Schumer Says Bernanke Vote Will Not Happen Friday
Senator 'Spending Truck' Schumer sees no vote on Bernanke's reconfirmation this week. The deadline is January 31, so that leaves a mere 10 days. This could be a contributing factor in today's sell-off. It would be a non-confirmation, Bernanke Black Swan.
Nassim Taleb is undoubtedly grinning like a mofo somehwere today, off grid, of course.
If you want the likely real reason for the 3% sell-off we have seen in equity markets the past 2 days, look no further than the hedge-fund in disguise prop-trading desks all over Wall Street.
The Obankster bank levy (a mere pinprick really, but still, you don't prick the Beast without getting gang-knifed in return), and last night's word that Paul Volcker is finally being heard inside the Oval, plus news that Obama will attempt to shed the Obankster label with some actual reforms to the system (limits on leverage, prop trading, call it a weak Glass-Steagal II) are ALL having their impact.
HOWEVER, do not automatically believe that the proposed reforms are real. The Obankster is a skilled clinician with the spoken word; he has a history of grand rhetoric and non-existent follow-through. Geithner had a covert meeting with Bank CEOs last night, suggesting that he is working behind the scenes nefariously. Do not forget that history has rewarded the Obama observer who has not believed in a single promise, from 2006 up to and most definitely including, today.
So, back to the sell-off. The Wall Street prop desks run the stock market, and yesterday and today, not unlike the panic sell-offs of September 2008, are simply the work of the Beast as it shows Washington who wields the power and sets the rules. Nothing like 1,000 points off the top to show your captured Senators that you're still the Boss.
Nothing to see here, carry on. But if Bernanke is not reconfirmed, then as WalStreetPro has said:
- "That would be some hellafied shit, right there!"
Ten days and counting.
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Video: Bernanke's economic predicitions -- CNBC montage of failure
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A Movement by the People to Prevent Bernanke's Reappointment
Jan 21, 2010 at 2:25 PM
Reader Comments (7)
What you saw today was a temper tantrum, and you will see more of them if the reform is real, but as you have pointed out - Don't count on it. "Show me the Perp walks!"
I'm happy to report that Tyler Durden at Zero Hedge has called for Bernanke's head in no uncertain terms. Tyler is a great writer, but this is the first time I have seen him say "Do not reconfirm Bernanke".
http://www.zerohedge.com/article/scandal-albert-edwards-alleges-central-banks-were-complicit-robbing-middle-classes
Lol. Well said.
If only there had existed an Index Fund that tracked the Obankster's pathetic performance, we coulda all made a FORTUNE just by shorting it.
Hey, Jim Rogers; if you read the DB ...HINT HINT!
and of course you know there is word tonight that the Bernanke reconfirmation IS IN TROUBLE....big trouble i think....
http://cunningrealist.blogspot.com/2010/01/in-peril.html
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we could see a HUGE temper tantrum tomorrow if there is nothing positive on the Bernanke front...markets will freak if they lose their gentle overlord...liberals are calling for a new FED chief who will QE like crazy...they want $6 trillion in QE between now and october and they don't even hide that it's all about winning the election...
they have no problem with destroying the dollar for their short term democratic victories...
read this link...
http://delong.typepad.com/sdj/2009/12/joe-gagnon-for-fed-chair.html
Liberals Fantasize About Firing Bernanke, And Replacing Him With Someone Who Will Quantitatively Ease Like Crazy
SURVIVAL AND CIVIL UNREST WITH USA BUSTED??AMEN
CRIMINAL TRAITORS IN WASHINGTON DC
These deficits and debts are now so gargantuan that they have become surreal abstractions impossible even for sophisticated financiers to begin to comprehend. The common citizen has absolutely no idea what these numbers mean, or imply for his or her future. The people have been deluded into thinking that America’s arrogant, egomaniacal, always-wrong-but-never-in-doubt fiscal witch doctors and charlatans, including Greenspan, Rubin, Summers, Geithner and Ponce de Bernanke, have discovered a Monetary Fountain of Youth that endlessly spits up free money from the center of earth, in a geyser of good will toward the United States. Unfortunately, this delusion is false: there is no Monetary Fountain of Youth, and contrary to the apparent beliefs of the self-deified man-gods in Washington, D.C., the debt and deficits are real, completely out of control, and 100% guaranteed to create catastrophic consequences for the nation and its people.
When government “representatives” deliberately sell into slavery the citizens of a so-called free Republic, they have committed treason against those people. This is exactly what has happened in the United States: the citizens have been sold into debt slavery that they and their descendants can never escape, because the debts piled onto their backs can never, ever be paid. Despite expensive and sophisticated brainwashing campaigns emanating from Washington, claiming that America can “grow” out of its deficits and debt, it is arithmetically impossible for the country to do so. The government’s statements that it can dig the nation out of its fiscal hole by digging an even deeper chasm have become parodies and perversions of even totally discredited and morally disgusting Keynesianism.
The people no longer have elected representatives; they have elected traitors.
http://www.marketoracle.co.uk/Article16702.html