You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
Jon Stewart catches Ben Bernanke in a lie about "printing money" video tape here
- Thread starter retaildaytrader
- Start date
Quote from MKTrader:
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.
...and most traders are wrong the majority of the time. If I had a billion dollar hedge-fund and decided that becuase it's Friday, and cloudy, and Mars is moving into Aquarius, and my dog shit on the rug this morning, I might feel like going long Wheat or Oil. Point is there is no point: market movement doesn't mean shit other than someone with money went a certain direction. The reason is irrelevant. Put a few handfuls of these traders together, going the same direction, and you have market movement. It doesn't make them right about shit.
Quote from MKTrader:
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.
Well, the results are what matter. Doesn't really matter what Bernanke says or doesn't say.
So if prices of everyday things are rising (including food and energy, since these are the most important), then there IS inflation, regardless of what any yammering mouth says. Like the old saying goes "You gonna believe Me, or you gonna believe your own eyes?"
Bernanke had to lie about the subprime being "contained" I think, because he voted for all the policies that brought about the bubble, including lack of oversight in the Fed on the mortgage market.
So now if food and gas shoot through the roof in prices, it is Bernanke on the hook as being responsible for it - not anybody else despite any spin.
He knows it, and that is probably why his lip was quivering in the interview. Not the sign of a confident man.