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Bernanke tells Congress AIG bailout prevented Depression

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posted on Mar, 24 2009 @ 01:32 PM
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Bernanke tells Congress AIG bailout prevented Depression


www.biztimes.com

f the federal government had not intervened to bail out American International Group (AIG) Inc., the company's collapse could have caused a second Great Depression, Federal Reserve Chairman Ben Bernanke testified to Congress today.
"At best, the consequences of AIG's failure would have been a significant intensification of an already severe financial crisis and a further worsening of global economic conditions," Bernanke told the House Financial Services Committee. "Conceivably, its failure could have resulted in a 1930s-style global financial and economic meltdown, with catastrophic implications for production, income, and jobs."
Bernanke and Treasury Secretary Timothy Geithner jointly testified before the committee today.
Bernanke said that he wanted to file a lawsuit to stop the AIG bonuses when he heard about them, but was counseled not to do that by Fed lawyers.
Geithner outlined efforts to get back the AIG bonuses that have not been voluntarily returned.
Under pressure from New York Attorney General Andrew Cuomo, the recipients of 15 of the 20 largest AIG bonuses have agreed to return the money.
Geither said that the amount of the outstanding bonuses will be deducted from the $30 billion recently promised to AIG. The Treasury also is working with the U.S. Justice Department to assess the legal options for recovering the bonuses. Geithner wants AIG to repay to Treasury out of its own operating budget any remaining bonus money.
(visit the link for the full news article)




posted on Mar, 24 2009 @ 01:32 PM
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Here it is ladies and gents. We saved ourselves from a second depression by bailing out AIG. Wow, and there are sooooo many people who say we are not even near a depression. No, our economy is improving just look at the DOW.



posted on Mar, 24 2009 @ 02:13 PM
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what a slimy creep, you feel you gotta take a shower after looking at him

so the FEDS saved the day? the private organization that is f*****g up the world saved us from a depression? and you thought obama was from the planet Krypton

well lets all stand and applaud, in fact lets give them control to buy and own whatever they want...[/sarcasm]

[edit on 24-3-2009 by Darth_Prime]



posted on Mar, 24 2009 @ 02:17 PM
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Yeah, we avoided depression and are now going full speed into complete financial collapse.

Bernanke should be in prison.



posted on Mar, 24 2009 @ 02:17 PM
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I'd rather be in a depression than bailed them out.

Some companies deserve a little help. But not AIG.



posted on Mar, 24 2009 @ 02:24 PM
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No one is too big to fail......but of course, now, we will never know.

If AIG had been allowed to fail, the market would probably have corrected itself, soaked up AIG's business, and gone on about healthy business practices. It would have been rocky for a while, but no where near the mess we find ourselves in now due to the government interference and bailouts.

[edit on 3/24/2009 by skeptic1]



posted on Mar, 24 2009 @ 02:27 PM
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Rabbi Ben is 100% corrupt. You can bet some of that AIG money was kicked back to him. Like maybe $50M. Same thing Barney Frank and Terrible Timmy got.



posted on Mar, 24 2009 @ 02:38 PM
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Bernanke has not been right about ANYTHING since he started at the FED.
Not ONE thing

If this was a professional govt. institution he would have been fired so very long ago.

I agree with the dude above, he should be in prison.



posted on Mar, 24 2009 @ 04:55 PM
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yeah, the bailout prevented a depression of the executive's pockets ... that's about it ...



posted on Mar, 24 2009 @ 04:58 PM
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Right.

And I heard that World War Two prevented over-population.

What a tool bag.



posted on Mar, 24 2009 @ 05:06 PM
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Bernanke tells Congress AIG bailout prevented Depression



Just like the salesperson tells a walking bag of jello, No, those jeans don't make you look fat, we get Bernanke schilling us in the same way . . . it's all just a sales pitch.

In the end, Lardo McSchmardo goes home thinkin' they're the latest hottie-come-lately, and Bernanke thinks that somehow we'll think he's a freakin' Einstein.

Go figure.



posted on Mar, 24 2009 @ 05:09 PM
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reply to post by bputman
 


" Bernanke tells Congress AIG bailout prevented Depression"


More lies by the liars!
[ duh! ]

We all must look to who is getting what, and what laws will get changed as a result!

We used to have OVERSIGHT, it USED TO WORK!!!!!
..


They never discuss that! [ why not ? ]

They never discuss the enemy within! [ I know why not ]

If these liars wanted to fix anything, besides themselves to our collective wallets,

they'd have given the people a 90% tax break,

instead they are lining each others pockets inside of the dog n pony show.
..
..
..


with money that doesn't even exist!!!!!..
..
..
..



posted on Mar, 24 2009 @ 06:11 PM
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Bernanke is good at talking BS

innit............?



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