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« When Greece Finally Defaults, The Real Mayhem Will Begin | Main | James Carville Tells Don Imus: 2012 Could Be 'Very Rough For Obama', Says Civil Unrest 'Very Possible' (LINKS) »
Wednesday
Jun082011

Bernanke's Helicopter Only Delivers Cash To People With Helipads (Video Lowlights From Today's Speech, Transcript)

A second summary clip is inside plus written highlights from Reuters.

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Video - Bernanke speech part 2 - June 7, 2011

The failed Fed Chairman is optimistic about 2nd-half growth, as he blames Japan and still-moribund U.S. housing.  He's still in denial.

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On challenges facing consumers:

…households are facing some significant headwinds, including increases in food and energy prices, declining home values, continued tightness in some credit markets, and still-high unemployment, all of which have taken a toll on consumer confidence…

On the housing market:

…low home prices and mortgage rates imply that housing is quite affordable by historical standards; yet, with underwriting standards for home mortgages having tightened considerably, many potential homebuyers are unable to qualify for loans. Uncertainties about job prospects and the future course of house prices have also deterred potential buyers….

On the Federal budget:

If the nation is to have a healthy economic future, policymakers urgently need to put the federal government’s finances on a sustainable trajectory. But, on the other hand, a sharp fiscal consolidation focused on the very near term could be self-defeating if it were to undercut the still-fragile recovery.

On Inflation:

…if the prices of energy and other commodities stabilize in ranges near current levels, as futures markets and many forecasters predict, the upward impetus to overall price inflation will wane and the recent increase in inflation will prove transitory. Indeed, the declines in many commodity prices seen over the past few weeks may be an indication that such moderation is occurring….

On wages:

…because of the weak demand for labor, wage increases have not kept pace with productivity gains. Thus the level of unit labor costs in the business sector is lower than it was before the recession. Given the large share of labor costs in the production costs of most firms (typically, a share far larger than that of raw materials costs), subdued unit labor costs should remain a restraining influence on inflation.

 

 

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Reader Comments (18)

Jun 8, 2011 at 2:23 AM | Registered CommenterDailyBail
Jun 8, 2011 at 2:25 AM | Registered CommenterDailyBail
His recipe for growth is to cut corporate tax rates to 15% from 35%, while also eliminating unspecified subsidies and loopholes, and to create three tax rates: 0% (as is the case presently), 10% for the first $50,000 of income, and 25% from there. That’s a one-third cut to the bottom rate and a 28% cut to the top rate.

He’d also eliminate the capital gains tax and the estate tax.

As for spending, he’s in favor of a constitutional amendment to cap federal spending around the historical average at 18% of GDP (from roughly 25% now). And he wants to cap and block-grant Medicaid to the states, raise the Social Security retirement age (though not for current seniors) and slow the rate of growth in defense spending.

Pawlenty says Congress can’t be trusted to do all that, so he wants the same lawmakers to give him “temporary and emergency authority” to freeze spending and impound up to 5% of federal spending until the budget is balanced.

http://blogs.marketwatch.com/election/2011/06/07/pawlenty-and-his-push-for-5-growth/
Jun 8, 2011 at 2:27 AM | Registered CommenterDailyBail
WASHINGTON (MarketWatch) — The people who blame the Federal Reserve for all of our problems are starting to really get under Ben Bernanke’s skin.

Bernanke devoted nearly half of his major address on the economic outlook to debunking the charge by his critics who say the Fed’s ultra-accommodative policies are responsible for high gas prices, high food prices and the falling dollar.

http://www.marketwatch.com/story/bernanke-takes-his-critics-back-to-school-2011-06-07
Jun 8, 2011 at 2:29 AM | Registered CommenterDailyBail
WASHINGTON (MarketWatch) — Federal Reserve Board Chairman Ben Bernanke said Tuesday that he is not in the camp of economists worried about a double-dip recession as he defended the central bank from accusations it’s fueled a boom in commodity prices.

http://www.marketwatch.com/story/bernanke-sees-job-growth-pickup-in-second-half-2011-06-07
Jun 8, 2011 at 2:31 AM | Registered CommenterDailyBail
Jun 8, 2011 at 2:34 AM | Registered CommenterDailyBail
Bernanke takes his critics back to school, eh? What school is that? The school with the unblemished record of massively failed predictions, that's right, class.

Zimbabwe Ben is right about one thing--higher prices are all about supply and demand. However, he moronically overlooks the real change, which is the supply of money, not in the demand for goods. The former has exploded while the latter is largely unchanged due to the stagnation he's wreaked on the worldwide economy.

Moreover, Ben's brand-spanking-new supply-demand argument represents Zimbabwe's implicit concession that his "transitory inflation" is yet another Fed FAIL.

This guy is almost as full of shit as Geithner. Almost.
Jun 8, 2011 at 7:39 AM | Unregistered CommenterCheyenne
Um, I have a helipad, but he won't fly my way. I am not worthy of banker bingo bucks falling from the sky like so many of our esteemed men of renown...

They truly "deserve" their offerings, after all, they worked hard to "earn" them.

Besides, if their wives won't wait in lines, do you think they have the patience to wait for bonus bucks from heaven. Somewhere there is a sale that demands their presence.
Jun 8, 2011 at 11:29 AM | Unregistered CommenterS. Gompers
From Chris Martensen (he gets it):
... debt-based money systems operate best when they can grow exponentially forever. Of course, nothing can, which means that even without natural limits, such systems are prone to increasingly chaotic behavior, until the money that undergirds them collapses into utter worthlessness, allowing the cycle to begin anew.

All economic depressions share the same root cause. Too much credit that does not lead to enhanced future cash flows is extended. In other words, this means lending without regard for the ability of the loan to repay both the principal and interest from enhanced production; money is loaned for consumption, and poor investment decisions are made. Eventually gravity takes over, debts are defaulted upon, no more borrowers can be found, and the system is rather painfully scrubbed clean. It's a very normal and usual process.

http://www.zerohedge.com/article/guest-post-death-debt
Jun 8, 2011 at 11:51 AM | Unregistered CommenterWil Martindale
So Pastor Emry, who has been deceased since 1985, was not so looney tunes after all, at least when it comes to the banksters??? Following his passing, the "updated" numbers (as of 1998) regarding the national debt were inserted into the text of his piece, Billions for the bankers, debts for the people.

Check 'em out:

http://liberty-tree.ca/research/Billions.for.the.Bankers

That's right, folks. In 1998, we had a $5.5+ tril debt ($20,000/family), now just some 13 years later, it's $14.5 tril ($120,000/family) and counting. That's some serious principal/interest, which gets paid first mind you...

Wake up, everyone!!!
Jun 8, 2011 at 12:28 PM | Unregistered CommenterJosie
Besides, if their wives won't wait in lines, do you think they have the patience to wait for bonus bucks from heaven. Somewhere there is a sale that demands their presence.

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nice one gomp...here's that link you reference...

http://dailybail.com/home/why-you-should-always-make-laura-blankfein-wait-in-line.html
Jun 8, 2011 at 1:13 PM | Registered CommenterDailyBail
Bernanke takes his critics back to school, eh? What school is that? The school with the unblemished record of massively failed predictions, that's right, class.

Zimbabwe Ben is right about one thing--higher prices are all about supply and demand. However, he moronically overlooks the real change, which is the supply of money, not in the demand for goods. The former has exploded while the latter is largely unchanged due to the stagnation he's wreaked on the worldwide economy.

---

solid cheyenne...not a lot to add to this...
Jun 8, 2011 at 1:15 PM | Registered CommenterDailyBail
@wil...

i read chris martenson's blog....i saw that story...yes he nails it in that piece...

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@josie...

thanks for that flashback debt link...wait for the next 5 years...and we are doing everything we can to wake people up...by the way i own 'TheDeficit.Org'...the domain...it's undeveloped...if anyone has any ideas what to do with that domain name send me an email...
Jun 8, 2011 at 1:23 PM | Registered CommenterDailyBail
@DB

I know. Keep it up! The debt clock keeps ticking, and ticking, and ticking...
Jun 8, 2011 at 2:29 PM | Unregistered CommenterJosie
If the construction of residential home is dead, why not hire the constuction workers to improve our much needed infrastucture such bridges, roads, and other public works much neglected and needed to foster future growth. How many of our citizens suffer from bumper to bumper traffic wasting precious oil and time when we can build anything from high speed trains to anything reducing this wastage of traffic. The privately owned central banks would still get their usury cuts and we would leave something to leave behind to our children and grandchildren while creating jobs.
Jun 8, 2011 at 3:03 PM | Unregistered Commenterchundini
well said chundini...we said...i have made the same point in a few stories...our infrastructure is crumbling, yet obama put forth an $800 billion stimulus that was completely and utterly worthless...
Jun 8, 2011 at 3:11 PM | Registered CommenterDailyBail
Don't you people get tired of Bernanke telling you how good a dogshit sandwich is going to taste.
Jun 8, 2011 at 6:07 PM | Unregistered CommenterHoward T. Lewis III
HTL3, We all know what kind of sandwich is on the menu and it is kind of funny watching him try to serve it up. But alas, like the kings taster he will have to take the first bite.

quote:

"you know my dog thinks I'm a pretty good cook......then again he likes to drink toilet water".
Jun 8, 2011 at 6:26 PM | Unregistered Commenterjohn

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