The Right Scoop
QE3 does nothing for main street but it does help Wall Street.
How does this help Obama?
Maybe Bernake just wanted more more say in things before Romney kicks him out.
Romney/Ryan in November!
REALLY, who wouldhave figured that? I say round up the whole stinking lot and ship them to a country that'salredi 3rd world since they're hell bent on making us one, no benefitsof cells/laptops/ac/jobs. Ask them in a month how that" hopey changey" life is working out! DISGUSTING
I see QE3 akin to giving a junkie another shot of heroin.
Makes you feel real good for a little while. But when it wears off you crash real hard. After you recover from the crash, you need another shot.
Each time you need a larger shot just to get the same effect. And then you crash even harder.
And the cycle repeats indefinitely.
President Downgrade strikes again and Egan-Jones downgrades our rating to AA-(minus)
Well, I grade President Downgrade a rating of FU++
why should rating agencies have any credibility ? Either they were not doing their job with mortgage backed securities, or they were engaging in fraud. That is independent of what Bernanke is doing. An independent assessment would be worthwhile.
I'm reminded of an old Randy Stonehill song which says,
"Our economy is shrinking.
Our money is a joke.
We should go back to trading sea shells.
And just admit that we're broke."
All this money printing not only causes inflation here at home but the weakening of the dollar this way also affects people like my brother who lives in a European country.
Sorry friends, but elections are just magic shows.
Presto, changeo....everything will be great with the new guys.
Until the sheep (payers) revolt, nothing changes.
The rules that the Pols put in place have made real change impossible.
They are building a massive security force to keep us all in line....1.2 billion rounds of ammo...the TSA at political events...
Shrillary's Rules of Engagement for Libya got those folks killed...no ammo allowed.
I'm a bit depressed today...I mourn the loss of the Republic.
The best panacea as a reminder that if you are in doubt faced with a small iota of [political] lethargy during any one election cycle, quickly hail a taxi (particularly, if you are an urban dweller like moi), jump in, and begin the therapeutic process, your good-nature purification overhaul to [re]set and [re]establish your sense of direction by discussing policy with your urban taxi driver. There's no better medicine to cleanse the palate than trying to speak with a socialist who doesn't understand basic Econ101 and bring to his fog-induced (self-inflicted, I might add) stupor of relying on the wallet of the American taxpayer to fort the cash to pay for his or her medical bills caused by years of smoking, drug use, promiscuity, unhealthy dieting, ...Hell, what else?...Name it! I hope that I do not have to explain to anyone that this is not a generalization nor oversimplification, but rather a matter-of-fact synopsis from self-proclaimed amateur good doctor regarding the extreme, dire importance of firing this current POTUS out of office.
Just think about it! You bust your ass to achieve greatest to not only set things up for yourself financially but for your children and your children's children, and then lo and freaking behold some external misguided force (nefarious freak of nature, e.g., POTUS) decides that life is not fair for the miserable losers...Oops!...Pardon me! I meant to say moochers...Yes, six of these and a half of dozen of those...Got it!!...and now it is time for a little retribution by leveling the playing field – some parity, per se - by "downgrading" your ability to earned the income “you deserve” through taxation. Indeed, long-winded, but I'm sure you understand my point.
Our country is great (and will return to that previous spot of greatest) not because we underachieved for the common good, but because we dared and excelled (and refused to be downgraded, patronized, watered downed, vitiated, etc. in the process) individually to strive towards greatest. Period, which is the place in which my little socialist taxi friend dove off the proverbial cliff after determining that he had had enough of commonsense and rationale thrust at him in the form of a great (oh, there's that word again) Niagara rush!! My medical advice to him would be take two 30-minute segments on the treadmill, stop smoking (nor excessive alcohol and absolutely no drugs buddy), find a mentor to hold your ass accountable, and stop your bitching and complaining, because once you fall into a routine as such, the rest of the hard-working citizens of this great and magnificent land called the United States of America will certainly be much relieved to know that one more person is now carrying his (or her) own damn weight.
Pardon my rant for the week force, but not only am I pissed off for greatness, but I am simply pissed.
Well, msverde1, you get my vote for the best rant of the week. I wish I could write like that. Got my attention, anyway. Your words are full of passion. You speak the truth. Please write more. I enjoyed the hell out of that!
Thank you, White531!! Keep the faith and continue to march onward! We are at the critical mass stage with this charlatan in office.
Well here we are...leeches vs sheep
Obarry and his Fascist minions....Act II; or R/R....same old, same old
We missed the chance to end the nightmare....Ron Paul....the only guy that truly sees the reality of the Levithan. He scared us too much.
The "non-political" Fed is legally robbing us of our wealth to cover the Pols asses.
It's all corrupt....on Fox, they're debating which crazy ragheads get our borrowed money, when.
It's over
Until the "mob" starts capturing, tarring and feathering these guys, nothing changes.
We workers and taxpayers are the sheep being slaughtered.
GITMO is too good for them.
A Joe Arpaio, pink undies prison seems about right.
Prepare for the worst.
Buy guns, ammo and food.
If Obama loses, it will be ugly.
The private cabal of banksters with a monopoly on counterfeiting our currency stole that a long time ago.
If I may, I'd like to pass along some surefire financial advice to my fellow Scoopers. Buy stock in wheelbarrow manufacturing firms. Everybody is going to need one to haul the amount of money to the store needed to buy a loaf of bread.
How the Bernank can make the proposition that the Fed buying 40 Billion dollars worth of MBS per month from the TBTF Banks will stimulate small businesses to start hiring is just beyond any realm of sanity but is typical of the dysfunction of our financial "bett(o)rs". It's way past time for the rest of the ratings agencies to start facing reality.
I'm no financial wizard (heaven knows that), but what I don't understand is, if "QE1" and "QE2" didn't work, why should "QE3" work? The Fed has already pumped literally billions of dollars into the economy and unemployment, if anything, is going up and the economy is falling apart. Obama, no doubt, will blame Europe, or bad weather, or locusts for the downturn in the economy, anything but his lame fiscal policies. But what is Bernanke's excuse? Bernanke is beginning to remind me of a compulsive gambler in Las Vegas. He's at the blackjack table losing his shirt, but he is absolutely convinced that if he makes one more bet he'll win real big. And he never does. Ben, it's time to leave the casino and stop gambling with OUR MONEY!
I was going to comment, but then I read Marc Faber's comments on CNBC (posted on Drudge) and decided to let him do the commenting for me. He explains it better than I would have.
Glad to see another thread about the destruction of our nation through dollar debasement. This is why Ron Paul fought so hard for so long to bring attention to the Federal Reserve and the danger inherent in our corrupt monetary system.
By the time obama's financial experts are done, our dollars will have no more value than toilet paper.
Since people are mysteriously replying as though your comment were a legitimate contribution, I'll add this article on QE3:
"Further monetary stimulus now is unlikely to result in a discernible improvement in growth, but if it does, it’s also likely to cause an unwanted increase in inflation"
It's not just a bad idea, it's a bad idea covered in gasoline, wandering into a room full of sparklers.
Do you realize that printing money hurts the poor the most? It's merely an insidious tax that increases the cost of ALL goods by devaluing the dollar. When I say everything, that includes meat, bread, milk, heating fuels, and basic necessities.
I'm meeting with a retired 72 woman early next week to advise her on investing her very modest retirement savings. Let me ask you, what should I tell her? Cash is returning less than 1%. QE3 will possible help stocks in the short run. How long do you think it will help cover up the abysmal economy? Which poison should she pick? The former will ensure that she runs out of money within 10 years. The latter will cause her to lay awake at night in fear. Please tell me. I'm dead serious. Tell me. I really need to know.
BTW, I'm doing this completely pro bono, so don't give me any crap about gouging her.
Gold is strong in both inflationary and deflationary scenarios. We are in the end stages of a failing paper money scheme. I did not say to put everything she's got in gold, that is up to you and her.
I too would like John D. to answer your question.
Hey, that's a great idea. That way, if gold plummets from its current highs, which it certainly could, she can sue me for recommending an unsuitable investment. And guess what? She would definitely win because any securities attorney worth his salt could easily convince a jury that putting 100% of an old lady's retirement portfolio in gold is unsuitable. That's why QE3 really sucks - there is no good answer - especially for retirees.
The only winners under Keynesian economics and the inflation it brings are people that are in debt, NOT the people that have done the right thing and saved for their entire lives. I ask Liberals (who are obsessed with "fairness"), how is that FAIR?
I'd really like John D to answer my question. He's the one that thinks QE3 is such a great idea. How about it John?
I bet the administration thinks, " Well, it's still an A." They will chime in and say, " Don't be greedy, America. We don't need triple A's. One "A" will suffice." Guarantee they will turn this into roses and sugar plums.
And what would happen if the economy would not improve with a certainty of 100%? Maybe by the time it is Dec. 21, 2012, the American capitalist system will go the way of the Soviet system..
Just posted that Mayan doomsday date because hey, with this QE3, it could happen..
What do the commenters here think? Plausible, isnt it? I mean, the doomsday date..:-)
First of all, I agree with you. Yes, Dec 21, 2012 will occur.
Whether it's a doomsday or just a day where our world "ends as we know it" is yet to be seen. Obama is changing our world as we know it. The Muslim Brotherhood is changing our world as we know it. Even Ben Bernacke, with his insidious QE3, is changing the world as we know it.
It all depends on your point of view. There is a world-wide catastrophe awaiting us all, just around every corner, with the possibility of super solar flares at the solar peak, rogue asteroids roaming space, or massive super volcanoes (like at Yellowstone National Park) waiting to erupt.
We cannot hide under our beds waiting for it to happen. We live our lives and determine our futures as if there is a tomorrow, not as if there isn't.
Actually Lemuel, it's not. Most of us here on The Right Scoop, tend to stick to reality, as much as possible. Reality, itself, is plenty frightening, without introducing doomsday predictions.
We invite and encourage anyone who learns about The Right Scoop, to join us and enrich the experience that we all enjoy. You will only survive here, because the members who make up this site make up their minds about you. It's a level playing field. We don't deny anyone an existence here. They make that decision for themselves.
So basically the Fed is down to trying to blow another bubble in order to get counter deflation and sustain growth. Madness. And to do it at a time where stocks are relatively expensive with most companies guiding lower for next quarter.
They are moronically trying to reinflate the housing bubble of all things. Absolutely idiotic. Not going to happen.
If you are reading this and aren't sure if you are registered to vote, GET REGISTERED AND VOTE. Right now, go to your state government website and get registered. Time is short!
In 2008 it is estimated that 20-30 million right leaning voters stayed home. And I don't want to hear any crap about jury duty. State governments use property tax roles and automobile registration in addition to voter roles to create pools of jurors. Not registering to vote WONT prevent you from being called to perform jury duty.
Gallup says conservatives outnumber liberals 2-1. Well, you wouldn't know it based on 2006 and 2008 election results.
libtards are like the 3 yr old that says, "you don't have to pay for it daddy, just show 'em your plastic card." Yeah, just kick the can down past Nov. That'll do it folks.
The simplicity of your comment will probably go unnoticed, but I look for comments like yours. Because they give me hope. Kudos.
QE3 was financially the worst thing they could have done - I don't care if the stock market jumped because of it. Our dollar bill will literally become Monopoly money at this rate.
I think they smell the end of their term and are torching everything on the way out.
Once again, you and I are on the same page because I said the same thing to my husband. The thought process is one of a sore loser; if I can't win then I will destroy you. The evil within is now shouting loud and clear. Hope and change is now officially Hell and Chaos.
My hope in the Lord who made heaven and earth. I just saw Ps. 118:6 in one of my devotionals this morning and it lifted me up. Hope it does you also.
"The Lord is on my side; I will not fear. What can man do to me?"
Amen my friend. Jesus already won the victory. I have to remember that He is in control... and as a child of God, I am firmly in his firm hands.
Thank you for sharing that scripture... I appreciate it.
QE3's purpose is to boost the stock market, but as you pointed out, it's only temorary and cannot be sustained. QE3 is supposed to raise the amount of money banks have in order to allow further lending, however the banks are already flush with cash. It is merely monetizing the debt and making Obama look good for the election.
QE2 pumped over $100 billion/month for over 8 months into the banks and we saw no improvement in our economy. How do they think $40 billion/month is going to do any better (although this time they've decided to do it infinitely rather than for only 8 months). Once the banks (and the stock market) gets used to monthly payments of $40 billion, they won't want it to stop - ever).
Inflation will go through the roof, the economy will crash again, and it won't be obvious to the casual observer until after Obama gets elected.
How convenient.
Good points.
If Obama gets re-elected, he won't care and will be even more irresponsible in the next 4 years... he'll continue to wipe his pampered fanny with the U.S. Constitution and the American flag.
And you're right... this is ONLY to try and make Obama look better for the election... that's the only potential "good" outcome of this asinine move.
Bernanke's days are numbered.
At some point, the general public must recognize and accept the simple fact that prosperity cannot be printed. I suspect that point will be after the dollar-based world fiat currency system collapses.
Sober, It does look like they "are torching everything on the way out."
They are being driven by fear. Fear that Romney will find out all their dirty little secrets when he becomes POTUS and that he will tell the world.
Fear is a great motivator that pushes people into horrendous actions to save themselves.
Obama will cause murder. Then, he and the LSM will try to justify and cover it up to get him re-elected.
(Fast & Furious)
Obama will go to any length to keep the "Empty Chair" in his possession.
We learned a couple of things by looking at his voting record. The same pattern of voting "present" and not being there can be applied to being POTUS. He has had the taxpayer on the hook for his partying ways ever since he started getting government grants when he was a community organizer.
Obama thinks that all our money belongs to his government and that his government ought to give us only what we need to survive.
Obama has the firm intention of keeping his gravytrain just the way it is, so he can golf and party on.
Excellent response.
You're right about the fact that being "present"-only is his M.O. - I never really thought of that. Aside from destroying our nation and getting Americans killed, he hasn't done a single thing in his political career - except maybe lower his handicap.
Good observation!
And Palin pointed all this out during the 2008 campaign and the media covered
for Obama and tried to destroy Palin. Do not forget that the LSM is our enemy too.
Has QE3 been mentioned by anyone with the exception of Palin? The media is
too busy with their faux gaffe story on Romney.
Comment Policy: Please read our new comment policy before making a comment. In short, please be respectful of others and do not engage in personal attacks. Otherwise we will revoke your comment privileges.