Helicopter Ben will be blowing smoke up our collective tails today C-SPAN 2:15 EST

[tangent4ronpaul]

Helicopter Ben will be blowing smoke up our collective tails today, you can bet Ron will be on a LOT in the next 2 days ....

umm - speaking of which 2:15 EST on C-SPAN

http://c-span.org/Live-Video/C-SPAN/

[squarepusher]

can't wait for this

[Travlyr]

Whatcha got for us Mr. Bernanke?

[zacharyrow]

Watching on CNBC. Popping some popcorn...

[tangent4ronpaul]

pre-show on now Ben is due in 2 mins

[ravedown]

my expectation of any revelatory information? =low

[HOLLYWOOD]

Here's another LIVE FEED and LIVE CHAT: http://www.ustream.tv/federalreserve

LIVE CHAT and STT LIVE Transcript if you missed anything: http://www.streamtext.net/text.aspx?event=FRB

Crap... statistics... more BS

[dannno]

Ben: Inflation is being caused by global conflicts and robust global demand

[HOLLYWOOD]

The BER-NAK is on CRACK... His fiscal shit is all Propaganda


New claims for unemployment insurance and indicators of hiring plans are also consistent with continued improvement.
Looking ahead, committee participants expect moderate recovery to continue through 2011 with some acceleration of growth projected for 2012 and 2013. Specifically as the table shows participants projections for output growth have a central tendency of 3.1 to 3.3 percent for this year but rise to 3.3 percent in 2012 and about the same in 2013.
These projections are a little below those made by the committee in January.
The mark down of growth in 2011 in particular reflects the somewhat slower than anticipated rate of growth in the first quarter.
The outlook for above trend growth is associated with the projected reduction in unemployment rate which is seen ening down 8.4 to 8.7 percent in the fourth quarter of this year and declining gradually 7.8 to 7.2 percent in 2013, well below the tendency of 5.2 to 5.6 percent.
The projected decline in the unemployment rate is relatively slow, largely because economic growth is projected to be only modestly above the trend growth rate of the economy.
On the inflation front, commodity prices have risen significantly recently, reflecting geo political developments and robust global demand, among other factors.
Increases in commodity prices are in turn boosting overall consumer inflation.
However, measures of underlying inflation, though having increased modestly in recent months remain subdued and longer term inflation have remained stable. Consequently the committee expects the higher exodety prices to be transitory. As the increases in commodity prices moderate, inflation should decline toward its underlying level. Specifically, participants projections for inflation have a central tendency of 2.1 to 2.8 percent for this year, noticeably higher than in the January projections.

[dannno]

Ben: High unemployment is the primary reason why Fed will remain highly accommodating.

[Travlyr]

In laissez-faire free-market capitalism using honest money we wouldn't need this circus, at all.

[HOLLYWOOD]

OMG... Bernake, "Q1 GDP is weak because of lower defense spending."

[HOLLYWOOD]

Q&A:


REPORTER: Mr. Chairman, first thanks for doing this. This is a tremendous development.
There are critics who say that fed policy has driven down the value of the dollar and lower value to the dollar reduces American standard of living.
How do you respond to the criticism that essentially fed policy reduced the American standard of living?

Ben thanks, Steve. I'll start by saying the secretary of the treasury is the spokesperson for the dollar and secretary Geitner had some words yesterday. Let me add to what he said first by saying that the Federal Reserve believes that a strong and stable dollar is both in American interest and in the interest of the global economy. There are many factors that cause the dollar to move up and down over short periods of time. Over the medium term where our policy is aimed, we are doing two things.
First, we are trying to maintain low and stable inflation by our definition of price stability.
By maintaining the purchasing value of the dollar, keeping inflation low. That's obviously good for the dollar. The second thing we are trying to accomplish is get a stronger recovery understand achieve maximum employment. Again, a strong economy growing with attracting foreign p ka tall will be good for the dollar.
In our view, if we do what is needed to pursue our dual mandate of price stability and maximum employment that will also generate fundamentals that will help the dollar in the medium term.

>> REPORTER: Sorry, Mr. Chairman -- it's been unsuccessful so far.

>> CHAIRMAN BERNANKE: Well, the dollar fluctuates. One factor, for example, that has caused fluctuations have been quite extreme during the crisis has been the safe haven effect. For example, during the height of the crisis in the fall of 2008, money flowed in to the treasury market and drove up the value of the dollar substantially, reflecting the fact that U.S. capital markets are the deepest and most liquid in the world. A lot of what you have seen over the last couple of years has been the unwinding of that as the economy strengthened and uncertainty has been reduced.
That's indicative, I think, of the high standing that the dollar still retains in the world.
Again ultimately the best thing we can do to create strong fundamentals for the dollar in the medium term is to first keep inflation low which maintains the buying power of the dollar and second, create a strong economy.

[Matthew Zak]

OMG... Bernake, "Q1 GDP is weak because of lower defense spending."

I guess this means we can expect a "stronger" Q2 GDP. :(

[TheBlackPeterSchiff]

Im sorry but I just refuse to listen or read this bullshit.

[zacharyrow]

Im sorry but I just refuse to listen or read this bullshit.

I've listened to all of it so far and I'm pretty sure he hasn't actually answered any of the questions yet.



Maybe there is a delay from the reporters to his chair.

[dannno]

OMG... Bernake, "Q1 GDP is weak because of lower defense spending."

I'm sure he explained how that is actually a good thing :rolleyes:

[PermanentSleep]

Ummm, is it me or does Uncle Ben look more sickly with each appearance. Also, note how his voice shakes more and he's starting to sound like a terrified 13 year old awkward nerd giving a speech in front of a bunch of pretty girls.

Didn't he used to be Godfather'esque cocky all the time?

[Ireland4Liberty]

Ummm, is it me or does Uncle Ben look more sickly with each appearance. Also, note how his voice shakes more and he's starting to sound like a terrified 13 year old awkward nerd giving a speech in front of a bunch of pretty girls.

Didn't he used to be Godfather'esque cocky all the time?

He has put himself between a rock and a hard place. Interesting times.

[messana]

I hope he doesn't pass out on live national tv or the us dollar and the world economy will crash.

[MRK]

Hahaha silver is rising quickly with each passing minute he speaks

[HOLLYWOOD]

LIVE CHAT is fun

http://www.streamtext.net/text.aspx?event=FRB

[tangent4ronpaul]

as to his speach - does anyone have a translation of that in English? Q&A is a bit better...

Very telling was his statement that the FED's job is to drive up inflation because deflation would mean dropping prices and lower wages. Umm, WOW! - you mean the rest of the world might find American made good affordable again and our companies would stop outsourcing and our standard of living would increase if the FED stopped meddling with the economy? WOW!,, just WOW! He really believes inflation cures unemployment, when it does just the opposite.

"one thing I can say without giving away the secret is..." Goes onto to describe the world economy going to hell.... umm - what "secret"????

-t

[TheState]

"We're looking for more ways to be transparent" .... except in any way that people want.

[tangent4ronpaul]

Hahaha silver is rising quickly with each passing minute he speaks

That and gold always do that every time he opens his mouth on TV, while the stock market takes a nose dive.

[Cowlesy]

I want to give Ben Bernanke a hug.

[tangent4ronpaul]

"a combination of high unemployment, high food prices and high gas prices".... (none of which we use in calculating cooking our books and statistics...)

[LibertyMage]

If anyone can find me a copy of that conference somewhere online that I can download and manipulate, I could come ups with some great ammo. Send me a private message if you find it.

[AuH20]

I feel like I'm watching an infomercial for precious metals. :D

[TheBlackPeterSchiff]

lol, Gold shot up to 1527.00 and silver to 47.00

[tangent4ronpaul]

If anyone can find me a copy of that conference somewhere online that I can download and manipulate, I could come ups with some great ammo. Send me a private message if you find it.

c-span.org has video archives - it should be online soon.

[JK/SEA]

Did i miss anything?...i was out watching my grass grow...

[surf]

OMG... Bernake, "Q1 GDP is weak because of lower defense spending."

i almost lost it on that one. what a bunch of pussy reporters.

edit: the roundtable reporters on FBN and CNBC were worse.

[VBRonPaulFan]

Did i miss anything?...i was out watching my grass grow...

if your ass is leaking smoke, you missed a perfectly good opportunity to top it back off.