THE Ben Bernanke Thread (merged)

[rangerone314]

Godwin's Law of Nazi Analogies: "As an online discussion grows longer, the probability of a comparison involving Nazis or Hitler approaches 1."

I guess we didn't have to wait very long in this thread, LOL!

How about RangerOne's Law of Obama: "As an online discussion grows longer, the probability of a post criticizing Obama approaches 1."

[GASMON]

How about a modern day Hitler.



Gasmon

[rangerone314]

How about a modern day Hitler.



Gasmon

He wouldn't rate being a corporal in Hitler's army...

If Mahmoud and Chavez got married(since they seem to like each other so much), who do you think would be the "husband"? I got my money on Mahmoud.

[crude_intentions]

Speaking of Chavez, It seems he brought the house down at Coppenhagen

But then he wound up to his grand conclusion – 20 minutes after his 5 minute speaking time was supposed to have ended and after quoting everyone from Karl Marx to Jesus Christ - “our revolution seeks to help all people…socialism, the other ghost that is probably wandering around this room, that’s the way to save the planet, capitalism is the road to hell....let’s fight against capitalism and make it obey us.” He won a standing ovation

Link To video http://www.youtube.com/watch?v=ZhMeL1dz40c

[bshirt]

I gotta admit, listening to Ben get questioned by Congressmen was fun.

It reminded me of watching a centipede fight a tarantula on YouTube. They are both pretty disgusting, and I'm not sure who I wanted to win, but it was still entertaining!

You're right!

It was brutal trying to decide who I wanted to lose the most.....it almost killed me.

[gt1370a]

Gee, you think Bernanke might be expecting interest rates to start shooting up soon or something? He recently refinanced into a fixed rate from a LIBOR-based mortgage.

[Revi]

That's a very interesting piece of news.

Nice digging!

Inflation here we come!

[Ferretlover]

US to keep on printing increasingly worthless paper..................?

Bernanke's helicopter could move to new altitude

We need more quantitative easing to create jobs

How about instead of endless money printing they take a good look at BAU and try to figure out how to get out of this increasingly unstable economic model?

There's only so much funny money you can print, sooner or later you have to pay the piper......or put another way, when you are in a hole - stop digging.

[efarmer]

http://www.ny.frb.org/aboutthefed/history_article.html

Is the history of the fed. I link to this for two reasons.

1. The Fed was formed after the financial markets in New York were shook by a crisis that had them foundering but left the economy of the nation essentially humming along.

2. Notice the objection to making the New York Fed too powerful as compared to the regional Federal Reserve banks that took place at the time.

The Fed is now fighting the court to keep their Bush and Paulson bailouts secret and protect the viability of the US and European entities they backstopped, I understand the sentiment of not creating panic, but I see it as offset by the need to understand situations enough to begin to restore confidence in the global financial community as well.

I think watching to see if the Federal Government uses national security to shield the Fed from a court order will tell the real story of if it is embarassing or lethal to let the cat out of the bag.
In that way Bloomberg and the courts are getting an answer of sorts in a quantum rather detailed manner.

[Plantagenet]

The dollar is already losing value again because the markets expect the Fed to devalue the currency by printing money to bail out Obama and his huge budget deficits.

Get your wheelbarrows ready.

[eXpat]

How about instead of endless money printing they take a good look at BAU and try to figure out how to get out of this increasingly unstable economic model?

Heresy! BAU must be maintained!

[efarmer]

My Bush and Paulson reference was not a slam, New York Fed rep. Geithner was key and crucial in Paulson's team and was installed by Obama to replace Paulson in much the same way Gates was kept in to keep the military situation in place running with continuity. These large national priorities exist and are maintained regardless of who is in power. This is why if the strategies and trajectories are wrong, our politics are almost completely unable to alter them. I submit they have been wrong and are unlikely to be altered.

We have architectural problems and they are not cured by the change of occupants that live inside the structures that are created. We have good plans, and good intentions, but the as built does not match the as intended. We have blueprints for a nation of strong states with a federal shell, and we built an empire that runs on petroleum from our perhaps more genteel form of colonization instead.

We are not going to fix this by demonizing each other and not putting our competing philosophies and beliefs together for a balanced yield (we instead let them duke it out for a zero sum failure).

What we have made has been very lucrative for the interests of globalization, militarization, and the pursuit of concentrated wealth that has the desire to close the path to attainment to those who would pursue them in society at large (they will allow them to invest in their casino under their rules however). These interests fund our politics, and they need to polarize us to keep them gridlocked and unable to change architecture that would hamper their enterprises, and it has absolutely worked like a charm so far.

We are heading out of the oil age with architecture to inhabit that is ideal for the immediate global conditions of post WWII. Big strong man, small competition, and plenty of petroleum with supply and allocation being the strategy instead of mitigating dependence on the black elixir of 20th century life.

[IslandCrow]

We are not going to fix this by demonizing each other and not putting our competing philosophies and beliefs together for a balanced yield (we instead let them duke it out for a zero sum failure).

Good essay. Thank you for this reminder.

[mattduke]

Bernanke literally trembles during his press conferences.

[Sixstrings]

Bernanke literally trembles during his press conferences.

The Fed just had their first press conf in 92 years. He was trembling?

[Plantagenet]

Bernanke literally trembles during his press conferences.

The Fed just had their first press conf in 92 years. He was trembling?

I saw that too.

It didn't inspire confidence.

[DomusAlbion]

I believe that now it would be best to get out of cash $. Convert dollars to commodities or Swiss Francs. The dollar has already taken a big hit in the last few weeks. This poor performance by Bernanke will not instill confidence. Gold shot up over $15/ounce just today and $100 over the last 30days.

[Roy]

I believe that now it would be best to get out of cash $.

That is sound advice but for one little thing: all debts and taxes in the US are payable ONLY with federal reserve notes.

So, I need them to pay my mortgage, property taxes, sales taxes, vehicle taxes, federal income tax, state income tax, etc.

And since I'm not in the upper 2% income wise, and the reckless spending/printing is causing significant inflation, most of my income is going to maintaining a household and supporting my family. There is very little left (compared to say 5 years ago) after all bills are paid with which to save and to 'get out of the dollar'. Prices are rising dramatically for necessities, and wages are staying flat.

I diversify as much as possible but there just isn't a lot of slack any more.

[Sixstrings]

I saw that too.

It didn't inspire confidence.

I didn't actually watch it. The Fed always speaks in subtle code anyway, they can go on for two hours and it really just boils down to a couple pertinent facts after the experts interpret it. So I just read the translation.

Translation on this presser I think was that QE3 is on the table and inflation will continue.

[Ferretlover]

LINK

Read Bernanke's lips: No QE3
DAVID BERMAN
Globe and Mail Update Posted on Wednesday, June 22, 2011 2:39PM EDT

Federal Reserve Chairman Ben Bernanke made it clear at his press conference on Wednesday afternoon that the central bank sees no need to usher in another round of bond buying – known as quantitative easing – to help give the sagging U.S. economy a much-needed jolt. At least not yet.

He noted that when he began discussing the need for a second round of quantitative easing – dubbed QE2 – last August, the economic backdrop was considerably different than it is today. Back then, the Fed’s dual mandate of maximizing employment and stabilizing prices was under threat: Deflation was a risk and employment wasn’t improving.

Now, while recent economic data have pointed to sluggish economic improvements, the situation is different. The threat of deflation has receded and there has been some improvement in the labour market, though Mr. Bernanke described these improvements as “frustratingly slow.”

In other words, while he believed that the case for action from the Fed was clear last summer, the situation is different today. But, he assured listeners that the Fed will act as needed.

LINK

WAKE UP: Bernanke Just Told You There's No QE3
Joe Weisenthal | Jun. 22, 2011, 2:31 PM

Bernanke made a pretty huge point during his much-hyped press conference.

He's saying there's no QE3 coming.

How do we red that?

He believes the economy will recover, and he says the conditions right now in the economy are much different than they were last summer when QE2 was announced.

Deflation has been slayed (he says) and payrolls have accelerated. This is pretty straightfoward and he said that multiple times.

The market didn't seem to sense any more easing either. Stocks drifted lower, and the dollar went up.