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Watch Ben Bernanke Explain His Reasons For Letting Banks Live And Die Commercial Free
As day two of the FCIC hearing into why the Fed flips a coin, and/ore answers a call from 200 West, to decide which bank is TBTF and which isn't, watch Ben Bernanke's tenuous dance with truth and reality at the following FCIC link.
And for some inexplicable reason Sheila Bair will be there too.
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Session 1: The Federal Reserve
Ben S. BernankeChairman
Board of Governors of the Federal Reserve System -
Session 2: Federal Deposit Insurance Corporation
Sheila C. BairChairman
U.S. Federal Deposit Insurance Corporation
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Darth Bernanke=Destroyer of worlds
why so surprised Tyler?
It's always been like this: The best cocksucker wins.
I don't think you have a secretary, because otherwise you would understand what I'm talking about.
I would advise you to rent this movie:
http://www.imdb.com/title/tt0274812/
I remember that when I saw that, I just knew I had to step up the ladder. That movie has been my guide in my career ever since.
It`s not easy to hear Bernanke.
It hurts and it`s bad for your health.
It's a toss up, lying BBBernanke or a moronic pandering CONgress? Either way it makes for painful viewing.
I hear there's another address on Pennsylvania Ave that is very interested in this testimony as well insofar as Ben Bernanke is concnerned. Sheilia Bair on the other hand...she seems to stand for "truth, justice and the American way." Of course as was said in the movie "A Few Good Men"--YOU CAN'T HANDLE THE TRUTH!
Posses and nooses!
Metal markets are going crazy. I wish he would just shut his mouth.
Tyler, please supply Dramamine and a barf bag with these links.
Fuck that.
The only way this is watchable is with vast amounts of xanax, and heroin.
Thorizine slurpees with lithium chasers. :-)
Yes Ben, you have taken care of too big too fail.. in your own special way. The Republic thanks you.
Ben needs to tank the markets now for this 'emergency stimulus' everyones chomping at the bit about. Kind of hard to pump markets, say all is well daily, AND call for dire need of stimulus huh?
liar, liar, pants on fire....they destroyed lehman to payback goldman for not destroying the entire financial system....
to the victor go the spoils.
GS won.....and got the treasury, and the entire population of the US as debt slaves for the next three decades.
DON'T DEFAULT WITHOUT IT
http://williambanzai7.blogspot.com/2010/09/dont-default-without-it.html
HISTORY REPEATS ITSELF
http://williambanzai7.blogspot.com/2010/09/history-repeats-itself.html
Maya Bhandari on India's Reserve Bank of Stagflation
Puppet theater. No theater for the blind.
Really, it is so sad. Not even entertaining because they have so much power!!!
I look at it and think "How are we going to be OK?"
Don't know.
Daily Prayer: "Deliver us from EVIL!"
What is being tossed around by both Tiny Tim and other Fed members and no doubt you will hear uncle Ben say that today, is that the Fed did not have the authority to bail out Lehman. Someone needs to point out Section 13.3 of the Federal reserve act, that was amended after Bear Stearns failed.. i.e months before Lehman was a target for old Hank Paulson.
http://www.federalreserve.gov/aboutthefed/section13.htm
In unusual and exigent circumstances, the Board of Governors of the Federal Reserve System, by the affirmative vote of not less than five members, may authorize any Federal reserve bank, during such periods as the said board may determine, at rates established in accordance with the provisions of section 14, subdivision (d), of this Act, to discount for any individual, partnership, or corporation, notes, drafts, and bills of exchange when such notes, drafts, and bills of exchange are indorsed or otherwise secured to the satisfaction of the Federal Reserve bank: Provided, That before discounting any such note, draft, or bill of exchange for an individual, partnership, or corporation the Federal reserve bank shall obtain evidence that such individual, partnership, or corporation is unable to secure adequate credit accommodations from other banking institutions. All such discounts for individuals, partnerships, or corporations shall be subject to such limitations, restrictions, and regulations as the Board of Governors of the Federal Reserve System may prescribe. If Lehman's collapse didn't fit an exigent situation, then I might as well be rounded up by the Tea partiers as not understanding the english language. Lehman's failure is the single event that has forever changed the credit markets, it caused libor to spike and is perhaps the single event that has affected the credit markets even to this day.Nobody in the real world has any consideration or care as to what filth and deception these characters say or act upon. They are offically no more significant to many people's lives than a scuttling cockroach. Until some form of mass principal reduction is made to those surviving mortgators by defaulted banks across the land ... Well, lets just say that Helicopter Ben's thesis doesn't apply to the non-bank owning class, or even community banks for that matter.
Yes, that's the answer! More lawyers, accountants and financial people! Perhaps we can move the employment needle a few percentage points by having more folks pile into useless/toothless regulators AND keeping track of the world's biggest hedge fund's (FED) trade matching and valuations.
Some will want to remember that the FRBNY,
following the collapse-rescue of Bear Stearns,
sent a team to 'audit' Lehman
A 6 billion line of credit, a measly 6 billion line of credit, and a kick to curb of Dick full' and we could have prevented 700+ billion of tax payer handouts. As distasteful as it may have been to extend a line of credit to a bank that only had itself to blame, 6 billion and a behind the scenes changing of the guard at Lehman would have lessened impact of the bailouts.
They've still never told the truth about the possible domino effect into the health and life insurance markets. Frankly the only plausible excuse I can think of for the zombification and loss of real return for a generation.
No one asks this simple question: what would mark-to-reality and widespread totally justified haircuts and defaults do to the invested premium cash in the insurance industries? Does anyone connect that dot to health care reform>>>can anyone in the USA even think nowadays?
I have in mind a potential doomsday scenario in which health insurers actually collapse and take the health care delivery system with them. That, and only that, might justify the scale of economic destruction being visited upon us by our policy overlords in DC-NY.
Otherwise the whole thing is only a scam for the profit and convenience of the superrich. Not that I am taking a poll here on that...just lamenting the lack of public inquiry or explanation, which seriously undermines both the legitimacy of the political system and confidence in the economic/market constructs. It seems unnecessary.
Let's make this simple....
$Trillions gone....and no one has been held accountable....
If this is not the ultimate example of FASCISM and regulatory capture ....what is ?????
The minute I endured watching Ben Bernanke self-adulate talking about saving AIG was enough for my stomach.
Not accountable until the "fixes" self-destruct. And then he'd better find a deep hole to hide in.
THE CONFESSION
http://williambanzai7.blogspot.com/2010/09/confession-of-moral-hazard.html
John Cassidy: Bernanke Changes Story on Lehman Collapse 2:29 PMRead more http://www.newyorker.com/#ixzz0yP9fIbty
Apologies for the additional URL above - just clicking this title should get you directly to it:
John Cassidy: Bernanke Changes Story on Lehman Collapse
Look:
2+2=5 always has done.
Cross-check?
5-2=(3, but take away the remainder 1, you don't need it)=2.
Yup. Most def.
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