Banksta Bernank takes ‘questions’ from the leashed hounds we call the free press 2:15pm EST

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?


PS- Why did the Federal Reserve bailout QADAFFI and leave the American Middle Class to twist in the wind?

April 27, 2011. Tags: , , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, journalism, Labor Department, Obama Administration, Politics, Popular Culture, TARP, Taxes, Unemployment Statistics, Wall St. 3 comments.

Update: El-Erian on the imminent market pullback: Market Mover Friday: Consumer Sentiment plunges, CPI flat…

Vodpod videos no longer available.

CNBC: “The stock market has gotten ahead of reality, Pimco’s Mohamed El-Erian told CNBC Friday.

In a continuation of recent comments, El-Erian, co-chief executive officer of the largest bond fund manager in the world, said the US has yet to see a durable and sustainable recovery.

“Stock investors are making overly optimistic assumptions,” El-Erian said. “The key stimulus has already come into the consumer and has helped in the last few months. But for the third and fourth quarters looking ahead, I am not so sure things will be as good.”

Just three weeks ago, El-Erian told CNBC that the stock market spent July on a “sugar high,” rising to levels not justified by an economy that is still limping along….”


August 14, 2009. Tags: , , , , , , , . Economy, Finance, Obama Administration, Politics, Unemployment Statistics, Wall St. Comments off.

Market Mover Wednesday: CPI Rises Less Than Expected, Up 0.1% in May –

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more about “Market Mover Wednesday: CPI Rises Les…“, posted with vodpod

June 17, 2009. Tags: , , , , , , , , , . Economy, Finance, Wall St. Comments off.

Market Movers: Consumer Prices Drop as Energy, Food prices decline; Intel earnings; Credit Card Defaults Rise; Walmart CEO says recession will continue….

This is the best thing we have going for us in this economy, the drop in oil (now $49.12 barrel ) that follows the drop in GDP….Here’s hoping Congress doesn’t kill it with cap and trade….

Techs are getting slammed after Intel report...NAS down 20 now to 1605 worst of all the averages, DOW now pretty much flat at 7913, S&P also flat at 838…

CNBC has a countdown clock up to TOTUS speaking yet AGAIN, on taxes now, the HARD SELL, good luck with that, yes the media will swoon and report without fact checking the supposed wonders of the TOTUS 13 a week temporary tax cut ..attempts to diffuse Tax Day Tea Party sentiment with this will surely fall flat….there is only so long you can spin, Americans know a giant looming tax increase when they see it, and this Obama Budget IS a giant looming tax increase on all of us for generations….you just cannot spend this way…GIVE US LIBERTY, DON’T GIVE US DEBT…oops got my Tea Party rant going a little early there eh? LOL!!


Consumer prices fell in March and recorded their first 12-month drop since 1955, government data showed Wednesday, as slumping demand amid a severe recession pushed down energy and food costs….Energy prices dropped 3.0 percent in March after rising 3.3 percent the previous month. The food index eased 0.1 percent for a second straight month in March, the department said.

…Core prices, which exclude food and energy items, rose 0.2 percent after rising by the same margin in February. That compared to analysts’ prediction for a 0.1 percent increase….

Funny, when I LIVE the way I do, I still see an increase in my bills, must be because I NEED FOOD AND ENERGY to survive thus you cannot exclude them to get an accurate idea of consumer budget pinch.. this used to lead them to say it wasn;t that bad for the consumer when Oil was over 80 and now they say it is good when our prices paid are up excluding those factors, maroons.


What works on paper will not tell you when consumer sentiment will turn around, you need the headline number to really see what is happening to our budgets. ..anyway thank Gawd oil is down but the grocery stores aren’t passing back a whole lot of savings in my neck of the woods, cereal prices are still extortionate I tell you! (anyone with school age kids is at the mercy of General Mills, hey there’s a good stock idea, I like to buy what I know :0) )

sigh sorry in full rant mode today, LOL

Back to the economic data:

Meredith Whitney right again :0), as CapitalOne shares drop off credit card  delinquency rise:

Capital One Financial, a leading issuer of MasterCard and Visa credit cards, said U.S. credit card defaults rose in March as unemployment soared, sending its shares lower.

In a regulatory filing Wednesday, the company said the annualized net charge-off rate for U.S. credit cards — debts the company believes it will never collect — rose to 9.33 percent in March from 8.06 percent in February. The rate for loans at least 30 days delinquent fell slightly, to 5.08 percent from 5.1 percent…

And WalMart who should know, says this recession isn’t ending anytime soon…

The head of Wal-Mart Stores, the world’s biggest retailer, said on Wednesday there remained a “lot of stress” in the economy and he did not anticipate a quick end to the recession….”It’s not a ‘V’ recession, where we’re just going to bounce out and come back,” he said….

…Duke said that by the end of the month, just before traditional paydays, customers are left with only a few dollars to spend.

He said the downturn will lead to a “sustained change” in the way that families live. But he added that customers are buying electronics, like flat screen TVs or video game systems, as they cut back on entertainment outside of the home or scrap vacation plans…..

April 15, 2009. Tags: , , , , , , , , , , , , . Economy, Finance, Obama Administration, Politics, Popular Culture, TARP, Taxes, Uncategorized, Unemployment Statistics, Wall St. Comments off.

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