ne
exi1ed0ne's picture

 "I am a tool that jawbones"

That's my translation.

Thu, 09/13/2012 - 14:47 | 2791241 redpill
redpill's picture

That Rothschild peeking out from behind the blue curtain is one hell of a ventriloquist, I don't even see his lips moving!

Thu, 09/13/2012 - 14:51 | 2791282 YBNguy
YBNguy's picture

"I am Jabroni"

Thu, 09/13/2012 - 14:59 | 2791351 Chief KnocAHoma
Chief KnocAHoma's picture

What a whore this guy is. Romney comes out tells the World if elected, Ben is done. So he uses the printing press to try and save Obama's job.

To steal a phrase from the kneejerk libs: "But what about the children Ben? You just increased the cost of milk, and formula, and all that birth control that walking cum dumpster Fluker needs. You are just being cruel to the little people, crushing them with inflation."

The good news is, I don't think even this will save Obama's job. He is finally showing the World that he is in way over his head.

Thu, 09/13/2012 - 15:18 | 2791482 Michael
Thu, 09/13/2012 - 14:39 | 2791176 azzhatter
azzhatter's picture

LIESman should just fellate him and get it over with

Thu, 09/13/2012 - 15:07 | 2791405 Assetman
Assetman's picture

Actually, Steve Liesman a very good question about the inflation mandate.

Ben Bernanke is making a much riskier bet than most people realize.  He really didn't squarely address Liesman's question about the inflation mandate and inflation targeting, but only talked in generalities about inflation remaining stable... which apparently helped justify the move toward even more QE.

When one looks backwards, the inflation picture has been quite benign.  However, the market's measure on FORWARD inflation expectations have been heading north for about a year now-- and have spiked again in a significant way on this current move.  Bernanke can explain away food and energy inflation as "temporary hazards"-- he can't counter what the market EXPECTS inflaiton to be over the next 5 years.  And it's moving north of 3%...

In actuality, it's very apparent at this stage that the Fed is providing lip service to the inflation mandate-- and have locked into the terribly misguided belief that even more fuel on the liquidity fire will adequately address the employment picture.  If the cause of high unemployment is even partially structural-- as more and more evidence suggests-- then Bernanke is pushing on a string.  The key here is that Ben will DO EVEN MORE QE if he doesn't like what he sees on the employment picture.

I just think it's terribly dangerous and terribly foolish policy, as they're doing things they've never done before-- and have bought into the belief that they can reverse it with nominal consequence.  They can't-- but they've just upped the ante a few hundred $ billion anyway.

Thu, 09/13/2012 - 18:33 | 2792399 Lucius Corneliu...
Lucius Cornelius Sulla's picture

I agree with what you are saying.  I would like to add that, having stated that the FED's policies are working on the employment front, if things do not improve or they get worse (which I think they will), he has opened himself to take the blame.  These are acts of desperation.  When inflation gets out of control and unemployment goes to double digits there will be no recourse and the FED's raison d'etre will be called into question.  Bernanke will be seen as the world's biggest fraud and huckster since John Law (which of course he is).

It never ceases to amaze me how we learn nothing from history.

Thu, 09/13/2012 - 21:46 | 2793103 i_fly_me
i_fly_me's picture

Inflation is already out of control; unemployment is already double digits; it is being hidden and everyone is still begging the FED to print (MOAR!).  It will continue until it can no longer, and Bernanke will be seen as an uninteresting footnote to the largest economic collapse in history which swept him along and left him no choice but the actions he took.  Eventually history will point the finger of blame right where it belongs, in the face of the American people.  The American people were handed a simple and humble but brilliant republic which required nothing more than that they follow the rule of law and live by the principle of subsidiaridy.  They got lazy and greedy.  The end.

Thu, 09/13/2012 - 14:33 | 2791136 Sofa King Confused
Sofa King Confused's picture

Welcome to Bernankistan.  I will personally make sure everyone here is truly happy. How do we do that you say,  well its quite simple,  we will have you Bernanketized into our system.  If you are good, you get a job and get paid in Bernanke Bucks.  Bernanke Bucks are a wonderful thing that you must use very quickly because they lose value as time goes on.  So buy things as soon as you get them and help stimulate growth.  Dont forget to vote for either Bernankabama or Bernankomney.  Thank you and may God Bless Bernankistan

Thu, 09/13/2012 - 14:08 | 2790954 Bay of Pigs
Bay of Pigs's picture

Wheres Kito at? Come on out you fucking little weasel!

LMAO.  GOLED & SILVER bitchez...

Thu, 09/13/2012 - 14:47 | 2791239 Bay of Pigs
Bay of Pigs's picture

Thx. Good one on him. Turkey sammiches all around...

Oh yeah, and FUCK YOU BERNANKE!

Thu, 09/13/2012 - 15:04 | 2791381 55 men
55 men's picture

Sky rockets in flight. Afternoon delight. Afternoon delight.

Thu, 09/13/2012 - 14:29 | 2791093 Kaiser Sousa
Kaiser Sousa's picture

but wait, ben just said i fixing to benefit from negative interest rates on my savings for years to come...

and ben said, they aint spending like the gubment, but they buyin shit with money they got stored somewhere in the basement....

he just said, aint no inflation, and not to trip...

and sale all ya'ls "tradition" u might be a hiding somewhere in the cabin........

so, knock off all that Gold and Silver buyin you hethens....

 

NOT!!!!!!!!!!!!!!!!!! 

Thu, 09/13/2012 - 14:07 | 2790942 AssFire
AssFire's picture

He always knew what he wanted to do even as a small child...

http://panzner.typepad.com/.a/6a00d83451591e69e2017c31b4fcf8970b-pi

 

Thu, 09/13/2012 - 14:14 | 2790994 withnmeans
withnmeans's picture

When I was a young lad studying Economics and Finance in College things like this would make us cringe. The thought that comes to mind now is "why would an administration want to destroy an economy, and more so the Country".

Apparently they must know something that the Main Stream does not. We all know that across the globe, Central Banks are literally puking cash, the only outcome of this being won "is by somebody refusing to PAY, or somebody to refuse to BUY someone else's debt".

Who I wonder will win this game of straws?

Thu, 09/13/2012 - 14:28 | 2791081 walküre
walküre's picture

The only outcome of this will be that NOBODY will want that cash anymore, least of them the people who work for a living and producers of commodities or food.

When CONFIDENCE is gone and PERCEPTION is that money is essentially worthless, you have hyperinflation. We are at that point.

Why accept FIAT for anything anymore? My skills, my labor and my products are worth more to me than the value of the number on the bills it supposedly represents.

Living in the USSR with a worthless rubel was no picnic. Just ask the Russians. If you wanted anything better than GREY, you better had tangible assets to barter with or "HARD" currency.

Today we're out of hard currency. So all that's left are tangible assets. Stock up because everyone else will.

Thu, 09/13/2012 - 14:39 | 2791184 withnmeans
withnmeans's picture

This is also a good point on confidence, but I have to disagree that we are at that point. You,I, and others "educated on current events" may be to "that point". Don't forget that part of the equation that is most important...

The SHEEPLE factor!!

 

Sheeple, do not have a clue what money is, as long as they live paycheck to paycheck, and the MSM tells them it is all good. The bad thing is they will never know "UNTIL IT HAPPENS".

 

Stay thirsty, and pray for a better day!

Thu, 09/13/2012 - 15:07 | 2791403 Row Well Number 41
Row Well Number 41's picture

3/4 of all dollar holders are outside the US.  The American sheeple don't need to recognize what's happening for thing to go out of control, just the rest of the world who have not been quite so throughly indoctrinated by the FED.

#41

Thu, 09/13/2012 - 15:22 | 2791510 osolomio
osolomio's picture

all the people I know are broke. This latest stupidity only helps those who already own gold or silver. Or who have enough money to speculate on its future. Real producers of actual things people need to live and enjoy life are fuked. Sure its fun holding a gold coin but how often do you do it. It also has been really tiresome listening to zhedgers waiting for this mans bullshit on a monthly basis. My first post but I have been reading zhedge for 2 years. I still am amazed that alot of people still do not know what the real hidden agenda is which is playing out quite brazenly now. Even I am a little embarrassed that I only learned the truth in the last 5 years. I would like to express my appreciation for zhedges and all the commenters too. I have learnedmuch and the links are fantastic. So thank you all.

Thu, 09/13/2012 - 14:39 | 2791186 HardAssets
HardAssets's picture

Except he talks too much . . . the more he does, the more the questions come up.

They would do better on 'communications' if they just made their announcement and shut up.

Thu, 09/13/2012 - 14:03 | 2790899 Colombian Gringo
Colombian Gringo's picture

Where is Graham Summers,

 

Sucking Bernank Dick and taking QE3 up the ass, along with his subscribers.

Thu, 09/13/2012 - 14:24 | 2791054 Cognitive Dissonance
Cognitive Dissonance's picture

I was surprised how emotional, even manic, Graham was recently while claiming the Fed would do nothing.

Emotion is a trader's/investor's worst enemy, even worse when dealing with the cold calculated (and blatant) manipulation of late.

Thu, 09/13/2012 - 14:04 | 2790912 King_of_simpletons
King_of_simpletons's picture

The illusion of prosperity has once again been lit.

And once again to prove that pigs have started flying here is an article about Ron Paul being the most corrupt member of Congress: http://www.usnews.com/news/blogs/washington-whispers/2012/09/12/ron-paul-one-of-the-most-corrupt-members-of-congress-report-finds

Thu, 09/13/2012 - 14:21 | 2790976 LongSoupLine
LongSoupLine's picture

recycled article to try and unseat an honest man.  Elizabeth Flock wrote the article and guess what?....

 

http://www.huffingtonpost.com/2012/04/17/washington-post-elizabeth-flock-resigns_n_1431005.html

Thu, 09/13/2012 - 14:15 | 2791002 Duke Dog
Duke Dog's picture

Aptly named!

Thu, 09/13/2012 - 14:46 | 2791228 HardAssets
HardAssets's picture

Total b.s. - -

Ron Paul isn't even taking his Congressional retirement after leaving office.

An amateurish hit piece.

You'd think they would have been satisfied with their changing party rules and losing Paul voter ballots.

Thu, 09/13/2012 - 16:03 | 2791747 mmlevine
mmlevine's picture

Do you really think Ron Paul fills out his own expense report?  Most likely a clerical mistake being completely blown out of proportion.

Thu, 09/13/2012 - 16:59 | 2792055 Abiotic Oil
Abiotic Oil's picture

Shut up fucking sheep.  The article is apolitical hit job originating from one flase source.  Follow the linky and read the whole thing then STFU. 

http://optimiskeptic.com/2012/09/12/u-s-news-world-report-crew-blow-it-b...

Further evidence that journalists are just pawns of the political agendas of our leaders


Elizabeth Flock recently published an article on her Washington Whispers blog on U.S. News & World Report titled, Ron Paul One Of The Most Corrupt Members Of Congress, Report Finds. After investigating these allegations, I have found that not only is this headline wildly inaccurate, but Elizabeth Flock and the citizens watchdog group, Citizens for Responsibility and Ethics in Washington (CREW) have missed a huge opportunity to report on actual corruption in Washington – which I myself managed to uncover in less than two hours.

This article caught my eye because former Presidential candidate Congressman Ron Paul (R-TX) has a reputation for being one of the most honest, consistently principled, and frugal members of congress. As Ms. Flock reports, Ron Paul has been accused of requesting reimbursements for travel expenses for the same flights both from the U.S. government and from Libertarian leaning non-profit groups. Even Ms. Flock notices the implied irony:

The revelation would be ironic in part because Paul made fiscal responsibility a central tenet of his 2012 presidential campaign. The congressman celebrated a major victory in July when his bill to audit the Federal Reserve for greater transparency passed the House.

Ms. Flock even states that all of these non-profit groups are, “under his control or his campaign committee,” thus implying a very nefarious level of corruption indeed.

This implication seems very fishy, however. Why would a politician worth $4.9 million nickle and dime charities (in amounts such as $230.50, $323.60, $403.70, & $646.50) over a period of 10 years while simultaneously returning $100,000-$140,000 of his office’s budget to the U.S. Treasury on a near annual basis?

This isn’t the first time Congressman Paul has been accused of improper dealings regarding his Congressional travel. At first glance, I thought this article was a reference to the previously debunked claim made back in January that Ron Paul was making lavish first class airline flights on taxpayer dollars (Jan. 17, 2012). I thought this might be related.

So, I carefully researched Flock’s two sources for her article: CREW’s Most Corrupt report and an article published in Roll Call titled, Records Show Ron Paul Trips Paid Twice (Feb. 6, 2012) by Jonathan Strong. As it turns out, this story was unrelated to the January article, however the timing seemed very strange. Further investigation was warranted.


So let us retrace the events here:

  1. 2006-2008: Jonathan Strong is employed by Congressman Dan Lungren and receives attention for also reporting favorably on Lungren at the Daily Caller.
  2. 2007: Dan Lungren is identified by Congressman Ron Paul supporters as a major political rival to Paul’s political positions.
  3. March 2011: Dan Lungren expresses support over Newt Gingrich’s run for President, later officially endorsing him.
  4. April 2011: Ron Paul returns over $140,000 in unused funds from his congressional office to the U.S. Treasury, a something he has repeatedly done during his time as a Congressman.
  5. December, 2012: Gingrich identifies Paul as “worse than Obama” declaring he (Gingrich) would never vote for him (Paul) if he received the GOP nomination.
  6. January 3, 2012: Gingrich loses the Iowa Caucuses, placing a distant fourth behind Paul’s third and specifically targets Paul for criticism in his concession speech.
  7. January 17, 2012: An AP article comes out accusing Ron Paul of lavish spending on First Class flights on taxpayer’s dime, but is subsequently debunked by Lawrence O’Donnell and various other sources.
  8. February 6, 2012: Jonathan Strong publishes an article on Roll Call implicating Ron Paul in another travel related scandal, this time for receiving double reimbursements from non-profits and the government to the tune of $15,000 over a 10 year period based on stolen evidence that does not actually imply intentional fraud or Paul’s knowledge/involvement. Strong published two follow-up articles with no new evidence presented.
  9. September 2012: Citizens for Responsibility and Ethics in Washington (CREW) gives Paul “dishonorable mention” in their “Most Corrupt Members of Congress” report based solely on the three Strong articles published earlier that year.
  10. September 12, 2012: Elizabeth Flock of U.S. News & World Report publishes on the Washington Whispers blog, “Ron Paul One Of The Most Corrupt Members of Congress, Report Finds”

Thu, 09/13/2012 - 14:32 | 2791120 Turd Ferguson
Turd Ferguson's picture

Please buy all dips and TAKE DELIVERY.

This is the moment you've been waiting for where you can buy with impunity.

http://www.tfmetalsreport.com/blog/4182/qe-infinity

Thu, 09/13/2012 - 15:11 | 2791432 TheCanadianAustrian
TheCanadianAustrian's picture

I bought with impunity a month ago.

Thu, 09/13/2012 - 18:18 | 2792351 GoinFawr
GoinFawr's picture

Impunity is my middle name.

Thu, 09/13/2012 - 14:34 | 2791140 q99x2
q99x2's picture

Winter is coming. He is checking to see if he has enough newsletters to heat his shed this year.

Thu, 09/13/2012 - 14:01 | 2790881 FL_Conservative
FL_Conservative's picture

Wish I was there to throw one of my shoes at him!

Thu, 09/13/2012 - 14:29 | 2791103 machineh
machineh's picture

Hell, I'd volunteer to tote his cross if they would crucify his ass.

Thu, 09/13/2012 - 14:02 | 2790882 williambanzai7
williambanzai7's picture

On vaudeville this was known as taking a Brodie...jumping off a bridge to keep an audience.

Thu, 09/13/2012 - 14:02 | 2790883 GFORCE
GFORCE's picture

Haha, Graham Summers got open ended!

 

Thu, 09/13/2012 - 14:02 | 2790887 WALLST8MY8BALL
WALLST8MY8BALL's picture

MANBERNKRUG!

Thu, 09/13/2012 - 14:06 | 2790892 Cognitive Dissonance
Cognitive Dissonance's picture

Ignore that clown in front of the microphone. I am the all powerful Wizard of Oz.

<And my name is Gold and Silver.>

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