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Watch Ben Bernanke Testify Before Joint Economic Committee Live
Bernanke will testify before the Joint Economic Committee today to offer his outlook on the state of the economy, governmental financial policy, and federal spending priorities. Last time he testified on the Hill, the Fed Chairman said the U.S. economy was showing signs of a "self-sustaining recovery" but cautioned that another four to five years may pass before unemployment levels fall to historic norms. Presenting the semi-annual Monetary Policy Report provides an opportunity for the Fed to update its view on the economic outlook directly to Congress. Watch out for any notable keywords such as "QE3-XXX", "Keynesian Paradise", "Turboprint", "Hyperinflation" and last but not least "Gold is money."
Full testimony link
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"the way we do that is we suck the life blood from the populace" HAHAHAHAHGAHAHAHAHAHAHAAHHAAHAHAha.
Déjà vu
would somone pls remind me what year this is
1931 + 2008 / 2 = 1969.5.
1913 + 2011 / 2 = 1962
THREAT OF A WORLD WAR, bitchez.
OMG innocent bystanders WTF please.
Begin POMO
Operation Date: 10/04/2011 Operation Type: Outright Coupon Purchase Release Time: 10:15 AM Close Time: 11:00 AM Settlement Date: 10/05/2011 Maturity/Call Date Range: 11/15/2019 - 08/15/2021http://www.newyorkfed.org/markets/pomo/display/index.cfm
It was sophomore softball until Sanders finally got to the point. I applaud his line of questioning. We need more in government like him. Bernanke was at best unconvincing, at worst a tool box like most of them.
OCCUPY WALL STREET
Oh go occupy someone else's couch.
It's all Europe's fault!!!
All of 'em should be strung up from the highest tree. They are all sucking each other off.
an xmas present for the bernank:
http://www.youtube.com/watch?v=WhwbxEfy7fg
"innocent bystander"
thanks for the laugh, bennie.
Ms Klobucker???????
only in Minnesota - it must be the cold weather
Looks like the QE faithful have had their morning cup.
Poor bastards...
I love this theatre. We have those that SPEND with reckless abandon on one side, grilling the guy who has to PRINT their money onn the other. Nobody 'seems' accountable. WHAT A LIE this all is!
"Belgian Central Bank says no reason to withdraw Dexia deposits"
Turn Those Machines Back On!
yes, Amy Klobchar is a total idiot
so maybe Americans get what they deserve Sanders, Maxine, Klobucker et. al.
I'm from MN, and yes she is.
hate to say but this market looks like its going to be goin green not too long from now
Going green on the news that Ben has saved the world's economy by handing a few trillion dollars more to the ultra-wealthy! USA! USA! USA! Ben tells Congress to SPEND SPEND SPEND because he's going to PRINT PRINT PRINT!
Ben sounds awfully free-market in this hearing... BURN ME.
Me thinks Mr. Market likes the Bernank lies again appearance, feeling a bit QuEeezy.
hbe is going grey as he sees tgh writing on the wall
he sees his future of being fed to the mob literally and being pulled apart limb by limb
They could video it and call it THE TORTURED part 2
watch "THE TOTURED "BENNIE boy
THAT IS YOUR FUTURE
http://confoundedinterest.wordpress.com
Listen to that whore Campbell from CA putting in his plug for keeping Fannie Mae and Freddie Mac and doing mass refis as MBS holder expense. What a putz.
When all your consituents are (or want to be) realtors or finance wankers...
Market now rising on imagining that Bernanke just agreed to more QE. Monitoring the market = zilch (for now)
Market now rising on imagining that Bernanke just agreed to more QE. Monitoring the market = zilch (for now)
I will not say, I will not turn on the printing press....but we have ordered ink.
Not only that Senator, we have also invested in a little known paper company convieniently located near Jekyll Island GA that we have contracted for the task to supply us with an unabated amount of high quality paper product.
Thank you Senator, Fuck the USA cause were going to sit on our hands till China gets in your arse.
http://phx.corporate-ir.net/phoenix.zhtml?c=186545&p=irol-stockQuote
He had me at "Look out BELOW!" Actually I stopped listening after: ..."and more than two years since the economic recovery began in June 2009" I mean if you start out with a lie that big, you got nowhere to go but down...
That was interesting: Bernank understands the protesters... . could be a hint to no more QE. But i doubt it.
Bernake is scared. This is especially evident by the look in his eyes and the way he reacted to the question. Its clear that something is up and quite possibly the sitution is worst than we believe. Any other opinions?
He'll keep printing until it takes a billion dollars to buy a loaf of bread. Never admit defeat, keep kicking that can.
..."the bottom 50% of Americans only own 3% of the wealth...blah, blah blah". Maybe if they learned to read and write...
bahaha...good one
I can read and write.
Then you'll do better than the bottom 50%
Oh, I'm well below 50%, I'll assure you of that.
Bernanke just warned a spendthrift drunk not to cut back too much on that drinking. we need you on that bar @jackstevison
Man he looks tired !
It makes me puke. All the markets care about now are what government does. And the media (ZH excepted) and people don't even find it odd. How the hell did we get to this awful crazy place?
98 years of the Federal Reserve System slowly destroying the free market.
Contract, print, contract, ease. Wash, spin repeat. Control your reality, deflation, inflation. Spoon feed you your reality. Price action does not prove reality when you have criminals controlling and manipulating everything, and I mean everything you see and hear. Critical thinking skills and discernment are a must when living in the Matrix!!!!!!
...if you forward your complaints to the proper ppl, we'll ignore them later...
Ben: "I look at picture of Volcker every day." :) Jesus fucking mary, one and a half hours more of this!
What a condecending fuck. I'd like to kick him down a metal stair case.
In the US, it is a crime to show a nipple on TV but children are allowed to watch Bernanke lie and pretend and cheat and bankrupt their country. It is somewhat puzzling to me. What is worse? Destroying the future of several generations or breasts? Your government knows.
If the market is rising on invented promises of QE, why is gold down? Got to be manipulation...
It's painfully obvious that policy makers worldwide are nothing more but pawns in the hands of 'market makers' aka banks. And banks want to see their deflating assets increase in price at the expense of everyone else. No wonder the number of people who'd rather see banks and stock markets in flames is growing by the day.
Fact of the matter is - we're on the downward slope of the Olduvai curve with our governments devaluing the fiat money that are backed by nothing else but the promises of value by the central banks who are nothing more but pawns in the hands of banks. Gonna be one hell of a ride, buckle up and kawabunga!!!
dan coats = fucking retarded stupid fuck
Bernanke never smiles this much. He is up to something.
Holy shit. Bernanke says he looks at Volcker's portrait at the Fed everyday. My question is whether or not he can do the right thing by putting short-term rate at double digit.
NASDAQ miraculously defies all laws of physics and logic in green.......is that the putrid smell of hopium let out of swollen shit-bags?
iPhone 5 presentation today. Fade.
Ben will just express his desire to print more money. Short term pullback in the USD as a result most likely. Great opportunity to go long USD's. Full Market Report/Analysis here http://bit.ly/nUGJAO
LOL! Marketwatch's servers are getting their asses rapped.
I'm sorry, I must have missed it but has Ben said anything new today other than giving us a play-by-play of the last 3 years?
I think that is fear in Bernanke's eyes, at the very least the guy looks stressed out of his gourd.
could to be because he knows the EU banking system is mere days, weeks at most away for total systemic failure? and of course, he also knows that our very own TBTFs will not survive the calimity? the US and Europe, chained together by bonds forged in fiat paper debt, regardless who goes first it will drag the other into the abyss with them.
ben doesn't expect inflation to be a problem going forward...he actually said that
Why does mnot even POaul ask him why its ok to have a free market on the way upo but NEVER on the way down?
crony capitalism on the way up and fascism opn the way down
Anyone who interferes in the free market and prints money should be executed period
The guy from The Real World is questioning him. YAAAAY!!!
Euro rallied from 8 month low on the news that Ben is planning to boost the economy ahead of elections...
Nice little "scare' there with the Nasdaq hitting higher grounds, well the iPhone5 crapolla is near,(1PM EST or so), nothing to worry about, it will be sold as it has always been since few weeks back! Nothing but a re load of shorts :))) !
This thing will get hammered down to 1000 in no time, there, though, we might see a dead cat bounce back to 1200, also very quickly! But then, well then it's trully lights out...until 875ish or so and then, well, then I don;t know anymore, can't see that far a bear ass :)))!
I think Bernanke is "dabbling in the market and doesn't use a broker" and you know how that turned out for MacGruber.
http://www.imdb.com/video/hulu/vi2338586649/
Wow, what an attempt at a short squeeze there. Most of the people must have went short last night. Market appears to be completely broken today. Staying the fuck out for the rest of the day.
That's it!
The Bernank is talking out his ass. LIAR
QE3 - cock-blocked.
They are selling GLD and buying QQQ today.
It's those that are attempting a short squeeze that are doing it. They will fail if Ben doesn't utter those magic words
Ben says, 'No QE3'
It is unfathomably unjustifiable to blame Bernanke. Placing him in the pillory and throwing apples may be one of the great disgraces that I have ever seen. If you are posting here chances are you participated in the great dance of shame of the American people whereby Americans, who had until around twenty years ago believed in thrift, honor, honesty, and a responsibility to the next generation, decided that only They and Now mattered. The great American dance of shame whereby the "adults" (using the term only as a chronological indicator) created one big Burning Man party but using self-awarding means of skewing the retirement plans, the standards for loans, and the welfare rewards to the non-productive and immigrants.
At one time in this country, you ate what you earned. Those who self-award themselves (particularly union workers and government and school employees) have devastated this country with the premise that all are rock stars. Place the blame where it belongs, not on Bernanke but a failure of this country to abide by the moral code that has forever guided us: always our actions should be based on what we owe the next generation, and what is honorable to do.
Without Bernanke we would be in a mess of untold consequences. He is juicing the system for a reason, and it is not to make the "rich" richer. Rather it is to keep the world turning so it can be straightened out. I admire him and believe he is a hero. You who have failed to abide by a moral code and an eye to your children's future, are the criminals of finance.
Fuk Bernanki! He sent Trillions of OUR dollars overseas to bail out foreign banks that the American taxpayer is on the hook for via inflation = stealth taxes. He is not doing his job to control inflation, his job is to place the USA in recievership to foreign offshore banks via "fake debt".. Wake up.
I am hearing nothing today that I didn't already know = waste of time.
Stop bailing out TBTF and start regulating!
Bernie Sanders is getting closer, the real unemployment # is actually closer to 18%, but I applaud his cantor in stating 16%. Any mention higher then 9% is getting closer to the truth.
the real unemployment # is actually closer to 18%
No, it's over 20%, Shadow Stats.com
I checked your link and thank you, I stand corrected.
kumquatsunite. Let me be the first here to tell you how brilliant you are. Today just looked like another depressing day in the countdown to Armageddon until I read your post. We are like the Brothers Corsican or Hansel and Gretel depending on your gender.
The sheep have made Bernard Bernanke into a Wicker Man. They have blamed him for all the problems that beset America including the shrinking landfills. Wallowing in their own ignorance, not having 10%, no 5% of the information that he does, yet they call him a dumb fuckstick.
Why? Because they feel he should have halted the Glacial Depression which inches closer to us every day. Never thinking that we would all be under it if it weren't for Bernard Bernanke.
You, sir or madam, are a genius of the first water.
Ave kumquat morituri te saluto.
What a load of right wing vomit. Bernanke is the head cheerleader for the top .00001 percent of the population that wants to rape, pillage, and plunder EVERYTHING, uninhibited by human compassion, or morality. The "rock stars" you describe, are the future of America - education, and the pillars of America, the working for a living middle class. The boys at the top count on these folks for that all important seventy percent of the American economy being consumer based. So, outsourcing jobs to the lowest wage countries, and avoiding tax burdens in the USA is slowly destroying the very economy the "elites" rely on. With no consumers to improve their bottom line, what future do they have? And yet they continue to slowly cut their own throats, a la "the goose that laid the golden egg". A deflated dollar and inflation is the only reason for any of the "rock stars" to ask for increases in salary, to merely keep pace with the destruction of monetary value perpetrated by the idiots who dictate monetary and economic policy in this country - the FED, the politicians, and the wealthy. Go suck off the morally bankrupt dipshit you call hero in private so the shot spots don't get shown in public. LOSER!
"No QE3" must mean that it's QE4 time! GREEN TO THE MOON!
We have lift off!!!
Printing to infinity and beyound!!!
How does Brady talk so clearly with the Bernanke's balls in his mouth?
Holy shit....Bernanke just said he does not see what the basis would be for banning large banks from charging 25-30% interest rates on credit cards....unfuckingbelievable!
BB what about all the fucking free taxpayer money you have given to the banks. Shit and they can charge the taxpayer 25% on credit cards which they wouldn't be alive to issue if it wasn't for said taxpayer.
TPTB are morally and ethically corrupt to the core.
Bernie Sanders.. Hits Bank of America and Shitty.. I mean Citi.. they have 25% - 30% credit cards rates! I didnt know that..
I know if I make a Loan in the Great State of Florida it HAS TO BE UNDER 25%!
So Banks are breaking Florida Law!
No worries Rick Scott is bought and paid for! LOL!!
JW,
Chill dudeski..............................LAWS ARE "FOR" Breaking with this admin, and anyone to do with them.
Only the Serfs must obey,or be shot on sight,maced,night sticked,etc,etc
Elijah Cummings just thanked Ben Bernanke for doing his best and trying to keep things working. That was very nice of him. To harangue Bernanke is ridiculous. What have You Done today to try and fix the mess that the "adults" (too many to name or count) created?
Elected officials like Cummings are the problem. They buy into into the constitutionality, validity and appropriateness of fiat and CB tweeking. He's an ignorant a$$ kisser, period. And the elites love him for it.
All my shorts will help wash the waste out of the system so a real recovery will at least have a chance to get its feet off the ground. How about you?
Selling felonious CDO's around the world to unsuspecting investors during the sub prime crisis that went under the radar of the SEC, S&P, Moodies etc.. they are all culpable along with the Fed's decision to take care of their own and not fix the problem, but make the problem more upwardly mobile.
TARP, (stolen) TALF, SOFA, QE1, QE lite, QE2, POMO, Reverse splits and other conjured "tools" are all on their watch, they could have handled it differently like let the institution fail, real simple huh? But as our National Debt clock reflects, it's obvious that the fox is in the hen house.
These "fixes" in the Trillions have not fixed anything on Main Street where the crime was committed, It has only increased Bank bonuses and you have witnessed the largest transfer of wealth from main Street to banksters.
With one of the bail out's mentioned above was enough money to settle every mortgague across the USA even if you wern't in trouble.
Now.. what kind of stimulus package would that have been? A damn good one.
the only thing he should testiy in fron of is a jury. the problem is finding some of his peers. it does seem fair to have him e judgd by th scum of the earth. I'd pick some people forced into starvation in the third world from his loose monetary policy. Maybe a guy who could feed his kids when the prices of food skyrocket everytime he floods the system with liquidity
Along with Robespierre the USA will need to creat a Star Chamber to deal with the rich and powerful who thought they were above the law.
Are these people fucking idiots, or what? I am just floored.
Hey everybody, fat Christie is not running for President, which is very exciting news! Do not watch Bernanke's testimony, do not look at the man behind the curtain, watch the fat man blabber about meaningless garbage. Thank you, and enjoy your free slurpee.
And....... Scene.
the rock says know your role and shut your mouth
.
http://www.youtube.com/watch?v=sadRv-xyVYk
Andrew Lahde, the Santa Monica, Calif., hedge fund manager who made an 870 percent gain last year by betting on the subprime mortgage collapse, has abruptly shut down his fund, citing the risk of trading with faltering banks. In his farewell letter to his investors he excoriated the elites who run our investment houses, banks and government.
“The low-hanging fruit, i.e. idiots whose parents paid for prep school, Yale, and then the Harvard MBA, was there for the taking,” he said of our oligarchic class. “These people who were (often) truly not worthy of the education they received (or supposedly received) rose to the top of companies such as AIG, Bear Stearns and Lehman Brothers and all levels of our government. All of this behavior supporting the Aristocracy only ended up making it easier for me to find people stupid enough to take the other side of my trades. God bless America.”
“On the issue of the U.S. Government, I would like to make a modest proposal,” he went on. “First, I point out the obvious flaws, whereby legislation was repeatedly brought forth to Congress over the past eight years, which would have [reined] in the predatory lending practices of now mostly defunct institutions. These institutions regularly filled the coffers of both parties in return for voting down all of this legislation designed to protect the common citizen. This is an outrage, yet no one seems to know or care about it. Since Thomas Jefferson and Adam Smith passed, I would argue that there has been a dearth of worthy philosophers in this country, at least ones focused on improving government.”
Thanks for the trip down memory lane
http://ftalphaville.ft.com/blog/2008/10/17/17194/andrew-lahde-bows-out-i...
(channeling F. Mercury)
Benny you're a boy with an inkjet toy
Gonna print your way out of this mess some day
You got ink on your face, you big disgrace
Spreading your fiat all over the place...
Timmay you're a cheat on the Eurozone beat
Gonna bailout some over-leveraged banks some day
You got a Beavis face, big disgrace
Kickin' that can all over the place
Barry you da man with a teleprompter plan
Out to show everyone they was wrong 'bout you
Your spending pace...a big disgrace
2012 gonna put you back into your place.
Watch Ben Bernanke attack Ron Paul & Jim Grant in this clip..good stuff.
http://www.youtube.com/watch?v=4bg3afl0tWI
Bennie already printed his buddies in banking sixteen trillion "get out of jail free" tickets. Read on below. And, yes, I have posted this topic under several topics. Why? Because not everyone on ZERO HEDGE reads every topic, and this is information that will never hit mainstream media. I don't give a fuck if several people who are regulars have seen this before. I am interested only in making sure that as many people as possible read, understand, and act accordingly based on knowledge, information, and truth. As for the whiney minority, flame away , you bitchez!
The Federal Reserve is neither Federal nor a "Reserve". This private bank run by the "Bank of England" has been stripping the US of its assets since the days of Andrew Jackson. If the $16,000,000,000,000.00 given away secretly, since 2007, to the member banks isn't reason enough to overhaul our entire government financial system then our country is doomed to financial failure. You won't read this in the mainstream media....but it may emerge in the coming elections. Read about this first ever audit of the Fed and understand why we are in such trouble. Tuesday, September 27, 2011 First Ever GAO Audit Of The Federal Reserve(You can click on the site and read the report).
The first ever GAO audit of the Federal Reserve was carried out in the past few months due to the Ron Paul, Alan Grayson Amendment to the Dodd-Frank bill, which passed last year. Jim DeMint, a Republican Senator, and Bernie Sanders, an independent Senator, led the charge for a Federal Reserve audit in the Senate, but watered down the original language of the house bill (HR1207), so that a complete audit would not be carried out. Ben Bernanke, Alan Greenspan, and various other bankers vehemently opposed the audit and lied to Congress about the effects an audit would have on markets. Nevertheless, the results of the first audit in the Federal Reserve nearly 100 year history were posted on Senator Sanderâs webpage earlier this morning.
sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-62060dcbb3c3 (Summarized below)
What was revealed in the audit was startling:
$16,000,000,000,000.00 (TRILLION) had been secretly given out to US banks and corporations and foreign banks everywhere from France to Scotland. From the period between December 2007 and June 2010, the Federal Reserve had secretly bailed out many of the worldâs banks, corporations, and governments. The Federal Reserve likes to refer to these secret bailouts as an all-inclusive loan program, but virtually none of the money has been returned and it was loaned out at 0% interest.
Why the Federal Reserve had never been public about this or even informed the United States Congress about the $16 trillion dollar bailout is obvious the American public would have been outraged to find out that the Federal Reserve bailed out foreign banks while Americans were struggling to find jobs. To place $16 trillion into perspective, remember that GDP of the United States is only $14.12 trillion. The entire national debt of the United States government spanning its 200+ year history is only $14.5 trillion.
The budget that is being debated so heavily in Congress and the Senate is only $3.5 trillion. Take all of the outrage and debate over the $1.5 trillion deficit into consideration, and swallow this Red pill: There was no debate about whether $16,000,000,000,000 would be given to failing banks and failing corporations around the world. In late 2008, the TARP Bailout bill was passed and loans of $800 billion were given to failing banks and companies. That was a blatant lie considering the fact that Goldman Sachs alone received 814 billion dollars. As is turns out, the Federal Reserve donated $2.5 trillion to Citigroup, while Morgan Stanley received $2.04 trillion. The Royal Bank of Scotland and Deutsche Bank, a German bank, split about a trillion and numerous other banks received hefty chunks of the $16 trillion. ****
When you have conservative Republican stalwarts like Jim DeMint(R-SC) and Ron Paul(R-TX) as well as self-identified Democratic socialists like Bernie Sanders all fighting against the Federal Reserve, you know that it is no longer an issue of Right versus Left. When you have every single member of the Republican Party in Congress and progressive Congressmen like Dennis Kucinich sponsoring a bill to audit the Federal Reserve, you realize that the Federal Reserve is an entity onto itself, which has no oversight and no accountability.
Americans should be swelled with anger and outrage at the abysmal state of affairs when an unelected group of bankers can create money out of thin air and give it out to megabanks and super-corporations like Halloween candy.
The list of institutions which received the most money from the Federal Reserve can be found on page 131 of the GAO Audit and are as follows:
Citigroup: $2.5 trillion($2,500,000,000,000)
Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
Bank of America: $1.344 trillion ($1,344,000,000,000)
Barclays PLC (United Kingdom): $868 billion* ($868,000,000,000)
Bear Sterns: $853 billion ($853,000,000,000)
Goldman Sachs: $814 billion ($814,000,000,000)
Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
JP Morgan Chase: $391 billion ($391,000,000,000)
Deutsche Bank (Germany): $354 billion ($354,000,000,000)
UBS (Switzerland): $287 billion ($287,000,000,000)
Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
Lehman Brothers: $183 billion ($183,000,000,000)
Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
BNP Paribas (France): $175 billion ($175,000,000,000)
IT WILL BE INTERESTING AS TO HOW MUCH ATTENTION (AS WELL AS THE SLANT) THE MAINSTREAM MEDIA GIVES THIS UNBELIEVABLE POSITION OF OUR GOVERNMENT HAS PLACED US IN WITH NEVER PREVIOUSLY HAVING AN AUDIT OF THE FEDERAL RESERVE.
I AM CONFIDENT THAT WE WILL HEAR SOMETHING LIKE THE FED HAD TO GIVE STIMULUS TO WHOM THE $16 TRILLION WENT TOO BECAUSE IF WE HAD NOT ALLOWED THIS IT WOULD BE THEIR COLLAPSE AND THE OURS.
HAS ANYONE EVER HEARD OF CLOWARD AND PIVEN ECONOMICS? (PARAPHRASING) IT INVOLVES TWO HARVARD PROFESSORS WHOSE BOOK SAID TO CHANGE ANY GOVERNMENTâS ECONOMIC SYSTEM INTO A SOCIALIST ONE, IT SIMPLY DRIVES THEIR ECONOMY INTO THE DITCH THEN THE CITIZENS ALLOW THE GOVERNMENT TO DO WHAT THEY WISH TO SAVE THEM
No shit, Sherlock.
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