Comments on: Bernanke Defends Bear Stearns Bailout

Fed Chair Says Failure To Save Ailing Investment Bank Would Have Led To "Chaotic Unwinding"

[apprxam]

Case-in-point:
In Northeast Pennsylvannia, Philadelphia and New York City residents, advertized to by the hope of low down payments and interest rates for the first year or two for houses that turned out to be worth nowhere near the appraised price. These appraisers where known to be pressured by the various builders to hype-up them up and no one at Chase Bank monitored the mortgages. Sound familiar? This was in the mid to late nineties and merely an ignored symptom of what''s going on toady. No high finance crime happens in this country without Chase, CitiGroup, Wachovia and the Bank of America being in the middle of it. These banks need to be "trust" busted, al la Teddy R. The fact that the government must step in to prevent a failing investment bank from collapsing the entire system evidently point to its necessary break-up. Nothing Bernanke or Paulson or Wall St. has said to date, assures us this isn''t going to happen again.

[apprxam]

BlackRock? Don''t the New York Fed or the government have accountants? How much is BlackRock getting to "manage" this grant? I wonder who examined the polfolio''s salubrity and who advised the Fed in the first place? How many Chase members are on BlackRock''s broad? Let''s call it what it is...a grant, to the second largest bank in the universe, and largely, mind you, of the very problem we''re having now and had during the good ol'' Enron and World Com days a few short years ago.

[detzu]

One Question: Why Friday FED has borrowed JP and blocked Bear and Monday after Bear was part of JP was allowed to borrow from FED? If Bear would have the right to borrow Friday Bear would be OK now.

[ubrew12]

Read ''Empire of Debt'' by Bonner and Wiggins.
They predicted all this a few years ago.
Italy went through it in the 19th Century, and didn''t get out of the cycle until Mussolini was hanged. Mussolini, BTW, got elected by tsktsking their national debt.

[forrestlayne]

You want to know how we got in this mess..take 40 minutes and listen to this.
"Our Confusing Economy, Explained"
http://www.npr.org/templates/story/story.php?storyId=89338743

[hutch1934]

THIS IS NOT THE RESPONSIBILITY OF THE U.S. TAXPAYER! THE FED SHOULD DISTRIBUTE THE $30B AMONG THE FED MEMBERS WHO OWN THE FED VIA STOCK. CHARGE EACH MEMBER BANK ITS PROPORTIONATE SHARE. EACH MEMBER SHOULD DISTRIBUTE THEIR SHARE TO THEIR STOCKHOLDERS

[apprxam]

10,000% inflation. Sorry.

[apprxam]

Good point, Jerr11, we''re in the midst of Corpogovernment takeovers. Let us remember the pre-Nazi days of debt burdened, Post-World War I Germany. Printing it as fast as they could. Fast-forward to Zimbabwe 2K, 10,000% interest (civil war is coming). Man, it''s exausting looking at the numebers let alone living it. Now the Feds have guaranteed 29-30 billion dollars for Bear Stearns to be raided by rich-*ss JP Morgan Chase and who knows what untold billions for other corrupt and collapsing "institutions" (we used to call them investment banks-heavy on the "investment" part.) What next, bailing out the big 3 auto makers, the airlines, every trucking company. Merchantilism is alive and well in the Colonies formally know as America. The Fiat state lives; bearly.

[jerr11]

Bin Nanke and his buddy Bin Laden:

Two architects responsible the destruction of American economy.

Bin Nanke''s expertise: PRINT MORE MONEY TO FINANCE BUSH''S WARS OF GREED.

After 7 years, the dollar is worth only 60 cents of its prebush value.

Talk about highway robbery!

We''ve been robbed by the republican neocons!

Heckuva job, Bin Nanke (Don''t forget to put back your turban)

[ubrew12]

Song:
"I looked beyond the ethernet, the spectrum spread:
''DC to daylight, the cowboy mogul rides.''
Never worry where the gold for all his glories gonna come from,
Get along doggies, its comin'' out of your hides..."