Fed boss: Bank exam results should buoy confidence

The government's unprecedented "stress tests" of the nation's 19 largest banks should bolster Americans' battered confidence in U.S. banking system, Federal Reserve Chairman Ben Bernanke said Monday as he defended the rigor of the exams. Full Story
Hal

San Anselmo, CA

#1 May 11, 2009
Feel good pabulum...
"the months ahead will introduce the American public and our leaders to a range of horrors that will begin to penetrate our addled collective imagination. We're far from done with the crisis of banking and money and the related fiasco in mortgages -- which translates into the very real situation of many people become homeless. It remains to be seen what may happen on the food production scene, but the current severe shortage of capital and the intense droughts shaping up around the world will resolve into a much clearer picture by mid-summer. The price of oil has resumed marching up and has now re-entered a range ($50-plus) that spun the airline industry into bankruptcy last time around. Enough carnage has already occurred on the jobs scene that the next act among many chronically jobless may tilt toward desperation, anger, and violence. The sporting goods shops around the nation are already rationing ammunition."
http://www.kunstler.com/
----------

"To fix this fake crisis, there are fake discussions about what the government must do. The endlessly recycled plan to buy "troubled" assets isn't to get banks lending again, because they haven't stopped lending. The plan seeks for taxpayers to buy worthless assets at high prices to absorb rich investors' losses. That's it. It keeps coming back as a different plan, but with that same goal. There is no goal beyond that one goal: keep rich people from taking losses.
Obama and his economic gurus all chant, "Credit is the lifeblood of the economy," but they don't mean credit. They mean debt. Imagine the president saying, "Debt is the lifeblood of our economy. We desperately need to get more American families deeper in debt." That's what he means, and that's what these bailouts hope to do.
http://www.sfgate.com/cgi-bin/article.cgi... ;

Tell me when this thread is updated:

Subscribe Now Add to my Tracker

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Jekyll Island Discussions

Title Updated Last By Comments
Woodbine Blackface party!! Thu James 7
Who runs the landscape shop in Woodbine? (Aug '08) Wed magnolia 26
My family wants to relocate to a section 8 rent... (Jan '11) Feb 17 Lisa 8
Infowars.com banned from Facebook (Aug '14) Feb 9 eswartz1 4
Booms (Jan '14) Feb 8 julie 4
NBC says Kris Kyle was a racist Feb 6 Snuffy 1
Jennifer aka Snow (Jun '14) Feb 6 Pablo 3
Jekyll Island Dating
Find my Match
More from around the web

Jekyll Island People Search

Addresses and phone numbers for FREE

Personal Finance

Mortgages [ See current mortgage rates ]

NFL Latest News

Updated 7:22 am PST

Bleacher Report 7:22AM
Report: Falcons Release WR Harry Douglas
NFL11:05 AM
Atlanta Falcons release veteran guard Justin Blalock
Bleacher Report11:26 AM
Bears, Steelers Among Top Spots for FA RB Jackson
Bleacher Report12:46 PM
Jacksonville Jaguars: Latest Free-Agency News and Rumors
NBC Sports 2:32 PM
Falcons waive Jonathan Massaquoi