When is Ben speaking?

[MNeagle]

Anyone know? Before or after markets close? I'm not finding it.

[chad]

1:00 cst i believe.

[mamboni]

Looks like operation twist only, rotating $400 billion short term bonds into long term bonds; no net monetization. Gold not happy.

But........gold is very patient. Are you?

[Gaillo]

gold is very patient. Are you?
Mamboni...
May I use that in my .sig line?

[mamboni]

Mamboni...
May I use that in my .sig line?

Absolutely! I would be sincerely honored.

[Gaillo]

Absolutely! I would be sincerely honored.

Thanks!
Done - and properly credited to the source.

[sirgonzo420]

Get a room!


;D

[Gaillo]

Get a room!


;D

Pervert. ;D

[JJ.G0ldD0t]

Pervert. ;D

At least wipe your nose....

[Gaillo]

At least wipe your nose....

Asking a man's permission to use his words isn't brown-nosing, it's just common courtesy. WAY more than that %#@!$ Book did when he put my quote in his .sig line. :(

[mamboni]

Get a room!


;D

How rude!!!!;D

[mick silver]

Desperate Fed grabs at policy straws

By John W. Schoen, Senior Producer
The Federal Reserve's latest policy announcement (http://www.federalreserve.gov/newsevents/press/monetary/20110921a.htm)made headlines and history Wednesday. But it is unlikely to have much impact on the struggling global economy.
Fed Chairman Ben Bernanke and his colleagues pulled out more stops with an unorthodox plan to reshuffle the central bank's bond portfolio and plow proceeds from its holdings back into mortgage bonds. The hope is that by lowering long-term interest rates, consumers and businesses will increase borrowing and spend more.
http://msnbcmedia.msn.com/j/MSNBC/Components/Photo/_new/tz-biz-110809-bernanke-110p.nv_nws.jpg AFP - Getty Images
Fed Chairman Ben Bernanke reached deep into his bag of tricks with a new plan to shuffle the central bank's bond portfolio.


Under what is being called Operation Twist (http://bottomline.msnbc.msn.com/_news/2011/09/20/7858329-to-rescue-economy-fed-gets-ready-to-twist-and-shout), the Fed will sell $400 billion of its short-term notes and use the money to buy longer-term bonds. The highly unusual move was last tried 50 years ago with mixed results at best.
Financial markets, which had widely expected the move, weren't impressed. After initially shrugging off the announcement, investors began selling shares and broad stock market indices were down 2 percent at the closing bell.
The Fed has held short-term interest rates at near zero for nearly three years, but the economy remains in the doldrums more than two years after the Great Recession technically ended. Fed officials have acknowledged that the jobless rate isn't coming down anytime soon and that there are additional storm clouds on the horizon, including "strains in global financial markets." That last reference - to a deepening debt crisis in Europe - added more urgency to the Fed's latest announcement.
Even as it laid out a novel new plan to revive the worst economy in decades, the Fed's new policy is widely expected to have very limited impact. Intereste rates already are lower than they have been in generations, yet the economy threatens to tumble back into another recession.
Business owners say the problem is a lack of demand for their products and services, not the cost of borrowing to expand operations.
"We're looking at buying a piece of capital equipment, and I can get a really low rate," Ethan Wendle, president of Diamondback Truck Covers, told CNBC. "That helps. But in the long run is that really going to change, make or break our year? No. It's not."
Low interest rates also won't help businesses that don't qualify for a loan. Credit standards sharpened tightly after an easy-lending environment helped lead to the collapse of the housing bubble. Though standards have eased somewhat, the weak economy has left many businesses in worse financial shape. With the threat of another recession looming, lenders are being very choosy about whom they allow to borrow money.
"Essentially, banks are still not loaning money to the small businesses," Madelyn Alfano, owner of Maria's Italian Kitchen, a Southern California restaurant chain, told CNBC. "Because of the economy, many businesses are not showing as great a profit or maybe even they're flat. So many of the covenants with banks right now, you need to show a profit in two quarters."
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The Fed announcement was designed to help prop up the long-ailing housing market, which remains mired in the industry's deepest recession since the 1930s. After the credit markets imploded in 2008, the Fed stepped in to vacuum up up hundreds of billions in bonds backed by bad mortgages. The hope was that the massive investment would spur private investors to return to mortgage lending.
The government remains the lender of last resort for home buyers. Roughly 90 percent of new loans are underwritten by Fannie Mae and Freddie Mac, the failed lending giants that were taken over by the government in 2008.
That leaves the Fed with few options to spur mortgage lending. On Wednesday, policymakers announced that the Fed would continue buying mortgage-backed bonds using the proceeds of bonds in its portfolio as they mature. The Fed's efforts to push long-term rates lower should make mortgages even cheaper.
But relatively few households have been able to refinance their loans and take advantage of those low rates, in part because so many owe more than their home is worth.
Falling home prices threaten to push more homes "underwater." The problem is compounded for households with a home equity loan held by a second lender - who also has to approve any refinancing or the primary loan.
Related: Home sales rise despite hurricane (http://bottomline.msnbc.msn.com/_news/2011/09/21/7877925-home-sales-rise-in-august-despite-hurricane)

[JJ.G0ldD0t]

Asking a man's permission to use his words isn't brown-nosing, it's just common courtesy. WAY more than that %#@!$ Book did when he put my quote in his .sig line. :(

just bustin yer balls brotha ;)

[Cebu_4_2]

Who really gives a shit what the global banksters do, like they want anyone to borrow and pay back? JOKE. This is just feeding the top tier, no trickle down effect here.

[mamboni]

Just listened to a Max Keiser videeo that summed it up thusly: "The US Fed has authorized all the major central banks of Europe to print all the dollars they need at virtual no cost for the next 90 days = all the dollars needed to prop up the banks and provide liquidity." I'm paraphrasing of course. Ostensibly these are "loans" but you and I and the lamp post know well that these "loans" will never get paid back. This is massive phantom dollar monetization pure and simple. Gold and silver may suffer some small downdraft as the markets drop in the next few weeks over the disappoint of no overt stimulus over here stateside; but rest assured, this is dollar destruction long term and gold and silver are the only safe havens left. Buy now, buy later but buy soon. The fiat paper money central banking system is dead, a zombie feeding on it's own flesh trying to imitate life. Do not be fooled - the laws of mathematics have not been revoked. The paper debt bubble has burst and all the kings horses and all the kings men will not be able to reflate it again.

[Gaillo]

just bustin yer balls brotha ;)

I know... no worries. ;)

[Neuro]

Just listened to a Max Keiser videeo that summed it up thusly: "The US Fed has authorized all the major central banks of Europe to print all the dollars they need at virtual no cost for the next 90 days = all the dollars needed to prop up the banks and provide liquidity." I'm paraphrasing of course. Ostensibly these are "loans" but you and I and the lamp post know well that these "loans" will never get paid back. This is massive phantom dollar monetization pure and simple. Gold and silver may suffer some small downdraft as the markets drop in the next few weeks over the disappoint of no overt stimulus over here stateside; but rest assured, this is dollar destruction long term and gold and silver are the only safe havens left. Buy now, buy later but buy soon. The fiat paper money central banking system is dead, a zombie feeding on it's own flesh trying to imitate life. Do not be fooled - the laws of mathematics have not been revoked. The paper debt bubble has burst and all the kings horses and all the kings men will not be able to reflate it again. Oh they get payed back in freshly printed Euro GBP Yen that will not cost them anything to print. Double monetization at the cost of none.