Watch Jon Stewart Expose Bernanke's Lies From 60 Minutes: The Big Bank Theory
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For new readers who may have missed this the first time around.
Daily Show Video - Runs 3 Minutes - Aired Dec. 7, 2010
Quotes are transcribed below. Bernanke defeated by his own words. Stewart annihilates the Helicopter's claim that he's not printing money.
Watch Bernanke's original 60 Minutes appearance here:
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Bernanke's latest 60 Minutes interview juxtaposed against his previous 60 Minutes interview, when the Chairman said he was printing money - the only difference between now and then - the Fed was buying corporate assets and now it's buying government bonds.
PELLEY Is that tax money that the Fed is spending?
BERNANKE It's not tax money. the banks have-- accounts with the Fed, much the same way that you have an account in a commercial bank. So, to lend to a bank, we simply use the computer to mark up the size of the account that they have with the Fed. So it's much more akin to printing money than it is to borrowing.
PELLEY You've been printing money?
BERNANKE Well, effectively, yes. And we need to do that, because our economy is very weak and inflation is very low. When the economy begins to recover, that will be the time that we need to unwind those programs, raise interest rates, reduce the money supply, and make sure that we have a recovery that does not involve inflation.
BERNANKE: "One myth that's out there is that what we're doing is printing money. We're not printing money. The amount of currency in circulation is not changing. The money supply is not changing in any significant way. What we're doing is lowing interest rates by buying Treasury securities. And by lowering interest rates, we hope to stimulate the economy to grow faster. So, the trick is to find the appropriate moment when to begin to unwind this policy. And that's what we're gonna do."
DB here. Any questions? Bernanke's a liar and he thinks that no one is paying attention. Here's an idea - make Chris Whalen Fed Chairman, and Josh Rosner Treasury Secretary. Then send Bernanke back to Princeton as a custodial engineer, and give Geithner a job on the set of CBS Survivor cleaning latrines. As much shit as they've shoveled since 2008, the transition for both should go smoothly.
Whalen: "Goldman would have failed without the bailout. No question."
Jul 26, 2011 at 12:34 AM
Reader Comments (19)
Bernanke On 60 Minutes: "We're NOT Printing Money"
http://dailybail.com/home/obama-discusses-health-care-spending-debt-deficits-and-the-s.html
http://dailybail.com/home/60-minutes-walking-away-from-your-mortgage-watch.html
mish does a good job with this story...
Brief flashback:
http://www.reuters.com/article/idUSN2325168220100923
Watch out for the pandoras box contained in the tax cuts legislation.
http://www.bloomberg.com/news/2010-12-08/plunging-home-prices-fuel-property-tax-appeals-swamping-u-s-cities-towns.html
another big problem for 2011...
Alexander Theroux
Have a Coke and a smile.
This product will not be sold to people who don't agree with the party line.
@ John Patmos
I dont think our goverment understands thoes big words. Nor do they think we understand what they mean. "
Have a Coke and a smile." Are you buying the first round, or ya wahts shoot "Karps" for it..........?
No one at Seventh Fleet headquarters was willing to give the order to try to rescue the Pueblo. The decision was bucked back to Washington — first to the Pentagon, then to the White House. By the time then-President Lyndon Johnson was informed of the situation, the Pueblo was in North Korean waters. It was decided that any rescue attempt would be too dangerous. So the world’s most powerful military kowtowed to one of the weakest.
In October 1999, the Pueblo was moved from Wonsan on the east coast of North Korea to Nampo on the west coast. The trip required moving the vessel through international waters for several days, as it was towed around the coast of South Korea. Although the U.S. military had to have been aware of the Pueblo’s location, no effort was made to capture or sink the U.S. ship.
The Pueblo was taken to Pyongyang, the North Korean capital, where it is now the most popular tourist attraction in the city. A symbol of the "second" victory over the United States.
http://www.usspueblo.org/Prisoners/The_Digit_Affair.html
Ben Bernanke – Patron Saint of Moral Hazard ®
http://acrossthestreetnet.wordpress.com/2010/04/27/goldman-sachs-worlds-biggest-lemonade-stand/
Stewart's older brother, Larry Leibowitz (presently Chief Operating Officer of the New York Stock Exchange ...
its so expensive to print real physical money.. he admitted it himself that he is creating money with a touch on the keyboard ....
"Food and fuel increases have hurt demand, 'and that’s particularly true for that segment of our shoppers that believe we’re still in a recession, which is the largest segment' of customers at Safeway, the fourth-largest U.S. supermarket chain by sales, he said."
http://www.bloomberg.com/news/2011-07-24/food-costs-rising-as-coke-chipotle-pass-on-commodity-increases.html
"U.S. consumers face 'serious' inflation in the months ahead for clothing, food and other products, the head of Wal-Mart's U.S. operations warned Wednesday."
http://www.usatoday.com/money/industries/retail/2011-03-30-wal-mart-ceo-expects-inflation_N.htm
Only dopey eggheads like Geithner and Bernanke deny inflation. To anyone who's been in a Menards or Walmart, etc., within the last year and has brain matter past the stem, the inflation in things you need (food, gas, medicine, fees) is apparent at once.
Honest to God, how do we rid ourselves of the Shithead Class in D.C. and Wall Street?
When the Fed purchases T-securities, no new dollars are created (other than interest). The T-security holder's T-security account is debited and his checking account is credited. Period.
By contrast, when the Fed lends to banks, dollars <b>are</b> created.
So in the first case, the Fed does not "print" (wrong word) dollars and in the second case the Fed does "print" dollars. Jon Stewart is clever and entertaining, but he is no economist.
Rodger Malcolm Mitchell