Fed Chiarman Ben Bernanke Press Conference- Says not sure why exactly the slowdown has persisted

cohodk · June 22, 2011 12:24PM

As I postulated a few months ago, Mr. Bernanke is clueless and bewildered. Try as he might, he just cant create sustainable inflation.

His decision last Aug on QE II was, from Briefing.com.."in August (2010) inflation was falling, believes QE2 helped eliminate deflation risks" and "Says in a different position today, not where they would like to be"

And I agree. He is definately in a different position. Now he is standing out in the open with an empty gun.

Its sad really, as I like the guy and genuinely believe that he thinks he is doing the right thing. My fear is that he will soon start to panic and question his resolve. This is always a recipe for bad decision making.

Its called demographics and leverage, Mr. Bernanke. Let the pieces fall where they may.

gsa1fan · June 22, 2011 12:36PM

Agree, if he had let nature run it's course in 2008 MAYBE just maybe things would be better now.

He bailed out the TBTF bankers for what???

Oh and WHAT has the new congress of save the day "Tea party" newby's done for you in first 6 months of 2011???

I wish for a better half 2nd of 2011. I expect same ole same ole

cohodk · June 22, 2011 12:45PM

He bailed out the TBTF bankers for what???

The banks needed to be bailed out as they had all failed. And with that failure, went all of our savings and checking accounts. Most of this money has been recovered--but could be lost again. The bailout of the autos and QE I and QE II are the problems.

gsa1fan · June 22, 2011 12:47PM

OK, but the banks are not lending.

derryb · June 22, 2011 12:49PM

He's a can kicker and not a very good one.

gsa1fan · June 22, 2011 12:53PM

<< He's a can kicker and not a very good one. >>

I though he was your Hero going by your new Avatar

derryb · June 22, 2011 12:59PM

<< OK, but the banks are not lending. >>

would you?

gsa1fan · June 22, 2011 1:04PM

<< 

<< OK, but the banks are not lending. >>

would you? >>

No, not with this economic environment. The "bailout" was to stimulate lending not stagnate from what I understand.

derryb · June 22, 2011 1:12PM

<< 

<< 

<< OK, but the banks are not lending. >>

would you? >>

No, not with this economic environment. The "bailout" was to stimulate lending not stagnate from what I understand. >>

If they really wanted the money to make it to main street they would have given it directly to main street. It was never about helping those that needed it. It was about transferring it to those that wanted it.

renman95 · June 22, 2011 2:23PM

BB in 2009: Next year it will be better.
BB in 2010: Next year it will be better.
BB today: Next year it will better.
Election Year: We've had some unforeseen headwinds but next year will be better.

pf70collector · June 22, 2011 6:31PM

The Bailouts and QE2 was the second chance for the public to recoup their investments. I don't think there will be a third chance. I am barely invested in the stock market, but may reenter if it hits 6k again in the future.

jmski52 · June 22, 2011 9:43PM

Fed Chiarman Ben Bernanke Press Conference- Says not sure why exactly the slowdown has persisted

Maybe working Americans are tired of spending money on cheap crap from China and have figured out the banker's game of "now you have it, now you don't."

renman95 · June 23, 2011 12:11AM

The stock market is giving a clear "no confidence" vote right smack down to the 200dma on the averages. Oil, gold and silver are following suit. The moment feels like Fall 2008.

pf70collector · June 23, 2011 1:10AM

Platinum is taking a hit, but Silver seems to be holding at $35.

yellowkid · June 23, 2011 2:16AM

Hard to believe Ben with the amount of people out of work or "under" employed, with our industrial base on the rocks, and the fact that we are borrowing, what 40% was the figure I think I saw recently, of the money the government spends, States on the edge of bankruptcy, we send the Middle East a billion dollars a day and we still don't have any real energy policy, and on and on. I wonder why Ben, you clueless idiot!!

Ahh, venting......

derryb · June 24, 2011 12:36PM

The Bernanke failed to discuss WHO is gonna buy upcoming Treasury debt. If there is no more purchasing by the Fed, that leaves you and I. Look for Turbo Timmy to figure out a way for T Bonds to be forced upon those that don't want them. Federal Employee Retirement funds are currently being used, don't expect it to stop there.

pf70collector · June 24, 2011 10:43PM

The Bernanke failed to discuss WHO is gonna buy upcoming Treasury debt. If there is no more purchasing by the Fed, that leaves you and I. Look for Turbo Timmy to figure out a way for T Bonds to be forced upon those that don't want them. Federal Employee Retirement funds are currently being used, don't expect it to stop there.

Your Social Security Taxes have been converted to T-bills for who knows how long now. They will find a way to get to your private pension, savings, etc. They may declare a national emergency like FDR did when he confiscated gold. Either that or printing to infinity, and then when that doesn't work......

yellowkid · June 25, 2011 12:58AM

<< The Bernanke failed to discuss WHO is gonna buy upcoming Treasury debt. If there is no more purchasing by the Fed, that leaves you and I. Look for Turbo Timmy to figure out a way for T Bonds to be forced upon those that don't want them. Federal Employee Retirement funds are currently being used, don't expect it to stop there.

Your Social Security Taxes have been converted to T-bills for who knows how long now. They will find a way to get to your private pension, savings, etc. They may declare a national emergency like FDR did when he confiscated gold. Either that or printing to infinity, and then when that doesn't work...... >>

The government is going to take control of my IRA with one of the big fund companies? Sorry, not a chance. See the CPI thread, that they will do.

57loaded · June 25, 2011 3:46AM

<< My fear is that he will soon start to panic and question his resolve. This is always a recipe for bad decision making. >>

the SOR release had strange timing to blast commodities as a whole, IMHO.

are "they" looking at new ways to manipulate? i think so. do they know the end game? that's what is scary. before there was confidence, now there is not.

roadrunner · June 25, 2011 3:57AM

<< He bailed out the TBTF bankers for what???

The banks needed to be bailed out as they had all failed. And with that failure, went all of our savings and checking accounts. Most of this money has been recovered--but could be lost again. The bailout of the autos and QE I and QE II are the problems. >>

I thought FDIC was there to shield J6P's money. So instead of billions going to the banks wouldn't those billions have gone to J6P to cover his accounts?

roadrunner

jmski52 · June 26, 2011 12:28AM

I thought FDIC was there to shield J6P's money. So instead of billions going to the banks wouldn't those billions have gone to J6P to cover his accounts?

Wasn't Sheila Bair whining about FDIC running low on funding a couple years ago? But you are correct, roadrunner - that was what we've been told ever since I we were kids.

The government is going to take control of my IRA with one of the big fund companies? Sorry, not a chance.

I believe that there is a chance. They've always regulated what every fund must hold in their mix of securities, based on what the fund's stated objectives are. They can change anything they want, unless someone prevents them from enacting the regs. Heck, there's a 2,700 page "Financial Reform Bill" that nobody read, and for which the regs have not even been published yet, (if in fact they've even been written.)

In the tradition of T.S. Elliot, may I propose,

It was never about helping those that needed it. It was about transferring it to those that wanted it.

It was never about helping those that needed it. It was about transferring it to those that wanted it.

It was never about helping those that needed it. It was about transferring it to those that wanted it.

Not with a whimper, but with a bang.

derryb · June 26, 2011 12:43AM

<< In the tradition of T.S. Elliot, may I propose,

It was never about helping those that needed it. It was about transferring it to those that wanted it.

It was never about helping those that needed it. It was about transferring it to those that wanted it.

It was never about helping those that needed it. It was about transferring it to those that wanted it.

Not with a whimper, but with a bang. >>

Already proposed, 13th post down.

cohodk · June 26, 2011 2:11PM

<< 

<< He bailed out the TBTF bankers for what???

The banks needed to be bailed out as they had all failed. And with that failure, went all of our savings and checking accounts. Most of this money has been recovered--but could be lost again. The bailout of the autos and QE I and QE II are the problems. >>

I thought FDIC was there to shield J6P's money. So instead of billions going to the banks wouldn't those billions have gone to J6P to cover his accounts?

roadrunner >>

And would not news of everyone losing all their money have caused death and destruction beyond our imaginations?

They say it is better to have loved and lost than to have never loved at all. Perhaps it is also better to have lost and not known it.

edmundfitzgerald · June 26, 2011 9:05PM

In the good old days there used to be a rule: the 3-6-3 banking rule. The bank would offer 3% interest to depositors, charge 6% on loans, and then be on the golf course by 3:00 p.m. That rubric has now been replaced with a new one: give nothing to depositors, give nothing to those who want to borrow, buy tradable assets, get an easy 3% yield from government bonds, and pretend to work long hours to justify a high salary and bonus. Partly because of this perverse new banking mindset...pending home sales in April took a tumble, falling 11% from the previous month I believe, but not sure about May's numbers.

FistFullOfDollars · June 27, 2011 2:19AM

I am still waiting for my checks from Obama.... with the trillions being printed I still have yet to receive any of it.

I remember Bush sending me 2 checks.

Baley · June 27, 2011 3:04AM

I remember Bush sending me 2 checks.

I remember others getting checks from Bush, but I didn't "qualify" for any

pf70collector · June 27, 2011 3:26AM

n the good old days there used to be a rule: the 3-6-3 banking rule. The bank would offer 3% interest to depositors, charge 6% on loans, and then be on the golf course by 3:00 p.m. That rubric has now been replaced with a new one: give nothing to depositors, give nothing to those who want to borrow, buy tradable assets, get an easy 3% yield from government bonds, and pretend to work long hours to justify a high salary and bonus. Partly because of this perverse new banking mindset...pending home sales in April took a tumble, falling 11% from the previous month I believe, but not sure about May's numbers.

Maybe a good reason to have at least one nationalized bank. Let a nationalized bank do what the private banks will not. The private banks are using taxpayer money anyway to prop up their balance sheets.

Fed Chiarman Ben Bernanke Press Conference- Says not sure why exactly the slowdown has persisted

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