The Fed announced their new QE3 policy today, a permanent money window designed to suck up all the dead weight of the housing market buy the shitpile for the taxpayers’ Christmas gift. Some analysts are calling it “monetary morphine.” Looks like Bernanke knows he’s going down and is desperately trying to let Wall Street have access to one final bailout before Romney closes the money window. Romney is already on record as saying Bernanke will be out of a job if he is elected.
Some are saying this is a last ditch attempt by Bernanke to save Obama’s re-election chances, and it may very well be. But the smart money is on a 56-day farewell party and a big goodbye to access to citizens’ tax dollars for Wall Street and Bush-Obama hacks. Wall Street immediately whooped it up.
It can also be interpreted as a big FU to a pending Romney win.
This is an open thread.
Edited to say: I have no economic training and I’m just trying to pieces together based on what I’m reading and thinking. I have change the title and dialed it back a bit with this disclaimer. Hard to do from my phone, but there it is. Thanks for your patience.
The Crawdad Hole 
More from ZeroHedge: http://www.zerohedge.com/news/up
Can’t afford gold or silver- if the shit hits the fan would melt down all the jewelry I guess.
Maybe the husbands 401k will recover? HAHAHA right.
I will just keep the larders well stocked. It’s all we can afford. If the shit hits the fan I hope no Wall St or meanchelda types try offering me any metal in exchange. Not gonna happen.
Gold and silver prices going up are a good indicator of a bad economy. People invest in gold and silver when they don’t trust the dollar.
True story.
Gold and silver don’t go up because of bad economy. Their price increase is a reflection of loss of trust in paper currency. It indicates that inflation is expected due to the Fed’s printing press. In the 70s we had inflation, and the economy wasn’t really bad. For example, the Carter administration dealt during those inflationary periods, but 10 million jobs were created in four years.
get ready for the bottom to drop out. 🙂
I worry about what Obama & cronies will do between Nov 7 – Dec 31.
Vacation. Hawaii here we come!
Please tell me what you know that I don’t…I know the media is violently spinning the polls, but you really see Romney winning here? I say this as someone who never believed Bush would be re-elected either. I will also offer that the media is flailing about so feverishly in attempts to discredit R/R, it really looks like someone poured water on the Wicked Witch of the West…”ooh, what a world…” Frankly, I don’t know what to make of any of it any more.
I don’t see it as a sure thing, but I do see it as a likely thing. I’ve poured over the data and watched all the corners for emerging trends, as well as a taken an intuitive look at the big and small picture. All my Spidey senses are telling me it’s likely. QE3 is just one more clue. It will lead to really bad inflation and at least a double-dip recession, if not uncover the full-blown depression. You tell me why they would do this if they expect Obama to be in charge next year?
Thanks, Lola. I did not write this to be argumentative. I just see a repeat of 2008 where the media, Bernanke, the polls are all spinning a Romney loss — they will bang the drum for that narrative until they make it so. It worked with he bs about the tax returns. That is all I hear about from liberal circles. Of course it is nonsense. It does not matter. Hillary got the same treatment. I also remember 2008 waiting for the fall ‘ad barrage’ that never came. I do not wish to inject negative energy here. I just feel such frustration that we cannot get an honest news story.
I was disgusted yesterday as many of us were with the optics of the CiC reading a statement, cold as a robot, completely disconnected from the horror he was talking about, only to jump on a plane to a Las Vegas fundraiser. Did anyone besides the news junkies react to this? Tell me this is not invisible. I feel like I’m living in the twilight zone.
I didn’t think you were being argumentative, Ani. Here’s something to keep in mind. Politics is like poker. Obama was a new player at the table in 2008 and people didn’t know a lot about him. Now they do. As a poker game progresses, players get better at reading other players’ ticks and cues, as well as miscues. Voters are onto this BS artist, at least the broad middle.
To shift the analogy, Obamacrats are like shrieking toddlers trying to force all the attention onto what they want. But like all parents sometimes do, when there really is no crisis, toddlers get tuned out. That’s what’s happening to the broad middle. Hyperbole is quite ineffective after a while. In fact, it will damage the hyperbolist if s/he isn’t careful.
You’re not alone Anita. Obama was cold, dispassionate and underwhelming at the DNC convention, distant & uncaring after the killing of the Ambassador, and blaze & tone deaf when he took off for Vegas…and yet nobody seems to care. $#!%!!
It really does feel like we’re living in the Twilight Zone. I know the polls are rigged, but I still hope to see some significant movement after this chaos in the ME.
cj, this was also in sharp contrast to Hillary standing next to him, who looked like she had just been hit by an anvil, she was so stricken.
Lola, this is my thinking, too. Some in the electorate seem to feel the need to protect the Prez, as if they were protecting a child.
Ani, that’s how I have felt: Obama is being protected as if he were a child. I think that is really racist to do so.
http://www.market-ticker.org/akcs-www?post=211452
Weimar Republic, here we come.
Yep. Things are bad. They’re about to get a whole lot worse.
And watch fuel price rise too. Despite what that poster claimed the other day about fuel prices being no big deal. After WWII, ten out of the last eleven recessions were preceded by oil price hikes.
Here we go again.
OT- Looks like Romney is due to start receiving the security briefs- they were waiting on security clearances so says the article (which also say he did not have to request them- it is a normal part of the process)
http://gretawire.foxnewsinsider.com/2012/09/13/from-the-ap-romney-to-begin-receiving-intelligence-briefings/?utm_source=twitterfeed&utm_medium=twitter&utm_campaign=Feed%3A+foxnewsinsider%2Fgretawire+%28Gretawire%29
Just in from the alternate universe:
“This week has not been a good one for Mitt Romney.”
http://www.washingtonpost.com/blogs/the-fix/wp/2012/09/13/is-mitt-romney-panicking/
Read some of the comments- most defending Mitt- and scolding the authors- with some ministry of truth posters showing signs of head explosions.
I disagree with that article because Romney has actually managed to highlight both Obama’s economic and foreign policy problems in the past week. He’s also increased Republican voter enthusiasm by nearly 7 points this past week, according to some polls.
President Obama didn’t win because he was smart, charming, etc. Obama won because Republican enthusiasm was not behind McCain so many R’s just stayed home. Romney’s path to a win requires that he rallies R’s to the same level they were at in 2010.
Here’s some of that voter enthusiasm I was talking about. Today’s Rasmussen:
“Romney has solidified the GOP vote and holds a 77-point lead among Republicans. That’s slightly larger than Obama’s 72-point advantage among Democrats.”
This is an effort by Obama and his stooge Bernake to prop up Wall Street until after Nov. 6. They are trying to avoid another Lehman like meltdown that was the final nail in the McCain campaign coffin. A big wave of economic badness is headed our way from Europe and China, the Dems are trying to hold it off until 2013.
I don’t buy that for one reason: Wall Street, or more specifically, the monied investor class, is the ONLY class that has boomed during this recession. They aren’t hurting. There is no risk to them. This is just an announcement that the party is almost over, IMHO. Last call, if you will.
EDIT: I do agree that Europe & China are about to explode. My apology for not reading all the way through your comment the first time.
They’re only doing well because the Fed is falsely keeping interest rates very low. By 2013, push will meet shove, and interest rates will skyrocket. Remember Carter and 21% interest rates? That’s where we’re headed.
(Inflation will explode, too)
And that was so nice of the Obama Admin to help put an end to the fixed rate cards for the masses. /s
Simmons Bank in AR used to have some of the lowest fixed rates in the country and now after Obama’s Congress of fools, all their cards have variable rates. And housewives are back to being chattel in terms of credit.
“Wall Street, or more specifically, the monied investor class, is the ONLY class that has boomed during this recession..
***********
Do in large part to the US Treasury and the Fed buying >$16 trillion of severely devalued/worthless “paper” at face value. The people “in the know” made a killing buying at pennies on the dollars. Corzine was late to the party and tried the same play with Euro denominated paper and lost a fortune.
I’ll take your word for it, SHV. You do know more about these things than I do. Your comment is what led to my dial-back in the first place.
Yup.
Ace nails it.
Full piece here. It’s very good.
http://minx.cc/?post=332844
I’m out, folks. Gotta go teach. I’ll be on John Smart’s show later (9:00 EDT) if you want to listen. I’ll be on in the second half.
http://www.blogtalkradio.com/johnwsmart
I’ll be on John’s show, too, tonight, Lola!!
Say it loud and say it proud Kirstin.
““Egypt is, I believe, the largest Muslim country in the world. It is a force in the Middle East. ”
********
She needs to retire. Anyone that senile/ignorant should not be in a leadership position.
Egypt is not in the Middle East and it is at best 6th, on the list of countries with large Muslim populations.
I’ll modify my above statement, in that the North African country of Egypt will, with the Muslim Brotherhood running the show, become a increasing force for destabilization in the Middle East.
https://twitter.com/TFLane/statuses/246388528487993344
lol — thanks WMCB — I’m going to retweet that.
You still have to laugh, or you’ll go suicidal.
French films like this? Henri’s Ennui
We all go a little mad sometimes.
fembots ~ That was simply priceless!
I loved it and will with heavy heart send this to everyone I know….
lol 😦
Caller ID
Yeah, I never answer the phone now unless it’s someone I want to talk to.
I never answer the phone. Seriously. I keep the ringer turned off.
Wish I had pollsters calling lol. I would give them an earful.
And I have to answer the phone on the remote chance it might be a response to one of the hundreds of resumes and applications I have out.
I never answer numbers I don’t recognize on cell, and don’t answer the land line at all.
I have my answering machine pick up every call so I can hear who is calling. Everyone who I want to speak with (daughters, son, sister, brothers) always begin speaking before my greeting finishes. They know i’ll answer if I’m home. Otherwise, i don’t pick up.
UK Indpendent
Revealed: inside story of US envoy’s assassination
Exclusive: America ‘was warned of embassy attack but did nothing’
http://www.independent.co.uk/news/world/politics/revealed-inside-story-of-us-envoys-assassination-8135797.html
read the article- the details are damning.
Stevens presence in the country was supposed to be confidential.
Safe house locations compromised.
Sensitive docs containing names of Libyan sources and oil contracts are missing.
Wow, check out the pushback from commenters at The New Yorker to an article about how this week may be the “death knell” for Romney’s campaign. http://www.newyorker.com/online/blogs/johncassidy/2012/09/mitt-romney-and-libya-how-it-unfolded.html
All I can say is rumors of his demise have been greatly exaggerated.
Rumors of his demise are wishful thinking gone delusional. ObamaNation is in full meltdown.
Completely wishful thinking.
Yup, the comments are overwhelmingly critical of TehOnce and supportive of Romney.
Intrade has Romney @ 35. Time to load up on Romney .
I keep meaning to do that but since they changed the rules it’s hard to make impulse buys.
Nothing impulse about it. I doubt it will move north of 40 for awhile, so you can still get in at an attractive price.
After this week, it will be due to unforeseeable events that Romney wins. Romney is a better candidate, but a very bad politician.
No, actually he’s really not. I’ve been following both his and Ryan’s appearances this week, and both have been saying very insightful and dead-on things.
He’s been saying things that, were he not an R politician, would recieve lots more coverage. The problem is getting what he is saying and doing out there. And the press not only refuses to report on any of it, they make damn sure the only thing they DO report is the occasional gaffe or awkward moment.
He doesn’t make more gaffes than the average politician. As a matter of fact, he makes less. But if he goes to an event and gives a FANTASTiC speech on, say, fed policy, the thing that gets reported is the loon in the chicken costume asking him about condoms, and his being taken aback at that.
When he makes a criticism of Obama, the press NEVER covers the substance of his criticism. Ever. They spend on entire news cycle pondering whether one of his sentences has a badly placed preposition, or he smiled weird when he said it, or whether he picked the wrong time/place/manner/tone. Never the substance of the criticism. EVER.
http://www.commentarymagazine.com/article/how-america-got-rich/
interesting read….
Check this out: http://thecable.foreignpolicy.com/posts/2012/09/12/inside_the_public_relations_disaster_at_the_cairo_embassy
BTW, John Smart on now.
Cairo senior public affairs officer Larry Schwartz under the bus.
American voters are normally not interested in foreign policy, and it rarely becomes an issue in election. Having said that, Americans loathe, and with good reason, to see their flag being trashed, stepped on, burned, and its soil (embassies are U.S. soil) trespassed by mobs. If the events the past few days don’t repeat, I doubt that they will weigh negatively in the election. But I get the feeling that once mobs start these kind of movements, there’s no stopping them. I think there will be more ugly demonstrations around the world, and Obama will be the loser if that happens.
Interesting. We’ll see what tomorrow brings as their million man protest comes to fruition.
FBI, Department of Homeland Security warn of violence in US, abroad as anti-Islam ‘film continues to gain attention’ – @ABC
22 mins ago by editor
they are still pushing the film excuse
one of the idiots involved in the film lives in my little town, so while they keep pushing the phony theme that the rioting was over the film when we know that it was planned long before that film came out worries me
Same bs as Fast & Furious helenk. This administration is beyond disgusting. When I say this administration, I mean Jarrett.
More of Jarrett and how she deals with people.
PETER ORSZAG: “YOU KNOW, OBAMACARE IS UNPOPULAR.” VALERIE JARRETT: “YOU’RE DEAD TO ME.”
http://www.weeklystandard.com/blogs/nytimes-columnist-sent-article-draft-white-houses-valerie-jarrett-comments-publishing_652278.html
You know that YouTube shuts everything and anything down like Google. Why are they still running that clip in the ME countries? Who’s allowed that?
Could out of control domestic violence be another ruse to call martial law before the election? I don’t put anything past these people.
We said that about Bush as well, remember? In fact I recall being one of the people who thought W would try to impose martial law and simply claim the “now empty chair” and never leave.
http://weaselzippers.us/2012/09/13/now-mohammed-movie-filmmaker-an-anti-choice-terrorist-blamed-for-embassy-attacks/
this is the guy
In my very humble opinion, no one could or should win the 2012 presidential by being on the side of wall street, and the public perception of Romney is first and foremost that, whether he wants it or not. And as it’s always been, Ohio is the bellweather and the game. As for the Fed action today, I didn’t catch all of Bernanke. But sure he would say his number one priority and motivation for this action at this time was private sector hiring, though the political read/spin on both sides will be otherwise. The reality is that he’s already making $85 billion in semi-sterilized purchases every month to keep the economy afloat so to speak. This action adds $45 billion more each month indefinitely for now. If breakeven inflation inches up, he’ll no doubt modulate the roll-overs for the $85 billion.
Who is “Wall Street”? It seems to be a term that can mean anything anyone wants it to mean. Is “Wall Street” bad? Why? If you mean “people with money in the stock market”, that would be overwhelmingly middle class folks, not bigwigs. So do you mean rich people in general? Which ones? Are they all bad, or just some of them? Do you mean large corporations? Again, which ones? Or perhaps you mean our regulatory structure – in which case Romney seems a hell of a lot more concerned with making that consistent and fair, and less inclined to gaming the system to reward cronies, than Obama or any of the Dems are.
“On the side of Wall Street” is a meaningless phrase. Define your terms.
WCMB, I think TW is referring of people who make a living from investments into bonds and stocks by moving paper. Finding good opportunities to buy assets and turn around and sell them at a higher price. An example of such a person would be hedge fund managers, like John Paulson (not to be confused with Hank Paulson U.S. Treasury in 2008). I distinguish them from other investors who buy stocks of companies and hold those stocks the way an owner owns his business because the business is profitable. An example would be Steve Jobs and workers who get stock bonus. It used to be that way, until the Fed decided that keeping rates low was good for Wall Street. That type of investing is like a ponzi scheme that can only be good for awhile, as long as the bubble lasts.
Though people who work moving paper add to the economy, the value added is not as beneficial as those who invest into companies to make them grow.
I hope this helps.
And BTW, that was not really meant as a blast at you, TW. I apologize if it came across like that. It’s late, and it’s been a long 2 days. It’s just that I keep hearing these phrases bandied about, and they seem very….. fluid. With no fixed meaning at all.
Not at all wmcb. Guess I mean “Wall Street” as in its generalized perception by voters who don’t really know or care about the details of what goes on there, and yes I would include those who think and worry about their retirement savings in all their forms. In other words, financial traders and dealmakers at the big banks, hedge funds and private equity firms…they run together and appear in the news together. It’s very possible to align yourself with business and the private sector imo without aligning yourself with Wall Street, and the perception for now of major private equity is more Wall Street. This is ironic because Obama has been the one, not Romney, who has bailed out Wall Street like it’s never been bailed out before. I do think these upcoming debates will clarify many things for the electorate. Again, just my two cents.
TW, I answered the question as best I could based on what I mean by “Wall Street”, but you may mean something else.
Yes, I mean the perception of Wall Street among swing independents…which is what matters re November. But sure the campaigns have their own primary research on it, or they certainly should in time for the debates.
“Who is “Wall Street”? It seems to be a term that can mean anything anyone wants it to mean. Is “Wall Street” bad? Why? If you mean “people with money in the stock market”, that would be overwhelmingly middle class folks, not bigwigs.”
*******
“Wall Street” “short hand” for all the the financial structure that has, IMHO, gotten out of control. All of the “leftie boogie men”, Wall Street, Hedge funds, Banksters , Mega-corps, all serve a useful purpose in an environment where there are regulations and fraud is prosecuted.
“If you mean “people with money in the stock market”…they/I are just suckers to be fleeced when Obama/Holder gives companies like Goldman a pass on fraud. The laissez faire financial environment over the past 15 years is going to bring down the US and World economies. The World total GDP of ~$70 trillion is a drop in the bucket compared to the $600-$1,500 trillion of derivatives that are the “chips” in the World’s financial casino.
indonesia, largest Muslim country: )