Fed “extremely uncomfortable” with bailouts

Bit of a pucker factor there, eh, Bernake?

www.foxbusiness.com...

Friday, April 03, 2009
Bernanke: Fed Will Take Every Step to Stabilize Market

Reverting to the college professor he once was, Federal Reserve Chairman Ben Bernanke spent 30 minutes Friday morning explaining -- and defending -- the central bank’s unprecedented interventionist strategy of the past 18 months.

“In ordinary financial and economic times, my topic, ‘The Federal Reserve’s Balance Sheet,’ might not be considered a grabber,” Bernanke joked in his opening remarks during a speech in Charlotte, N.C. “But these are far from ordinary times.”

Clearly attempting to address growing unease over government bailouts of huge banking institutions, Bernanke acknowledged that the Federal Reserve was “extremely uncomfortable” with recent emergency efforts employed to save Bear Stearns and American International Group.

The interventions were necessary, however, to ward off systemic failures of financial systems around the world, he said....

Originally posted by Dbriefed

The interventions were necessary, however, to ward off systemic failures of financial systems around the world, he said....

I don't buy that systemic failure talk. Let the banks fail. It won't cause our economy to collapse. It's all a gigantic lie to justify giving trillions of $ to the bankers who have been running the world for decades.