Orwellian Madness "Bernanke Saved The World"

You gotta see the MarketWatch cover to believe it.

http://globaleconomicanalysis.blogspot.com/2009/08/orwellian-madness-bernanke-saved-world.html

I wouldnt hesitate to say get rid of him.

But.......

from his wiki:

Summers hailed the Gramm-Leach-Bliley Act in 1999, which lifted more than six decades of restrictions against banks offering commercial banking, insurance, and investment services (by repealing key provisions in the 1933 Glass-Steagall Act): "Today Congress voted to update the rules that have governed financial services since the Great Depression and replace them with a system for the 21st century," Summers said.<13> "This historic legislation will better enable American companies to compete in the new economy."<13> Many critics, including President Barack Obama, have suggested the 2007 subprime mortgage financial crisis was caused by the partial repeal of the 1933 Glass-Steagall Act.<14>

...

During Summers' presidency at Harvard, the University entered into a series totalling US$3.52 billion of interest rate swaps, financial derivatives that can be used for either hedging or speculation.<26> By late 2008, those positions had lost approximately $1 billion in value. This forced Harvard to borrow significant sums in distressed market conditions to meet margin calls on the swaps.<27> The decision to enter into the swap positions has been attributed to Summers and has been termed a "massive interest-rate gamble" that ended badly.<28>



No thanks. How about we give Elizabeth Warren a try instead?

Obviously, with his highly successful stimulus packages, earth-saving energy legislation, economy-rescuing health care push, and on and on ... President Obama is the one who is truly saving the world. There's no debating that point.

But then, one can't expect a hard right and all white group like MarketWatch to ever give credit to a black man.

Other than AIG and Goldman Sachs.

I wouldn't want to be one of the ones claiming credit for this shit. They're openly looting the country. We would have been much better off to have let every insolvent company go down last September than to continue to fuel outrageous greed.

The Financial Industry is all that was bailed out.

The productive, non-financial part of the economy is in shambles, at least partly due to these very bailouts Bernanke gets so much credit for.

compared to what Treasury is now printing. :sarcasm:

The dollar is tanking, that would normally be good for manufacturing...(making our exports cheaper on the world markets)...and good for the equities and/or futures thereof. One minute problem. The only things/shit we "manufacture" :rofl: and export these days is DEBT

Sure looks like the currency markets are challenging the US to a game of chicken. And why not? The Euro supporters are driving the equivalent of an M1A1 while poor old Chopper Ben is trying to look cool in a 1962 Ford Falcon with a rotted frame and cracked engine block.:scared:

Without outside help, there aren't a lot of ways to defend the US currency other than raising interest rates or buying back all the Q/E of the last year. Doing that would expose how illusionary the recovery really is, but failing to do so sends the price of crude to the moon. A run on the greenback puts China and the oil producers in control. (more so than they are already)

The rolls of duct tape that are trying to gomp the whole mess together are starting to fray. MSM can put all the rosy paint it wants on the weed patch but as we saw with the sub-prime markets, it's cheap water based latex that won't last.

But it has been a nice cruise. Such a shame it must end with the deck chairs nicely arranged while the lifeboats were left to rot. Is that an iceberg dead ahead?

That's my rant for the weekend ymmv

k&r :hi:

I tried to find the article that said MarketWatch is owned by Goldman Sachs. They are predicting the market will go up next week based on data that hasn't even been released. http://www.marketwatch.com/story/stocks-turn-to-data-to-fuel-further-gains-2009-08-22-12050