Inflation HORROR: "Helicopter Ben" Bernanke says more "quantitative easing" like
goingbroke
Posts: 1,410
From Bloomberg:
Federal Reserve Chairman Ben S. Bernanke didn't rule out expanding the central bank's asset purchases aimed at stimulating the economy, saying he doesn't want to see the U.S. relapse into a recession.
Asked at a House Financial Services Committee hearing today what conditions would warrant a third round of so-called quantitative easing, Bernanke said that "what we'd like to see is a sustainable recovery. We don't want to see the economy falling back into a double dip or to a stall-out."
Bernanke's testimony today and yesterday signaled that he will keep the Fed on course to complete $600 billion of Treasury purchases through June under the second round of quantitative easing, a policy criticized by Republican lawmakers as risking an inflation surge. He's avoided saying what the central bank may do after that.
A third round of purchases "has to be a decision" of the Federal Open Market Committee, and "it depends again on our mandate" for stable prices and maximum employment, Bernanke said in response to Texas Representative Jeb Hensarling, the House panel's vice chairman and a critic of QE2.
"We're looking very closely at inflation both in terms of too low and too high," Bernanke said during the second day of semiannual testimony on monetary policy. "I want to be sure that you understand that I am very attentive to inflation and potential risks for inflation. That will certainly be a major consideration as we look to determine how to manage this policy."
Beige Book
Separately today, the Fed said in its regional Beige Book survey that the labor market improved throughout the country early this year, driven by increasing retail sales and "solid growth" in manufacturing.
Overall, the economy "continued to expand at a modest to moderate pace," the central bank said in Washington. Eleven of the Fed's 12 regional banks, including San Francisco and Philadelphia, described their regions as expanding, improving or experiencing moderate growth. Only Chicago reported growth "at a pace not quite as strong" as before.
The Standard & Poor's 500 Index rose 0.4% to 1,311.66 at 2:45 p.m. in New York after climbing 0.6% earlier.
Treasuries declined after a report earlier today showed the pace of employment growth is picking up before the Labor Department issues February jobs data March 4. The yield on the 10-year Treasury note rose to 3.46% from 3.39% yesterday.
'Extended Period'
Responding to a question from Representative Nydia Velazquez, a New York Democrat, Bernanke said the Fed's policy of keeping its benchmark rate near zero for an "extended period" helps provide support to the economy, "which in our judgment, it still needs."
"The economy's recovery is not firmly established, and we think monetary policy needs to be supportive," he said.
The second round of bond buying follows a $1.7 trillion first round of purchases of mortgage-backed debt and Treasuries.
Since August, when Bernanke signaled the Fed might buy securities to stimulate the economy, "downside risks to the recovery have receded, and the risk of deflation has become negligible," he said in testimony this week.
Many of the questions Bernanke fielded dealt with the outlook for the federal budget deficit, giving the Fed chief an opportunity to reiterate his call for Congress to come up with a long-term plan for reining in the national debt. Bernanke's statements resonated especially with House Republican lawmakers. The House passed a bill last month cutting $61 billion from 2011 government spending.
Debt, Deficit
"QE2 has given us some opportunity to act on our debt and deficit, and we have not taken advantage of that," panel Chairman Spencer Bachus, an Alabama Republican, said during today's hearing. "Any criticism directed at the chairman, you need to also sort of point that finger back at yourselves."
Bernanke got caught up in a debate over the extent to which House spending cuts would result in job losses. He told lawmakers the reductions may lead to about 200,000 fewer jobs over the next couple of years. That compares with the prediction of Mark Zandi, chief economist at Moody's Analytics, that the budget reductions would mean 700,000 fewer jobs in the U.S. by the end of 2012.
Last week, the Commerce Department reduced its estimate of fourth-quarter growth to a 2.8% annual pace. Consumer purchases rose at a 4.1% pace, the most since the same three months in 2006, compared with a 4.4% rate originally estimated.
Closely Monitor
Inflation is likely to remain low through 2013, Bernanke, 57, a former Princeton University economist, said in Senate testimony yesterday.
"We will continue to monitor these developments closely and are prepared to respond as necessary to best support the ongoing recovery in a context of price stability," he said.
At the same time, the labor market "has improved only slowly," and it may take "several years" for the unemployment rate to reach a "more normal level," he said. "The housing sector remains exceptionally weak," and "slow wage growth" is keeping labor costs in check, he said.
A report yesterday showed U.S. manufacturing accelerated in February to the fastest pace since May 2004. The Tempe, Arizona- based Institute for Supply Management's factory index increased to 61.4 from 60.8 a month earlier. Readings greater than 50 signal growth.
The Fed's preferred price gauge, which excludes food and fuel, rose 0.8% in January from a year earlier, matching December's year-over-year gain, the lowest in five decades of record-keeping. Fed officials aim for long-run overall inflation of 1.6% to 2%
Federal Reserve Chairman Ben S. Bernanke didn't rule out expanding the central bank's asset purchases aimed at stimulating the economy, saying he doesn't want to see the U.S. relapse into a recession.
Asked at a House Financial Services Committee hearing today what conditions would warrant a third round of so-called quantitative easing, Bernanke said that "what we'd like to see is a sustainable recovery. We don't want to see the economy falling back into a double dip or to a stall-out."
Bernanke's testimony today and yesterday signaled that he will keep the Fed on course to complete $600 billion of Treasury purchases through June under the second round of quantitative easing, a policy criticized by Republican lawmakers as risking an inflation surge. He's avoided saying what the central bank may do after that.
A third round of purchases "has to be a decision" of the Federal Open Market Committee, and "it depends again on our mandate" for stable prices and maximum employment, Bernanke said in response to Texas Representative Jeb Hensarling, the House panel's vice chairman and a critic of QE2.
"We're looking very closely at inflation both in terms of too low and too high," Bernanke said during the second day of semiannual testimony on monetary policy. "I want to be sure that you understand that I am very attentive to inflation and potential risks for inflation. That will certainly be a major consideration as we look to determine how to manage this policy."
Beige Book
Separately today, the Fed said in its regional Beige Book survey that the labor market improved throughout the country early this year, driven by increasing retail sales and "solid growth" in manufacturing.
Overall, the economy "continued to expand at a modest to moderate pace," the central bank said in Washington. Eleven of the Fed's 12 regional banks, including San Francisco and Philadelphia, described their regions as expanding, improving or experiencing moderate growth. Only Chicago reported growth "at a pace not quite as strong" as before.
The Standard & Poor's 500 Index rose 0.4% to 1,311.66 at 2:45 p.m. in New York after climbing 0.6% earlier.
Treasuries declined after a report earlier today showed the pace of employment growth is picking up before the Labor Department issues February jobs data March 4. The yield on the 10-year Treasury note rose to 3.46% from 3.39% yesterday.
'Extended Period'
Responding to a question from Representative Nydia Velazquez, a New York Democrat, Bernanke said the Fed's policy of keeping its benchmark rate near zero for an "extended period" helps provide support to the economy, "which in our judgment, it still needs."
"The economy's recovery is not firmly established, and we think monetary policy needs to be supportive," he said.
The second round of bond buying follows a $1.7 trillion first round of purchases of mortgage-backed debt and Treasuries.
Since August, when Bernanke signaled the Fed might buy securities to stimulate the economy, "downside risks to the recovery have receded, and the risk of deflation has become negligible," he said in testimony this week.
Many of the questions Bernanke fielded dealt with the outlook for the federal budget deficit, giving the Fed chief an opportunity to reiterate his call for Congress to come up with a long-term plan for reining in the national debt. Bernanke's statements resonated especially with House Republican lawmakers. The House passed a bill last month cutting $61 billion from 2011 government spending.
Debt, Deficit
"QE2 has given us some opportunity to act on our debt and deficit, and we have not taken advantage of that," panel Chairman Spencer Bachus, an Alabama Republican, said during today's hearing. "Any criticism directed at the chairman, you need to also sort of point that finger back at yourselves."
Bernanke got caught up in a debate over the extent to which House spending cuts would result in job losses. He told lawmakers the reductions may lead to about 200,000 fewer jobs over the next couple of years. That compares with the prediction of Mark Zandi, chief economist at Moody's Analytics, that the budget reductions would mean 700,000 fewer jobs in the U.S. by the end of 2012.
Last week, the Commerce Department reduced its estimate of fourth-quarter growth to a 2.8% annual pace. Consumer purchases rose at a 4.1% pace, the most since the same three months in 2006, compared with a 4.4% rate originally estimated.
Closely Monitor
Inflation is likely to remain low through 2013, Bernanke, 57, a former Princeton University economist, said in Senate testimony yesterday.
"We will continue to monitor these developments closely and are prepared to respond as necessary to best support the ongoing recovery in a context of price stability," he said.
At the same time, the labor market "has improved only slowly," and it may take "several years" for the unemployment rate to reach a "more normal level," he said. "The housing sector remains exceptionally weak," and "slow wage growth" is keeping labor costs in check, he said.
A report yesterday showed U.S. manufacturing accelerated in February to the fastest pace since May 2004. The Tempe, Arizona- based Institute for Supply Management's factory index increased to 61.4 from 60.8 a month earlier. Readings greater than 50 signal growth.
The Fed's preferred price gauge, which excludes food and fuel, rose 0.8% in January from a year earlier, matching December's year-over-year gain, the lowest in five decades of record-keeping. Fed officials aim for long-run overall inflation of 1.6% to 2%
Many successful BST transactions ajia
(x2,Meltdown),cajun,Swampboy,SeaEagleCoins,InYHWHWeTrust, bstat1020,Spooly,timrutnat,oilstates200, vpr, guitarwes,
mariner67, and Mikes coins
(x2,Meltdown),cajun,Swampboy,SeaEagleCoins,InYHWHWeTrust, bstat1020,Spooly,timrutnat,oilstates200, vpr, guitarwes,
mariner67, and Mikes coins
0
Comments
OK. I'm guessing they'll just find another back door that is not properly monitored and start shoveling away. It just won't be called QE3.
roadrunner
The FED has to buy its own debt to keep the interest paid on the debt low. If the rate goes higher, it creates more debt as the FED has to create more money to pay off the interest payments.
The vicious cycle will end in default and a dollar crash.
When a talking head or an economist mentions that there will be no need for QE3, I sit back and think how stupid can these guys be. Come July, who will be buying the $100 billion+ a month in treasury auctions? Who will back up Freddy and Fannie? Who is going to support the 100s of banks that are close to failing?
Stock market is fine so everything must be getting better. Unemployment is coming down (even though it is really shockingly bad) so things must be getting better. Inflation is not increasing (even though it is) so again things must be getting better. None of this will matter once the dollar collapses under its own weight. The stock market will crash, unemployment will jump to levels this country has never seen, and monetary and price inflation will be the final blow.
It may be too late to fix the problems but you would think that there are enough smart people, in positions of power or are high profile enough, to come out and tell the truth so people can prepare for the worst. Instead, the majority tell everyone that things will be ok and sadly most either believe it or are too afraid to not want to believe it.
Instagram - numismatistkenny
My Numismatics with Kenny Blog Page Best viewed on a laptop or monitor.
ANA Life Member & Volunteer District Representative
2019 ANA Young Numismatist of the Year
Doing my best to introduce Young Numismatists and Young Adults into the hobby.
I don't only blame Ben for QEinfinity.
I also don't think we need any more QE for the economy. I think this is all for Federal Debt Relief.
Keep stacking gold and silver, they can't hold back the effect from physical purchases forever.
MsM, I like it - QE~
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
EXACTLY! If you're benefiting from this run and are one of the many people pumping $50/oz. Ag, stfu. I'm tired of hearing people wanting it both ways! Sit back and do your "keep stackin' thing that you keep braggin' about. Just keep in mind that $8/gal. gasoline and milk is on its way too. How long have I been saying be careful what you wish for?
This isn't directed to anyone in particular, but if the shoe fits...
A damned if you do damned if you don't scenario
Please correct me if I'm wrong
<< <i>From my understanding if they raise interest rates it will raise the interest on nation debt.
A damned if you do damned if you don't scenario
Please correct me if I'm wrong
This is essentially the problem.
But don't forget that with people earning no interest on their money and the
dollar decreasing it makes gold very attractive. It makes foreign currencies and
foreign markets attractive. The country can't withstand asset flight indefinitely
either. As long as the banks charge 5% and pay .5% they'll be rich and money
will flee putting more pressure on the dollar.
People are coming to believe the game is rigged and this is good for nothing
other than, perhaps, gold.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>I think Ben is in cahoots with the Federal Gov't on this.
I don't only blame Ben for QEinfinity.
I also don't think we need any more QE for the economy. I think this is all for Federal Debt Relief.
Keep stacking gold and silver, they can't hold back the effect from physical purchases forever. >>
What he should do is make a policy statement that he's done pumping in cash and that from now on it's a govt fiscal policy problem and shine a light on Congress and the administration. Helicopter Ben is only a product of his environment.
I knew it would happen.
This is my new candidate for quote of the year (to date).
<< <i>Old Ben is really gonna fix everthing.... There will be riots in the street before he awakens to the nightmare he's created. >>
Oh I think they are well aware of what they are doing and couldn't care less.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
The Bernanke has a tiger by the tail; he cannot let go.....yet.
If food prices keep going up, BHO will have a perfect excuse
to cut The Bernanke loose by early 2012.
If it is true that a $1.00 hike in the price of a barrel of oil leaks
$10-BILLION out of the US economy, even the dumb folks
will soon figure out that QE2 was a TOTAL failure.
Meanwhile, the PMs should do well until/unless folks start
believing that a new game could be launched by 2013.
...............................
February 21, 2011
by Karl Denninger
What's Up With QE?
Box of 20
<< <i>Bring it on! I'm having a blast making money on the idiot's stupidity
EXACTLY! If you're benefiting from this run and are one of the many people pumping $50/oz. Ag, stfu. I'm tired of hearing people wanting it both ways! Sit back and do your "keep stackin' thing that you keep braggin' about. Just keep in mind that $8/gal. gasoline and milk is on its way too. How long have I been saying be careful what you wish for? This isn't directed to anyone in particular, but if the shoe fits... >>
This forum and its individuals plays zero role in this rigged economic game. Yeah, like our purchases of a roll of ASE's or a gold ounce makes a difference in a sea of $400 BILL in metal derivatives. We're along for the ride like every other sheep out there whether we like it or not. Now we can either try to protect ourselves by benefiting from the run up in metals....or....we can join the sheep and cheer the economic recovery and pat Ben on the back for all his efforts to have kept the system from crashing. I choose door number 1 to protect my family. We can wish all we want. It won't change a thing unless there is a way to remove >500 members of congress and the senate in one fell swoop in order to completely change current financial and economic policies.
Bernanke only does what his handlers tell him do. He's not thinking up any of this on his own. After 40 yrs on pure-fiat monetary policy does anyone really think Ben is coming up with a new gameplan? What was done in the 1920's and 1930's was intentional, just as the 1990's and 2000's were today. It's a well thought out plan devised by Ben's banking cartel keepers. And for his efforts, Ben will retire in splendid comfort.
roadrunner
<< <i>
EXACTLY! If you're benefiting from this run and are one of the many people pumping $50/oz. Ag, stfu. I'm tired of hearing people wanting it both ways! Sit back and do your "keep stackin' thing that you keep braggin' about. Just keep in mind that $8/gal. gasoline and milk is on its way too. How long have I been saying be careful what you wish for?
This isn't directed to anyone in particular, but if the shoe fits... >>
What may be happening in silver has nothing to do with the economy being rigged
or even QEanything. Silver is grossly historically undervalued and this is coincidentally
coming to be seen as China experiences inflation and The US is enterring an era of
high inflation.
If this is the paradigm shift that many have been promising then the increase in sil-
ver price will vastly outstrip any possible increases in inflation and this is especially
true in the early stages. Even gold will stay far ahead of inflation for the near future
or at least until inflation is well underway in this country.
It may not be entirely coincidental that silver waited so long to get appreciated. It
probably did require some spark to make people turn to historical stores of value
such as the Chinese inflation and their encouragement of citizens to buy metal. It
did necessarily require a growing world economy and this may be why silver stall-
ed in '08. QE3 certainly hasn't hurt the odds that silver is getting looked at by many
fresh eyes.
What people have to ask is not only how much money will be in the economy ready
to buy foreign assets and things like silver but also at what price does silver have
to be to drive wealth into other asset classes that are not affected by terrible inter-
est rates and a decreasing dollar. Even at $35 per ounce there just isn't nearly
enough silver to soak up more than a very tiny percentage of the money seeking
a home. At much higher prices even wealthier individuals will be able to store their
own silver right in a SDB.
Eventually things will change very much for silver and all the stars are in alignment
and this might well be it. The move from paper and into physical will rationalize
these markets and expose the scam perpetuated by the bankers. Many paper
longs will be left holding a paper bag. Some will pick themselves up and go buy
physical. The roar will be deafening since many of these folks are wealthy and will
be heard even in Washington.
How one can say that metals rising and gas being $4/gal. is not directly related HAS be out of touch, just a little bit, with the way things are in the world I live in, the real world.
Maybe I'm missing the point trying to be made by those trying to brainwash me that one has nothing to do with the other, but I am 100% positive those making that point missed mine.
I'll say it again...you can't have it both ways. Don't cry about what Bernake is doing and has done when you're "protecting your family" with the PROFITS from the direct result of what he has done. It has 0 credibility imo...and that's all this is, is my opinion.
It's not gospel and I can actually see how one would think that I am the one out of touch because I am always 100% open for discussion and at the very least willing to consider a differing opinion, but will others do the same for mine? I doubt it.
You want $50+/oz Ag because you think it will benefit you & yours? Then be ready for new standard/base model cars to cost $50k, your home will be worth less, gas & milk will be $7-8 gal. along with all other food costs rising, your childs education will become unaffordable to continue at the high level it may be now, dont get me started on healthcare costs, etc.. But thank God you've stacked and will benefit from the very thing once complained about. (sarcasm)
I've said my peace on the matter. Pick it apart as you will, but that's where i'm at on the matter.
We don't have a tax problem, we have a spending problem. But nobody wants to see any spending cut that might reduce their time at the trough. The proliferation of programs has made wh*res out of everybody, you and me included.
Back when I was in college in the dark ages, the economics professor said that it is a paradox that things that make sense on a micro level would be disastrous if applied on a macro level. That's why, even though it's a good idea to limit your personal spending and not go overboard, the consumer economy depends of people, in aggregate, going out and slapping down the plastic for every silly new trinket that comes down the pike. So the "keep stacking" crowd is doing what they can to (hopefully) improve their situation; everybody can't do it and everybody won't do it.
<< <i>In the meantime, those of us who weren't old enough to get in on silver when it was flat for so long at $5/oz. >>
How old are you, anyway? 18? It's beginning to come together now.
"Ask, and it shall be given you; seek, and ye shall find; knock, and it shall be opened unto you." -Luke 11:9
"Hear, O Israel: The LORD our God is one LORD: And thou shalt love the LORD thy God with all thine heart, and with all thy soul, and with all thy might." -Deut. 6:4-5
"For the LORD is our judge, the LORD is our lawgiver, the LORD is our king; He will save us." -Isaiah 33:22
<< <i><< In the meantime, those of us who weren't old enough to get in on silver when it was flat for so long at $5/oz. >>
>>
Just because I've been around longer doesn't mean I created this fiasco or wouldn't
have had it any other way. Far from it. I've been a huge critic of allowing our oil in-
terests in the mideast to be nationalized. I've been a huge critic of a tax and spend
government that has never encouraged conservation and used up a planet full of oil
while not being able to accomplish such simple tasks as building or encouraging high
speed rail. I've beenscreaming from the roof tops my whole life but I'm just that odd
guy who can't get along with the way things really are.
I can't and never could get along with the idea of holding the price of silver ridiculously
low to benefit a few silver users and the NY bankers while it's being destroyed even
before the time it becomes critical to human survival. I've never made any bones about
this and have been saying so since long long before I came to this site ten years ago.
I've known since I was a child that silver was too cheap and it wouldn't stay that way
forever. This might not even be the move but if it is then it won't be the last opportun-
ity on earth to make a lot of money; it's merely the biggest in human history so far.
If I had my way a lot of the people who caused things to be as they are would be pros-
ecuted. Like the conspiracy and colusion back in the 1940's that ruined public transpor-
tation nearly nationwide. These people should still be hunted down like nazis as far as
I'm concerned. Of course it has never has even been investigated. Nor have the shen-
anigans that have occurred since.
Investors have always needed to be fleet footed nd the age of communications has us-
hered in an era when one has to react before the news because everyone gets all the
news simultaneously. Markets rise and fall at the speed of light and on the basis of com-
puter programs written by people who don't understand the simplest fundamentals a-
bout reality or what really drives markets and behavior.
It's probably easier to predict the future than ever though. It still can't be done but you
can know how things will react to specific events even before they occur in many instan-
ces. People need to remember that ultimately we're all in this together and that really
does mean all of us. Nature doesn't favor good intentions, it favors those who are able
to "worship" it and "control" it. Nature doesn't care about who is responsible for what.
She only cares about what actually exists. If we make decisions that destroy ourselves
and our national economy then this is our risk. If we make the proper decisions then we
might prosper. In any case there is always a huge element of luck and luck is usually on
the side of those who are planning and knowledgeable.
Perhaps we have decades of prosperity before us or perhaps our bad decisions have al-
ready made it too late. Personally I think we do have a great deal of cause to hope but if
we can't straighten out the fundamental problems then prosperity might be an empty gift.
edited to add quote.
<< <i>How one man can have such power and to be beyond reproach baffles me. You just have to only look at Greenspan's(another one who was beyond reproach) past mistakes to see this is very dangerous. They are so arrogant and sure of themselves. This is not a democracy when one such man wields so much power over my life. >>
The power is not his, he is just one of a long list of puppets doing as they are told. I'll betcha that no matter who was in the job, the same things would be occuring. It's a team effort and he's just the running back. Quarterback, another puppet, is the one who gets to "appoint" the rest of the team at the direction of the "owners." My question is "are the owners so powerful that we don't even know who they are?"
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
How one can say that metals rising and gas being $4/gal. is not directly related HAS be out of touch, just a little bit, with the way things are in the world I live in, the real world.
Maybe I'm missing the point trying to be made by those trying to brainwash me that one has nothing to do with the other, but I am 100% positive those making that point missed mine.
I'll say it again...you can't have it both ways. Don't cry about what Bernake is doing and has done when you're "protecting your family" with the PROFITS from the direct result of what he has done. It has 0 credibility imo...and that's all this is, is my opinion.
It's not gospel and I can actually see how one would think that I am the one out of touch because I am always 100% open for discussion and at the very least willing to consider a differing opinion, but will others do the same for mine? I doubt it.
I would contend that you have an innate advantage over every other person in the world who is not reading this forum, because you are getting a clue and they are not. I remember when a dollar would buy about 6 gallons of gas, so those "profits" you speak of are truly all relative.
Those "profits" are all fully taxable if the assets are sold, even though they are the exact same pieces of metal as when they were bought. How can that be? How can it be that 10 oz of silver is bought one day for $80 and sold a few years later with a tax liability of $94.50 - more than the whole 10 oz. cost in the first place!!!???
Again, nobody is having it both ways. Bernake is destroying the dollar and you can do something to protect the dollars you have, or you can ignore it. Either way, nobody gets a free pass.
I knew it would happen.
<< <i>You want $50+/oz Ag because you think it will benefit you & yours? Then be ready for new standard/base model cars to cost $50k, >>
$50 an ounce will not cause cars to cost $50k; 50k cars will cause silver to cost $50 an ounce. The boom in silver is not causing inflation or causing the dollar to tank, it is completely the other way around. Those smart enough to realize this have been not only preserving their wealth - they have been making profit. $50 silver will make a $50k car much cheaper than it was when silver was $15.
<< <i>In the meantime, those of us who weren't old enough to get in on silver when it was flat for so long at $5/oz. >>
Did you happen to get in at $15?
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Why do some of you resort to troll speak when someone simply offers a different take on things? You know who you are...makes no matter to me. If you can't discuss in a civil manner, the scroll down side bar just gets a workout.
<< <i>The power is not his, he is just one of a long list of puppets doing as they are told. I'll betcha that no matter who was in the job, the same things would be occuring. It's a team effort and he's just the running back. Quarterback, another puppet, is the one who gets to "appoint" the rest of the team at the direction of the "owners." My question is "are the owners so powerful that we don't even know who they are?" >>
Deleted.