Benny boy was at it again today. Sporting yet another one his pimped out monochromatic suits, Bernanke electrified the House Budget Committee today with an impressive stand up routine focused on deficit reduction. One liners such as “Unless we demonstrate a strong commitment to fiscal sustainability in the longer run, we will have neither financial stability nor healthy economic growth” were a bit of a departure from Uncle Ben’s more bread and butter material on green shoots, and there were some hecklers who tried to throw Bernanke off his game. Republican Paul Ryan momentarily quieted the raucous crowd with some lunatic fringe thinking.
“The Treasury is issuing debt and the central bank is buying it,” Ryan told Bernanke.
“It gives the alarming impression that the U.S. one day might begin to meet its financial obligations by simply printing money.”
So printing money to pay off debt is a problem for Mr. Ryan. What is this nut job going to demand next? A stable currency? Perish the thought.
My bologna has a first name, its G-r-e-g,
my bologna has a second name its M-i-c-h-a-e-l-s
Oh I hate to read it everyday,
And you ask me why I say,
Cause Greg Michaels turns to shit this b-o-l-o-g-n-a.
Gosh, it’s almost like every macro interpretation calls for an expansionary monetary supply but interest rates are already at 0%. Do you even know what economics is?
I don’t make money, I print it.
@2 I am an analyst at Jefferies…
ugh so snarky, and not funny. not a good combo
If Greg Michaels were a baseball player, he’d be a catcher.
Bess with a strapon + Greg’s ass = much improved posts in the future
if “george” michaels were a baseball player, he should be left out. painfull reading.
Greg – stop trying to be the smartest guy in the room, it’s clearly not a role you’re suited for.
What will those crazy, extremist wingnut Republicans think of next? Coherently arguing for a sane monetary policy is clearly the last desperate gasp from a dying beast.
Unfortunately we Republicans destroyed our hard won reputation for fiscal responsibility by going on an eight year spending spree. It will take a while to earn it back.
It’s easy for the republicans to take the high horse after 8 years running the ranch.
Still doesn’t make printing money right.
greg michaels bought ultrashort ETFs and rode the financial crisis to victory. you? not so much.
GREG MICHAELS = BSD
Greg – not feeling the post.
“It gives the alarming impression that the U.S. one day might begin to meet its financial obligations by simply printing money”
One day?
@13
And real men here know that it was not very smart of a supposed derivatives trader getting involved with ultrashort ETFs. Didn’t Greg know about puts?
ETFs are for the clueless.
We needs to stand behinds Greg or DB will dump his body in the river just like they did two Danny Boy.
R.I,P Danny Boy. We will nevers forgets you.
http://www.youtube.com/watch?v=OCbuRA_D3KU
Greg also said he would helps me get Bess back.
http://www.youtube.com/watch?v=modmuWBssl4&feature=related
SPODE
i watched a little of this hearing, the question portion, and can now say that the House is full of retard populists. Let’s hope they only serve one term and then succumb to the next round of “change we can believe in”
11 What hard won reputation? Are you really old enough to remember Eisenhower? You can be referring to Bush I, since in the R playbook any fiscal discipline even remotely connected with raising taxes is cause for dismemberment.
as a recap, let’s sum up what we know about GM so far:
he obviously lacks good writing skills
he is certainly not funny
he, so far, has not shown much market acumen
in his former career, he was a professional “derivatives trader”, yet he bought ETFs to short, rather than selling calls/buying puts
doesn’t look too promising. perhaps fortune will smile on him twice and a financial calamity will occur, necessitating only a warm body and one working finger to generate page hits
Obama is the Oprah of politics. That’s got nothing to do with finance, but the article made me think of it.
@20
I’m admittedly grasping at straws here but perchance Greg wasn’t allowed by his (former) employer to buy puts/sell calls and had to use ETF to gain short exposure?
Possible? Yes, Likely? Well…