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Update: The San Fran Fed Asks What People Think Of QE3: The People Respond
On Friday, the San Francisco Fed, best known for such cutting edge research as "Why Is Unemployment Duration So Long?" (turns out it was Bernanke's fault), "US Household Deleveraging" which concluded incorrectly that "Going forward, it seems probable that many U.S. households will reduce their debt" (turns out completely wrong as consumer debt is now at a new all time record), and "This Time It Really Is Different" (turns out it wasn't), asked a simple question on its FacePlant page: "What effect do you think QE3 will have on the U.S. economy?" The people have now responded in a fashion that leaves little to the imagination. Actually, one thing is left to the imagination, namely whether the name of the one person responding that the $85 billion in monthly flow in perpetuity associated with QE3 is "not big enough" begins with Paul and ends with Krugman. Aside from that, in typical SF Fed fashion, no surprises at all.
From the San Fran Fed:
Incidentally, the poll is still open. Interested readers are welcome to share their thoughts with the house of doves that John Williams built (not that John Williams).
Update: Looks like quite a few people have shared their thoughts in the past 30 minutes. Compare before (above) and after.
Update 2: just gets better and better:
This is probably not what the Fed had in mind...
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Fucking Brilliant
These numbers all go to eleven. Look, right across the board, eleven, eleven, eleven and...
Well, it's one louder, isn't it? It's not ten. You see, most blokes, you know, will be printing at ten. You're on ten here, all the way up, all the way up, all the way up, you're on ten on your printing press. Where can you go from there? Where?
Nowhere. Exactly. What we do is, if we need that extra push over the cliff, you know what we do?
Put it up to eleven. Eleven. Exactly. One louder.
- Nigel Tufnel of Spinal Tap speaking of Ben Bernanke
Do me a favor, just kick my ass. Ok? Kick this ass for a man, that's all. Kick my ass! Enjoy! I'm not asking I'm telling with this!
- Artie Fufkin as The Bernank
Inflation is a Tax. Ben Bernanke now taxes us without representation. We are going to need a lot of lamp posts before this is all through.
Haha too funny. It's great to see those that care and are not part of the ponzi pinnacle share their views (it looks like SF Fed got swamped by ZH readers). I really hope someone at the SF Fed with a conscience and some clout sees the results.
That might be the funniest thing ever written on ZH. "I really hope someone at the SF Fed with a conscience..."
hope dies last
This is almost worth signing up to Facebook for
and getting to add the phrase "unbanked and underbanked populations" to my vocab was an unforeseen benefit of going to the SF Fed's page. seeing them adopt nonprofit-speak like that, they exceeded all my snarky expectations.
I wanna be unbanked and underbanked, dammit.
OK I am very very disappointed in ZH. Absolutely nobody beat me to adding "subprime is contained".
I posted my song on their page as a comment to tell them what I think:
The ZIRP Song
I added "See: Revolution, French"
who the fuck cares what the plebes think anyway?
I mean, they vote like this on an online poll and then go out and vote for ofailure or romney fucking themselves over, makes perfect sense to me.
Academics running the FED are clueless. They think artificially incresiong stock prices are good for teh masses just because most americans own a few shares. They once again fail to realize that most people are undersaved and despite owning some stocks in their 401k in reality they are "SHORT" stocks. Only the very wealthy who have been lucky enough to have over-saved benefit. Artifically lifting stocks will only loosen financial conditions and get people to spend if the people with the highest propensity to consume have sufficient savings or if the general population is confident in future economic growth. Last I checked, it is not the case.
THink about this. We actually had a chairman - GFreenspan - who thought homes prices were not in a bubble because the miricle of securitization allowed homeowners to access excess equity in their homes so therefore it transformed a illiquid asset into a liquid asset. Scary stuff
Lolz @ 'Weimar'
Funny & apropos.
Don't ask the question if you don't want the answer...
San fran fed,
Cease and fucking desist you fucking cunts.
And if that line appeared on facecunt I will eat my own hat. Cunts
Affordability for the average person get's insanely unbearable.
Krugman response [in Zoolander voice]: "what is this? Inflation for ants?".
Given the fact that the FED didn't ask 'people' but 'fuckbookers'
I suggest ZH put up the same poll on QE3.
My vote is for the following:
QE3 means good honest, hard working, mostly law abiding, saving people = screwed and
bad dishonest, non-working, law breaking, borrowers/bankers/criminals get to keep partying like it's 1999.
that is until complete economic and societal collapse leading to civil unrest, war, and the NWO complete with a shiny new rf tagged slave population where currency of any kind will be completely digital.
ENd of LiNE
The reason for the government bailout of the banks was to prevent the Chinese from taking our land when they realized the toxic American mortgage backed derivatives they bought weren’t worth the paper they were printed on. The Chinese were ready to invade America to collect. You can blame this disaster on the greedy federal reserve and the privately owned banks that make up this organization. What QE3 is really for is to give the Chinese a refund. The Fed will do this by buying back those derivatives from the pissed off Chinese investor. China also owns most of Mexico now. If you didn't know already, somewhere near Laredo there is a Chinese military base 50 miles south of the US Mexican border. Remember that Mexican jeep that crossed the border and fired on our border patrol agents? 2 of the assailants that got out and fired at them appeared to be asian males.
China and Russia made an oil agreement that knocks the US petro dollar off it's pedestal. After Sept. 6, 2012,this means none of the oil sanctions against iran or libya or any other country USA plans to invade in the middle east will cause zero leverage since the Chinese will supply them with the oil they need. You guys better prep for what's coming... This is starting to look ugly. All that religious muslim vs judeo-christian crap they throw on the news is a distraction. The smart ones are going to leave the USA before we turn into full on fascists.
The only way to stop this is to secede from the union and dissolve the federal government. Doesn't matter what political party you are affiliated with.. we are screwed as a nation. the only thing left for us to do is have an Iceland style revolution before it is too late and declare all debts public and private null and void. The alternative is the standard American way to resolve our issues...start WWIII.
Is anybody over at the fed fit to carry the Dr's jock? Doubt it. Neither in Congress or judicial or presedential branches either.