Update: 3:56pm EST: Oh did I say Gold was at
141522? It is now at $1529.40 SLV $48.10 Oil $113. USD down, down, down 73.30. Equities continuing to mainline from the punchbowl Bernanke is clearly not taking away. DOW up 101.15. The TBTF Bankstas are gonna ride the USD right into the ground if TPTB let them.
Update: 3:08pm EST: Foreign Presse France asking about the concerns many nations have about the results of the Fed actions on the sovereign currency..cough, cough, Now Ben spinning the Geithner STRONG DOLLAR TOTAL BS LINE.
Reagan and Clinton had strong dollar in my lifetime. No one else. Hey they had that super growth thing too didn’t they? Don’t try telling the Ivy League Economics Club that though.
Update: 3:06pm EST: An hour in and another nominal record for Goldilocks~ $1526.20. Yowsa. Ben has used the buzz words ‘transitory, moderate’ to describe inflation so many times I would have alcohol posinoning were I playing the drinking game.
Update: 11:08am AZ Time- GOLD at $1522.80, USD at 3 yr low as Ben takes stage.
ZeroHedge will be liveblogging in case ANYONE asks a REAL question.
I would ask:
Ben do you like the American Middle Class?
What purpose does the Middle Class serve in the American economy?
How has QE and ZIRP ‘helped’ or ‘harmed’ the Middle Class?
If the Middle Class is the largest % population in America, doesn’t your dual mandate for full employment/stable prices apply to this population cohort above all others?
Is it your intention to drive down wages for the Middle Class while allowing prices of food and energy to continue to spike year after year, all while claiming there is no inflation?
WHY ARE YOU KILLING THE MIDDLE CLASS?
PS- Why did the Federal Reserve bailout QADAFFI and leave the American Middle Class to twist in the wind?
CSPAN linky here. Hearing has begun.
Finally. Yeah the ‘core’ number is total BS and Jim Grant, a witness, will testify to just that!
ZeroHedge has it:
..The much anticipated hearing on “The Relationship of Monetary Policy and Rising Prices” chaired by Ron Paul..
witness list consists of:
Update 3/16/11: As we have all feared, Obama’s dithering and the vacuum of leadership in the world that results has allowed Qadaffi to launch what his troops have announced will be the ‘cleansing’ of Benghazi.
…A sample quote via the Journal from a Libyan man who had to flee Ajdabiya with his kids when Qaddafi’s goons rolled into town: “Tell Obama I’m pleading with him—launch just one airstrike here. Prove that Gadhafi was wrong when he said that America only cares about business interests, not human rights.”
Continues after the break:
Courtesy of CNBC ~ Airtime: Fri. Feb. 4 2011 – 10:00 AM ET
… David Faber and Gary Kaminsky takes a look at a surprising rise in average hourly wages and other economic topics, with David Stockman, former Reagan OMB director.
and you know what that means…let’s do it Holiday style~
Jobs data was Teh Awful, again, only added 39k jobs. (We need to add 150k a month just to keep pace with population growth).
Too bad we don’t have someone, like a leader of sorts, who could, ya know, LEAD, and get some meaningful spending/tax reform and economic plan through.
But noooooo, we had to have Mr Faculty Lounge instead. No doubt he is appointing a panel or planning a ‘summit’ to talk and talk and talk and decide…nothing.
I want a ‘decider’.
An hour with, IMO, the best financial analyst on the street. Enjoy!
Courtesy of CSPAN:
Our guest on Q&A is Meredith Whitney, CEO of Meredith Whitney Advisory Group LLC. In 2007, she was the first financial analyst to predict major losses for Citigroup, one of the nation’s largest financial services companies. Program from Sunday, September 5, 2010.
Update – 8:30 EST: Obama to address these numbers later today-
UE rate up to 9.6% Payrolls down 54k, private payrolls added 67k. July revised losses in half from down 130k to down 54k, much better than expected, won’t keep pace with population growth much less sop up the unemployed workers, but the ADD markets like it, DOW futures up sharply on the data.
‘Consensus’ estimates from CR:
…The consensus is for a headline payroll number of minus 90,000 and for the unemployment rate to increase to 9.6% in August from 9.5% in July.
Goldman Sachs is forecasting a minus 125,000 headline payroll number, with no change in private employment and minus 115,000 decline in decennial Census employment. That gives a negative 10,000 ex-Census….