Bernanke: More bank bailouts needed

Bernanke: More bank bailouts needed

money.cnn.com

Bernanke suggested that more banks and financial firms are likely to need additional capital injections from the government, and that further guarantees of their debt could be necessary, in return for the federal government receiving further equity in the firms.

The Fed chairman also said that "removing troubled assets from institutions' balance sheets, as was initially proposed for the U.S. financial rescue plan," might also be needed to supplement any further investments in banks.

(visit the link for the full news article)

So, we already gave them the $700 billion bailout, now he is saying they need more. No one is even held accountable for the first round of capital infusions. What was the original one for then?

He goes further to say, "removing troubled assets from institutions' balance sheets, as was initially proposed for the U.S. financial rescue plan," might also be needed to supplement any further investments in banks", well this was the original intent, but you strayed away from that and just gave out free cash.

money.cnn.com
(visit the link for the full news article)

Ben Bernanke....if there's a guy out there who deserves a good kick in the testicles....it's him...or maybe Paulson....or Bush...or most any other politician.

I'm tired of being raped by the government. It's all a damn joke...except we are the butt of the joke.....they are all laughing their asses off.

Don't you love how Congress set up all those freebies? Hell they even had a fall guy in Bush. If you thought this bailout was bad, wait till the next one.

OP, starred.

Forget about the 700 million, that is just a distraction from the 2.2 billion that has gone to banks and Wall St. since the beginning of the year and Paulson said he is not obliged, and will not, say to whom it went.

That was ever so briefly in the news cycle a couple of weeks ago, and I think DimensionalDetective did a thread around it as well. I am going to go look for it.

The timing on this was crucial.

Citigroup is about to split off it's trash elements and several mergers seem to be looming. Those things take capital, and we're the capital generating masses.

It's the American dream; we all own a piece of this, all parties, ideologies, and any other categorization you can throw in there. Taxes are a wonderful free source of wealth for the players we support.

Im repeating myself everywhere I go....

The Central Banking System must be eliminated. Fractional Reserve Lending must be criminalized as usury. The FED cannot have the monopoly on the creation of money, nor the control of interest rates.

Otherwise these parasitic criminals will always hold our representatives in their pockets.

Double post. Apologies.

[edit on 13-1-2009 by TheWayISeeIt]

Here is the thread The Fed refuses to say where 2 Trillion Went

and an excerpt from the original article from 12/12/08:

The Federal Reserve refused a request by Bloomberg News to disclose the recipients of more than $2 trillion of emergency loans from U.S. taxpayers and the assets the central bank is accepting as collateral.
....

The Fed stepped into a rescue role that was the original purpose of the Treasury’s $700 billion Troubled Asset Relief Program. The central bank loans don’t have the oversight safeguards that Congress imposed upon the TARP.

Total Fed lending exceeded $2 trillion for the first time Nov. 6. It rose by 138 percent, or $1.23 trillion, in the 12 weeks since Sept. 14, when central bank governors relaxed collateral standards to accept securities that weren’t rated AAA.

Bloomberg article

So, this guy wants us to give more money to the people that obviously can't handle money. I'm sorry, but banks are in the business of making money with investment. If you need someone to bail you out, then you were not very good at your job. This guy wants us to reward even more people bad at their job? Isn't there a death row inmate who needs an eye to eat?

reply to post by TheWayISeeIt


Or how about the 53 trillion dollar deficit we really have? That's a good one too.
www.abovetopsecret.com...

We are so lucky to have such great leaders in our government looking out for us!

As I said in my other Post,

Its the big Sting Part 2.


ATS Post

Simultaneously, the yen will wimp out via Japanese banker collusion, re-powering the carry trade, thus driving the stock markets up for one final monster rally to complete the Big Sting Two.

Today yen went down again.