March 18, 2008

HousingPANIC Quote of the Decade


"The U.S. government has a technology, called a printing press, that allows it to produce as many U.S. dollars as it wishes at essentially no cost."

- Ben Bernanke, November 2002


27 comments:

Anonymous said...

Dude we are so screwed

Anonymous said...

I've got ninja powers! ( to go along with my ninja arm.)

Anonymous said...

Federal Reserve to cut a cool 1%...
I hope the chinese and arabs don´t dump their dollars to cut losses...
All of this mess started because there was too much money in the wrong hands...

PJ

suzanne researched it... said...

I am amazed at the events the past few days. I knew they were coming, but damn- seeing it go down is quite still shocking.

What does Ben do once he fires all his bullets and has interest rates down to 0.0%? And what to do with ones savings in US monopoly dollars? What a freakin mess!

-SRI

Anonymous said...

The U.S. gov't prints the paper? Are you sure about this?

What's that privately owned bank that loans our government it's own money. Oh, the Federal Reserve. It sounds like a government agency so it must be part of our government.

Solo said...

Benny and the Feds hate America!
(I claim copyright on "Benny and the Feds").

Anonymous said...

"All of this mess started because there was too much money in the wrong hands."

Excellent observation.

Economies are based on trust. And a global economic system has no trust. You really think the US government is going to allow China's communists to just buy everything? No because they don't trust them. Apply the same logic around the world and you have countries en mass devaluing their currencies.

Thus, massive intervention in all markets. Everywhere. The stock market is the conduit to take over local national markets/business with freshly printed cash and no longer necessarily a measure of healthy economic activity. Its denominated in dollars and the price in dollars is increasingly hair brained and utterly wrong. Of course, you or the chinese cannot print fresh dollars. Vice versa in other markets.

Its all about control.

Anonymous said...

Oh boy, Bernanke and his Wall Street conmen are trying hard to come up with a new bubble soon. Sorry guys, no more soup for you!

Anonymous said...

if there is one joy in this is that the chinese might get screwed

The Bruiser said...

Printing press? Who needs a printing press?

> create(LotsOfMoney);

> You have created $200,000,000,000 dollars.

> _

Anonymous said...

"Dude we are so screwed"

people who have savings are screwed. people who live on credit are just fine.

hpers thought they were so smart for living prudently. suckers.

Mark in San Diego said...

Move along. . .nothing here anymore. . .the fincial and housing crisis is over. . .Ben will buy all the houses, all the CDO's, and all other debt. . .print more money, lower the rates, the market will soar, and all will be well. . .I even bought stocks yesterday, and they are all up. . .don't worry, be happy. . .The Fed has saved the day. . .actually, $5 gas has its advantages - people are actually buying smaller cars and I know one couple who is moving closer to their jobs. . .is there anything wrong with this picture??

Anonymous said...

Um.. hey, Ben, I know you probably don't pump your own gas or buy your own groceries, but maybe you should ask some of your underlings about how your policies are affecting them.

The middle class subsidized today's stock market rally along with Bear Stearns's gambling problem. We'll likely be subsidizing the many bank failures to come. I guess what you must mean is that you and your rich pals don't really have to pay the price.

Anonymous said...

Keith,

Any insightful articles or videos that you can post on economy/Bear/Falling Dollar/etc.?

thanks

tater said...

All of this mess started because there was too much money in the wrong hands...>

Yeah, I agree. Since Benny Bernanke now has control of the printing presses, we can expect even more money to be put in the wrong hands.

Gaston J Feeblebunny said...

How have I missed this? Am I really that far behind?

http://tinyurl.com/39fccs

"America: Freedom to Fascism"

Anonymous said...

We are being bled dry by a parasite called The FED to save banks and investors. Thank you HP for making this clear to me. At least now I can try to salvage some buying power instead of having it devalued over the next 20 years in the increasingly less valuable dollar.

big n rich said...

If long term interest rates go up we area all f@cked.As soon as the chinese want to f@ck us they will dump all their treasuries.Can we give parachutes to all the people working in the high rises in new york? This will save a few lives as everyone jumps out of windows.

Anonymous said...

Tonight's Larry King has Oprah's BITCH on. My TV is soooo lucky that I didn't throw a brick through it. Kiyosaki was the only one speaking a little bit of truth.

Kiyosaki was under siege in this BITCHFEST. All he could do was smile and try to be diplomatic.

They kept calling Kiyosaki "Gloomy".

Afterthought said...

Only 225 bp to go. Thats 3 to 5 more cuts and with8 months till the election that is one cut per two months.

It's time for Ron Paul to get back in this thing.

None of the three contenders have a clue (although Obama is the least evil).

Anonymous said...

They are not printing anything. We'll find out shortly guys.

Anonymous said...

That attitude says it all doesn't it? I'd like to lock Ben in a cage with nothing to eat but $100 bills. Something akin to Tiberius and Gallus.

edd said...

BB Announcement:
As a cost saving measure, all
US currency will henceforth
be produced in Chinese prisons.

Pennies will henceforth have a
value of .02 USD, and if copper
rises much more, a penny will
be legal tender for a nickel.

As a measure of goodwill, the one
dollar bill will have an engraving
of Deng Xiaoping.

Anonymous said...

What does Ben do once he fires all his bullets and has interest rates down to 0.0%?

Why, he's turning Japanese!

"Quantitative Easing"

aka monetization

There's plenty of room to go below zero.

Anonymous said...

Look on the bright side. If the dollar tanks, well, there will be millions of new jobs flowing back to the US. There will be more Walmarts in China than in the US. J6P won't be shopping there anymore, he can't afford the prices. He'll be earning $10 an hour and a burger will cost $3 million.
The US will overtake Zimbabwe as the most prosperous nation on earth.
You're doing a heck of a job there, Benny !

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

Any cuts the Fed makes are *only* to preserve the monitary wealth of their banking buddies - after all, these money whores were the ones who put the congress men and women (more money whores) into office.

Of course, the caviat of this is skyrocketing prices for daily necessities (and health coverage), and a dollar worth less and less.

When there are more people getting financially impacted by these problems, then we'll start seeing some real problems start to surface in this country that cannot be denied any longer.

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

"Millions of new jobs flowing back into the US"???

And what (if any) decent salaries would these jobs pay?
Next to nil.

There is no resolving the problems here in the US *without* cleaning out all the rot first within our federal, county and state branches of government.


Anonymous said...
Look on the bright side. If the dollar tanks, well, there will be millions of new jobs flowing back to the US. There will be more Walmarts in China than in the US. J6P won't be shopping there anymore, he can't afford the prices. He'll be earning $10 an hour and a burger will cost $3 million.
The US will overtake Zimbabwe as the most prosperous nation on earth.
You're doing a heck of a job there, Benny !