Friday, November 14, 2008

In Bernanke we trust

Okay, bankers saying "Trust Me" can be added to the list of canards like "the check's in the mail".

Senators and Congressmen aren't happy with what Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson aren't sharing about the $700,000,000,000 (I like the zeroes better than the words) bailout. Little things, like details.

And the other $2,000,000,000,000 in emergency loans? Oh yeah, that. The nerve of those elected officials; they act like it's their money. My favorite quote from the article:

''This constitutes exactly the scenario which landed these banks in their dilemma in the first place. The Fed is making sub- prime loans to these banks and taking their portfolio of subprime loans as collateral,'' said William Nein, an accountant from Woodland Park, Colorado, in an e-mail to Bloomberg. ``Where and when does this stop?''

"Federal Reserve spokeswoman Michelle Smith didn't respond to calls or an e-mail seeking comment."


SteeleOnSaipan said...

Before the federalization of local immigration here became reality, many persons, particularly bloggers who were pro-federalization, would bash anti-fed beliefs, or those on the fence like myself, for being a part of the corrupt problem here.

I hope that the global financial crisis caused by Wall Street and D.C. greed, as well as the local DEA incident at the airport, have made it clearer to those folks that maybe some of us who grew up in the States know from experience that what's coming may not be pretty at all times. Federalization worries from this haole, Statesider had nothing to do with keeping status quo on bad local governance and everything to do with not having to deal with Big Brother's hands in our pockets and his destructive decisions.

First immigration, soon taxes, don't be surprised.

KAP said...

This government seems unwilling or unable to take care of workers, unless they work for the government. Even there, the "sacrifices" seem to come from those on the bottom of the pecking order.

Still, I have misgivings about the federal government. We're just trading one set of problems for another set in a larger bureaucracy. But something had to be done.

KAP said...

More on the feeding frenzy. I like Jeb Mason's quote:

"I was telling a friend, ‘this must have been how the Politburo felt,'"