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Ben Bernanke may not have overtly mentioned monetary policy during prepared remarks for a...

Ben Bernanke may not have overtly mentioned monetary policy during prepared remarks for a commencement address at Bard College Saturday, but he did reference Yogi Berra, and in the process made a statement that those of a cynical persuasion might say could have been pulled not only from the quips of a baseball legend, but from any recent speech by hawkish regional Fed presidents (I, II, III): "It's tough to make predictions, especially about the future." Some would undoubtedly say the Chairman should consider this sage advice when making conjectures about the supposedly benign effects of policy tightening.
Comments (17)
  • leopardtrader
    , contributor
    Comments (1519) | Send Message
     
    Bernanke's speech imo shows how confident he is about the recovery. He also talked about how backward looking the cynics ( bears) are. This is extremely upbeat & bullish take by the Chairman.
    18 May 2013, 03:54 PM Reply Like
  • yliu54
    , contributor
    Comments (171) | Send Message
     
    So it smells QE4Over is inevitable in the near future.
    18 May 2013, 04:35 PM Reply Like
  • Whitehawk
    , contributor
    Comments (3129) | Send Message
     
    All hail the Chairman!

     

    Bernanke is so forward looking that he did a bang up job identifying the housing bubble and Ponzi finance (among other signals) before the last kerfuffle.
    18 May 2013, 04:56 PM Reply Like
  • wyostocks
    , contributor
    Comments (8811) | Send Message
     
    In plain English, he has no frigging clue how QE will end or what the consequences will be.
    18 May 2013, 05:12 PM Reply Like
  • The Geoffster
    , contributor
    Comments (4066) | Send Message
     
    Sure he does wyo. It ends in a new reserve currency.
    18 May 2013, 05:23 PM Reply Like
  • june1234
    , contributor
    Comments (3065) | Send Message
     
    Exactly.He said Fed monitors global markets much more closely than in 08; lot more to risk to monitor than in 08. Feds reaction to 08 was just that a reaction , create more debt/leverage to solve a debt/leverage problem.
    19 May 2013, 07:26 AM Reply Like
  • Squeeky Wheel
    , contributor
    Comments (334) | Send Message
     
    Commencement addresses have to be bullish; that's the point! No one goes to graduation to hear that the world is ending.
    19 May 2013, 02:26 PM Reply Like
  • bbro
    , contributor
    Comments (10143) | Send Message
     
    Bernanke for the Medal of Freedom....
    18 May 2013, 05:48 PM Reply Like
  • The Geoffster
    , contributor
    Comments (4066) | Send Message
     
    Freedom? As in "free market?"
    18 May 2013, 06:37 PM Reply Like
  • SpoiledRottenBrat
    , contributor
    Comments (716) | Send Message
     
    It ain't over 'till it's over.
    18 May 2013, 06:55 PM Reply Like
  • evan.prospect
    , contributor
    Comments (700) | Send Message
     
    I'm guessing he prints $85 billion a month for at least the next 3 months to coincide with the summer selling season of housing. Then I'm guessing he reduces purchases to $70 billion per month.

     

    In the end though, it's just a guest. I just hope you think of me if something similar happens!
    18 May 2013, 07:33 PM Reply Like
  • Viper740
    , contributor
    Comments (337) | Send Message
     
    America's QE will taper off. The dollar will remain strong (the dollar is a far better choice than gold, which produces no value) and the world's reserve currency. Japanese yen is going to get hammered at levels hard to imagine today. Smart people would never put their money in China's corrupt communist system or currency; their economic "growth" is starting to fall off the cliff; get ready for bloodshed over there. Europe's uncompetitive, socialist economies are finished, just circling in the toilet waiting for the Euro to break apart, and for their societies to be slowly taken over by Islamic extremism.

     

    Long live USA.

     

    "America is still the best country in the world. But in today's world, that's like being valedictorian in summer school." - Dennis Miller
    19 May 2013, 10:28 AM Reply Like
  • investingInvestor
    , contributor
    Comments (1719) | Send Message
     
    Viper, I think you nail key points but go to extremes.

     

    1) The Fed's QE3 must taper off, but even the Fed does not know the timing or rate of decrease. Retail investors cannot time this. Wall Street bankers will maximize profit by maximizing volatility/churn.

     

    2) The USD remains strong and serves as the safest, most liquid, most credible global reserve currency. This is not knocking other currencies.

     

    3) The EU GDP is about 40% government spending, the US GDP is about 20% government spending per M* statistics. As long as Republicans fight successfully, the US will NOT become the EU.

     

    4) China is a moving target. Root for China's potential. The global economy through 2100 needs China to pull its heft.

     

    5) Stay positive, make positive plays.
    19 May 2013, 11:36 AM Reply Like
  • Viper740
    , contributor
    Comments (337) | Send Message
     
    Well said. I do have a penchant for extremism. But I do believe I'm right. I also agree with everything you said. (Except I'm not rooting for Communist China. I root for USA)

     

    I have some great plays on right now that are paying off handsomely.
    19 May 2013, 11:44 AM Reply Like
  • Ted Bear
    , contributor
    Comments (624) | Send Message
     
    The likely outcome...the future...is not particuylarly hard to predict. You water the garden; it grows. You turn off the spigiot; it withers and wilts.

     

    What is difficult to predict is when this will occur. We now even have some pudits suggesting that the "qantitative " will run out before the 'easing'. Regardless, the effect of no more rain will produce the same outcome.
    19 May 2013, 02:54 PM Reply Like
  • fshare
    , contributor
    Comment (1) | Send Message
     
    He spoke at Bard College at Simon's Rock, a small college (~ 400 total students) in Great Barrington, MA. His son previously graduated from Simon's Rock. Matriculants and graduates of Simon's Rock are awarded doctoral degrees in greater proportion that any other USA college or university.
    A hidden gem in the Berkshires.
    19 May 2013, 07:47 PM Reply Like
  • Aristiphones
    , contributor
    Comments (1327) | Send Message
     
    obviously a roaring equity market makes the Fed Chairman's job a lot more..."choice oriented" than saying..."dealing with a massive double dip depression scenario" folks such as he envisioned when ZIRP policy was first advocated and then introduced...then reintroduced...then reintroduced again...ALL to favorable results. this recovery is still a dog...something the Chairman has been "at paens" to point out over the totality of this "jobless prosperity" as David Rosenberg memorably called it oh these many years ago now. where is that "recovery for the rest of us" indeed. the goal should be to see to it that the trillions in "unforgiven tax revenues" is used towards maximum jobs growth so that this recovery can't start moving to a "second level" as computer gamers like to call it. i'm not the pro in that field but to me that says a ruthless knife to corruption (ideally in the back) and ferocious focus on every penny the Government has offered up to it in the form of non military "largesse" programs.
    19 May 2013, 07:47 PM Reply Like
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