I am making my home alone shocked face. This market is in full blown junkie mode, the Dow shoots up 100 bucks if the chairman mentions the magic words, or was it the close up of Barney Frank? Silver up $2.5 oil up $1.00, put that in your pipe. This will end well.

7/13/2011 11:32:11 AM

We knew this was inevitable.

7/13/2011 12:09:26 PM

Jesus, Ron Paul almost made Bernanke cry. Like, this guy is seriously on the verge of tears.

[Edited on July 13, 2011 at 1:16 PM. Reason : LOL: http://www.youtube.com/watch?v=2Dj9v9s9buk]

7/13/2011 1:09:49 PM

+1 Ron Paul.

-Infinity Fed Reserve

7/13/2011 1:25:26 PM

gold is not money?!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

7/13/2011 1:58:08 PM

in our system gold is not money

Ron Paul basically asked "do you believe in all the stuff I believe"

and Bernanke basically answered, "no, I'm not playing your crazy game"

[Edited on July 13, 2011 at 2:12 PM. Reason : .]

7/13/2011 2:12:03 PM

"our system" or "the system that was overturned by the fed"

7/13/2011 2:14:35 PM

Please enlighten us when you were able to go into Woolworth's and buy a shirt with some gold.

7/13/2011 2:16:50 PM

Everything is money to the right buyer. The question (Ron Paul's) is retarded. And you have to be brainwashed if you think that Bernanke was doing anything resembling crying to "close to crying".

[Edited on July 13, 2011 at 2:19 PM. Reason : .]

7/13/2011 2:18:26 PM

and air tastes like candy to people who live in fairy land

...

btw, with respect to the topic

quantitative easing makes me really fucking nervous

I wonder what ingenious terms other countries came up with for "printing money"

[Edited on July 13, 2011 at 2:21 PM. Reason : .]

7/13/2011 2:20:15 PM

Quote :

"And you have to be brainwashed if you think that Bernanke was doing anything resembling crying to "close to crying"."

Every time Bernanke has to do one of these hearings, he appears more fragile. He's been saying the same things for years, and now he looks dumber than ever, constantly stumbling over words and quivering under the massive burden of a failed monetary system.

7/13/2011 2:44:18 PM

Gold's a fixed asset the same way silver or oil or timber is. You can get money for it. The price of gold is rising due to fears of another recession and a general flight to similar assets but I don't see why it's any more special than other fixed assets. I really don't care that kings and dukes and libertarians have always held it to have such a high value. If things did collapse, and you wanted a useful commodity, would you rather have gold, or something more useful in and of itself, like wheat or oil?

The fact that they are considering QE3 is a troubling sign that we're in a bad spot but it doesn't have to be bad a priori unless you're a monetary moralist who believes in hard money in moral terms. Not even Milton Friedman went that far.

[Edited on July 13, 2011 at 3:10 PM. Reason : x]

7/13/2011 3:09:09 PM

Quote :

"Gold's a fixed asset the same way silver or oil or timber is. You can get money for it. The price of gold is rising due to fears of another recession and a general flight to similar assets but I don't see why it's any more special than other fixed assets. I really don't care that kings and dukes and libertarians have always held it to have such a high value. If things did collapse, and you wanted a useful commodity, would you rather have gold, or something more useful in and of itself, like wheat or oil?"

It has been used as money because there is a finite supply, it can't be counterfeited, and it's easily divisible. If things collapsed, I'd want to have a combination of precious metal, personal protection, food/water supply, and a number of other basic survival necessities.

Quote :

"The fact that they are considering QE3 is a troubling sign that we're in a bad spot but it doesn't have to be bad a priori unless you're a monetary moralist who believes in hard money in moral terms. Not even Milton Friedman went that far."

It's bad regardless. The Fed will be creating more money and giving it directly the banks at .25% interest, and the banks are going to loan it out at 3-30% to the people. How is that a good thing? How is that not evil, in fact?

[Edited on July 13, 2011 at 3:20 PM. Reason : ]

7/13/2011 3:19:34 PM

Quote :

"If things collapsed, I'd want to have a combination of precious metal, personal protection, food/water supply, and a number of other basic survival necessities."

Ah yes, the Mad Max fantasy. Please elaborate.

7/13/2011 3:23:39 PM

He's saying "if things collapsed." If the currency died, supply lines broke down, and the store shelves were empty. That's how I took that, because that's the only scenario in which gold/silver wouldn't be useful. As long as basic law and order persists, there's going to be a market for gold/silver.



[Edited on July 13, 2011 at 3:32 PM. Reason : ]

7/13/2011 3:27:40 PM

You'd be wrong though. The correct investment strategy is to form a homoerotic post-apocalytpic biker gang that pillages the precious metals, food/water supply, and other basic survival necessities that others have stockpiled.

In that situation your only possible downside is the chance that a burned out former cop in a suped up 70s muscle car teams up with an anarchistic collective that possesses a walled compound with oil refining capabilities, which we can all agree is unlikely.

7/13/2011 3:38:55 PM

Well, I already have the homoerotic biker gang assembled.

7/13/2011 3:40:33 PM

Interested in an Illinois chapter I've got guns silver gold and back month vol.

7/13/2011 3:50:04 PM

haha Paul made Bernanke look like the biggest chump ever today. That guy looks terrified these days. I think he knows when everything goes down he will be viewed by the public as a culprit for lying to us for all these years.

7/13/2011 6:42:10 PM

http://www.politico.com/news/stories/0711/58937.html

what a fucking baby.

7/13/2011 9:37:07 PM

Quote :

"This is just more juvenile behavior from him and Boehner needs to rein him in, and let the grown-ups get to work."

That's some wonky shit to say.

7/13/2011 9:41:15 PM

For the first time he's acting like a president should. Fuck the GOP partisan shenanigans the sooner they crumble the better off the outcome will be of all this.

7/13/2011 10:01:29 PM

Moody's should be doing their debt downgrading from prison, the whole lot of them. Who is listening to these jerkoffs they stamped AAA on everything for a decade. Now they are super late on the sovereign crisis. How does this brain trust make money.
Don't the republicans know that this is the greatest financial crisis since the great depression, and the only way out is to spend ridiculous amounts of money on whatever your little heart desires. Who cares what you spend it on just spend it already, if you can give a company or two to union pals great. Also I'm sure he is falling back on his experience from other executive positions public or private he had. It should work out fine, I am expecting this debt thing to be solved before lunch Friday so he can get out on the course by 1. Not just a kick the can quick fix with fake growth and intrest rate assumptions, or cuts that start in 2016, but a real solution to this debt problem. There is a point where you don't throw good money after bad. Why the fuck would you roll this thing out?

7/13/2011 10:17:22 PM

Euro 1.40 bid with 1/2 of the euro countries insolvent. It seems the great financers of the east have decided where they will park their loot. Why not if you are gonna save the euro why not get 15% on your cash. Or you can play the American ponzi scheme for 3%.

7/13/2011 10:38:42 PM

Quote :

"Fuck the GOP partisan shenanigans the sooner they crumble the better off the outcome will be of all this."

That's also some wonky shit to say.


And an aide made the statement in my previous post.

7/13/2011 10:42:31 PM

Quote :

"How does this brain trust make money. "

Government enforced cartel.

7/13/2011 11:35:25 PM