Well, they should.
But close your eyes and think about it.
If Ben Bernanke pulled his head out of his ass and noticed that the US dollar is in freefall, gold is at an all-time high, oil is at an all-time high, inflation is roaring, the world has lost confidence in the US, and the last jobs report was bogus, he'd raise rates 1/2 point or more.
If Ben Bernanke wasn't corrupt he'd do that.
Everyone thought the last Fed meeting was the biggest one in a generation. I disagree. This next one is.
If Ben cuts, it's over for the US and the US dollar. Get all of your assets out of US$, and consider leaving the country.
If he raises, he's legitimate, serious, professional, independent and strong.
If he holds steady, he's still a pansy and a wimp, owned by the banks and hedge funds.
October 17, 2007
Can you imagine what would happen if Helicopter Ben Bernanke and The Fed actually RAISED rates in a couple of weeks?
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And the social security administration is about to announce today one of the lowest annual cost of living increases in a decade. This is funnier than comedy central.
Betting pool anyone? I say a quarter point cut, as that half point drop worked so well. After all - the market went up, and that is a good thing. Right?
Right?
-Snow
The mighty Tangelo predicts a 50 bp rate cut, just like last time.
Assuming that the U.S. stock market continues to teeter on the edge of collapse, Bubbles Bernanke will attempt to save the day through a big, fat steriod injection of money.
As long as stock and real estate prices are still nominally very high, the stupid public will be none the wiser.
The mighty Tangelo will be, however. And my gold will go through the roof!
Why did then President Bill Clinton and his entire economic team (which included Robert Rubin) go before the bankers at the Council of Foreign Relations back on September 14, 1998 to call for a new "financial architecture"?
What did Slick Willie and Bob Rubin know back in 1998 about the current financial and monetary system?
And further had Clinton not been scandalized and gone forward with his plan to reorganize the current floating exchange rate system would September 11, 2001 even occured? Or the Dot com bust, or the current deadly real estate collapse?
You said this last time.
I don't care what he does with rates, but for the love of God, acknowledge that inflation is 10%+. My gas rose a bit more than 2%/year the last few years. My food rose more than 2%/year the last few years. Housing - well, we all know what happened to housing.
So if "core" is up 2%, what does it include since obviously the food we eat, homes we live in, stuff we buy, and energy we use aren't?
Shoot, even the cost of a trophy wife shot up the last few years - or so I hear from FL/Scottsdale. :)
Time to head into the office - they made one of my sitting walls for the patio wrong, so I had to yell at them to redo it...grrrrr...
Your hope is endearing. I'm guessing after the next cut, you'll be saying "Everyone thought the last two adjustments were the critical ones, but Ben still has a chance to redeem himself!" For all your cynicism, you really are all about second (and third, and fourth, and...) chances, aren't you? No wonder you still look fondly on that sociopath Casey Serin. It's sweet that you're so trusting.
He's going to hold steady.
But Professor Benny is just getting the blame.
All the forces have been in the economy for years.
He's just the dollar's executioner, not the prosecutor.
Let's see:
1) strategic deindustrialization by
1a) Wall Street republican-globalization complex
1b) China
2) debt-fueled consumerist orgy
3) radical deregulation
4) aggressively destructive foreign policy
5) peak oil
Benny had no part in these. Geezerspan had some (#1a,#3).
I was at Subway last night. Got a 12" roasted over chicken sandwich. It was $6.49. That same sandwich used to cost $5.19. I know since I got it all the time for lunch.
That is an increase of 25%. And yet Bernake says inflation is 2%.
Sure if you don't have to eat or drive or heat/cool your home.
I say he holds steady like a dumbass. I wish they'd raise but I'm not holding my breath.
I don't think Ben's corrupt as much as I think he's stupid.
Think about it ... smart people go out on their own, create businesses, become scientists, etc., while the stupid lazy kids from school go on to work for the government.
Ben works for the government. Enough said.
"People of the United States, we have decided to cut the rate by 250 basis points. We just thought, you know, f*ck it, let's just get this thing dealt with good and fast.
Thank you."
I was at Subway last night. Got a 12" roasted over chicken sandwich. It was $6.49. That same sandwich used to cost $5.19. I know since I got it all the time for lunch.
That is an increase of 25%. And yet Bernake says inflation is 2%.
Sure if you don't have to eat or drive or heat/cool your home.
October 17, 2007 4:04 PM
Thats because Subway has to pay that "actor" who lost all that weight (from switching to the healthy fare at Subway) all that MONEY!!!
I know 5-10 Mexican actors who would work for less than the screen actors guilds "scale" salary and they'd do just as good an acting job if not better than the American actor that Subway pays all that money to.
C'mon lets get thinking in real terms about the economy.
I stopped buying that sandwich at 3.23
Bernanke shocked the heck out of me last month and dropped the rate.
I'm inclined to go with the majority, and say he will again drop the rate-another .25-.50bp at the end of this month. Confirming this country is in deep financial trouble.
I dont think he'll raise rates until next summer.
Crappy Homedebtor said . . .
"So if "core" is up 2%, what does it include since obviously the food we eat, homes we live in, stuff we buy, and energy we use aren't?"
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BLS takes into account that most Americans live in caves without electricity, heat their caves with wood that they find lying around, feed themselves by hunting and gathering, and run wherever they go.
Your extravigant lifestyle of buying food from a store, living in a dwelling structure, and using internal combustion engines is not the norm around here. Get with the program. Inflation is running at 2%. The Ministry of Truth says so.
He'll remain a wall flower - since it's in *his* best interest to do so.
Frank@Scottsdale-Sucks.com said
Ben works for the government. Enough said.
___________________________________
Actually he works for a private, for profit bank. The Federal Reserve is no more a Federal agency than Federal Express.
BTW - Your blog is awesome!
Jymkata
If he holds steady, he's still a pansy and a wimp, owned by the banks and hedge funds.
_____
He IS owned by these guys, didn't ya get the memo?
given that "bennie and the inkjets" do exactly what I don't want, he'll probably lower rates again
"C'mon lets get thinking in real terms about the economy."
That Subway sandwich is the real economy, dumbass. Price inflation is rampant and in many cases hidden by subtrefuge, I noticed yesterday that the "40-pound" bags of dog food are now 37.5 pounds. Same price for the lesser quantity -- cha-ching -- a 6.8%, hidden price increase. BLS doesn't do hidden price changes so we get the B.S. core inflation numbers from Uncle Sam that have little relation to the real world.
Does it really matter if he raises or cuts at this point, the dollar is already dead folks!!!.
He will cut again by 1/2 point. Bernanke knows either way(raise or cut rates) the U.S. economy is dead.
His already picked the way, everyone goes down with it by killing the dollar with continue rates slashes!
You may ask why didn't he raise rates and let all the folks who cause the Housing Bubble be the once to suffer the consequences?
The answer is simple when you got homeowner ship in America at 70%, does it really matter which way he goes. Either way everyone is financially dead, this includes HP'ers, Renters, HomeOwners and the Global Economy!
This is the "GreatER Depression" coming folks. Not even Gold will save you.
So all you folks hoping for the crash, better be aware of one thing. Its going to be just as bad for you as it is for Homeowners.
Feather nester has it dead on...
Look closer at most products which are packaged and you will see that packaging is being changed and weights or volume sizes have been DECREASED, even though prices are the same or HIGHER, per package. A very subtle route to conceal inflated pricing.
Just take the time to research your everyday purchased products.
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