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Great Political Moments Caught For Your Pleasure

Monday, November 23, 2009

Fed Chairman Bernanke's November 2009 Speech at the Economic Club of New York

Watch Federal Reserve Chairman Ben Bernanke's damning and dire economic forecast for our economy.


                                                       Watch here:



He is trying to put lipstick on our economic pig through his careful manipulation of facts. Here are a few quotes written by Mike Whitney in his article "The Great Stimulus Debate of '09: Crybabies need not apply", 11-20-09, Counterpunch.org.

"The flow of credit remains constrained,economic activity weak, and unemployment much too big. Future setbacks are possible...How the economy will evolve in 2010 and beyond is less certain...Access to credit remains strained for borrowers who are particularly dependent on banks and businesses. Bank lending has contracted sharply in year, and the Federal Reserve's Senior Loan Officers Opinion Survey sows that banks continue to tighten the terms on which they extend credit for most kinds of loans...Household debt has declined in crecent quarters of the first time since 1951. For their part, most small businesses have seen their bank credit lines reduced or eliminated, or they have been able to obtain credit only on significantly many of these businesses expected conditions to tighten further."

"The demand for credit also has fallen significantly...Because of weakened balance sheets, fewer potential borrowers are creditworthy, even if they are willing to take on more more debt. Also, write-downs of bad debt show up on bank balance sheets as reductions in credit outstanding. Nevertheless, it appears that, since the outbreak of the financial crisis, banks have tightened lending standards by more than would have been predicted by the decline in economic activity alone...Unfortunately, reduced bank lending may well slow the recovery by damping consumer spending, especially, on durable goods, and by restricting the ability of some firms to finance their operations."

"The best thing we can say about the labor market right now is that it may be getting worse more slowly."(End)

Bernanke says how 9 of 10 of the mega-banks have been able to fully meet their capital buffers, and recapitalize without the help from the treasury. Their equity has increased by $77B. But he failed to say it has been at the expense of the real economy, and accomplished by taking taxpayer funds to gamble on Wall Street at zero percent interest and, thus, are now able to hand out billions in bonuses.

He said decreases in bank lending will reduce consumer spending and business cash flows. In other words, as a result of the Fed's policies, businesses are dying because the banks that were recapitalized by the taxpayer cannot obtain credit lines in order to make payroll, and buy material. And, as workers lose their jobs, or find their hours cut back, they must be very careful how they spend their precious dollars.

Stress tests will lead the 19 banks to become fully capitalized for future lending. What crap. They are not lending to make any real difference in the economy.

He encourages banks to work with borrowers to restructure failing loans. So when do you think this will happen--Bennie?

He went on to say that over 8 million jobs have been lost in the private sector. He foresees declining work hours. He stated that the labor market will be getting worse, but more slowly. He went on to say that the "economic pain" among male workers between the ages of 25-54 are seeing their unemployment rate rise to 10.3%, and women in that age group to over 20.6%; Young people between the ages of 16-24 to be over 19%; and African-American youth to be 30%.

He said that weak income growth will decrease spending. Employers will shorten work weeks, and transition part-time workers to full-time workers before bringing on new hires. 100,000 new hires per month are needed in order to absorb new entrants into the labor force. Yet he failed to convey what has been predicted as a million and a half more workers finding themselves unemployed over the next 18 or so months.

He said that productivity growth is defined as output per hour of work and that productivity growth per hour has risen at around 5% annual rate this year. This is such crap!!! He failed to say that this growth rate has been mostly due to his Fed fund rates of zero percent interest to the top 10 bankstas so they could increase profits through their speculation and manipulation of Wall Street trades. Lipstick on a Pig, Bennie-the beard--Bernanke, Mr. Bank Crime Syndicate Field Marshall!

He careened against workers by saying that increasing productivity is what is left to improve business. So Bada Bing Bernanke, how will this be done without having to squeeze more juice from the already squeezed out worker? I guess, your double speak, between-the-lines gobbligook talk infers that more outsourcing, more cheap labor from China, Vietnam or Philippines is the way to increase business productivity.

It was truly clear from listening to this weapon of mass destruction that he MUST be fired, and the Fed MUST be nationalized and made transparent. This one man has killed America through his policies authorized by the board of the Federal Reserve.

As he concluded, he had the balls to say that he did not see any major misalignments in the economy. Whaddayathinkindude? The real economy is in shambles. Jobs are disappearing. China is coming over here to build manufacturing facilities. The US is becoming a third world country in many ways. The quality of life is diminishing for tens of millions of Americans. You, Mr. Field Marshall for the Financial Crime Syndicate have recapitalized your pals to such a degree that they can pass out $23 billion in bonus Happy Cash Meals. People are living in tents, in storm sewers, in their vehicles. Food banks and soup kitchens don't have enough food to go around. China continues to show a rising budget surplus, while they keep their currency pegged to collapsing dollar allowing them to sell their stuff cheap in the US.

And you, you bearded wildebeest from the Greenspan School of Failed Policy Studies, don't see a misalignment. Are just f**king stupid or the world's most evil, lying economist on the planet?

thanks for reading, jerry

15 comments:

SPECTRE of Deflation said...

Where Did All the Money Go? End The Fed!

http://www.youtube.com/watch?v=5cHATfHKqY4&feature=player_embedded#

SPECTRE of Deflation said...

Jerry, these should be seen and read to see where we are headed. NOT GOOD! On a happier note, here's wishing you and yours a very Happy and Blessed Thanksgiving:


The Dollar Bubble

http://www.youtube.com/watch?v=eZA0qNsf4m0&feature=player_embedded&ref=patrick.net

In his gloomiest prediction yet, Marc Faber sees big financial bust leading to war

http://www.bi-me.com/main.php?id=42214&t=1&c=35&cg=4&mset=1011

PS: Faber's statements ring true, as any student of history can see this coming. The only question now is timing.

SPECTRE of Deflation said...

Jerry, this is a not to be missed Celente interview:

Gerald Celente Predicts US Dollar Currency Crisis in 2010

http://www.youtube.com/watch?v=eG3EAUx2p20

SPECTRE of Deflation said...

Jerry, from the Guardian.uk, and I guess we get to play Neville Chamberlain in the coming war. The real threat we d**k around with, while we chase ghosts in Iraq and Poppy-stan. Sounds about right, and when he does what he has said he will do, we will be shocked...again...and whipped into a "Just War" Scenario complete with WAR BONDS, backyard gardens, rationing...food and gas...,full employment...what's a little...or alot...of spilled blood to get the employment picture looking good. Fascinating really, and ties in nicely with Faber's comments.

Iran tested advanced nuclear warhead design – secret report Exclusive: Watchdog fears Tehran has key component to put bombs in missiles

http://www.guardian.co.uk/world/2009/nov/05/iran-tested-nuclear-warhead-design

SPECTRE of Deflation said...

Heroin Addicts Pressure President To Stay Course In Afghanistan
November 19, 2009 | Issue 45•47

http://www.theonion.com/content/news_briefs/heroin_addicts_pressure

carlandjerry said...

Hi Spectre,

I hope you enjoyed your holiday feast. The average American eats twice their daily caloric intact on Thanksgiving, so enjoy it!

The Onion piece was great. There is a bit of truth inside the gag.

Celente continues to try and wake up America to what is coming, as well as what is best for the country, such as family agrifarming, neighborhood family owned retail enterprises and the rest, instead of the big box retailers.

Looking inside the weekend pre-Christmas binge shopping days newspaper flyers, the sales are incredible, as China begins to sell the stuff below or at cost so Americans continue to binge on the cheapest stuff they can find. To me it makes me sick. Very few people really care about the junk they are buying at rock bottom prices at Wal/ChinaMart.

If this continues the US manufacturing jobs will be all gone, and the workers will be working at even lower wages, and possibly without a single benefit.

Americans are basically clueless, and don't want to know anything of importance.

jerry

SPECTRE of Deflation said...

Al Gore is more full of shit than a stuffed Christmas Turkey:

10 mins to Expose Global Warming Scam

http://eclipptv.com/viewVideo.php?video_id=8514

SPECTRE of Deflation said...

Jerry, looks like climate science has learned all it's lessons from the lying thieves of DC:


November 29, 2009

Climate change data dumped

Jonathan Leake, Environment Editor )

SCIENTISTS at the University of East Anglia (UEA) have admitted throwing away much of the raw temperature data on which their predictions of global warming are based.

It means that other academics are not able to check basic calculations said to show a long-term rise in temperature over the past 150 years.

The UEA’s Climatic Research Unit (CRU) was forced to reveal the loss following requests for the data under Freedom of Information legislation.

The data were gathered from weather stations around the world and then adjusted to take account of variables in the way they were collected. The revised figures were kept, but the originals — stored on paper and magnetic tape — were dumped to save space when the CRU moved to a new building.

Related Links
The great climate change science scandal
EU figurehead says climate change a myth
The admission follows the leaking of a thousand private emails sent and received by Professor Phil Jones, the CRU’s director. In them he discusses thwarting climate sceptics seeking access to such data.

In a statement on its website, the CRU said: “We do not hold the original raw data but only the value-added (quality controlled and homogenised) data.”

The CRU is the world’s leading centre for reconstructing past climate and temperatures. Climate change sceptics have long been keen to examine exactly how its data were compiled. That is now impossible.

Roger Pielke, professor of environmental studies at Colorado University, discovered data had been lost when he asked for original records. “The CRU is basically saying, ‘Trust us’. So much for settling questions and resolving debates with science,” he said.

Jones was not in charge of the CRU when the data were thrown away in the 1980s, a time when climate change was seen as a less pressing issue. The lost material was used to build the databases that have been his life’s work, showing how the world has warmed by 0.8C over the past 157 years.

He and his colleagues say this temperature rise is “unequivocally” linked to greenhouse gas emissions generated by humans. Their findings are one of the main pieces of evidence used by the Intergovernmental Panel on Climate Change, which says global warming is a threat to humanity.

SPECTRe of Deflation said...

Obama knows the Party Crashers. Who wouldathunk it:

Busted! Obama Knows Party-Crashers…And They Have Terrorist Ties
November 29, 2009
Posted by: Erin

Caption from Polo Contacts Worldwide: From Left to Right is: Randy Jackson, better known as a Judge on American Idol – his previous life he was a bass player for the Rock band JOURNEY, which also performed at the America’s Polo Cup. Others pictured are Black Eyed Peas Rock Band, Tareq Salahi the President of the America’s Polo Cup, President Elect Obama, Fergie from Black Eyed Peas and Michaele Salahi a former Miss USA and SuperModel

No wonder the couple who crashed Obama’s State dinner last week keep insisting they were invited guests…they know Barry from way back when he was still an Illinois Senator. Is Obama trying to throw the Secret Service under the bus?

Tareq and Michaele Salahi snapped the pic above with Obama at a “Rock The Vote” event on June 9, 2005 (also attended by John McCain…whom the Salahi’s also took a pic with). McCain won an award for his work on campaign finance reform”. “Just call me Funk Master McCain,” he told the audience of 1,000 in accepting his award. Obama won an award for “forming a multiracial coalition in winning his seat”.

Michaele Salahi is getting quite a ribbing in the press for lying about being a Redskins cheerleader, but Tareq is the more interesting of the two to me. He has ties to Palestinian terrorists.

Tareq is a board member of the ATFP- American Task Force on Palestine, which has quickly scrubbed it’s site of the fact. Thank the Lord for Google cache. Here’s the site as it looked last night with Tariq among the board members. Today…no Tariq. Now why is that? And just who are the ATFP?

The ATFP has ties to Chicago, ties to Muslim radicals, ties to Hamas, and ties to Saudi Wahhabists. It is arguably the American wing of Hamas. The group’s co-founder is Rashid Khalidi, the guy purported to have helped finance Obama’s Harvard education and who was also instrumental in getting Mahmoud Ahmadinejad to speak at Columbia University. During the Beruit war, Khalidi was a PLO spokesperson. After the war, he came back to teach at the University of Chicago. He is a virulent critic of Israel, and a strong supporter of Fatah terrorist Yassar Arafat. Obama has referred to Khalidi as someone who challenges his “own biases.”



Why do the same dubious tentacles seem to continually surround Obama? The fact that the ATFP is scrubbing information on Salahi from their website suggests possible damage control coordination between the ATFP and the White House. If the ATFP was acting independently, there would be no reason to scrub Salahi’s name from their site. It looks like Salahi was an invited guest to the dinner, that he was “outed” and the administration had to come up with a rational excuse for his presence.

Now the Salahis want to sell their story…they’re a little broke these days, but they still live VERY high on the hog. AND get to go to the Department of Defense! (Picture below.) The Secret Service has already apologized for the incident, but they may clear their names if the Salahis start singing. If someone with ties to the American wing of Hamas can get face to face with the President without the Secret Service realizing it, that is a major security lapse. However, if Obama’s people knowingly allowed Salahi in and are now throwing the Secret Service under the bus to cover themselves, that would be a major scandal. Some in Congress are calling for an investigation…I say BRING IT. Something is VERY fishy in the White House.

SPECTRE of Deflation said...

Jerry, we have so much money we will just cover illegals. Another lie from Obama in Chief who said this would not be the case. These assholes are all pathological liars, thieves and swindlers:

Health bills fail to block illegals from coverage
Nov. 30, 2009

Hundreds of thousands of illegal immigrants could receive health care coverage from their employers under the bills winding their way through Congress, despite President Obama's explicit pledge that illegal immigrants would not benefit.

The House bill mandates, and the Senate bill strongly encourages, businesses to extend health care coverage to all employees. But the bills do not have exemptions to screen out illegal immigrants, who usually obtain jobs by using false identities and are indistinguishable from legal workers.

A rough estimate by the Center for Immigration Studies suggests that the practical effect of the mandates would be that about 1 million illegal immigrants could obtain health insurance coverage through their employers.

Democrats who wrote the House bill said that employer coverage for illegal immigrants is not intentional, but rather the outcome of people breaking the law.

carlandjerry said...

Hi Spectre,

It does sound like there are many holes occurring in the global warming documentation. Although, it appears that the controversy continues to grow around the subject. It does appear that the debate continues. Such controversy will force the researchers to come clean and bring forth the real truth, which is what we need to know exactly how much green house gasses are effecting the atmosphere.

The swirl spinning around the Obama Party Crashers appear to be Obama's Ahmed Chalabi--the notorious liar who spun the lies around Saddam's weapons of mass destruction, and who helped Cheney "stovepipe" raw intelligence bringing forth the lies that sold the UN, Congress, and the US to buy a war in Iraq, as he was bought and propped up by the Bush administration legitimizing and his Iraqi National Congress .

I really don't know enough about what the health care bill says about insuring all employees that might squeak in illegals. I am sure more and more employers will be NOT wanting to spend their precious dollars on insuring those who should not qualify.

take care, jerry

SPECTRE of Deflation said...

Jerry, long before Climategate, I mentioned several times that the elites want(ed) a Carbon Market AKA CAP & TRADE in order to steal the last dime from us poor schmucks. It's always about the money. If this is passed, I can't wait for mom and pop of mainstreet USA to understand what it will mean to them PDQ. Your house will be certified under the scheme...I mean Bill, or you can't sell it.

This will be a direct attack on what's left of the middle class and an ever growing poor class in this nation. Higher energy bills of all types (in order to save us...where have I heard this before?) will be the final nail in the coffin for a nation that must compete in a global wage arbitrage where real wages are falling for J6P along with all his/her assets in real and nominal terms while the debt remains like a 16 lb. block tied to their legs shortly before being thrown overboard in 600 feet of water.

Anyone who believes, at this late date, that they (elites) are doing anything for the benefit of the little guy has learned absolutely nothing over the last several years regarding how things really are and not how we would like them to be.

SPECTRE of Deflation said...

Climategate Outrage Explodes As Carbon Tax Agenda Threatened

http://www.doomdaily.com/2009/climategate-outrage-explodes-as-carbon-tax-agenda-threatened/

carlandjerry said...

Hi Spectre,

I am not in favor of cap and trade, but am willing to allow the Climate Change debate to unfold. Global warming is an issue that we must all deal with whether is it caused by man-made greenhouse gases, or the planet's normal warming cycle. It is clear to me that greenhouse gases is a big player in the debate. Nevertheless, the move to end the use of fossil fuels as propellants in our vehicles is a good idea. We need domestic energy creation and solar, wind, electric are important forms to create a more self-sustaining nation.

jerry

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