Wednesday, April 27, 2011

Huge News Day!

So President Obama, after three years of hiding his long form birth certificate, finally produces it. That he did this today, of all days, makes me scratch my head.

I mean what was the big mystery? Does it take Donald Trump to make Obama do what he should have done years ago? And why today? The very same day that FED Chairman Bernanke is making the first ever televised press conference with government approved reporters asking softball questions? Weird.

I am listening to Ben now. I will say this. He is full of shit but at least he communicates that bullshit and misdirection clearly- unlike Alan Greenspan.

Transitory inflation. Bernanke says it will go away on it's own. The Bernank had nothing to say about our weak dollar other than saying a strong dollar is good. That's the kind of deep insight one would expect from an MIT grad.

Bernank also said that the FED would keep low interest rates and that they are going to end QE2 on June 30 without tapering it down. He believes financial markets will come to the rescue. That is where Ben gets delusional. That's the shit I can't wait to see. Who's gonna buy our debt when the entire purchasing world is broke and we have no plan to pay off our debt? I wanna see what kind of idiots are going to accept a 4% yield for treasuries issued by an essentially bankrupt country.

I can't wait to see that. The three biggest holders of our debt are China, Japan, and England. Two of those countries are broke or crippled and the third wants to usurp the United States' status. I just don't see China investing heavily in the U.S. At any level. Including dumping two trillion federal reserve notes.

The Bernank did state one truthful thing. He said they can't do anything about high oil prices. He said that... despite Turbotax Timmy Geithner's statement a few months ago... that the FED has a great deal of experience dealing with high oil prices. The inference of course, was that the FED has some magic bullet they can fire to bring oil prices down. More BS from the Treasury Secretary.

Gold and silver making huge upside moves. All in all, this has been a very interesting day. Still evaluating and mining the blogosphere for additional information.


Anonymous said...

Ahhh! You mean he didn't stick his foot in his mouth even once? I really disappointed.

I guess the falling dollar he caused has nothing to do with oil,and gas ad commodity prices. Imagine that!

He probably made a deal with the bankers that they will now use their excess reserves to buy bonds. You think?

Brian said...

I thought he held his party line and rhetoric perfectly. And yes Jim, Primary Dealers- Banks- the recipients of unused QE3/POMO dollars are the only ones who could buy refinanced treasuries.

Wraith said...

Just so you know...the BC is BS.