November 08, 2007

Ben Bernanke, who hates America, is testifying to Congress live right now, expects housing to bottom by Spring. Ron Paul now foaming at the mouth.

Man, I can't wait for Ron Paul to stick it to him. Here's what I'd have to say for starters

Mr. Bernanke, thank you for having the guts to come in front of this panel and try to explain your treasonous and stupid actions these past few months.

You've lowered rates in an inflationary environment. Since your stupid cuts, oil, gold and other commodities have soared. The dollar is in a historic freefall. And the the world no longer trusts the the United States. Your #1 job is to protect the US against inflation and to be a champion of our currency. You've failed miserably at both counts.

So my first question sir is - are you stupid, or are you corrupt?

Bernanke is talking about the wave of resets about to hit (no sh*t sherlock). He's talking about making sure subprime problems don't happen again (a bit late there Ben), and is talking about how the Fed is on schedule to post new fair lending rules by the end of the year.

Schumer just asked him about China bailing out of the US dollar, and Ben says "he's not particularly concerned." Uh, Ben, be afraid. Be very afraid. The dollar is toilet paper, and the world has lost trust in you and the dollar.

Folks, I'm thinking Ben isn't as dumb or corrupt as I thought he was. Nope, he's just simply incompetent, and in over his head.

Michael Brown incompetent. George Bush incompetent.


keith said...


He just said that 'they (the fed) doesn't take an alarmist view" on home price declines and the impact on consumer spending.


Liar. Incompetent. Boob.

devestment said...

No Problem.

Spring 2012

It's all about redistribution of wealth baby! Same as it ever was.

Anonymous said...

Stupid Soviet style central banking crap. Guess he'll need to come up with a "5 year plan" for housing.

The Fed is F'ed up. D'oh!

LauraVella said...

Saw part of his speech, had to just shut it off...

Anonymous said...

Guys, this is the way the Fed is set up. Bernanke just implements the plan. He's a puppet for the Beast that must (and will) fall very soon. Hang in there. For this reason alone we must support Ron Paul. It IS the same as it ever was (transfer of wealth), except we are nearing the end of our dollar hegemony. They will keep the dollar afloat for as long as possible, and if that means cutting rates, they will. They will drive it into the ground, they don't have anything to lose. RON PAUL 08

keith said...

This whole testimony is about the housing crash

The whole thing

The housing crash will be the #1 issue during the 2008 election cycle. Ron Paul is perfectly positioned.

Cow_tipping said...

China is no problem, if they cut their lock with the dollar they lose, their products go up in $$$ at china mart, and we'd never buy them cos they are total sheite ... we knkow that, we buy to cos its cheap. If they stay locked to the dollar, they take the brunt of the hit. China and most of asia is no threat in real terms. They either stay locked to the $$ and go down with the shit - pun intended, or they cut their lock and go down by themselves. This is 1 count I disagree with you on keith. BTW lots of countries have huge bubbles in RE. Not just US, so US is going to start it and the rest of the world will follow.

Anonymous said...

Ron Paul is perfectly capture 100% of the loonie vote.

GameOver said...

Heli-Ben just told Ron Paul the falling dollar has no impact on Americans.


Glad I gave away some of my worth-less $$$ to RP, he'll find something good to spend them on.

Anonymous said...

Just caught Ron Paul ask the right questions, finally. What is the fundamental reason we got to this place? The increase in the money supply, fighting inflation with more inflation.

Way to stick it to them Ron. Keep asking the tough questions. These economists are living in a sheltered little world far from reality.

If I see one more politician asking for help to save their constituents keep their over priced under capitalized homes I'm going to puke. They got there only one way. They bought something they couldn't possibly afford.

Let the investitgations and lawsuits begin to all those wall street banks that allowed this to happen. I really hope more than a few go down in flames. The economic realities and lessons must be relearned. It's been too long since the depression and all the misallocation of capital occurred back then.

Good day.

shtove said...

Isn't that the second time Paul has left Bernanke speechless? Maybe his prelim comments are too long before he gets to the question.

This time it was: how do you solve inflation with more inflation? Did Ben even approach an answer to that?

Paul should have led with Ben's answer last time round to his question about the devaluation of the dollar - Ben would have had to repeat "Your were right, I was wrong".

And who's got the biggest stutter - Ben or Hank Paulson?

p.s. my feed cut off on Bloomberg just before Paul stopped talking - did he mutter something rude as he turned from the microphone?

Anonymous said...

Check out these statements...

Sen. Charles Schumer (D-N.Y.), the chairman of the joint economic committee, said that he has begun to worry about the threat of a recession.

"I think we are at a moment of economic crisis stemming from four key areas: falling housing prices, lack of confidence in creditworthiness, the weak dollar and high oil prices," Schumer said. "Each of these problems alone would be enough of a threat to our economic well-being. But taken together, they are essentially the four horsemen of economic crisis."

Rep. Carolyn Maloney (D-N.Y.), the vice chair of the committee, said before Bernanke's testimony began that she did not believe inflation was a threat and noted the rise in the unemployment rate over the past few months.

And Sen. Sam Brownback (R-Kan.), a committee ranking member, said the economy is at a "crossroads" and that the Fed should cut rates in December to increase consumer confidence and spending ahead of the holidays.

Brad said...

I keep trying to figure out why Bernanke keeps cutting rates, because it seems insane! All I can think of is that theyre really really worried about some major banks going belly-up and that the public has no idea of the extend of the "credit crunch"... Either way, theres nothing they can do to fix those, so I say jack up the rates, save the dollar and get ready for the fallout... And everyone here should be putting away some savings for a rainy day, because a big storm is coming... We havent even seen the tip of the iceberg (hows that for mixing metaphors)...

Anonymous said...

"So my first question sir is - are you stupid, or are you corrupt?"


What’s the difference between the following, governments, big business and the mafia?


That's how cynical I am!!

edd said...

Today's results …

BB => GBbs +USbs +BBbs
RP => 100%
usd2 = usd1 -a -b -c …
CNBC => WSbs + CNBCbs

Anonymous said...

Anonymous said...
Ron Paul is perfectly capture 100% of the loonie vote.

November 08, 2007 4:33 PM
Huh? Canadians are now allowed to vote in the US because their currency and economy is stronger and better managed than ours?

borkafatty said...

Ladies & Gentlemen ....presenting..The Fat Lady...


Anonymous said...

Don't forget that Cheney moved a major portion of his assets out of the U.S. dollar at the beginning of the year.

Mozilo was the caption of the S.S. Minnow, and knew when to jump ship. Cheney is the first mate of the Titanic. What happened to women and children first?

french toast w/bacon said...

* * NEWS FLASH * *

WSJ 11-8-07 "We are experiencing among our clients an awakening that the United States is in big trouble," said Erik Nielsen, chief Europe economist at Goldman Sachs.




I'm going to the store to pick up a box of extra-butter popcorn! Man, this is gonna be awesome!

Get that Hindenburg video ready Keith!



guy n. cognito said...

is anyone surprised? i just read an article on CNN (who?) about Bernanke's testimony. of course it talks about how the Fed is worried about inflation but doesn't mention the counter-productive action it's taking to fight inflation. it does mention Brownback requesting further rate cuts... oy.

Anonymous said...

I thought Ron Paul was easy on Benny, great line was "how do you fix inflation with more inflation ?" but the ones that followed him really laid into him like the one from the OC.

brokersleaveyoubroke said...

A few weeks ago Ben said that subprime was contained and there was nothing to worry about. He has proven he is stupid or corrupt so why is anybody listening to him now?

Anonymous said...

well old ben is just doing what he is told folks. just like all of the chairmen that have come before. who created the fed and why? how was it done? what has it accomplished? when you answer these questions, then you will understand that ben is just a puppet that does what he is told by the men who stand in the shadows. this is the way it is. and this the way it has been for a very long time. the day that the fed was created, we lost whatever freedoms we still had left. and the only way to get them back is to take them back by force or vote for ron paul and pray that he can muster enough good and honest men to do the right thing no matter what. those are the final two choices available to us at this time. so you either fight(and that means a full blown rebellion and/or revolution) or you vote for ron paul and attempt to do what needs to be done, by peaceable means. if ron paul does not make it, then there has to be a revolution and a national cleansing or traitors and other scumbags who have taken this nation and must be physically removed from places of authority. it is , just that simple. no amount of wishful thinking can accomplish anything. ladies and gentlemen we now sit at the crossroads of history. either we wake up and do what is necessary or we become just another in a long line of failed nations. when this nation was created , it was done with good intent, despite the evil that was present even then. many sacrficed all that they had to help achieve this dream, a place where man could in reality , be free. but over the years, those rights that were guaranteed to us have slowly been taken away. so now, we must do what we must. vote for ron paul and win by the vote, or get out the guns and take to the streets and take it back by force. make no mistake. the useful idiots that call themselves cops, and others of this sort will come out to meet you, but they will fade quicly when they realize, that it is not worth it to lose their lives just to save their confortable promised retirement benefits. so now people, wake up and let us keep this ron paul revolution going and make this man win or else......there is no other way

Anonymous said...

>> Folks, I'm thinking Ben isn't as dumb or corrupt as I thought he was. Nope, he's just simply incompetent, and in over his head.

Dumb? Corrupt? Incompetent?

Keith, forget dumb or incompetent - one doesn't become Fed Chairman with either of those attributes.

Corrupt? Only if one believes that there's a decades-old conspiracy to bring the USA to its knees (which I believe to be the case). And even so, Bernanke may simply be a useful idiot.

Bernanke (and the Fed) know EXACTLY what they're doing. To think it's stupidity or incompetence is foolish.

C'mon Keith - don't be afraid to say it: conspiracy!

Anonymous said...

What do you expect him to do? If he doesn't cut, the entire banking system could collapse. How would you like to be known as the Fed Chairman who brought down the banking system and world economy? He is doing what anyone else in his position would do - save the financial system. This mess was caused by Greenspan.

borkafatty said...

Oh ya shit is really going to start hitting the fan real soon and real quick like.

Gas Prices reach $5.00 in Cali.

Anonymous said...

"CNBC's Rick Santelli reporting a roar of "Ron Paul!" chants in the trading pits of Chicago as Paul blasts Bernanke about the dollar...."

Anonymous said...

IOWA GOP seeks to blackball RON PAUL

The Iowa GOP is at it again. In a previous article we exposed the "Iowa GOP Extorting the Ron Paul Campaign." Now Iowa is going to bar Dr. Paul from participating in the Iowa presidential debate on December 4th. In their press release located here -

They state:

The debate will be limited to those candidates who have satisfied the following criteria:

1. Announced a formal campaign for President: and

2. Filed the necessary paperwork with the Federal Election Commission; and

3. Met all U.S. constitutional requirements; and

4. Garnered at least 5% of the national electorate as determined by an average of the most recent national telephone polls of registered voters conducted by non-partisan public opinion polling organizations leading up to the registration deadline as determined by Fox News Channel and the Republican Party of Iowa or garnered an average of at least 5% in the most recent polls of Iowa voters conducted by the American Research Group and the Des Moines Register.

This is obviously a blatant attempt to drop Ron Paul from participating in the Iowa debate. Dr. Paul achieved a 9.1% vote in the Iowa Straw Poll in August. The Iowa GOP's supporters have already surpassed the 5% criteria yet the Iowa GOP will be basing their decision to cut candidates on national statistics.

Dr. Paul's meteoric rise in popularity is a threat to the establishment candidates and these sneaky tactics will only backfire to draw more attention to his revolutionary campaign.

Contact the Iowa GOP and voice your opinion -

Contact: Mary Tiffany - (515) 282-8105 or (515) 282-9019

Anonymous said...

But BEN, we don't understand!!

You told us the mortgage crisis was CONTAINED....Looks like that containment is spreading like wildfire, huh?? Yeah, you have a tough job, but how about starting off by just telling the fuc#$ing truth, huh??

You have about as much credibility as Yun, over at the ZERO. Meanwhile, our currency, reputation and Country as a whole are going up in smoke....God, these just may be the end times for us all.......

edd said...

As I recall, Rick Santelli reported
that the pits booed when RP talked
about a stronger dollar and holding the line on rates.

Maybe I need my ears cleaned.

edd said...

I'm no Ron Paul fan, but he hit
a slam today in the short time he

He limited comments to inflation,
interest rates, funny money, etc.
But this is where he is best.

USD savings are being hammered.
And I can't tolerate those who say
it don't mean much if you stick to
US products. ... Pathetic !!

Even Sarcosi is po'd about the USD
slide. ("economic war ... ?")

Anonymous said...

Bernanke Rules!
Go Bernanke Go!
Cut Cut Cut!!!!

aurther's fish and chips said...

RE: IOWA GOP seeks to blackball RON PAUL

That does NOT suprise me. As a matter of fact, the GOP did the same thing to Ross Perot back in the 90's, yet by threatening to kill Ross Perot's daughter at her Texas wedding. Ross got out the race and left millions of supporters in the wind.

Anonymous said...

Kieth, you didn't get the memo? Schiff endorsed Paul THIS IS HUGE!!!!!! where's the post?

bryce in canada (Vncvr & Clgry bubbls) said...

No, fighting inflation is not his number one job.

The mandate of the Fed is rather broader than that.

The Fed's legislated mandate is to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.

You may disagree with the Fed's course of action (I, for one, disagree with it, too), but it is disingenuous to say that 'fighting inflation' is his 'number one job.'

Also, the Fed is not run by just Bernanke. He is the Chair, just one of its five governnors.

Yes, I know, I am being a pedantic wanker. But surely that's better than being a histrionic alarmist.

Lost Cause said...

Ben...don't look up, because the mothership is landing. A lot of good your helicopter will do now!

keith said...

Inflation: F
Regulation of Banks: F
Provision of Payments: A

From Fed Governor Poole:

The Federal Reserve has three main responsibilities.

One is to contribute to maximum sustainable economic growth by maintaining low and stable inflation, or price stability for short.

The second is regulation and supervision of banks and their holding companies to contribute to stability of the banking system.

The third is provision of payments services including distribution of currency, clearing of paper checks, and electronic payments services.

Success in these three areas contributes to, but does not guarantee, stability of output and employment. Success certainly does not guarantee stability of prices in financial markets, as we have seen from the performance of the stock market in recent years. Despite this fact, it is also true that Fed failure to achieve its goals has a high probability of destabilizing prices in financial markets.

Anonymous said...


yoski said...

"China is no problem, if they cut their lock with the dollar they lose, their products go up in $$$ at china mart, and we'd never buy them cos they are total sheite ..."
Quick question there. If we don't buy it from China where will we "it" from. It's not like we could build it ourselves. Those days are long gone.

spacealien said...

"Corrupt? Only if one believes that there's a decades-old conspiracy to bring the USA to its knees"

don't know if it's a conspiracy theory. the british couldv'e given america freedom so americans would fight off the indians and develop the land they settled out of greed. so, when do they call in the debt? and reclaim what's theirs...

Yoski said...

"What do you expect him to do? If he doesn't cut, the entire banking system could collapse. How would you like to be known as the Fed Chairman who brought down the banking system and world economy?"
Let's not be over dramatic here. Just because some players that over extended themselves might go out of business doesn't mean the banking system and the world economy will fail.
What will fail it the trust the world has placed in the dollar. In the long run that will cause much more damage to our economy than some banks going out of business. Would be nothing more than a much needed thinning of the herd in that sector anyway.

smitty said...

"USD savings are being hammered.
And I can't tolerate those who say
it don't mean much if you stick to
US products. ... Pathetic !!"

if you read the "The Great 401 (K) Hoax: Why Your Family's Financial Security is at Risk", the author notes that savings didn't save the japenese from economic troubles. i.e. if we don't get energy under control in this country, our dollars will be worthless since everything takes energy to produce and, thus, we'll be on the oil standard not the dollar standard.

also, I don't think it means anything to shop only american brands because imports are cheap, and if you're smart, you can arbitrage the savings into profits. the big problem, though, is that people buy stuff w/o any intention of making profits;

hence, what they buy goes in the garbage or collectsdust on the shelf.

in my opinion, it's far more important to only spend capitol on capitol and nothing else-- if possible. i.e people should cancel cable, buy homes that are easy to heat, etc....

Anonymous said...

Why would you ever doubt the fact that Bernanke would cut rates. He specifically said he would do so if presented with this situation FIVE YEARS AGO. This has been one of the most telegraphed ways of viewing the market ever.

Anonymous said...

Cow_tipping said...

OK I am sorry - your question needs to be rephrased.
"The question is are you stupid, corrupt or on commission".

getyourselfconnected said...

Did you know that housing price declines are going to stop in June 2008? I bet you were unaware that mortgage defaults will not only stop accelerating, but reverse back to their low end scale exactly in June 2008! Bank losses will stop and and funky level III assets will recover their full "mark to model" values on the first weekend of June 2008! All I can say is, that's a relief. All the upset and turmoil in the market is starting to be depressing, so if we can just wait until Spring of 2008, all will be great.

The above lunacy is a rough encapsulation of the FED, the banks, the home builders, the retailers, and anyone on financial TV. Reading through FED testimony, listening to conference calls, and watching CNBC for a while brings repetition of the Spring 2008 miracle. Not even Miracle Max from "The Princess Bride" could provide that kind of magic. Those rebound forcasters must be living in Never Land. In case they did not get the memo, even Never Land is being foreclosed on:

Anonymous said...


Paul E. Math said...

I always thought of the FOMC has having 2 'main' responsibilities:
1) low inflation
2) sustainable economic growth

Low inflation is the more important of those goals since you can't have sustainable economic growth without low inflation.

The Greenspan fed (and the current Bernanke fed) screwed us all by placing higher priority on economic growth at all costs.

In short order we shall reap the results of what these irresponsible egomaniacs have sown.

anon e. moose said...

CNN has this to say about 25 Real Estate markets...

abb said...

Schiff endorsed Ron Paul and sent a letter to 60,000 of his investors requesting they donate the maximum.

I believe Richard Russell did the same. (haven't confirmed that)

Ron Paul supporters are going to OVERWHELM the primaries. How many Giuliani supporters are going to take the time to vote in the stupid primaries?

<--- Proud to be a loonie

abb said...

I think I agree with your assessment of Bernanke. He's an idiot academic who believes all the ridiculous economic theories created to divert attention away from the fact that the Fed is the source of all inflation.

He's the fall guy for the Fed.

maudejo said...

to whomever keeps stating ron paul supporters are looney must be part of the apathetic, complacent herd being led to the slaughter on a highway to hell in a porsche. You might know if Brittney's wearing underwear today? Enjoy your ride. I choose revolution.

Anonymous said...

Why do you guys keep fooling yourselves with false hope in Ron Paul?

The elite class/globalists have already chosen Hillary to be the next president and stay on the course Bush has been on since day 1. Of course, the left will cheer like idiots and think their problems are solved when they are not.

Should by some miracle Ron Paul gets elected (with Diebold machines and secret software subject to NO KIND OF INSPECTION/CERTIFICATION by an independent 3rd party) I doubt the powers that be will allow him to stay there long. Look what they did to JFK in Dallas when he would not give them a war with Russia that the illuminati wanted.

Anonymous said...

Here is the Youtube of Ron versus Ben

Anonymous said...


How lucky we are to have this remarkable man fighting non stop for US.

Today here is what I heard on TV "CNBC's Rick Santelli reporting a roar of "Ron Paul!" chants in the trading pits of Chicago as Paul blasts Bernanke about the dollar...."

Thank you, Ron Paul, for simply speaking the truth about something VERY IMPORTANT that NOBODY ELSE talks about, especially NOT ONE OTHER CANDIDATE. Link to watch video

Kindest Regards,

Anonymous said...

Now he wants use your tax payer dollars for giving out $1 million mortgages.

raynla said...


I will say this again as I have been for months now. The US is killing the dollar in order to bring on the Amero and the North American Union. Of course there will be no vote from congress or the sheepeople as they will be in finacial ruin. The idea will be sold as a fix for everything wrong, and the only way to compete on a global scale. So there will be no public uproar and for the few that get out of line they will disapear to guantanomo like prisons.

Canadians may turn up thier noses at their pompus new neighbors moving next door with two SUV's in the driveway. But former Illegal Mexicans will enjoy living in Oklahoma without being harassed and proudly showing their National ID cards to the Homeland Security offical when pulled over while exploring the new land.


Princess Mononoke said...

It's so hard for me to watch him speak! Just as hard it is to watch and listen to Georgeepoo.

I swear when I hear them speak, I feel like I'm in another dimension entirely! Major disassociation with the current state of affairs -reality...

It's kind of like showing them a picture of a butterfly and "They" keep insisting that it is a bird... I guess until they've convinced you that well while you've thought your entire life that is what a butterly looked like... maybe I was wrong the whole time and that MUST be a bird!!! LOLOL

Oh geez what to make of these optical illusions????? Power of persuasion????

k.w. - southern ca. said...

What a bunch of dolts ... what bullox.

Bernanke's estimate about when home prices will bottom out is about as realistic as GWB telling us he'll be bringing back our troops as soon as possible.

Anonymous said...


You forgot that liquidity injections and rate cutting is adding to the stability of banks (technically at least, by keeping them afloat)

It is not addressing the root cause of fixing lending standards and holding them accountable.

-Big cheese

edd said...
is RP Nov-8 hammering BB.

BB response includes ...
"if they are buying USD goods
like most Americans" then the
dollar slide won't hurt them.

(also, French president Sarkozy
is the one who mentioned potential
"economic war" over currencies)

LauraVella said...

This may not be right, but here's my take on whats going to happen.

In order to save most of the major banks, Bernanke will lower the interest rate down to zero if necessary. This action will make stocks look attractive again since real estate is now a bad investment.

The stock market will fly...for awhile, which will help banks to finance money (remember last months's Federal Funds rate cut) to cover their losses and build liquidity.

After the election next year, Bernanke will begin his saber rattling to raise rates. Six months into the new presidency, interest rates will go through the roof, crashing the stock market.

This scenario gives banks a year to get their act together. Some will survive, with smaller banks bought out for their assets by major banks.

The Fed can only handle one disaster at a time, with banks as a priority over the housing crash...

Anonymous said...

Mortgage Market Report for Thursday November 8th, 2007

In this morning Initial Jobless Claims was reported lower than expectations of and the lowest reading in a month. The report suggests the labor market remains fairly tight and this was slightly negative news for Mortgage Bonds.

However technical signals in the Bond market will be muted as more importantly, Bernanke starts to talk. His complete statement will be provided on this site when it is published.

Fed Chairman Ben Bernanke has currently testified this morning before the Congressional Joint Economic Committee on the US economic picture.

After listening to his speech with Ben Bernake was very interesting and did discuss many of the issues that are now facing the mortgage markets.

One Senator remarked. :The market will punish the market will reward and the market will stabilize." When will the market stabilize? Bernake said "well into the second quarter of next year. Seemingly a very optimistic answer and not according to many other experts.

Loretta Sanchez Senator from Orange County says this problem hits home.

In a rant she began with a compliant about looking for a home loan purchase for 700,000 with 30% down with all of the underwriting qualifiers would give her a rate that is 1% higher than published conforming rates. After stating that she again hammered back again to Bernake about her represented territory and all of the grief it has caused Orange County. Santa Ana has 1/3 properties are foreclosed, we are home to the Nations Home Builders, and we were home to the Most Mortgage Companies in Country. Claiming Bernake caused all of these problems.

Thank you for listening and we will have another report for you tomorrow.

Roger Herrick

California Mortgage Broker