Did Bernanke Pre-announce QE3 And More "Hope" Last Friday As Stocks Believe? Here Is Rosenberg's Take

Fed chief goes on about QE

Cant get the vid to post up - http://video.cnbc.com/gallery/?video=3000042403

now though we have a cnbc exclusive this morning, another steve, steve liesman is joining us with chicago fed president charlie evans and this is a big interview. i was looking forward to it. steve? good morning. i'm here in chicago with chicago fed president charlie evans. charlie, thanks for joining us. good morning, steve. just few things to talk about. glad to be here. let's start off probably in the best place that maybe colors all the subjects we'll talk about later which is your economic outlook. wred we had a decent consumer spending number but the data seems before that has been pretty soft? i think that's right. the data is soft. i'm somewhat nervous about the economic recovery and where we stand at this point two years after we bottomed out. the first half of this year, got revised down and we had very weak growth in the first half. it was about .7 of a percent on an analyzed basis. we were hoping to achieve more on a launch or growth velocity on growth. it's very disappointing. looking at the labor market i would say it's difficult to characterize the labor market as anything other than being consistent with being at a recession. 9.1% unemployment is very much a concern to me, employment growth has been very weak. the economy is growing, but it's very small positive. we're really going sideways more than anything else. even though, you mentioned the consumer number was pretty good, we've had some weak manufacturing, regional surveys recently, you could argue that maybe we ought to be looking for more data to see if we'll get out of this period of weakness. but i don't really need to see a lot more data to one that we haven't achieved the escape velocity and we need to do better. do you think we're risking a recession here. you say jobs could be in recession. labor market, with a 9.1% unemployment, you know, we haven't experienced rates like that which haven't been associated with a recession, no, technically we're not in a recession. we've seen growth and growth has been positive. we're moving sideways more than anything else and we're kidding ourselves unless we look at the labor market and say this is not a good situation. that's why i think accommodation is very important now. let's go back and what happened, in your opinion, that caused growth to weaken as it has? well, i think -- i've been saying for quite some time that i think the economy is really, you know, in a bit of a liquidity trap, interest rates are at zero for policy rates and everything else equal we really

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Sabre TT August 31, 2011 at 11:28am

Fed chief goes on about QE

Cant get the vid to post up - http://video.cnbc.com/gallery/?video=3000042403

now though we have a cnbc exclusive this morning, another steve, steve liesman is joining us with chicago fed president charlie evans and this is a big interview. i was looking forward to it. steve? good morning. i'm here in chicago with chicago fed president charlie evans. charlie, thanks for joining us. good morning, steve. just few things to talk about. glad to be here. let's start off probably in the best place that maybe colors all the subjects we'll talk about later which is your economic outlook. wred we had a decent consumer spending number but the data seems before that has been pretty soft? i think that's right. the data is soft. i'm somewhat nervous about the economic recovery and where we stand at this point two years after we bottomed out. the first half of this year, got revised down and we had very weak growth in the first half. it was about .7 of a percent on an analyzed basis. we were hoping to achieve more on a launch or growth velocity on growth. it's very disappointing. looking at the labor market i would say it's difficult to characterize the labor market as anything other than being consistent with being at a recession. 9.1% unemployment is very much a concern to me, employment growth has been very weak. the economy is growing, but it's very small positive. we're really going sideways more than anything else. even though, you mentioned the consumer number was pretty good, we've had some weak manufacturing, regional surveys recently, you could argue that maybe we ought to be looking for more data to see if we'll get out of this period of weakness. but i don't really need to see a lot more data to one that we haven't achieved the escape velocity and we need to do better. do you think we're risking a recession here. you say jobs could be in recession. labor market, with a 9.1% unemployment, you know, we haven't experienced rates like that which haven't been associated with a recession, no, technically we're not in a recession. we've seen growth and growth has been positive. we're moving sideways more than anything else and we're kidding ourselves unless we look at the labor market and say this is not a good situation. that's why i think accommodation is very important now. let's go back and what happened, in your opinion, that caused growth to weaken as it has? well, i think -- i've been saying for quite some time that i think the economy is really, you know, in a bit of a liquidity trap, interest rates are at zero for policy rates and everything else equal we really

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