BERNANKE: "Bank Account Seizure Unlikely In U.S."

Bernanke on Cyprus and taxing bank deposits in the U.S.

Highlight clip from Bernanke's press conference last week.  Runs 2 minutes, and it takes Ben nearly that long to answer the question, before finally, in the last 10 seconds, he says it is "extremely unlikely" to happen in the U.S.  He does not say, however, that taxing or seizing assets from bank accounts is impossible.  This is a door left wide open.

More highlight clips below.

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Unemployment still too high, QE to remain.

Bernanke updates the Fed's view of the economy.

Read the official FOMC statement...

Bernanke's complete remarks...

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No risk of Cyprus contagion.

Runs 30 seconds.

"We Have No Idea How Much Money We're Giving The Banks..."

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Full press conference video.

Another clip from same press conference:

Bernanke: "We Have No Idea How Much Money We're Giving The Banks"

Comments

[DailyBail]

That's everything. Every available youtube highlight from yesterday's presser, along with this one from yesterday.

http://dailybail.com/home/bernanke-we-have-no-idea-how-much-money-were-giving-the-bank.html

This is the best clip.

[DailyBail]

Cyprus says No to bank raid and turns to Russia: Two in three islanders now want to leave the eurozone

http://www.dailymail.co.uk/news/article-2296805/Germany-drives-Cyprus-arms-Russia-Cash-strapped-country-refuses-EU.html

Yesterday there were extraordinary reports that Cypriot leaders were refusing to take calls from the European Central Bank. Instead, they were locked in talks with Vladimir Putin’s government about a Russian bailout.

[DailyBail]

Eurozone finance officials acknowledged being ‘in a mess’, and discussed imposing capital controls to insulate the region from a possible Cypriot collapse. One described emotions as running ‘very high’ and referred to ‘open talk’ of Cyprus leaving the eurozone.

In an unprecedented snub, Cyprus decided not to take part in a conference call with EU leaders.
‘If Cyprus does not even feel that they can attend the call it is a big problem for us,’ one French representative said.

It is thought that Cyprus’s ‘Plan B’ to avoid bankruptcy will mean depositors with account balances in excess of 100,000 euros would be hit hard. Cyprus Popular Bank and the Bank of Cyprus would be split to create a ‘bad bank’.

Insured deposits – below the EU ceiling of 100,000 euros, supposedly guaranteed in the event of a bank collapse – would go into a ‘good bank’ and not sustain losses, while uninsured deposits would go into the bad bank and be frozen until assets could be sold. Losses to depositors could reach 40 per cent.

http://www.dailymail.co.uk/news/article-2296805/Germany-drives-Cyprus-arms-Russia-Cash-strapped-country-refuses-EU.html

[Sagebrush]

" Bank Account Seizure Unlikely In U.S."

So, with his track record of being completely wrong on almost everything, you should get your money out now or they will use it to try and plug the toilet they're flushing the economy down.

[chiller]

UNLIKELY?!?! What's "unlikely" is Bernanke's ability to tell the truth...

[Howard T. Lewis III]

Translated into common street language, "Bank account seizure likely in U.S."

[S. Gompers]

Anybody using a bank these days is a moron.

[SKINFLINT]

http://www.nakedcapitalism.com/2013/03/why-does-no-one-speak-of-americas-oligarchs.html

[from_the_bleachers]

And people still believe Bernanke because...??? Everything the man has said to this day has turned out to be bulls**t.. That "extremely unlike" means that they are still working out a way to do it here..

[Alberto]

In 2008 my 401k experienced a 40% 'HAIRCUT'. My so called financial advisers at AXA had no explanation other than 'it just disappeared.'

This money was not seized. It just vaporized into thin air.

Sleep Sheeple Sleeeeeeeeeeeeeeeeeeeeeeeeeep

[Alberto]

Looks like Ru$$ia gets Cyprus oil and gas as it's price for giving Assad the old deep six? Syria here we come! Next stop Tehran?

[Ralph Jolly]

so if bank account seizure is unlikely then what happened to my money at MF Global??? That was cash seized from me and I've only got about 70% of it back. Hope you go to hell soon Jon Corzine -you're a sociopath and a lowlife criminal. You should be doing hard time. There is no rule of law in America. & btw, thanks Jamie Dimon for aiding and abetting the crime. You're a crook and a sociopath too.

[It is I only]

BERNANKE: "Bank Account Seizure Unlikely In U.S."
Trust me I am a banker! Would I lie to you??
You can take it to the BANK!

[TR]

Bank account seizures in the U.S., might be the tipping point, might not end well.

Once again : The poor know where the rich live & the rich are outnumbered.

[chiller]

401k's are impossible to take out unless you leave your job, a nice touch the banks have added to keep you from withdrawing your (their) money. What we need is a national, "Quit your job" day and have everyone withdraw their funds. Then reapply for your job.
Either way you have YOUR money in hand. You think this sounds crazy? Ask Cyprus if they do. If nothing else, stop all contributions to your retirement account until it's safe to restart them....which may be never.

[Jolly Roger]

That he said this means it's definitely going to happen, and probably sooner than later. His reason for making the statement is to help psychologically prepare the public for when it happens.

[J'écris LaVérité]

After buying $trillions of mortgage securities (ongoing) not at market value
and in a self-made bond bubble, so the Fed takes a double hit on re-sale,
the Fed has essentially committed suicide for TBTF.

Now, he decided he can live.

You will have to commit suicide for him.

But the next bubble is being created for the current one.