Bernanke is talking; but I refuse to believe what he is saying. He is talking a lot of QE2 jargon, specifically complaining about the lack of inflation. This is a man who is not content with oil, gold, corn, cotton etc, at these lofty levels. What type of person, purposefully, promotes the denigration of the national currency, while imposing harsh taxes on its citizens in the form of rapidly increasing commodity prices? Why does he feel it is the job of the Federal Reserve to jump start the jobs market? Isn’t that the task of the President and his stupid band of thieves?
This country is being led by headless horsemen, with magic penis’.
Predictably, the dollar is getting smashed and futures are spiking. But you have to ask yourself this question: how long will this last? Furthermore, when the music stops, will there be a frenzied exit from the dance floor?
Question of the day: Is the BEARDED CLAM aka The Magic Penis blind or mentally ill?
Corn
UPDATE: I sold short COF, at these levels.
If you enjoy the content at iBankCoin, please follow us on Twitter
FIRST!
Who gives a fuck?
Zombie cares.
Yes, both mentally ill and blind (although the Magic Penis does have only one eye).
The Magic Penis should have had a Tim Tebow circumcision.
one eye snake aka Magic Penis(tm) is king in the land of blind.
Agreed. I waste 2 seconds every time I have to read “first” or FIG”.
Stop it, jackwads.
slow reader?
Corn is gonna cornhole us
he is truly crazy. an unelected bureaucrat in charge of the money supply and printing massively. very, very scary.
And now he is in charge of the employment market.
Darn purple headed yogurt slinger. He’s too excited! Poor little guy just can’t keep his money in.
Talking about QE gets more oomf than actually doing it and the market is behaving like BB’s pet pavlov poodles so far.
As someone said this week this market is a colliseum of people with only a few exits.
Does anyone know where Geithner is? Amazing how we haven’t seen him in months. I’m waiting for him to open his mouth about the dollar – the market seems to have forgotten him. What have they done with little Timmy!
Geithner is working on his tax return.
Geithner was on Charlie Rose this week http://stock.ly/05f0d2
he is protecting the magic ring
ROFL
yes, they are busy whipping out their precious’s
He sees us!
He is looking for IT!
He wants IT!
________
Yeah the cock ring “to fuck us all …”
This will not end well
The magic penis only has one eye, his peripheral vision is impaired
It’s all tough guy talk from the FED. There will be bigger problems to face with foreign countries and their central banks if we continune to devalue our currency vs “theirs” at this pace.
Specify? I see the main problem will be oil. Suddenly it will cost a lot more for Americans to buy it. As an Albertan oil man, I’m okay with it. As a person who doesn’t want to see a great country wasted, I’m disappointed.
Oil is just the start of the problems. We had $4.00 gas and people went nuts thinking they needed to trade in their SUVs. But back then, there was little other inflation. Now we have all kinds of food commodities going through the roof. People need food more than they need gas… This will not end well, but it will take a couple years to finally end. Buy the stock market every last cent you have, we are never going down again.
Someone ought to smack the shit out of the one guy who clapped at the end of the speech…
What kind of man is he?….a scared man. A man who does not want to be labeled, “Asshat of the Century” for letting the U.S. economy go into a deflationary spiral on his watch, as people wave copies of his PhD thesis on the Depression in his face.
Yes, this is madness, but it is profitable madness. I’ve made more money in the last 2 months than the previous seven combined. Everything, including my core holdings like AAPL and GOOG are on fire.
We all just need to recognize it for what it is and smile as we place more bets on Chinese lotto.
It’s getting frothy near term, so I’d expect we pull back, sufficiently to attract more buyers. Magic short term number is 1156 on the S&P (15 day MA), which is near term support on this recent bullish trend. Until we breach that, I’m not going to worry about my egregious longs.
The Bearded QE2 Clam bake is still on.
Quantitative E-SCHWING
He’s fighting the last war, that’s all. Structural unemployment is the real issue. That’s what’s keeping demand low. QE won’t create demand. FAIL. The “correct” thing to do (as much as people will rail against it) is to just create make work jobs. It will keep people out of the streets (as in Greek like protests), and they will go out any buy things in the private sector. SMB’s will get their demand and mojo back and start to hire more workers, and then the government can extract itself. Flame on Wayne. Flame on Garth.
The political landscape is such that job creation is not the emphasis. It is something else….like bashing the opposition, the Chinese, Big Oil or Wall Street. Whatever.
The AICs (asshats in charge) are either clueless, or belligerant. They certainly can’t be “well-meaning”. It’s either or. Pick one.
Hence, the only solution we see is gay QE2, which is really disaster in drag.
Nothing less than a massive re-education of the public away from the something-for-nothing entitlement political culture we’ve been deluged with since the Johnson Era will do.
We only have to look at France to see where we are headed without a wakeup call. With a population one fifth of ours (at 62 million), this week those good citizens put together Jacobin marches of 1.2 million people (equivalent to 6 million in our country!) to protest a governmental attempt to save a dying pension system by moving the retirement age back 2 years to 62 … from 60 years old.
They are basically laying (further) waste to their economy right now in what amounts to a national temper tantrum.
These are free peoples?
__________
More jobs will be created as wages come down. Labor is too “internationally fungible” to allow the West to make so much more than the developing countries; it’s really that simple, but Bernanke doesn’t want to acknowledge it (if he even has the common sense to see it).
Ricardo would disagree with you. You cannot create more jobs in a higher standard of living country by depressing wages. All you will do is create higher unemployment, which is, what we’ve got going.
Think of an economy as a ratchet, where each step up in standard of living is “click-lock” that is very difficult to step down from without something like a revolution or complete economic collapse (see Zimbabwe, Mao’s China, Stalin’s Russia in the 30’s, etc). The reasons standards ratchet up is because investment in technology and education combine to create higher value employment opportunities.
As for the US in it’s current state? Well, the investment in technology is fine, the post secondary education is head and shoulders better (on a distributed basis) than any nation on earth.
Can you guess where our Achilles Heel lies? (hint, while post secondary education has a tenure system, it does not have unions… yet).
__________
Agreud logi.
The Bearded Clam is not mentally ill, he is evil. If he is not evil and ill-intending, then the fact that this is the best the Fed can do pretty much means we are all fucked.
Not evil, just weak, and afraid of the political heat.
He likes being Chairman of the Fed more than he likes doing the right thing.
Not sure anyone is strong enough to do the right thing at this point. A Fed Chair could easily be reviled as the worst economic actor since the Roosevelt era for doing so. Who wants that?
________
It’s like being a dentist. No one likes you during your work day. High suicide rates and all.
FIG..I guess I am not the only one that finds it ironic that Helicopter Ben, a career academic who is stirs the pot of the planet earths economy with mountains of highend mathematics… could not keep his own house in order.
I might not have a phd in ecomonmics. However even I new that an ARM was retarded..and to read the details and analyze. Thats where the devil lives.
From wikipedia under the “adult life” secition:
Bernanke met his wife Anna, a schoolteacher, on a blind date. She was a student at Wellesley College, and he was in graduate school at MIT. The Bernankes have two children. They refinanced their Capitol Hill home in late 2009 because they “had an adjustable-rate mortgage and it exploded.” Now they have a 30-year fixed rate mortgage at a rate of a little over 5%. Bernanke and his wife own one car, a Ford Focus.
http://en.wikipedia.org/wiki/Ben_Bernanke#Adult_life
Ford focus!?! His taste in cars alone should be reason for getting him outta there.
I highly doubt that bit about him having an ARM and refinancing it is true. The guy most likely owns his home outright and pays for everything in the cash he prints daily.
A blind mentally ill criminal.
It’s all about the boys club
When the music stops and one million obese Americans attempt to exit from the burning theatre through a single 2 1/2 ft door; we will not read that Chairman Bernanke took a swan dive from the 13th or that he tragically lost his brains while cleaning his gun.
No, the man is mentally ill. He will explain why he really did the right things, but the world got it wrong.
Why does he feel it is the job of the Federal Reserve to jump start the jobs market? Isn’t that the task of the President and his stupid band of thieves?
Unequivocably, NO!
Holy shit, Fly.
________
The dual mandate of the Fed is messing with Big Ben’s head. QE2 = FAIL.
The Fed and the gov’t need to GTFO of the way of the private sector and stop creating moral hazard after moral hazard on one side (the Fed with their “freebie” asset inflation) and impediment to employment after impediment to employment on the other side (the Congress and Executive branch with their “Stimuli,” industry nationalization and Obamacare measures).
Just stay the eff off the economy, idiots!
________
They (all of them) are incapable of that. Instead of regulating to provide a level (transparent and open) playing field, they regulate to help their friends (those that fund their campaigns) and stymie their enemies (whoever railing against will help them get elected). We’ve got “kochtopus”, unions, freaking everyone trying to game the system for their own purposes.
I have no idea how it will be untangled.
I know, pvt sector, yadda, yadda, yadda. I was alluding to tax incentives, de-regulation, all things that can be spearheaded by the idiots on capitol hill
Tax incentives aside from across the board marginal cuts, are meddling in the unintended consequence asset inflation arena again. All the other bullshit besides lowering capital gains and income confiscation just pushes the balloon one way or another.
I would agree on de-regulation, but that’s just taking away stupid shit they’ve already meddled with.
So if you mean “undo a lot of bad/stupid/redistributionist meddling” above, then we’re in agreement.
____________
The only area where I think I would disagree with that Jakegint, is Research and Development incentives. If a company spends money on R&D, it should be better than free, as technological advances disproportionally help everyone. Otherwise, absolute congruence of thoughts with mine.
bullcrap. technological advances cost jobs on average. So, the more computerized and mechanized we become, the more people end up on the public dole.
good morning
http://www.youtube.com/watch?v=iquBAJnI9jE
lets do this
R.I.P unborn future generations of America…
No. They’ll be around. Just as mostly as slaves.
they will be indentured servants in china!
Looks like corn has popped. Beanies in the teenies.
That is too funny. I was talking to a broker friend of mine in NY yesterday (not Broker A) and he used the same phrase… said he’d been talking to another broker who was around in the Carter era… that was the word back then.
__________
“The gold bull market will not end with a fizzle and a whimper. It will end with intense speculation and widespread interest from the funds and the public. We haven’t seen that kind of activity yet, but I’m convinced that a period of wild speculation in gold lies somewhere ahead.”
Richard Russell
Yeah, Richie got that quote from me some months ago. He’s been too busy spotting fake Dow Reversals in the interum to publish it.
____
Russell is a senile perennial gold bull. This gold move is OVER!
LOL. Hope you are not short for any length of time.
_______
http://www.youtube.com/watch?v=-b5aW08ivHU
Banks are tanking…market will not be able to continue to ignore this.
Into the FAZ-mobile Robin!
Er… Cap’n Quint!
_______
Might be derailed by gubbermint tomfoolery. Unequally applied bailouts, etc. BEWARE>>>
markets can stay irrational longer… than everyone thinks…
It’s a QE-PALOOZA!… BOOYA SKEE-DADDY!
Fuck JP Morgan Scam and the diamond rudder boat they and Bank Of Losers road in on.
Penises.
The correct vernacular would be peni.
Schnitzengruben.
FAZmobile powered by water-cooled dual overhead penetrating Wankel rotary engine.
SWEET!
I think we need a bigger boat….or QE3!
Weeeee! QE3!
The bearded clam works for a group of powerful central bankers who have determined the agenda for mankind, for the next 100+ years. They need to crash the US economy to achieve their plan which relies on wealth redistribution to achieve world socialism under their control.
Don’t you read the publications the UN and the IMF publish? This is the secret that’s hidden in plain view.
Care to offer your practical suggestions for subversion of secret international agendas Joe?
All aggravated further by the Congress whores giving themselves a pay increase while those on Social Security get no bump for two years in a row. Social Security needs a name change. Social Disease – like being a boyfriend without benefits.
Boyfriend without benefits. I think that’s usually called husband with small kids. 😉
Certainly the word security seems a mis-nomer.
Big question??? who owns the federal reserve any ways??? If you discover please fill me in on that one.