Confidence? What Confidence?
“Federal Reserve Chairman Ben Bernanke and the Bush administration on Thursday defended the decision to rescue Bear Stearns amid questions by lawmakers about why the government was helping Wall Street investment houses but not people on Main Street.”I gagged when Ben Bernanke actually tried to defend the Bear Stearns bail-out by claiming a crisis in confidence. So exactly how confident are investors in the good 'ol US of A supposed to be now that the Fed has to bail out 80-something year-old investment firms?
Hey Ben, you want to restore confidence? Let the free markets work.
And does Bernanke even care about Americans or does he just care about those Americans who happen to work for Wall Street? Here's one reader's answer:
How do the Master Planners feel about the American household, about the little guy? Here's some of Bernanke's testimony today on the hill:Angry yet?
Mr. Kennedy (loud): "What's your recommendation? We have monetary and fiscal policy. You have responsibility in monetary, Congress does in fiscal policy. But you have to have some position in terms of the economic crisis that we're facing."
Mr. Bernanke (calm): "No sir."
Mr. Kennedy (louder): "You're not prepared to tell us, to try and provide help and assistance to the states . to try and help and assist families, working families?"
Mr. Bernanke: "I'm all in favor of assisting people, sir, but it's Congress' position."
Mr. Kennedy (at his loudest): "You don't have a recommendation?"
Mr. Bernanke: "No sir."
What they really meant:
Kennedy: "What are you going to do to bail out the American household, Ben?"
Bernanke: Nothing Ted. What are you going to do about it?
Kennedy: "I asked you first."
Bernanke: "Well, Ted, you ignorant sot, we bailed out Wall Street. That's good enough."
Kennedy: "That is not good enough, Ben, you pretentious pedagogue. You need to bail out the American household too."
Bernanke: "No, Ted, you do that."
Bernanke: "No Ben, you do that." "No, you do it." "No, you do it."
Or is any despicable act justifiable if it means that there is even the very slightest chance of saving some of your precious housing loot?