SANTELLI: Bernanke Will NOT Seek A Third Term

Bernanke's Palace in Wonderland.

Funny stuff from Santelli on news that Bernanke will not seek a 3rd term.

Here's the NYT story, including discussion of possible replacements.  If Romney wins, it's either going to be Glenn Hubbard or William Dudley.

Snip from ZH:

"Federal Reserve Chairman Ben Bernanke has told close friends he probably will not stand for a third term at the central bank even if President Obama wins the election."

In other words: the republican Fed Chairman who mysteriously became a Democrat president's bestest friend (and has been publicly threatened by every other GOP candidate, including Romney, although that would be merely to replace him with Bill Dudley, not Glenn Hubbard)  that $4 trillion that the Fed will have in assets at the time of Ben's departure, and $5 trillion at December 31, 2014, just became someone else's problem.

Good luck to that someone else unwinding a Fed balance sheet which as we explained previously, will at one point in the next 2 years hold well over half of the marketable US Treasury debt inventory.

Last week:

Rick Santelli: 'Fed Deals In Debt Like It's Cystal Meth'...

Link to video at CNBC in case Youtube clip gets pulled...

Comments

[Josie]

Great. William "GoldmanSuchs" Dudley or Glenn "take your best shot" Hubbard...when I despair, I look to Joe "Tammy Vilanch" Biden. He puts it all in perspective...

[SKINFLINT]

You'd think that without Paul and Grayson around his job would be easier. Guess he will head to the garden and bury his gold just like a leprosy con.

[SKINFLINT]

While on the subject, there is a buyout clause here with the Fed. Why don't we pester out congressmen into doing this. How could things get worse than where we already are? Ron Paul had spoken of this and I don't know why that subject has not gained any traction.

[questioner?]

which jew will replaced him?

[SKINFLINT]

WHAT THE FUCK DIFFERENCE DOES THAT MAKE?

[SKINFLINT]

You'd shit your pants if it was the pope. Then you could go on about Catholics. Or how about the Sultan of Brunei. Then you could go on about Muslims. Or how about Thaksin. Then you could go on about Buddhists. Or how about Pandit. You get my point.

[DailyBail]

Well said, Skin, thanks. I would just delete his comment but your response handled it for me.

Henry Paulson - Christian Scientist

Tim Geithner - Wasp

Jahn Mack (CEO of Morgan Stanley when crisis hit) - Arab Christian

John Thain - Catholic

Bernanke - Jewish

Vikram Pandit - Hindu

Last I checked, fraud accepts all religions.

[DailyBail]

Skin

What do you mean by buyout clause?

[DailyBail]

Bernanke probably won't stand for third term at Fed

http://dealbook.nytimes.com/2012/10/22/casting-dual-roles-at-treasury-and-the-fed/

Also talks about replacements for Bernanke and Geithner under various scenarios.

[LiberatedCitizen]

And if obama's re-elected get ready for someone even worse Blackrock:s go to guy tax cheat geithner who wants even more govt. spending not to mention all his other fraud

If you want to be really daring, let’s add one more name to the list, perhaps the perfect candidate from the president’s perspective: Mr. Geithner. He would have had a year to recover from his current position and may have tired of the speaking circuit. Given his former role as the president of the Federal Reserve Bank of New York during the financial crisis, he would bring steadiness to the job with Mr. Bernanke’s departure, and a level of comfort for the president.

http://www.cnbc.com/id/49515868/page/2/

Geithner phone pal revealed

http://www.economicpolicyjournal.com/2012/10/geithner-phone-pal-revealed-larry-fink.html

[SKINFLINT]

DB. Ron Paul posted on his website that the Fed has a buyout clause in their contract with the government. It is posted on the Fed Res website as well. I posted that link here back in August or somewhere thereabouts. I think you would be able to find it there as well. Skin

What do you mean by buyout clause?