Jon Stewart catches Ben Bernanke in a lie about "printing money" video tape here

[krazykarl]

Quote from MKTrader:

Uh, cotton, wheat, gold, oil. You know..things that aren't hedonically-adjusted. But that's another discussion.

You can't seriously believe what you wrote: oil is no where near the 120+ it was at, and now they're "supposedly" printing more than ever? Using your logic oil would be at 180 right now.


The fact is Bernenke and the FOMC are being very sly about how they are absorbing the clusterfuck known as the housing market and the federal deficit. Instead of being biased people need to stop being prejudicial towards Ben and realize he's a geek: what's worse is he's a finance geek and history buff. Listen to all of you guys analyze a fucking TV interview that was taped and edited. Ben grew up in a small town and hates public speaking aside from academics.

There is an indisputable fact: Ben and the FOMC do this full-time, it's their job to not fuck this up, and they have access to data none of us do. Try and imagine, for a moment, that there is some piece of data that validates their actions that none of us can see accurately, then before you hit the submit reply button, read back your comment before you post.

 

[MKTrader]

Quote from krazykarl:

You can't seriously believe what you wrote: oil is no where near the 120+ it was at, and now they're "supposedly" printing more than ever? Using your logic oil would be at 180 right now.

then before you hit the submit reply button, read back your comment before you post.

I said nothing about oil being at an all-time high. There are more factors involved than money-printing. And I didn't give my "logic," a subject which would do you a world of good to study.

The fact remains that many commodities have been in a bull run since QE1/POMO/QE2 have been going on. If you read a basic chart you'd know that.

As for the second snippet from your post...talk about projection! What wonderful advice....for yourself.

 

[ElCubano]

Quote from krazykarl:

You can't seriously believe what you wrote: oil is no where near the 120+ it was at, and now they're "supposedly" printing more than ever? Using your logic oil would be at 180 right now.


The fact is Bernenke and the FOMC are being very sly about how they are absorbing the clusterfuck known as the housing market and the federal deficit. Instead of being biased people need to stop being prejudicial towards Ben and realize he's a geek: what's worse is he's a finance geek and history buff. Listen to all of you guys analyze a fucking TV interview that was taped and edited. Ben grew up in a small town and hates public speaking aside from academics.

There is an indisputable fact: Ben and the FOMC do this full-time, it's their job to not fuck this up, and they have access to data none of us do. Try and imagine, for a moment, that there is some piece of data that validates their actions that none of us can see accurately, then before you hit the submit reply button, read back your comment before you post.

He has the DATA we can't see and they have been lying through their teeth since day one about that data..But I understand why they would have to lie, It's their Job to calm down the panic. Just look at all the interviews of him posted on ET since 2005 and it is one big trail of lies, but again i understand why he would..I am not referring to printing money or not printing money.. I am talking about it all...

 

[FerdinandAlx]

Quote from MKTrader:

I don't have any ideaological problems with your other points, though I think it's likely the U.S. will default on its debt one day (rather than hyperinflate) regardless of what they do now.

Back to QE. We'll have to agree to disagree. The $600B has to originate from somewhere. It's not a transaction cost. In the two analogies below, it's the (b) scenario.

(a) I walk into a bank, open a new checking account by transferring all the money from my checking account. Nothing gained or lost. Zero sum game.

(b) I walk into a bank and walk out with $5,000 in U.S. Treasuries without touching my checking/savings accounts or spending anything else out-of-pocket.

600B is the amount of money that they set as a target amount to work with. They're looking to convert 600B of bonds into 600B of T-bills. They're looking to change the term structure of 600B in bank assets. That's it.

Now when it comes to default or hyperinflation neither are rational options under any imaginable circumstance. Theoretically congress can elect to stop paying on bonds but no one can force this upon the US government. Any default would be completely voluntary. The reason is that the government is simply not constrained by it's ability to issue debt in order to spend. It just creates the money as it spends.

Hyperinflation only happens in third world countries that don't have the tax structure in place to absorb the additional government spending. This won't happen in the US, Europe or Japan.

 

[krazykarl]

Quote from MKTrader:

I said nothing about oil being at an all-time high. There are more factors involved than money-printing. And I didn't give my "logic," a subject which would do you a world of good to study.

The fact remains that many commodities have been in a bull run since QE1/POMO/QE2 have been going on. If you read a basic chart you'd know that.

As for the second snippet from your post...talk about projection! What wonderful advice....for yourself.

Correlation != Causation

All those commodities have had bull runs for a number of reasons over the years. It's just plain foolish to think that they are increasing in price now due to inflation.

 

[sprstpd]

Quote from krazykarl:

There is an indisputable fact: Ben and the FOMC do this full-time, it's their job to not fuck this up, and they have access to data none of us do. Try and imagine, for a moment, that there is some piece of data that validates their actions that none of us can see accurately, then before you hit the submit reply button, read back your comment before you post.

Oops, they already f**cked it up and having been f**cking it up for the past 10 years. So if you still believe in the Fed, then good luck with that.

 

[krazykarl]

Quote from ElCubano:

He has the DATA we can't see and they have been lying through their teeth since day one about that data..But I understand why they would have to lie, It's their Job to calm down the panic. Just look at all the interviews of him posted on ET since 2005 and it is one big trail of lies, but again i understand why he would..I am not referring to printing money or not printing money.. I am talking about it all...

Most public speeches by officials are riddled with lies, obtuse statements and misdirection: the purpose is to have their mouth move, not to share any pertinent information. This is a given and goes without saying.

 

[olias]

Quote from krazykarl:

You can't seriously believe what you wrote: oil is no where near the 120+ it was at, and now they're "supposedly" printing more than ever? Using your logic oil would be at 180 right now.


The fact is Bernenke and the FOMC are being very sly about how they are absorbing the clusterfuck known as the housing market and the federal deficit. Instead of being biased people need to stop being prejudicial towards Ben and realize he's a geek: what's worse is he's a finance geek and history buff. Listen to all of you guys analyze a fucking TV interview that was taped and edited. Ben grew up in a small town and hates public speaking aside from academics.

There is an indisputable fact: Ben and the FOMC do this full-time, it's their job to not fuck this up, and they have access to data none of us do. Try and imagine, for a moment, that there is some piece of data that validates their actions that none of us can see accurately, then before you hit the submit reply button, read back your comment before you post.

Exactly

 

[MKTrader]

Quote from krazykarl:

Correlation != Causation

All those commodities have had bull runs for a number of reasons over the years. It's just plain foolish to think that they are increasing in price now due to inflation.

Traders have been bidding up commodity prices largely due to money printing and expectations of what it will cause. Many have gone on record as saying so.

Quoting a phrase you heard when you were hungover in a Stats 101 class isn't proof to the contrary.

And this idea that the Fed has some "secret" data we don't know about is pure crackpot. Did you miss Bernanke in 2008? His timing couldn't have been worse. What was that...a panic-induced 75-point basis cut after a mistake by a French trader? He was completely incompetent then as he is now. You can believe he's a propellor-headed genius who knows better than the rest of us...and you can believe in the Tooth Fairy, Easter Bunny and deflationary doomsday scenarios if you want. But that doesn't change the fact that Mr. "The Worst is Over in the Summer of 2007" has been about as wrong as possible.

 

[olias]

Quote from krazykarl:

Most public speeches by officials are riddled with lies, obtuse statements and misdirection: the purpose is to have their mouth move, not to share any pertinent information. This is a given and goes without saying.

This a fair point too. Does anyone expect that 'open and honest' is what he's aiming for? If Ben were to be honest he could really spook the markets. He has to be careful not to diminish optimism when he speeks