Almost Comical Now
"In part, the recent weaker-than-expected economic performance appears to have been the result of several factors that are likely to be temporary...the most recent projections by members of the Federal Reserve Board and presidents of the Federal Reserve Banks, prepared in conjunction with the Federal Open Market Committee meeting in late June, reflected their assessment that the pace of the economic recovery will pick up in coming quarters. Specifically, participants' projections for the increase in real GDP have a central tendency of 2.7 to 2.9 percent for 2011, inclusive of the weak first half, and 3.3 to 3.7 percent in 2012--projections that, if realized, would constitute a notably better performance than we have seen so far this year. FOMC participants continued to see the economic recovery strengthening over the medium term..."
-Ben Bernanke, congressional testimony, July 13. One month ago.
-Ben Bernanke, congressional testimony, July 13. One month ago.
posted by The Cunning Realist at Saturday, August 13, 2011
39 Comments:
It is totally impossible for the Fed to say anything about the future that is negative. The same applies to all people in policy positions but the Fed above all. Everyone knows an honest forecast that is negative would hurt the markets and then the economy badly. Everyone knows this because everyone now believes in Behavioral Economics.
The entire process is the Emperors New Clothes on human growth hormones. It does not need to be mentioned that Ben is untruthful, at best, because everyone knows this.
Even you mentioning this is heavily tinged by this because you assume anyone believes Ben's BS. Nobody believes it, or only the profoundly stupid to. I think you know this but feel the need to pretend that Ben is believed. Don't.
http://www.theonion.com/articles/drunken-ben-bernanke-tells-everyone-at-neighborhoo,21059/
SEWARD, NE—Claiming he wasn't afraid to let everyone in attendance know about "the real mess we're in," Federal Reserve chairman Ben Bernanke reportedly got drunk Tuesday and told everyone at Elwood's Corner Tavern about how absolutely fucked the U.S. economy actually is.
Bernanke, who sources confirmed was "totally sloshed," arrived at the drinking establishment at approximately 5:30 p.m., ensconced himself upon a bar stool, and consumed several bottles of Miller High Life and a half-dozen shots of whiskey while loudly proclaiming to any patron who would listen that the economic outlook was "pretty goddamned awful if you want the God's honest truth."
Every time he's quoted, in any media, the quote should be followed by a list of his past forecasts.
We, the country, need to be reminded over and over again that he ...
Words fail me.
So what do we do?
And who do we vote for next year? Everybody who's running is someone who I'd like to vote against, not for, and that includes President Obama.
I believe that there are a lot of people who don't know the Emperor has no clothes. They have an uneasy feeling but have no idea, for example, how long it would take us to return to "normal" unemployment of 5% at the rate we are going.
Jobless:
I just vote third-party. It doesn't even really matter who (it's not like they're going to win). But it makes a small statement that you want something other than Democrat or Republican. It's a small thing, but so is voting.
You quit voting and start protecting yourself. Buy Gold, silver, guns, bullets, rural land, Get to know people in your rural land area. Stockpile food. Have a water source. "Flash mobs" are already forming in cities. This is just the start. Can't say when. Next year, 5 years, 10 years... I would say no more than 20 and our dollar's "world reserve status" will be over. That is when you will not want to be any where near a US city.
ALOHA!!
The real "tell" are the FOMC Meeting Minute TRANSCRIPTS, which you cannot see until five years later. Then when they are on public display they are full of white out, missing words, sentences, paragraphs and whole pages!
This is not credible and it is the furthest you can get from "transparency", yet this is the private cartel of bankers that we trust our monetary policy and consumer affairs to. If the US FED were publicly traded on the NYSE it would be a penny stock on the pinksheets (PK) now!
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