The entire bailout for Wall Street was fraud and waste - thank you Bernanke

Discussion in 'Wall St. News' started by wilburbear, Mar 6, 2009.

  1. Question to all: how can Bernanke say AIG made him mad when Bernanke himself uses the analogy of putting out the fire before arresting the arsonist?

    He hasn't arrested the arsonist, and AIG is going around setting new fires.

    http://online.wsj.com/article/SB123638394500958141.html
     
  2. new$

    new$

    SMOKE AND MIRROWS
    :D
     
  3. Could you have meant :

    SMOKE AND MIRRORS ?
     
  4. lrm21

    lrm21

    Oh come on are you saying that central planning decisions made by a technocrat don't work out.

    Thats B.O.s whole plan for getting us out of this mess.
     
  5. the1

    the1

    There is one major detail that Americans don't understand. The Fed is made up of Member Banks, which include BSC, LEH (both toast) GS, MER, MS, C, JPM, Bank of New York, State Street Bank, and a few others, and all these banks have been insured by AIG. When the Fed bails out these banks they are bailing out <b>themselves</b> with taxpayer money. The Federal Reserve System is bankrupt and they are reaching into your pocket to keep them alive. How much more will people take? I guess quite a bit since no one really realizes the Fed isn't a branch of the government. Go ask your neighbors if the Fed is a branch of the government and they will answer, "yes."

     
  6. Agree. Most don't realize this. And the media does nothing to point this out. The "Federal" of Federal Reserve Bank was purposely selected to make people believe that it is a branch of the gov't. Do the research and one can find out how the Federal Reserve Bank came into being and how they operate.


    Ron Paul's Statement Introducing HR
    1207<http://www.dailypaul.com/node/85020> Posted March 4th, 2009 by Michael Nystrom <http://www.dailypaul.com/user/1>

    HR 1207 is Dr. Paul's recently introduced legislation to audit the Federal Reserve, officially titled "The Federal Reserve Transparency Act."<http://thomas.loc.gov/home/gpoxmlc111/h1207_ih.xml>The bill has the following 11 bi-partisan cosponsors: Neil Abercrombie [HI-1], Michele Bachmann [MN-6], Roscoe G. Bartlett [MD-6], Paul Broun [GA-10], Dan Burton [IN-5], Walter Jones, Jr. [NC-3], Steve Kagen [WI-8], Ted Poe [TX-2], Bill Posey [FL-15], Denny Rehberg [MT], and Lynn Woolsey [CA-6]. If your rep is not among these 11, please contact him or her and urge their support.

    *Here's Dr. Paul's statement introducing the bill:*

    Madam Speaker, I rise to introduce the Federal Reserve Transparency Act.
    Throughout its nearly 100-year history, the Federal Reserve has presided over the near-complete destruction of the United States dollar. Since 1913 the dollar has lost over 95% of its purchasing power, aided and abetted by the Federal Reserve's loose monetary policy. How long will we as a Congress stand idly by while hard-working Americans see their savings eaten away by inflation? Only big-spending politicians and politically favored bankers benefit from inflation.

    Serious discussion of proposals to oversee the Federal Reserve is long overdue. I have been a longtime proponent of more effective oversight and auditing of the Fed, but I was far from the first Congressman to advocate these types of proposals. Esteemed former members of the Banking Committee such as Chairmen Wright Patman and Henry B. Gonzales were outspoken critics of the Fed and its lack of transparency.

    Since its inception, the Federal Reserve has always operated in the shadows, without sufficient scrutiny or oversight of its operations. While the conventional excuse is that this is intended to reduce the Fed's susceptibility to political pressures, the reality is that the Fed acts as a foil for the government. Whenever you question the Fed about the strength of the dollar, they will refer you to the Treasury, and vice versa. The Federal Reserve has, on the one hand, many of the privileges of government agencies, while retaining benefits of private organizations, such as being insulated from Freedom of Information Act requests.

    There is one major detail that Americans don't understand. The Fed is made up of Member Banks, which include BSC, LEH (both toast) GS, MER, MS, C, JPM, Bank of New York, State Street Bank, and a few others, and all these banks have been insured by AIG. When the Fed bails out these banks they are bailing out <b>themselves</b> with taxpayer money. The Federal Reserve System is bankrupt and they are reaching into your pocket to keep them alive. How much more will people take? I guess quite a bit since no one really realizes the Fed isn't a branch of the government. Go ask your neighbors if the Fed is a branch of the government and they will answer, "yes." [/QUOTE]
     
  7. Illum

    Illum

    Seriously good job by the WSJ. They admit they don't have it all, but they say they are trying to get it. Recently I have been reading more from them. They seemed like they were becoming useless with their pop slant. But... they have been on it. Great reporters.