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| User Info | Webster Definition Of Hubris: Ben Bernanke in forum [Ticker] | |||
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Genesis Posts: 71416 Incept: 2007-06-26 
KD^2 
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http://market-ticker.org/archives/1361-W....
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-08-21 13:12:54
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Elliottwaver Posts: 176 Incept: 2009-02-09 Banned
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Yep. “The best way to get out of trouble is not to get into it in the first place.” - Ben Bernanke ---------- "If we can't recognize losses in a capitalist system we have no future." - William Black "We will never really understand important economic events unless we confront the fact that their causes are largely mental in nature." - Animal Spirits: How Human Psychology Drives The Economy Last modified:
2009-08-21 13:23:42 by elliottwaver
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Kidhorn Posts: 88 Incept: 2009-08-11 Rockville, MD
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Everything Ben says is to help instill confidence in the markets. Truth or reality have nothing to do with it.
2009-08-21 13:52:24
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Dji Posts: 720 Incept: 2009-04-21 
Fleming Island Online
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Berstanke needs to have a meeting there in 6 months on top of the steepest Double Black diamond run, with the longest skis available from the rental shop and a blind fold on. I would be glad to give him a push to get him started! Only then will we get some truth out of him, if he survives that place is Brutal. ---------- What goes up Must come Down- Alan Parsons Project THE TRUTH HURTS! -Dji
2009-08-21 13:52:28
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Wrld_econ Posts: 643 Incept: 2007-09-18
Tennessee
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Nice Ticker, makes the blood boil. It would be even nicer if we had just one "**** You" person in the FED. A guy who saw it coming and did nothing to stop it now wants Quote:"to build a new financial regulatory framework that will reflect the lessons of this crisis" What the hell happened to the regulatory framework that you HAVE and failed to use? The "new" systemic risk policies that he seeks to build, and be in charge of, will only provide more rules for him to exempt. Just like the Rule 23 exemption letters he gave out like candy which only exacerbated an already infectious problem. Need meds. ---------- Correction in a bull market: Healthy Correction in a bear market: Very Scary Last modified:
2009-08-21 14:01:35 by wrld_econ
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Karens Posts: 34 Incept: 2009-04-20 Georgia
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I'm not buying one word of Bernake's bull****. NOT. ONE. WORD.
2009-08-21 14:26:36
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Jstanley01 Posts: 2564 Incept: 2008-07-30 
San Antonio, Texas
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Quote:History is full of examples in which the policy responses to financial crises have been slow and inadequate, often resulting ultimately in greater economic damage and increased fiscal costs. In this episode, by contrast, policymakers in the United States and around the globe responded with speed and force to arrest a rapidly deteriorating and dangerous situation.The danger is that this statement is going to look, in retrospect, as far off target as his assurances were at the top of the housing bubble. When anyone in high office ****S UP as badly as he has, it is in everyone's best interest that he RESIGNS. For the country's sake, yes, because as long as he remains in office, that office will command ZERO CREDIBILITY from anyone with an ounce of sanity left in their skull. But for his own sake as well. As the following video shows, he has first-hand experience that the tinfoil natives are getting restless...  I feel for the members of his security team. I hope they mind their "p's" and "q's" for their own sake as well as his. ---------- ...so in short, my fellow Texans, we must secede. "For the children..." --Me Last modified:
2009-08-21 14:54:14 by jstanley01
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Eternalblue Posts: 4230 Incept: 2007-08-09
sokali
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he has got to be lying out of his teeth. Everything we talk about on TF he knows about. I am just scratching my head what he is trying to accompolish with this jawbone. My immediate concern is he knows he can keep this fake rally going another couple months and then people will forget again.. ---------- my miniblog; http://economicpsychosis.blogspot.com/
2009-08-21 14:56:40
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Alchemista2 Posts: 61 Incept: 2008-09-25 DC
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Here's an interesting ticker idea - if you had invested based on the bullish/bearish nature of Ben's speeches historically, how would you be doing?
2009-08-21 15:23:38
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Elliottwaver Posts: 176 Incept: 2009-02-09 Banned
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I found a video of a young Ben Bernanke: ---------- "If we can't recognize losses in a capitalist system we have no future." - William Black "We will never really understand important economic events unless we confront the fact that their causes are largely mental in nature." - Animal Spirits: How Human Psychology Drives The Economy
2009-08-21 16:11:03
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Ghostcrab Posts: 86 Incept: 2009-04-17 Dallas/FtWorth Banned
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Quote:My immediate concern is he knows he can keep this fake rally going another couple months and then people will forget again... In my mind, credibility is the sole underlying and remaining issue left. The only thing keeping our system moving right now is the fact that a large enough percentage of the populace at large is still willfully ingorant of the propaganda efforts and the sleight of hand mechanics going on in broad daylight right in front of them. They are willfully ignorant because the alternative is incomprehensible to them. If that's not a confidence game I don't know what is. It reminds me of the island scene in Eric the Viking when they all decide not to be aware that their island was sinking into the sea. However, as KD has stated. Gravity does exist, the math never lies, and the confidence game has to end one way or the other. Some day very soon now the tide is going to pull back, and we're all going to see who the lying corrupt ****ers are. There are many, Bernanke quite prominently of course. Yes sadly the corrupt ****ers ratio is very very high these days, and THEN the confidence game will be obliterated. The last leg of a broken chair will give, and the social contract will lay in tatters. You tell me what comes after that because I'm not sure humans have ever been in a bind quite like this before. We are balanced so precariously on so many different tipping points. I can't imagine it's going to be pretty. ---------- "History records that the money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling the money and its issuance." - James Madison Last modified:
2009-08-21 16:16:16 by ghostcrab
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Exorcism Posts: 301 Incept: 2007-11-30
Denver Area
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Spell CheckQuote:
'mismarked' ? More awesomeness, I am still in utter disbelief that the market is able to even consider that this recession has ended. I don't even know what to think, the magical levitating market. ---------- The fact that we live at the bottom of a deep gravity well, on the surface of a gas covered planet going around a nuclear fireball 90 million miles away and think this to be normal is obviously some indication of how skewed our perspective tends to be. -Douglas Adams Last modified:
2009-08-21 16:19:34 by exorcism
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Markjw Posts: 106 Incept: 2008-10-01 Online
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WOW! The finest speech on the Titanic! Well said. I fear for what comes next.
2009-08-21 16:47:48
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Baja Posts: 77 Incept: 2009-06-03 Outback Texas Banned
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In Mobs, Messiahs and Markets, Bonner and Rajiva lay out the states of a public spectacle: Stage 1 - Lies Stage 2 - Farce Stage 3 - Disaster It is as inevitable as a glacier grinding its way to the see. I would posit that we have officially moved into stage 2 today with Bernanke's "We Saved the World" comment. It fits the classic definition of farce, which Webster says is "ridiculous or empty show." Yep, that's where we are for sure. Stage 2. Disaster ahead. I hope it hits while Ben is patting himself on the backside. That way, there's a good chance is arm will get shoved, uh, never mind.
2009-08-21 16:47:57
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Themortgagedude Posts: 3930 Incept: 2007-12-17
saint louis
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Gen - I would love to see you on the Senate panel that grills that bastard at Humphrey Hawkins or whatever. If you won't run can we at least disguise you and put you up on the panel?
---------- "These are interesting times. We don't trust the government, we don't trust the legal system, we don't trust the media, and we don't trust each other! We've undermined all authority, and with it, the basis for replacing it! It's like a six-year-old's dream come true!"
2009-08-21 17:01:29
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Drake Posts: 939 Incept: 2007-07-27
Online
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You know, it is dangerous to be right, when governments are wrong. Nothing that SHOULD be done will be done and in the end they will squelch all dissenters. Thanks for your steady stream of reality. I appreciate it and the work that goes into it. They don't! ---------- The wise are aware of their treasure, while fools follow their vanity. Reality is the murder of a beautiful theory by a gang of ugly facts!
2009-08-21 19:58:25
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Hihoherewego Posts: 595 Incept: 2009-02-25
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Quote:We could start by locking up everyone involved in creating this mess Ben - including you. Wow, Denninger's holding back some. He must be in a pretty good mood. Bernanke must be relieved he didn't let him have it with both salvos. ......................... The worst is behind us. Unfortunately it's really well-endowed. Last modified:
2009-08-21 23:58:09 by hihoherewego
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Bozonian Posts: 14033 Incept: 2007-09-01
PFT - Pure F'n Tin
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I'm not sure what the mystery is here people. The people in power just want to preserve the status quo. They'll use their power to do that. This is always the case. This is why the government isn't supposed to have this much power. It eventually stifles the country. ---------- I'm so depressed about outsourcing I called the suicide hotline and got a call center in Pakistan. They got all excited and asked me if I could drive a truck. Everything I write is my opinion and not to be considered proven fact. Nothing I write should be considered financial advice.
2009-08-21 20:57:34
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Tesla Posts: 8174 Incept: 2008-04-03
Delaware
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Quote:"special bankers" who are you're friends grammar alert ! "you're = your" ---------- "Neither the wisest Constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt." Samuel Adams I'd rather die on my feet than live on my knees. - Emiliano Zapata
2009-08-21 22:00:08
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Drjerry Posts: 352 Incept: 2007-11-06 Vancouver
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Quote:Spell CheckI took it as a pun. ---------- When Americans say they live in the greatest country in the world it's just because they've never been to Canada... Author unknown
2009-08-21 23:50:17
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Reverseengineer Posts: 290 Incept: 2009-08-19 Alaska Banned
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In trying to grasp just how it is the Stock Market continues to rise while the companies listed on the market show ever worse earnings, the "liquidity" driver is what comes to mind as most likely responsible. Liquidity is really just another word for lots of cheap credit money being offered to big players in the market. Its like you have 6 players left in the Poker Game, they are ALL broke but to keep the game going you hand out more chips for them to gamble with. They have to do SOMETHING with this money to make a Profit, so they gamble it in stocks, in bonds, in commodities etc. This serves to continue driving all those prices upward, or at least holding ground. However, the ONLY people actually playing in this game are the 6 who are left here, NOBODY else is getting loans to play some more. The Game can and will continue onward here so long as you still have at least 2 of these Players, and Goldman holds all the Cards here, so one can figure them to be the final "winner" of the game, but they won it all on BORROWED money. They end up Owning the Assets, but the Assets are Worthless because nobody but Goldman has any money to buy them with. It would be at this point you get your Reset. One possibility for Reset is Goldman then Loans out New Money (IMF backed? UN backed?) for people to buy BACK these properties from Goldman. Exactly who they will loan this money to or what profit they could make from such new money is a pretty daunting question. The other possibility for reset is that once Goldman owns EVERYTHING, Goldman will not be able to control or hold onto the little left in the world worth exploitation, and nobody will pay much mind to the Toilet Paper Goldman issues as debt money to buy back their properties. By the measures Helicopter Ben uses, he sees Recovery and stabilization of the financial markets. From the point of view of Pigmen Bankers this is sorta true, but the VAST amount of Liquidity (read that CREDIT) that Ben has issued to a few Players here is not in ANY way making its way out into the general economy. There is NO "trickle down" going on here at the moment, thus the reason about everybody is defaulting on their mortgages as they lose their jobs in industries which cannot roll over their accumulated debt obligation. So, while Goldman is AWASH in cash and the Pigmen there take home even BIGGER bonuses for trading the funny money, J6P falls off the map here as he loses his job, his McMansion is worth half or less what he paid for it and his 401K dissapears off the face of the earth. VERY little of the liquidity POURED into the system by the Fed is reaching J6P, only the pathetic attempts at Cash for Clunkers and McMansion subsidies for first time homeowners put a little debt money back in the hands of the Consumer. Obviously, this is a complete failure and not NEARLY enough to keep the money flow through the society going at anywhere NEAR the old velocity. It has to end of course, but the sheer VOLUME of funny money being pumped into the system stops the implosion from occuring immediately, and the question is just how LONG can this whole system stay propped up by Funny Money? We are looking at MASSIVE Unemployment yes, but long as they will continue to prop up the banks and extend UE Bennies, the can can be kicked down the road a while longer. The social dislocation here in the US is masked by several important factors. First is Inertia, even though there is serious collapse going on in some areas (FL, CA, MI et al), 80% of the economy is still sorta functional here. EVERYBODY is not unemployed YET. Second is you have Consolidation going on here, the Move in with Mom Movement. Send in the Jingle Mail on your McMansion, pack up the family and move into Mom's paid off Clunker House in her basement. Third is of course the ever extending length of UE Benefits, up to 79 weeks in some places at the moment, along with the fact Mom probably is still collecting a SS Check which at least buys some food, and you also are probably eligible for Food Stamps if not UE Bennies which you hae run out of. For the most part, people in the US still are not actually HUNGRY enough to be out in the streets, because there was enough surplus around to keep us going for a year or more here as we all consolidate. In trying to figure out just exactly WHEN TSHTF, its really less a question of when the Bond Market Dislocates or the Stock Market Crashes as to when exactly the social services fail sufficiently to make enough people actually hungry and homeless that they become DESPERATE. Remarkably LITTLE money comparitively speaking is necessary to buy Food Stamps for people, at least compared to what it costs to bail out Fannie Mae or AIG. So as long as a percentage of the funny money is tossed out this way and the food stll moves across the freight lines, you won't see a massive revolt. I can certainly see enough liquidity provided here for that to draw out this collapse for a good couple of years. The Stock Market might Tank and/or the Bond Market might dislocate, but there will still be movement of critical goods through the supply chain via a Command Economy, which really is what we have already since Goldman is totally directing the capital flow in the markets. As KD likes to say, you cannot argue with the MATH, but the thing is that at the top of the pyriamid here, in order to paper over the losses they can still drop virtually unlimited liquidity into the system. Over time this debases the currency and destroys capital, but the key here is that it TAKES TIME and does not occur overnight. Most of this money just disappears off the face of the earth in the deleveraging process, and those who receive the handouts do well with their bonuses, but the system itself does not fail until the social contract fails. That will happen over time, but not so fast as some of us Doomers think it will happen. Meanwhile, you will see the Stock Market Ramp up in response to added liquidity and magically still MORE Treasuries will be bought, since the Fed will buy them at least for a while longer, until they pull the liquidity, which also must happen at some point. Then you get your really BIG crash. This probably does NOT happen until you have a social disruption of sufficient cosequence though, its a TRAILING indicator of the collapse. Watch the social news more than the financial news. Its here where you will get the best indicator of final collapse. RE Last modified:
2009-08-22 14:05:21 by reverseengineer
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Frat Posts: 150 Incept: 2009-07-15 NKY
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Quote:Bernanke contends that when the crisis erupted, he couldn't play cautiously, regardless of criticism. Instead, he swung for the fences. I hope he doesn't break his neck sucking himself off like that. On second thought, wait; no, by all means Benny-boy - CHOKE ON IT YOU LYING SACK OF ****.
2009-08-23 02:25:16
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Frat Posts: 150 Incept: 2009-07-15 NKY
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Ah, here's another quote from a recent AP article - they're stuck so far up this administration's ass (and Bernake's, in turn):Quote:And Lawrence Summers, the top White House economic adviser, predicts "a substantial return to normalcy" in the coming months. Should say "most everyone who doesn't want to be black-balled from CNBC and/or the White House agree to tout the party propaganda."
2009-08-23 02:29:49
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Patm15 Posts: 156 Incept: 2009-02-23
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How fast can IT happen? Last year we were hours away from a total collapse - Who knew. I am of the opinion it could happen again - really fast.
2009-08-24 13:54:07
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