Monday, November 23, 2009

Rewarding Failure

The Senate Banking Committee has scheduled Ben Bernanke's reconfirmation hearing for Thursday, December 3. It's incredible that we're reconfirming someone who should be on any list of the top ten people most responsible for the credit bubble and current economic situation. As someone who supported Obama last fall based largely on the frightful alternative (a decision that Palin has since proven right) I think reappointing Bernanke was the single worst decision he's made as president. I've been disappointed in Obama's lassitude on Wall Street reform, and I believe a comprehensive, exhaustive audit of the Federal Reserve is crucial to restoring public trust in policymakers and the financial system.

Bernanke's upcoming hearing is not the place for pro forma glad-handling and major kudos on "averting disaster with decisive action." It's a time for sober reflection on the extraordinary commitments an unelected official has made on behalf of every American, and for a caustic examination of his record and what it implies about his ability to conduct policy going forward. There are lots of questions that could and should be asked, but here are some important ones:

1. The TARP Inspector General recently disclosed that the New York Federal Reserve did not believe that AIG's credit-default swap (CDS) counterparties posed a systemic financial risk. In Congressional testimony and elsewhere, you have stated repeatedly that AIG posed a systemic risk based partly on its CDS obligations [source: Bernanke's testimony to the House Financial Services Committee, 3/24/09]. Explain this apparent contradiction. What was your specific role in the decision to pay AIG's counterparties 100 cents on the dollar?

2. On May 5, 2009, in front of the Joint Economic Committee, you said the following about the unemployment rate: "Currently, we don’t think it will get to 10 percent. Our current number is somewhere in the 9s" [source]. In November it hit 10.2%, and many economists predict it will go even higher. This is happening despite enormous fiscal and monetary stimulus that you previously said would help create jobs. What happened after your JEC testimony in May that caused your prediction to miss the mark?

3. It's now widely accepted that loose monetary policy is at least partly to blame for the credit bubble and subsequent crash. You played an important role in that policy. For eight straight meetings of the FOMC, from June 2003 to May 2004, you voted to keep the Fed funds rate at 1%. But transcripts of recently-released FOMC meetings show you wanted the FOMC to consider cutting rates even further. In the August 12, 2003 meeting, with the Fed already at 1%, you said:

Despite the good news, I think it’s premature to conclude that we should not consider further rate cuts, if not at this meeting then at some time in the near future depending on how the data play out. [source: transcript of FOMC meeting on 8/12/03, page 63]

How much worse would the bubble and subsequent crash have been if you had gotten your way? What do your comments in that meeting imply about your ability to correctly time the reversal of the Fed's current accommodative policy?

4. Forecasts are an important part of the Fed's work. Monetary policy by nature depends on forecasts, making predictive ability an essential part of the job description for any Fed chairman. Yet your record of predictions, including the one about unemployment in (2) above, is questionable at best. Some examples [source]:

March 28, 2007: “The impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained.”

May 17, 2007: “We do not expect significant spillovers from the subprime market to the rest of the economy or to the financial system.”

Feb. 28, 2008, on the potential for bank failures: “Among the largest banks, the capital ratios remain good and I don’t expect any serious problems of that sort among the large, internationally active banks that make up a very substantial part of our banking system.”

June 9, 2008: “The risk that the economy has entered a substantial downturn appears to have diminished over the past month or so.”

July 16, 2008: Fannie Mae and Freddie Mac are “adequately capitalized” and “in no danger of failing.”

Explain this pattern of terrible predictions and forecasts. What do they imply about your ability to conduct policy going forward? Is there some fatal flaw in your economic models or forecasting tools? Are you just winging it?

5. Derivatives such as credit-default swaps played an important role in the financial crisis, and they are central to the financial reforms currently being contemplated. During the Senate Banking Committee's hearing in November 2005 to confirm you as Alan Greenspan's successor, you had the following exchange with Senator Paul Sarbanes [source]:

SARBANES: Warren Buffett has warned us that derivatives are time bombs, both for the parties that deal in them and the economic system. The Financial Times has said so far, there has been no explosion, but the risks of this fast growing market remain real. How do you respond to these concerns?

BERNANKE: I am more sanguine about derivatives than the position you have just suggested. I think, generally speaking, they are very valuable. They provide methods by which risks can be shared, sliced, and diced, and given to those most willing to bear them. They add, I believe, to the flexibility of the financial system in many different ways. With respect to their safety, derivatives, for the most part, are traded among very sophisticated financial institutions and individuals who have considerable incentive to understand them and to use them properly. The Federal Reserve’s responsibility is to make sure that the institutions it regulates have good systems and good procedures for ensuring that their derivatives portfolios are well managed and do not create excessive risk in their institutions.

How did you get it so wrong?

6. An important factor in the financial crisis (and a large part of the ultimate cost to taxpayers) was the implicit government guarantee of the GSEs. In part because of decisions you made, there is now an explicit government guarantee of every large firm on Wall Street. Has moral hazard increased or decreased over the past year?

7. Via the FDIC, the American public now explicitly guarantees the bonds of Wall Street firms where bonuses are surging and individual employees can be paid millions of dollars a year. What is your opinion on the morality of this guarantee?

8. The importance you place on the output gap is well known. You have often cited "excess slack" in the economy to justify loose monetary policy, arguing that a large output gap lowers the risk of inflation. But economists such as Allan Meltzer have noted that there are "lots of examples of countries with underutilized resources and high inflation. Brazil in the 1970s and 1980s" [source]. Moreover, in a new paper dated December 2009 and titled "Has the Recent Real Estate Bubble Biased the Output Gap?", researchers at the Federal Reserve Bank of St. Louis state the following:

Because this (predicted) output gap is so large, several analysts have concluded that monetary policy can remain very accommodative without fear of inflationary repercussions. We argue instead that standard output gap measures may be severely biased by the bubble in real estate prices that, according to many, started around 2002 and burst in 2007.

They conclude with a warning that seems directed at you: "We offer a word of caution to policymakers: Policies based on point estimates of the output gap may not rest on solid ground."

Please comment on 1) Allan Meltzer's point and 2) the St. Louis Fed's research paper. Why do you continue to put such a high priority on the output gap?

9. In a scenario in which unemployment remains uncomfortably high, but the dollar continues to fall and commodities including oil and gold continue to rise, what would the Fed do? At what point do market signals take priority over hard-to-measure statistics like the output gap?

10. The Fed has a dual mandate: maximum employment and price stability. But unemployment is at its highest level in decades. And in early and mid-2008, with oil at $150 a barrel and prices of basic staples skyrocketing, opinion polls showed that inflation was the public's highest concern, even more so than jobs or the housing market [source]. Why has the Fed failed so badly in its mandate? Is employment an appropriate objective for monetary policy? Should the Fed have a single mandate of price stability?

11. In February 2009, Janet Yellen, president of the San Francisco Fed, said that the Fed needed to fight back against the argument that its liquidity efforts would eventually lead to higher inflation and higher interest rates, calling the notion "ludicrous" [source]. Since then, the dollar has fallen precipitously, oil has almost doubled in price, and gold has surged to all-time highs. Do you share your colleague's view on inflation?

12. What does the surge in gold mean to you? At what price level would it begin to worry you, if it doesn't already? Does gold have any impact on the Fed's policy deliberations?

13. Why does the Fed insist on waiting five years before it releases transcripts of FOMC meetings to the public? Shouldn't someone tasked with evaluating your performance and voting on your reconfirmation have access to transcripts from late 2008 and early 2009?

14. Has the Fed ever had an internal debate about how monetary policy contributes to geopolitical tensions via the rising oil prices caused by a falling dollar?

15. Before the financial crisis there was a widespread sense, especially on Wall Street trading desks, that the stock market was strangely resilient. This encouraged excessive risk-taking in various types of assets. Do you have direct or indirect knowledge of the Federal Reserve or any government entity or proxy ever intervening to support the stock market (or any individual stock) via futures or in any other way? If yes, who decides the timing of such intervention and with what criteria? How is it funded? Which Wall Street firm handles the orders, and who sees them before they are executed?

I think the disastrous broad-stroke mistakes Bernanke has already made, in some cases before he became Fed chairman, have pretty much determined his legacy. But depending on what happens in coming years, he could go down as one of the real bad guys in future books on economics. I know some Senate staffers are readers here, so maybe some of the above questions will find their way into the hearing. We'll see who deserves praise for their questions and who hands out major kudos.


Anonymous Goldhorder said...

Great post. Total agreement. Except for the senate staffer part. LMAO... Oh boy the senate staffers are going to save the economy! Better sell all my gold before the economy gets running again. Thanks to those senate staffers. O....M.....G

11/23/2009 3:35 PM  
Blogger Vijay said...

Heroic post

11/23/2009 3:55 PM  
Anonymous KAIMU said...


Good take down! Staffers ... C'mon, where's your patriotism?

I am sitting here with a letter in my hand from one of my Senators from Hawaii, Senator Daniel K Akaka(D). He is now 85 years old. My other Senator is Inouye(D), who is also 85 years old and has been in Congress since 1959, 50 years. Wow ... 50 years is along time! He must spend about $50 on re-election! Akaka has been in for 19 years.

About three months ago I sent a letter asking Senator Akaka to help me find out why the UNCLASSIFIED line item on the US Treasury Daily Statement exists and why that one line item is nearly twice as high as Defense at $64BIL USD.

I have the letter but before I let you know his answer I must first say that he sits on the Senate Banking Committee as well as the following:

- Homeland Security
- Governmental Affairs
- Indian Affairs
- Veterans Affairs

So perhaps Senator Akaka will be addressing Bernanke.

In essence Senator Akaka wrote me a letter telling me that there is so much money sloshing around Washington DC that he does not know what constitutes the UNCLASSIFIED line item. He tells me the US Treasury knows what those funds are. He does not know! He says it is a probably some holding account waiting for funds to clear. What is the name of that "holding account"? If he replies "88888" then we're doomed!

Perhaps we need to AUDIT THE TREASURY next!

Now I hear that JP Morgan CEO Mr. Dimon would be next in line to replace Tim Geithner should he step down. People close to Dimon say that he would love to serve his country. So that's what they're doing!!! To think ... all this time I thought they were serving themselves. Hummmmm ... Now that would definitely be CHANGE I can believe in!

11/24/2009 3:16 AM  
Anonymous Anonymous said...

If I may, I plan to send this to both my Senators to make sure that they raise these points. You are right, why does this man still have a job

11/24/2009 1:01 PM  
Blogger Thorstein Veblen said...

#2 is my favorite: "2. On May 5, 2009, in front of the Joint Economic Committee, you said the following about the unemployment rate: "Currently, we don’t think it will get to 10 percent. Our current number is somewhere in the 9s" [source]. In November it hit 10.2%, and many economists predict it will go even higher. This is happening despite enormous fiscal and monetary stimulus that you previously said would help create jobs. What happened after your JEC testimony in May that caused your prediction to miss the mark?"

Bernanke has continually had overly optimistic projections for the US economy. The obvious follow-up to this question is, why, if he forecasted unemployment to be somewhere in the 9s, did he not do more Quantitative Easing? Why did he think 9% unemployment was "OK"? And given that consensus projections are for unemployment to be above 9.75% and inflation to be low at this time next year, why did the Fed just end a program to purchase $300 billion in Treasuries? Why not, instead, bump this program up to $700 billion given that the job market is still bleeding? (And, if that doesn't work, why not bump it up to $1.5 trillion?) Since it is clear the Fed Chairman has continually erred on the side of doing too little, why should the Senate not expect that Bernanke will continue to do too little?

I also liked question (1) -- the Fed did make a mistake in paying back AIG's counterparties 1 for 1. Although this was a clear mistake, at the end of the day this mistake at least did not cause unemployment to go higher or do any broader damage to the system, however, so if I had to ask Bernanke one question, it would not be this one. And most of the rest of the questions are about the past. Yes, most are important, but I would aim my questions around getting the Chairman to explain why his policy, right now, is so cautious. In not so many words, I would make it clear that he needs to start greasing the economy for the mid-terms next fall -- or else.

11/24/2009 4:05 PM  
Anonymous Anonymous said...

Excellent post. I plan to use parts of it in my college American Government courses next week.

11/24/2009 4:17 PM  
Anonymous Anonymous said...

Question #16: Do you think it is your job to tell us what you think we want to hear?

Question #17: Do you think we're all stupid?

11/24/2009 6:19 PM  
Anonymous Goldhorder said...

Ohhhh let me be ben. Let me be ben.
OK #16
No, but that is what I tell you because you are all stupid.
Yes, you are all stupid. Isn't that obvious by now?

11/24/2009 6:52 PM  
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Anonymous goldhorder said...

To think...we once had a president who gave a damn.

"Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves."
Tennessee Hero Andrew Jackson

11/27/2009 12:43 PM  
Anonymous Anonymous said...

You see where those words got us, don't ya? Right where we are now. Words are meaningless without regulations and laws to back them up. Many a fine speech has been given regarding this topic, but apparently those words fall on deaf ears. Or they just simply do not apply those who in the business of making and taking money. Which is it?

11/27/2009 3:05 PM  
Anonymous Goldhorder said...

Regulation... Regulation he tells me. Regulation is what got us here you fool. And believe me... You are a fool. Ever actually read the Constitution? Do you know what money...according to the constitution... Is supposed to be in this great United States? Do you know why... And this is the only important point of my reply... The founders made it that way? They debated it and made public their reasons... I know it was a long time ago...but they had uncanny wisdom because they weren't public school educated. Lol. The constitution is supposedly the "supreme" regulation of this land. Our leaders don't enforce it and use it to their...and their cronies advantage. Your response is to give these thieves even more power to steal from us... Wow what a geniuis you is because of people like you that I buy gold. After reaching an all time high I was reading press stories about the gigantic 1percent drop in gold prices today!!!! Oh the horror. What is a huge goldbug like myself to do? Ohhhh better go check the fed rate... What did it climb to? 2 percent? 4 percent? 6 percent? Ohhh no... Its exactly at the same place its been... Lol not even 1 percent. Wonder what the great and Glorious Obama and Congress supported Goldman Sachs will do with all their tax supported dollars? I am sure it will be just super dooper fantastic for us all! Oh yeah... Why did the founders shun a fiat currency? To place a real world limit on the ability of "regulators" to direct the wealth of U S citizens to bankers... You ignorant... Ignorant... Fool... But maybe I judge to harshly. Maybe you are living in the Hamptons... Taking your private helicopter to work... Wishing for more of that ever profitable DC "regulation"

11/27/2009 10:13 PM  
Blogger Lex Alexander, Director of External Relations said...

Cunning Realist for Senate!

[[Regulation is what got us here you fool.]] -- goldhorder

I see someone had his magic mushrooms for breakfast.

11/30/2009 9:04 AM  
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#7's a homerun.


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Anonymous Goldhorder said...

Been posting here for years Lex. Years. Any long time blogger here knows my history here. I was way ahead of the curve. I lost faith in the Fed and our emperors in DC after the tech bubble crashed. I'm an engineer and self taught austrian economist. Been buying Gold since 2002. I won't sell an ounce until the Fed rate is 5 percent and rising. My advice is buy gold and silver bullion tell then. What do you have to say besides lets hope our political leaders save us? They are the disease. Not the cure

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It might be useful in the event you could get them on board and possibly even get them to join in with you. Healthy meals for that friends and family will not be a foul issue and will become a good way to have your young ones to consume more healthy foods. By substituting their regular meals with healthful materials, they might not even recognize! In addition, it does you no hurt to have a little healthy opposition. On-line means and assistance community forums are one more approach to get a little bit of extra support. Not simply do they usually hold a plethora of data on excess fat loss however, you also can mix with individuals within the exact place when you are. These slimming sources are primarily very good in case you dont hold the possibility or the prospect to get into a slimming club.

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11/21/2012 10:30 AM  
Anonymous Anonymous said...

Friends and family and associates are probably the more essential reference on the subject of you shedding weight, they can be either a source of distraction or simply a resource of assist. When they are supportive of you then they're able to be very useful in guaranteeing you remain over the correct monitor. Making certain you try to eat the proper meals and inspiring you as well as gratifying you once you attain specified milestones. Having said that they can even be a serious resource of distraction and it's not necessarily uncommon to listen to that individuals have fallen because of the way aspect due their households or associates constant teasing or their unsupportive frame of mind.

One of the lots of methods which you can go about achieving a weight bodyweight reduction or rapid excess weight reduction is by lowering the food items that you try to eat. When reducing your meals usage, it is actually crucial you only lower your usage a little bit. Sad to say, numerous people today who choose to accomplish rapid bodyweight decline imagine that they should stop eating altogether, even though it really is for two or about three times. That may be a thing that you do not need to do. After you resume ingesting once more, you'll most likely acquire your whole fat back, almost mechanically. It's also crucial to say that starving oneself is hazardous for your wellness.

11/21/2012 11:32 AM  
Anonymous Anonymous said...

Along side cutting down your food intake, it's advised that you reduce the number of sweets or junk food items that you simply eat. For quick body weight decline, you will want to absolutely eradicate junk food items from a diet plan, regardless of whether it really is only for a short timeframe. This implies that if you want a snack, you must grab an apple or an orange instead of the chocolate bar or maybe a bag of chips. With candy and other sweets getting superior in calories, you could see a substantial reduce within your calorie intake by doing away with them from a diet plan.

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11/21/2012 12:34 PM  
Anonymous Anonymous said...

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Soak up a lot more and eradicate extra excess weight - Usually do not skip your meal. You can try to eat 3 moments on a daily basis and however lose excessive body weight. In case you knowledge hungry amongst your meals you'll be able to eat fruit juices simply because they are nutritious, straightforward about the belly and can replenish you easily. Nonetheless, you should prevent colas and gentle-drinks.Exercising often - You ought to exercising to see by on your own lose weight fast. Cardio vascular workouts for instance running, brisk strolling, swimming and biking are suitable to burn calories on a daily basis. If you can handle to try and do human overall body making exercise, you're going to be able to melt away up fats plus much more rapidly expense.

11/21/2012 1:35 PM  
Anonymous Anonymous said...

Slimming clubs are close to for quite some time now and several men and women choose benefit of the support they are able to supply but also several decide on to not. This could be simply because they are both embarrassed by their body weight or they may just absence the boldness to socialize amongst other people. Lots of individuals lose weight by doing this and it can and sometimes does lead to people losing many excess weight plus more importantly sustaining their new excellent excess fat.

A leaner system is rarely too easy to attain particularly if just one usually offers in to his / her cravings. Fasting doesn't mean abandoning food items, it just implies lessening the foods intake. Plenty of doctors can also make clear to you in many ways how fasting can be detrimental on your well-being.For productive fasting, you'll want to 1st be mentally and emotionally organized. Setting up which has a aim in head will encourage you to accomplish something which you have in no way tried and something that plenty of people are frightened to dare. Though actual fasting indicates reducing foodstuff and h2o solely from a process and might very last for times and also weeks, this really is not needed when you are fasting for weight decline. Usually, gastric irritation may well happen while in the to begin with 3 times of practice but this can be just the body adjusting to your hunger.

11/21/2012 2:40 PM  
Anonymous Cheap Nike NFL Jerseys said...

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1/30/2013 1:13 AM  
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5/18/2016 8:10 AM  
Anonymous maillot de foot pas cher 2019 2020 said...

Robles: «Notre organisation veut être non seulement compétitive, mais en quelque sorte être l'organisation. Nous avons parlé, mais nous n’avons pas nécessairement suffisamment fait pour dire que nous pouvons participer à cette conversation. Mais nous sommes proches. Nous sommes vraiment proches. Je pense que finalement, celui qui vous place là-bas gagne la Coupe MLS. Vous pouvez gagner la Open Cup, le Supporters ’Shield, participer à la Ligue des Champions de la CONCACAF, mais jusqu’à ce que vous ayez vraiment cette Coupe, il est difficile de dire que nous sommes au sommet avec L.A. ou Seattle. maillot de foot pas cher 2019 … Personnellement, je peux être gardien de but chaque année et MLS Best XI et faire partie de l'équipe nationale. Mais si je ne gagne pas et que je repense à ma carrière, je ne sais pas si je vais vraiment me sentir vengé.

6/04/2019 1:30 AM  
Anonymous nowadaysfootball said...

«Je pense que [notre lent départ] est une bénédiction déguisée. Parce que, disons que nous faisons très bien et que nous pensons que nous sommes le produit fini, puis nous passons à travers la première moitié de la saison avec de grands succès, puis tout à coup nous traversons une période très difficile et les choses se détériorent. … C’est le grand avantage de la MLS. Vous pouvez avoir un mauvais départ. vous pouvez réellement avoir un médiocre deux tiers de la saison. Et tant que vous vous en sortez dans le dernier tiers, la moitié des équipes participent aux séries et vous courez. maillot de foot pas cher chine En 2014, L.A. a eu un mauvais départ. En 2015, Portland était atroce, jusqu'à ce que nous les battions en septembre ou quelque chose du genre, puis ils sont partis à la course. Seattle [en 2016] était un citoyen de fond et les choses commencent à se gâter pour eux et ils gagnent la Coupe MLS. ”

6/04/2019 1:31 AM  
Anonymous maillot de foot said...

Ce fut la finition élégante et confiante de Piatek, envoyée dans le coin inférieur d'un face-à-face, ce qui a mis Milan sur le chemin d'une confortable victoire 3-0. Non content de cela, un homme qui n’a jamais fourni une seule passe décisive en Serie A a ensuite créé la deuxième perle de Samu Castillejo.

Krzysztof Piatek en a marqué un et en a créé un autre mercredi alors que l'AC Milan progressait vers le prochain tour de Coppa Italia avec une victoire 3-0 sur SPAL - et les supporters de Milan ont répondu à son Tweet, le pressant de rester au milieu de l'intérêt manifesté pour Tottenham.

Piatek, 24 ans, n'a marqué que son cinquième but de la saison après avoir été mis au but - et il a terminé confortablement pour donner l'avance à Milan. Samu Castillejo et Theo Hernandez ont également inscrit leur nom sur la feuille de match.

L'international polonais est tombé dans l'ordre hiérarchique à Milan, après seulement cinq buts en 19 matchs. La saison dernière, il a marqué 30 buts en 42 - dont 19 maillot de foot pas cher pour Gênes et 11 pour Milan en 21 sorties chacun.

La signature de Zlatan Ibrahimovic a aidé Piatek, mais le vétéran suédois n'était pas un remplaçant inutilisé, car c'était la coupe, et Piatek a tenté sa chance avec un but bien capté et une passe décisive. Il a posté sur Twitter après la victoire.

2/17/2020 10:37 PM  
Anonymous maillot de foot pas cher 2021 said...

L'équipe d'ADL vient de perdre 1 à 0 contre la Lazio en Serie A, mais elle a battu Pérouse en milieu de semaine en Coppa Italia. D'autre part, la Fiorentina vient de remporter une victoire 1-0 contre SPAL en Serie A et ils ont également battu Atalanta en milieu de semaine en Coppa Italia italienne. Ce devrait être un match solide car il n'y a que trois points séparant les deux équipes au classement.

Stefano Pioli a apporté plusieurs modifications à son alignement de départ à Milan contre SPAL et cela a donné aux autres une chance d'impressionner alors que nous progressions en Coppa Italia.

Beaucoup ont été forcés en raison de blessures, alors qu'il a conservé le système 4-4-2 et s'est ajusté en conséquence en termes de personnel pour obtenir la victoire et en faire deux victoires au rebond.

VOIR PLUS: maillot de foot pas cher Cinq points de discussion clés alors que Milan voit SPAL et avance en Coppa Italia
Le temps nous dira qui récupérera pour affronter l'Udinese dimanche, mais quatre joueurs en particulier ont plaidé pour un rôle plus important dans la victoire.

2/17/2020 11:04 PM  
Anonymous maillot de foot pas cher 2021 said...

«Nous avons quitté Cagliari avec un excellent moral et plusieurs problèmes, car certains joueurs ont subi des blessures mineures que je ne sais pas s'ils pourront tous récupérer à temps. L'équipe devra être compétitive et ce sera la meilleure maillot de foot 2020 2021 équipe possible.

"Il se peut que pour le mieux cela signifie avoir des joueurs plus frais qui n'ont pas joué le dimanche et qui, par conséquent - mentalement et physiquement - seront préparés pour le match de demain"

L'entraîneur-chef de l'AC Milan, Stefano Pioli, devrait s'en tenir à la formation 4-4-2 qu'il a utilisée contre Cagliari pour le choc de Coppa Italia mercredi soir contre SPAL.

Un changement de système a fait des merveilles pour les Rossoneri de Sardegna samedi, alors qu'ils ont perdu 2-0 contre Cagliari, avec le doublé de Rafael Leao et Zlatan Ibrahimovic qui semblent particulièrement dynamiques.

Le match contre SPAL présente un défi différent mais une chance de faire les quarts de finale de la Coppa Italia pour la 11e saison consécutive. a fourni une mise à jour sur l'équipe que Pioli alignera probablement pour le match contre les Biancoazzurri, contre lesquels Milan a un record de 100% lors de leurs cinq seules rencontres.

2/18/2020 9:44 PM  
Anonymous maillot de foot pas cher 2020 2021 said...

Le patron de l'AC Milan, Stefano Pioli, a appelé les fidèles Rossoneri à poursuivre leur fantastique soutien avant le choc de la Coppa Italia mercredi contre SPAL.

Les Rossoneri se sont qualifiés pour les huit derniers de la coupe lors de chacune de leurs dix dernières saisons, et ils espèrent faire de même contre l'équipe la moins bien placée de Serie A à San Siro.

Environ 30 000 fans sont attendus au stade, et Pioli a donné un aperçu de l'affrontement dans une interview à la télévision de Milan.

«Nos fans maillot foot pas cher ne se renient jamais. Leur soutien et leur passion sont avec nous et nous ont accompagnés dans des moments délicats. Nous avons le devoir envers eux d'essayer de faire mieux dans ce match », a-t-il déclaré (via

2/18/2020 9:55 PM  
Anonymous maillot de foot 2021 said...

Les Frioulans ont déjà pris le dessus cette saison sur les Rossoneri après avoir remporté le match d'ouverture de la campagne à la Dacia Arena en août.

Dans ce qui était un jeu de scrappy dépourvu de toute qualité réelle, Becao est apparu avec une tête d'un corner de Rodrigo De Paul à l'intérieur des 20 dernières minutes pour leur donner le début parfait de la saison.

En regardant les 28 dernières rencontres de ligue entre les deux, les honneurs sont en fait assez égaux. Milan a triomphé dans 13 d’entre eux tandis que les adversaires de dimanche ont été vainqueurs à neuf reprises, avec six nuls.

Lors des trois derniers matchs entre Milan et l'Udinese à San Siro, il y a eu une victoire pour chacun et un match nul. La victoire pour l'équipe d'Udine est survenue lors de la saison 2016-17, et c'est leur seule au Meazza depuis mai 2007.

Faire correspondre les faits

Milan et l'Udinese ont conservé sept feuilles blanches en Serie A cette saison, à égalité avec les leaders de l'Inter.
Milan a fait match nul lors de ses trois derniers matches de championnat.
Milan a marqué moins de 2,5 buts lors de ses maillot de foot pas cher 2021 4 derniers matchs contre l'Udinese toutes compétitions confondues.
Il y a eu moins de 2.5 buts marqués lors des trois derniers matchs à domicile de l'AC Milan.

2/18/2020 10:23 PM  

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