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post #91 of 132 (permalink) Old 11-08-2007, 09:07 AM
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^^^Oh come off it Jay, he said all of that? He should be committed. USD the strongest currency, has anybody notified the EU where the EUro is 1.46+ USD to 1 Euro or the UK where 1 Pound is USD 2.10+. Booming export market, you are telling me that the US still produces something besides Harleys and Hershey bars?
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post #92 of 132 (permalink) Old 11-08-2007, 09:36 AM
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^^^Oh come off it Jay, he said all of that? He should be committed. USD the strongest currency, has anybody notified the EU where the EUro is 1.46+ USD to 1 Euro or the UK where 1 Pound is USD 2.10+. Booming export market, you are telling me that the US still produces something besides Harleys and Hershey bars?
That is exactly what he was saying in the Q&A portion of his testimony. I was actually posting quotes from the CNBC bullets appearing at the bottom of the screen during the session.

The leftwing nut-jobs bashed him unmercifully every time he said anything that could, in any way, be construed as positive. And you are starting to sound like them.

Don't believe everything you think
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post #93 of 132 (permalink) Old 11-08-2007, 09:49 AM
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The leftwing nut-jobs bashed him unmercifully every time he said anything that could, in any way, be construed as positive. And you are starting to sound like them.
It maybe what the man is saying but it is far from the truth. As for me sounding like some of the more radical left wing posters on here, I do believe some of those gentlemen may pool their cash and hire someone to shot out your kneecaps if you compare me with them......
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post #94 of 132 (permalink) Old 11-08-2007, 12:42 PM
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The more you have to learn


But while Mr. Sarkozy did not mention the Iraq war in his speech, he expressed sympathy for American soldiers fighting and dying around the world, saying it reminded him of American soldiers’ sacrifices for France.

Every time, whenever an American soldier falls somewhere in the world, I think of what the American Army did for France,” Mr. Sarkozy said as his audience applauded. “I think of them and I am sad, as one is saddened to lose a member of one’s family.”
Had you cut and pasted the whole quote, and the body of the speech prior and after, it would have not looked so out of context.

Funny though that he didn't mention Iraq when, if that is what he meant he had such an opportunity.

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Being smart is knowing the difference, in a sticky situation between a well delivered anecdote and a well delivered antidote - bear.
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post #95 of 132 (permalink) Old 11-08-2007, 12:51 PM
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I am, at this very moment, watching Fed Chair Bernanke on CNBC explain to the leftwing loonies on the Joint Economic Committee of the U.S. Congress, why we are NOT in a recession now, and are not likely to be for "many quarters to come." Chuckie Schummer, D-NY, is pressing him from every direction you can imagine to say we might have a recession at some time down the road. Ben is being very specific on why we are not now, nor are we likely to be in the near future, in a recession. Ben says we are likely to see slower, but continued positive, growth in the foreseeable future; and that the state of our economy is very good. He also says the US dollar will remain the world's strongest currency, and that the strong labor market will continue to support the US economy. And we will see additional strength from the booming export markets. In general he seems very positive about the outlook for the US economy. Frankly, I believe his prediction for slower growth to be a positive for the U.S. economy.

The loony left wingers on the Committee are going absolutely nuts trying to get him to say anything that might in any way seem negative. They really are trying to bring down the US economy, which is absolutely amazing to me. Even our worst enemies worldwide look pro-US as compared w/ these kookbers who are US citizens and yet seem to hate this country. Amazing! Absolutely Amazing!!
Of course Bernanke is not going to say we are in a recession. That is his JOB... to try and keep a calm economy no matter what the real numbers are. It is why they tend to move things .25 at a time for months instead of large kicks. It is why they never comment on boom/bust until well after the fact under guise of "trailing indicators".

Of course if you go back less than one year, Bernanke was swearing up and down that there were no issues with the SubPrime Mortgage market and you were quoting him chapter and verse on that one too.

If you are going to listen to Bernanke, you have to listen between the sentences, not just the words.

I did note however that experts from damned near every side of the political aisle and economic school of thought read enough of his thoughts to tank the market today as he was speaking and I have yet to see an analysis that supports his contentions.

Might want to tell China about the Strong Labor market and maybe talk to China, Japan, England, EU, Everyone Else about the "world's strongest currency".

He is right about exports going up, that tanking "world's strongest currency" will do that for exports. Of course the profits aren't near as good but hey, can't have everything. Booming exports only work well IF you don't have a Trade Deficit [$5Trillion in the past 6.5 years]

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Last edited by mcbear; 11-08-2007 at 12:57 PM.
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post #96 of 132 (permalink) Old 11-08-2007, 01:16 PM
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Of course Bernanke is not going to say we are in a recession. That is his JOB... to try and keep a calm economy no matter what the real numbers are. It is why they tend to move things .25 at a time for months instead of large kicks. It is why they never comment on boom/bust until well after the fact under guise of "trailing indicators".

Of course if you go back less than one year, Bernanke was swearing up and down that there were no issues with the SubPrime Mortgage market and you were quoting him chapter and verse on that one too.

If you are going to listen to Bernanke, you have to listen between the sentences, not just the words.

I did note however that experts from damned near every side of the political aisle and economic school of thought read enough of his thoughts to tank the market today as he was speaking and I have yet to see an analysis that supports his contentions.

Might want to tell China about the Strong Labor market and maybe talk to China, Japan, England, EU, Everyone Else about the "world's strongest currency".

He is right about exports going up, that tanking "world's strongest currency" will do that for exports. Of course the profits aren't near as good but hey, can't have everything. Booming exports only work well IF you don't have a Trade Deficit [$5Trillion in the past 6.5 years]
When the real experts and facts go against your negative bias you call them frauds and false. And I do not believe Bernanke ever said the sub-prime problems were not a problem, and I therefore, doubt that I quoted him or stated myself that it would not be a problem. Perhaps you could provide a link for us...

Don't believe everything you think
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post #97 of 132 (permalink) Old 11-08-2007, 02:05 PM
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When the real experts and facts go against your negative bias you call them frauds and false. And I do not believe Bernanke ever said the sub-prime problems were not a problem, and I therefore, doubt that I quoted him or stated myself that it would not be a problem. Perhaps you could provide a link for us...
I won't put the links for the recent "Post Horse-Barn Door Epiphany" results as they, and the $500BILLION+ in Financial Bail-out money that the FED has released into the system in the past six weeks should still be fresh in your mind so I will only go back ONE year which was when I started banging the drum on this issue on this forum -yes I looked it up.
_______________
Nov 1 2006

The growth of subprime mortgage lending is one indication of the extent to which access to credit has increased for all households, including those with lower incomes. In 1994, fewer than 5 percent of mortgage originations were in the subprime market, but by 2005 about 20 percent of new mortgage loans were subprime.1 Indeed, the expansion of subprime lending has contributed importantly to the substantial increase in the overall use of mortgage credit. From 1995 to 2004, the share of households with mortgage debt increased 17 percent, and in the lowest income quintile, the share of households with mortgage debt rose 53 percent.2

Although the emergence of risk-based pricing has increased access to credit for all households, it has also raised some concerns and questions, which are magnified in the case of lower-income borrowers. For example, although subprime lending has grown substantially, are prime credit products sufficiently available and do lenders effectively compete in all communities, including historically underserved communities? [as little as one year ago Chairman B was touting the need to PUSH more subprime mortgage]

FRB: Speech--Bernanke, Community Development Financial Institutions: Promoting Economic Growth and Opportunity--November 1, 2006
_______________
Feb 14 2007

Bernanke said, responding to a later question, that ``distress'' in the subprime market is of ``significant concern'' to him, though he didn't yet think it had implications for the larger economy.

``Evidently, some loans have been made that are not turning out well, to the detriment of both the lenders and the borrowers,'' Bernanke said.
[no shit, sherlock!]

He said the Fed and other regulators ``will certainly be watching that carefully and trying to provide guidance and oversight to minimize that risk going forward.''

Bloomberg.com: Worldwide
_______________
March 28, 2007

Federal Reserve Chairman Ben Bernanke told Congress on Wednesday that growing troubles in the market for risky mortgages thus far doesn't appear to be spreading to the overall economy but the situation bears close watching.

Fed's Bernanke: Subprime Mortgage Problems Contained

_______________
May 17, 2007

CHICAGO -- Federal Reserve Chairman Ben Bernanke said Thursday that the financial system can withstand the fallout from the subprime-mortgage market "without serious problems."

"We have spent a bit of time evaluating the financial implications of the subprime issues, tried to assess the magnitude of losses, and tried to determine how concentrated they are," Mr. Bernanke said in response to a question following a speech here. "There is a sense that, although there is always a possibility for some kind of disruption ..., the financial system will absorb the losses from the subprime mortgage problems without serious problems."

Bernanke Plays Down Threat From Subprime Defaults - WSJ.com

Guess which ones you quoted back in March-April?

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Last edited by mcbear; 11-08-2007 at 02:08 PM.
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post #98 of 132 (permalink) Old 11-08-2007, 04:31 PM
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I won't put the links for the recent "Post Horse-Barn Door Epiphany" results as they, and the $500BILLION+ in Financial Bail-out money that the FED has released into the system in the past six weeks should still be fresh in your mind so I will only go back ONE year which was when I started banging the drum on this issue on this forum -yes I looked it up.
_______________
Nov 1 2006

The growth of subprime mortgage lending is one indication of the extent to which access to credit has increased for all households, including those with lower incomes. In 1994, fewer than 5 percent of mortgage originations were in the subprime market, but by 2005 about 20 percent of new mortgage loans were subprime.1 Indeed, the expansion of subprime lending has contributed importantly to the substantial increase in the overall use of mortgage credit. From 1995 to 2004, the share of households with mortgage debt increased 17 percent, and in the lowest income quintile, the share of households with mortgage debt rose 53 percent.2

Although the emergence of risk-based pricing has increased access to credit for all households, it has also raised some concerns and questions, which are magnified in the case of lower-income borrowers. For example, although subprime lending has grown substantially, are prime credit products sufficiently available and do lenders effectively compete in all communities, including historically underserved communities? [as little as one year ago Chairman B was touting the need to PUSH more subprime mortgage]

FRB: Speech--Bernanke, Community Development Financial Institutions: Promoting Economic Growth and Opportunity--November 1, 2006
_______________
Feb 14 2007

Bernanke said, responding to a later question, that ``distress'' in the subprime market is of ``significant concern'' to him, though he didn't yet think it had implications for the larger economy.

``Evidently, some loans have been made that are not turning out well, to the detriment of both the lenders and the borrowers,'' Bernanke said.
[no shit, sherlock!]

He said the Fed and other regulators ``will certainly be watching that carefully and trying to provide guidance and oversight to minimize that risk going forward.''

Bloomberg.com: Worldwide
_______________
March 28, 2007

Federal Reserve Chairman Ben Bernanke told Congress on Wednesday that growing troubles in the market for risky mortgages thus far doesn't appear to be spreading to the overall economy but the situation bears close watching.

Fed's Bernanke: Subprime Mortgage Problems Contained

_______________
May 17, 2007

CHICAGO -- Federal Reserve Chairman Ben Bernanke said Thursday that the financial system can withstand the fallout from the subprime-mortgage market "without serious problems."

"We have spent a bit of time evaluating the financial implications of the subprime issues, tried to assess the magnitude of losses, and tried to determine how concentrated they are," Mr. Bernanke said in response to a question following a speech here. "There is a sense that, although there is always a possibility for some kind of disruption ..., the financial system will absorb the losses from the subprime mortgage problems without serious problems."

Bernanke Plays Down Threat From Subprime Defaults - WSJ.com

Guess which ones you quoted back in March-April?
That is hardly the indictment of Chairman Bernanke that you claimed earlier! He was simply stating the obvious that there was an upside to those loans in that they would bring people into the real estate ownership market that could not otherwise afford to participate in our booming economy--something you would ordinarily be championing if you were not trying to prove a BOGUS liberal point. AND nowhere did I see a reference to my championing anyones mistaken assumption that there would be no problem/s...

You've got to do A LOT BETTER than that, my friend...

Don't believe everything you think
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post #99 of 132 (permalink) Old 11-08-2007, 05:34 PM
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Had you cut and pasted the whole quote, and the body of the speech prior and after, it would have not looked so out of context.

Funny though that he didn't mention Iraq when, if that is what he meant he had such an opportunity.
I know, it's hard to comprehend the hidden meaning.
post #100 of 132 (permalink) Old 11-08-2007, 05:36 PM
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I know, it's hard to comprehend the hidden meaning.
so you comprehend it? enlighten us

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