You're now on the archive server. Commenting has been disabled.
Here Comes Today's Fire And Brimstone Speech To Facilitate The Bernanke Vote, Courtesy Of Political Corpse Chris Dodd
Ok, Mr. Dodd, the American people have had enough of the constant threats of an imminent apocalypse if the money printer is shut down. Instead of focusing on the dire situation his (and his predecessor's) ludicrous monetary policies have saddled a bankrupt America with, you continue to threaten with untold destruction should your lobby interests not get their desired outcome. Please leave already: it is your, and Barney Frank's, lack of actions at the proper time that is among the primary reasons for the current Great Depression V2: instead of endorsing ways to continue the wealth transfer from America's working class into the Wall Street "Financial Service Providers", we suggest you really focus on your family and leave politics to those, uncorrupted ones, who have not been tainted with scandal after ever-greater scandal.
From Dow Jones:
A top Senate Democrat said Friday that failing to confirm Federal Reserve Chairman Ben Bernanke for a second term could have "huge economic implications," but a Republican aide said his confirmation is likely not in jeopardy.
Senate Banking Chairman Christopher Dodd (D., Conn.) cited the impact that rejecting Bernanke would have on financial markets.
"I think if you wanted to send the worst signal to the markets right now in the country and send us in a tailspin, it would be to reject this nomination," Dodd told a group of reporters. "This is not naming someone to be an assistant secretary to something. This is the most important central banker in the world."
Dodd warned that rejecting the president's choice for the Fed chairman would have "huge economic implications, and people need to think about that." Speaking of Democrats who plan to vote against Bernanke, Dodd said he appreciated their frustration but argued that "they're missing the larger point. "That's a short-term answer," Dodd said. "And the short-term is going to create far many problems than it's going to solve."
We, for one, and the entire United States of America for another, now call bullshit on your empty threats, which will only impair the billionaires who should be in jail and not in corner offices south of Canal Street.
»
- 5168 reads
- Printer-friendly version
- Send to friend
Mr. Dodd, why do you hate America?
Douchebaggery!
...because when I want sound economic advice, I want to listen to no one other than Chris Dodd.
I say DoucheBUGGERY - because they took the time to douche the horse before buggering it. Premeditated douchebuggery.
God Dammit, I was eating stew when I read this. Now I have to wipe up my monitor, my desk, my keyboard, set a bunch of papers to dry...
I mean, this is really funny stuff but now I've got a lot of cleanup work to do.
At least it wasn't a beer, then you'd have the whole "spilled beer smell" to deal with.
So true. Small blessings.
grab the ankles .. bend over and say augh,,
grab the ankles .. bend over and say augh,,
grab the ankles .. bend over and say augh,,
grab the ankles .. bend over and say augh,,
grab the ankles .. bend over and say augh,,
At it again dumpster? "You repeat yourself when under stress"
Tourette Syndrome in print.
You do good work Mr. Durden.
I find it interesting that Mr. Dodd has something to say on the matter, yet the POTUS has remained silent.
Mr. Dodd is outside the lines of reality with his M.A.D. assertions. Mr. Bernanke can be replaced, and the world will still spin on its axis at 23 and a half degrees. Given what we've seen the past 4-5 years, we may all be better for the change.
Putz.
Slimeball.
+1
he won't be silent for long.
he either shitcans Bernanke or continues support.
grow some stones Barry and make the call.
Now that the advantages of the lucrative Democratic Party financial support promised by Rahm in exchange for pro-financial and pro-healthcare industry "reform" have been scuttled and rendered moot by the supreme court ruling yesterday...
One can only hope that Obama wakes up and makes the correct call. Unfortunately that is out of character with the man... No Drama Obama!
DH - A person holding an office and running their area by committee by definition has no stones...
"I think if you wanted to send the worst signal to the markets right now in the country and send us in a tailspin, it would be to reject this nomination," Dodd told a group of reporters.
Dodd, well trained by his handlers on Wall Street, obsesses about "the markets" rather than the economic condition of the lumpen proletariat. Does he forget how "the markets" have recovered, while the economy has not?
A top Senate Democrat said Friday that failing to confirm Federal Reserve Chairman Ben Bernanke for a second term could have "huge economic implications," but a Republican aide said his confirmation is likely not in jeopardy.
We welcome those huge economic implications; throw Bernanke under the bus, and replace him with no one.
+10. A close relative of mine is a lawyer who does a lot of bankruptcies. He says, "What Recession?" People running out of their EUC extended benefits are saying, "Recovery? Are you nuts?" If Dodd thinks the markets are the point of this whole enterprise we call the United States Of America, it's time for him to go home, now. Markets exist to facilitate what we're all trying to do; not the other way around. Idiot.
+1
Gold standard, or Bust!
A nice short concise simple sounding suggestion on reforming the Monetary System.
So, I'm thinking about your suggestion.
The United States is supposed to have the largest gold reserves in the world. The thing is, I keep hearing about gold coin issues being pulled because there is not sufficient material available. I keep hearing stories about tungsten filled gold bars connected to the US. I have heard numerous times about the fact that the gold reserves have NEVER been audited. What happens when America finds out when an audit is finally done that the US does not possess much gold? I think that's gonna really be a serious hurtle to fix.
Can one country go to the gold standard to base their currency on if the rest of the world does not go along at the same time?
How's that going to work out? I understand that the value of ALL the physical gold in the world is only a Trillion or so. Doesn't that imply or limit the amount of commerce to a small multiple of the total value of all gold?
If the entire world decided to go back to the gold standard, then we are talking about 1 global currency. Seems to me, a lot of the lunatic fringe conspiracy theory whack jobs have been screaming about that for years as a development to fear/avoid/stop.
I'm beginning to think that no one country can go it alone.
There is, in the not too distant future going to be a need for a new currency based on sound monetary policies, and solid regulation to catch and stop the gaming that will occur.
I ask myself, does that sound even remotely possible? Get most of the countries of the world into a sit down & work out the problems?
Probably not in my lifetime.
I think a good goal for societies to work towards, though.
Note that I said Societies and not Government's.
I know that most of you who frequent Zero Hedge are tied up with and connected to the Financial World. Its very important to you. And you would'nt be here if you thought the system didn't have some serious problems that need to be dealt with right now. But you need to take a step or two back and look at the problems from the viewpoint of all society, not just the financial world.
We've got it backwards. Society should be useing the financial system for its benifit, not the financial system using society for its benifit.
In a perfect world the financial system would merely be a tool used to advance prosperity in a society, not the driving engine that creates economic bubbles and makes or breaks societies.
The function of our monetary systems should be boring, stable, a dynamic unchanging bedrock of stability. A given that we all trust and don't have to waste any further time fixing.
So. There's a pipe dream. (literally)
David,
I really enjoyed your post. I feel the yearning for a better system. I ask you, request, that you seek to understand the solid, bedrock of a gold standard - a system that is not prone to manipulation.
Many complain that our society wouldn't function with a gold standard and they are exacly right! Our current system would not function if gravity were applied! The gold standard simply scoffs at the idea that a government is smarter than the governed people. The governed people will rise, as always, and reclaim their right to peace under the natural law. A gold standard ensures that a government cannot rob its citizens of their wealth; their sweat.
A bad law is an illegal law - and should not be followed:
Avoid the wrath of the good.
Dudd has never been concerned with the Lumpenpak back in Connecticut and will soon be retiring to his humble abode in Ireland. Extradition from Ireland must be pretty difficult.
We have enough criminals and idiots over here - deport Dodd to Haiti
Dodd warned that rejecting the president's choice for the Fed chairman would have "huge economic implications...."
So...Ben could resign? How hard is that? I mean, geez, there's still 59 Dem senators. Don't these people talk to each other?
Hey guys, lighten up here. Dodds is just trying to land his next job. Sprucing up the old resume. You know how it is. GS won't hire anyone who isn't on the right side of a debate.
Dodd is dumber than a box of rocks... the only GS position Dudd is qualified for is...
Men's Bathroom Attendant
"Towel Mr. Blankfein? Shine?"
How can one small state turn out so many Super Douche Senators so prolifically?
"Confirm him or the market gets it!"
You dirty rats!
It appears Mr. Dodd has not returned the call this morning from the oligarchy. It is getting too hot for the oligarchy. Damn bloggers are getting too close. The oligarchy needs this Bernanke BS over, now.
The oligarchy is making calls today to inform the politicians that a yes vote means a no vote for campaign cash in November. Thank you Supreme Court.
It appears Mr. Dodd has not returned the call this morning from the oligarchy. It is getting too hot for the oligarchy. Damn bloggers are getting too close. The oligarchy needs this Bernanke BS over, now.
The oligarchy is making calls today to inform the politicians that a yes vote means a no vote for campaign cash in November. Thank you Supreme Court.
For the most part, Capitol Hill is not capable of discounting as many cross-currents as Wall Street. Financial professionals continually examine, global macro and micro factors and adjust asset valuations in real time. In Washington, its been all about healthcare.
The real turning point hit with the Mass. Senate race which broke the fragile coalition required to pass the 2,000 page hell bill.
The White House did what campaigns do...political strategists call it "the pivot." And the pivot is bank bashing. This is a serious problem for Geithner and Bernanke.
Until the WH decides it can advance its political agenda through some other means, the banks will be a constant target.
That is correct. It shows the hollow, populist panderer Obama is. His weekly deep reflection asks, Which way is the wind blowing?
But be careful, most on this site voted for him.
" populist panderer Obama"
Yes Anony, I think it is time for another one of those regular as metamucil appearances with some numb nut MSM hack like Charlie Gibson and the usual:
"I get it. I assure you."
Bullshit Barry doesn't get. I can assure you.
The Political Messiah was not paid $600 million in lobbyist campaign bribes to run for president just to get in the WH and get it. He was handed all those Bernank-ster bucks NOT to get it.
G.W. Bush... "You dance with the one that brung ya" (sic)
Dodderer,
Go sell crazy someplace else, we're all stocked up here.
No suprise. That is why he is not running in 2010 because he cannot win.
He is just trying to line up his future gig. Out with the political waste.
At least when Bush spoke i could always count on being amused by his inability to speak English. With Obama i just want to hurl something at the TV.
"averted the 2nd great depression" my ass.
The banks are going to buy something that makes them A LOT OF MONEY. You heard the psychic.
12 of these have been ordered.
http://news.softpedia.com/news/IBM-Proposes-the-Fastest-Laser-Printer-in...
+1 million. I get so disgusted when that hypocritical windbag opens his mouth anymore, I just change the channel.
If you miss me on here in the next week it is because I have crawled into my oven to protect myself from the falling sky....in case he does not get enough votes for reconformation.
Can't the fed skull fucking monkey do the job alone or does he have to have the human? Couldn't we just grease up bowling ball and put it in front of the printing press?
Who was that researcher guy who made the rape rack for the monkeys so the abused monkeys could mate and have children and he could see how they treated them. I'm sure he could make something that would work.
Or if he isn't confirmed he could go help poor africans by loaning them money and beating them up if they didn't pay the bills on time. Or spending some time with Dodd's wife and family.
Wasn't skull fucking outlawed back in 2007?
http://www.theonion.com/content/video/live_from_congress_the_skull
Look guys apocalyptic threats have been very effective in helping this administration to loot the Treasury. It worked for the last administration and it's been very profitable for this one. You can't expect them to give up easily on what has worked so far.
Yes indeed. Still waiting to see who reads the memo from the public stating that bail-outs must end, the budget must get balanced and the debt must be paid off. So far, both parties are sticking with the tried and true that has led them both to political ruin and the nation to financial ruin.
Dodd to America
"Up your ass with broken glass!"
Shouldn't Dodd being for Uncle Ben mean that anyone with 2+ functioning neurons would be against it?
You're talking about 2+ functioning neurons in a country that elected a lot of these imbeciles in the first place (while we were busy flipping condos in Vegas and Miami because home prices would never go down)?
I'd be pissed if I were an assistant secretary to something
Still carries more juice than being an assistant vice president of something.
The graveyards are filled with indispensable people, Dodd.
Nobody is above the democratic process and rule of law and nobody, but NOBODY puts baby in the corner.
The graveyards are filled with indispensable people, Dodd.
Very.well.said.
And.true.
Amen
+100
Much better than the Dodd's statement. Which I think he stole from this which may have been derived from a CIA briefing or something.
http://www.youtube.com/watch?v=ENWgEwyoWuA
Rejecting the president's choice for the Fed chairman would have huge economic implications, and people need to think about that. - Chris Dodd
Okay, I’ve thought about it. Thanks for relaying the oligarch’s message—even if you are a messenger from the grave. But, hey, I know when you leave the Senate you still have to eat. I mean if they don’t take care of you after what you’ve sacrificed--your seat and everything--who can you trust?
classic.
(RIP Patrick Swayze)
Dodd actually claims the nay voters are "missing the larger point" and not reconfirming him is a "short term answer". In truth, it's just the opposite. He's so corrupt he can't see what's going on.
Of course. Anyone who goes against the powers that be do it out of sheer ignorance.
: the state or fact of being ignorant : lack of knowledge, education, or awareness
They try to make us aware. We become aware and figure out how fucked up it is. Then they call us ignorant and teach us again. We come to the same awareness, they call us ignorant and teach us again. It's like having a teacher that had 12 strokes over the summer and a lesson plan they won't let go of.
Then they tell us we can't audit the fed becasue then we'd know stuff that would be bad. Maybe all we'd know is that when they call us ignorant it's because we were right and they won't let go of thier we're not going to inform you because we need to call you ignorant all the time to maintain control.
Dear Sir:
We regretfully inform you that you are in a permanent state of ignorance. Please don't drop out of school as we need the tuition fees.
PS. We'll get the teachers to give you blowjobs if you stay.
Signed,
America Fuck Ya!!!!
Recent TSA prankster's name: State Secret
$2.2 Trillion Bloomberg FOIA request: State Secret
Fed Books: State Secret
CIA Kidnapping and Torture: State Secret
...
Hmm. Soon, campaign funding sources will be a State Secret. But even the obvious stuff still available for public view (Timmy's phone records) are not enough to elicit a knee jerk from the braindead majorities in the Un-tied States.
2012 Election results?
Oh dear, oh dear, oh dear, the banksters don't like it, so threaten the world....again.... with economic collapse to get their way.
Sounds like a two year old screaming and yelling, throwing a tantrum on the floor because he can't get his own way.
Why should the US people be subject to these sort of threats to justify banksters status quo and Wall Street's cushy risk free access to the pockets of the ordinary US citizen?
I CAN'T WAIT TO VOTE THIS TOOL OUT OF OFFICE!
oh, right, I forgot......
Hey, Chris Dodd..go phuck yourself and retire to your sweet real estate deal in Ireland, ok?
And cut out the bullshit about the world will end scenario because the vast majority of Americans do not support Bernanke and are smart enough to see that assholes like Bernanke are robbing this country blind.
Dodd is a piece of crap. His citizenship should be revoked, and he should be thrown in Guantanamo.
How dare he rear his ugly mugg and threaten people this way. P.O.S!
Congrats Chris, spoken like a true GS Chairman candidate!
If you think things are bad now, watch this:
http://www.youtube.com/watch?v=PKZKETizybw&feature=player_embedded
I think Keith Olbermann nails it. This is simply the end of the experiment called "American democracy".
Unfortunately most will miss the implications of this event... the biggest news story in 2010... perhaps ever.
Remember this movie?
Jonathan!... Jonathan!... Jonathan!...
http://en.wikipedia.org/wiki/Rollerball_%281975_film%29
MSNBC is the arch-rival of FOX. Neither is good for this country.
Olbermann spews acid for 11 minutes without actually enlightening his viewers. He is insulting you! He only mentioned the word "fascism" once, even though it was the, entire, theme, of, his, vitriol. Enlighten? He never once spoke about the 14th Amendment and how it has been twisted:
http://en.wikipedia.org/wiki/Fourteenth_Amendment_to_the_United_States_C...
And here the controversy is explained:
http://en.wikipedia.org/wiki/Corporate_personhood_debate
So now campaign finance is "unlimited" - this is very bad, but like most of what Olbermann posited it ain't nothin' new! This is all to make you feel helpless, but hate those teabaggers and corporation-loving Republicans. WTF? He is shouting down, day after day after day, an ascendant independent party that is pissed. I just bought a Gadsden flag today and am proud to follow in the footsteps of greatness.
Fuck Olbermann and his spin, lies, and garbage.
We need to get something off the ground: The Rattlesnake Party
Countrywiders for Ben!
Thanks for the commentary on this scumbag, Tyler.
What the politicians and financial wizards fail to realize is that a smaller percentage of Americans are directly dependent on the market for gains compared to 2008/2009. Sure, the media will join in the scare tactics to whip up fear, but the only ones dependent on the market are investors of all types. Many have converted to short-term trading so they won't get caught by another crash.
Chris Dodd is a whore. We love Senator Feingold here in Cheeseland!
more of this if we don't do this it's doomsday for us bullshit.
the saddest thing is people actually listen to these idiots.
this country is so far gone it's beyond pathetic.
Ben's lobbyists must have taken Dodd out to dinner last nite...
Now I am really, really scared!
Dodd knows what he is doing. Keeping the Fed debt machine going means bucks for the banksters. Ruml said in 1946 that if you had a central bank and a fiat currency you didn't need taxes to fund the government.
There is a lot of profit in printing money and buying treasury securities.
I think if you wanted to send the worst signal to the markets or anything else you would get Chris Dodd to comment on it.
Haines said something to that effect this morning as well on CNBS. People wouldn't be happy if they wake up the morning after with a 400 point drop. Oh the horror.
I think "people" would be happy with jobs and a stable currency. As opposed to an easy money policy which facilitates blowing of bubbles, that only seem to benefit upper echelons of society.
+1
Just an observation...Now don't hang me for this one, I'm not implying anything, but, were I to read this article and Tyler's commentaries anywhere else but here, I would think it was written by a marxist. You know what I'm talking about, the working class verses the billionaires yada, yada, yada. Now, do I have a point to this oh so feeble ascertainment? If I do have a point it would be that I'm becoming a marxist. This plaques me somewhat.
The key difference here is that all Marx really wanted was to fuck the little people himself. What we're talking about here is productive people being rewarded for their industry without the goddamn-blood-sucking-squid-that-is-the-finance-industry rigging the game with the assistance of a corrupt government.
Oh, you mean social inequality and class struggle, the Bourgeoisie/proletariat conflict?
No George, I think what he means is that you are not a pig that flies but just a regular old Fox News watching ground dwelling pig in a pen of shit that eats any little shitty morsel that drops out of your TV.
You probably didn't read the last lines of my post, I would summarize this as pointing out that I agree with what Tyler writes. Feel free to read it again, why not get your 12 year old to translate into simpler terms if you're still not getting it. And no we don't get Fox News in Sweden. Oh, and self medicate.
No, George, you don't understand... what he is saying is that you are a dick... you know... a hanging penis. I agree with him. And we had Marla run one of polls... so does everybody else, dude.
One person calls you a jackass, no big deal. Ten people call you a jackass... it's time to go shop for a saddle.
+10
You have to love a Swede talking about Marx. Saddle up!
I live in Sweden, therefor I am a Swede. Salmon is a fish, therefor all fish are salmon? People like you, make it hard for people like me to defend Americans like us in places like this.
Come again?
Yous white trash ain't ya?
Thats real easy from behind a keyboard in Stockholm. Nope, I'm just a rude person. But I am generally nice when I encounter intelligence.
Where would I have to live and what would I have to do in order to qualify for your "white trash" exemption??
White trash isn't an address, moron. It's a state of mindlessness.
Let's get together for a personal meeting. What do you say???
>
Now I am interested.
Who in your country do you consider to be "white trash"? Where do they live? What do they do that makes you fear and loath them?
You people that critisize other people to a degree of ridicule just because you don't like what you hear, are showing your immaturity. How about some intelligent rebuttal and leave it at that, instead of personal attacks.
I think the article meant "working class" as synonymous with "lower and middle class". Basically anyone that doesn't use the government to further their profit making ability - although we are so far down the road of corruption you can find examples of gov't enhanced business at all levels of society. Do you think crack dealers are spennin' their Benjamins on food? That's what food stamps are for.
OK referee Rick
OK Referee Ricky
Thanks Referee Ricky
<
deleted
What the hell is wrong with you people. All I'm pointing out is, would any of us, read or write this kinda stuff 3 years ago....No, a lot has changed. In fact the rich f..cks have ripped off the working class. And that's what's got us all wound up, right? Right....well then it has become a class struggle. F..uck forget it people, this used to be a site where comments were smart, and discussion intelligent. What happened? Expected more from you MILES.
Whaaaaa!
Expectations should be diminished going forward. Especially yours.
WTF?!~ Expected what more? I said NOTHING! Why are you in a friggin' twist over a comment that isn't? What I posted at first was not meant for this spot, but perhaps I was mistaken.... Do inform me what is so disturbing about a non-comment? Deleted is just like duplicate with me... Except that if I said duplicate and there had been only one comment here I would be an even bigger fool than I am presently.
Miles, before you deleted your message it said something about forgetting to call me a pinhead, if it was placed incorrectly, then I'm sorry. But at the time it seemed like you joined the lynch mob. That's not so hard to understand is it?
Not at all. In fact I may well have jumped in as well were I in your position. The mitigating factor being the nearly instantaneous nature of my amended comment. Once I realized my mistake and corrected it I would have expected you to do the same. At least that was the outcome I would have expected from the history of your commentary.
I welcome this exchange as well and the opportunity it has provided us both to set things right.
So any solution to an oligarchy immediately sends you to the marxist penalty box? Most want, I believe, a more level playing field. I don't think anyone here would suggest if you mortgaged your balls and made a zillion dollars in the free markets they would want 95% of it...but if your playing inside ball, know outcomes and are backstopped ...well then I guess people would want to confiscate those gains...am I off track?
Of course your not off track. Some peoples reading skill are however...(not yours I'm sure).
You mistakenly are assuming poor reading skills for what is actually an outright dislike of you or anything you have to post. Saddle up!
Grammar boy, watch the grammar.
Don't be discouraged and don't let these people that can't respond in an intelligent manner get to you.
Referee Ricky!
:0
An expert Swedish English linguistics major, economics minor day trader?
Educated at Oxford perhaps?
There is a significant difference between a Marxist and an anti-fascist. All Marxists are anti-fascists, but not all anti-fascists are marxists.
Political and economic liberty are in a different dimension from the authoritarian socialism-fascism axis.
Yes indeed. Heck, even the libertarians and greens can meet in agreement in the "GFC", but the communists and fascists never will meet on anything but a battlefield.
how bout this guy... Seems educated enough to know we need QE2....
Meet Donald L. Kohn, Your New Federal Reserve Chairman
http://www.businessinsider.com/meet-your-new-federal-reserve-chairman-20...
Do I understand this correctly?
Mr. Bernanke is "too big to fail"?
Mr. Dodd - Please so the trick where you open your mouth and your head disappears.
I like where Dodd does the trick where he opens his mouth and his head disappears...
The loud pop that was heard all over WDC was Dodd making his face available to the media.
Head?
Saddle up!
You think they would know better than to listen to a lmae duck who is afraid to run becasue he'd get killed. Now maybe B. Frank will loose next. Dodd just doesn't get it. This is about democracy. Do the people actually have any say about their government or is their government just owned by corporations
dodd needs the cell next to bernanke. i wonder if chrissy is a top or a bottom
heh. Bernanke would rule that cell. Bernanke has far more money, power and connections. If they were both in federal prison I am sure that they would not be cell-mates tho. Unless of course they were in a "cheese factory" otherwise known as a WITSEC unit where the BOP houses many of its high value cooperating witnesses.
Some of do not think we are brain dead.
Some of us resent being threatened and extorted by fear-mongering
Friends of Angelo...
GO TO H**L CHRIS CRIMINAL
You, CHRIS CRIMINAL were one of the creators of this economic nightmare.
In other words, vote for Ben or the terrorists win.
What a maroon!
The market just started down. Here comes the punishment.
This shit has GOT to stop.
Max Keiser keeps talking about "financial terrorists". Maybe he's got something there.....
Do ya think????
Folks, this is simply the event contrived to drive the $ in equities to treasuries, and it will all be our fault cause we demanded a look behind the curtain. Who the hell do you people think you are anyway, back to work.
Taxing Wall Street Down to Size
David Stockman, a director of the Office of Management and Budget under President Ronald Reagan
Make no mistake. The banking system has become an agent of destruction
for the gross domestic product and of impoverishment for the middle
class. To be sure, it was lured into these unsavory missions by a
truly insane monetary policy under which, most recently, the Federal
Reserve purchased $1.5 trillion of longer-dated Treasury bonds and
housing agency securities in less than a year. It was an unprecedented
exercise in market-rigging with printing-press money, and it gave a
sharp boost to the price of bonds and other securities held by banks,
permitting them to book huge revenues from trading and bookkeeping
gains.
Meanwhile, by fixing short-term interest rates at near zero, the Fed
planted its heavy boot squarely in the face of depositors, as it
shrank the banks’ cost of production — their interest expense on
depositor funds — to the vanishing point.
The resulting ultrasteep yield curve for banks is heralded, by a
certain breed of Wall Street tout, as a financial miracle cure. Soon,
it is claimed, a prodigious upwelling of profitability will repair
bank balance sheets and bury toxic waste from the last bubble’s
collapse. But will it?
The baleful reality is that the big banks, the freakish offspring of
the Fed’s easy money, are dangerous institutions, deeply embedded in a
bull market culture of entitlement and greed. This is why the Obama
tax is welcome: its underlying policy message is that big banking must
get smaller because it does too little that is useful, productive or
efficient.
http://tinyurl.com/yezfxb3
Bad David! No cookie for you!
-1
Hey Dodd suck my Codd.
Hey cut it out -Bernanke is the man of the year keeping us from entering another great depression in 2009.
Cronism, Dodd dynasty, Thank God will cease to exist!
This corrupt politician, among others, need to be put on trial and prosecuted for their crimes!
I remember when he had the accounting rules changed and then blames others for their bribed laws!
Kick every incumbent politician out of office and put term limits on their asses!
Have never used profane language like this on any discussion board after over 15 years of Internet and another 4+ via BBS. yet here is my feeling about Bernanke, Dodd, Frank, etc.
FOADMFers!!!
May hell have an especially hot place for them.
The only thing holding the market up was the Fed.
Now they are having a tantrum because they cant get their man reappointed, they have stopped the financial support and we get to see just what the real market support for equity prices is.
Ohh yes, the hammer will come down, but that would be what REALITY looks like, instead of all this trendy Financial Innovation the banksters are so keen on.
Recision.
If Bernanke is not re-elected, we will all be bald by christmas
Keep spreading the message to vote out all incumbents on every website