 |
 |
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
 |
|||
|
|||
 |
|||
|
|||
 |
|||
|
Bernanke Discards Monetary History With Bear Stearns Bailout
- Text size
Craig Torres
Bloomberg
March 16, 2008
Federal Reserve Chairman Ben S. Bernanke is being forced to throw out four decades of monetary history by a financial system choking on miscalculated risks and a deepening recession.
Bernanke and the four Fed governors voted yesterday to become creditors to Bear Stearns Cos., a securities firm that isn’t a bank, by invoking a law that hasn’t been used since the 1960s. Three days earlier, the Fed said it would swap Treasury notes on its balance sheet for privately issued mortgage-backed securities held by Wall Street firms.
|
|
|
|
|
“It’s a re-drawing of the relationship of the Federal Reserve with the rest of the financial system,” said Vincent Reinhart, former director of the Division of Monetary Affairs at the Board. Risks of so-called moral hazard, where firms will now come to count on bailouts by a federal agency, “are considerable,” he said.
The cost of doing nothing may have been even greater, say other former Fed officials. Bernanke is attempting to keep the nation’s financial machinery working as record home foreclosures make investors reluctant to hold even bonds backed by Fannie Mae and Freddie Mac, government-chartered firms. The 54-year-old Fed chairman is also trying to contend with a worsening economic slump: Reports this week showed that retail sales unexpectedly fell and consumer confidence slid to a 16-year low.
| WATCH ALEX JONES’ ENDGAME ONLINE NOW in its entirety. View more High quality trailers at www.endgamethemovie.com |
Read entire article
-
- Social bookmarks
- Email this article
-
- Print this page
- Share on Twitter
March 16th, 2008 at 8:40 am
and nobody’s suprised
March 16th, 2008 at 9:07 am
Nobody here is surprised anyway. These banks are the ones who made the bad loan contracts in the first place, so in my opinion the banks need to take a fall, instead at the cost of our dollar we are bailing them. The banks NEED to fall, the fed is not to bail out bank! or even exist AT ALL! This is the nwo’s right hand!!! Some people worship the shit too… “OH FIX OUR PROBLEMZ PLZ FEMA CAMPZ PLZ”
Divide and Conquer.
March 16th, 2008 at 9:07 am
This is what I call socialism for the Rich. The MF#&#&# get bailed out of their financial crisis just so that they can continue to drive their Mosseratti (Did i spell the car right?). On the other hand, the middle working class of America keeps getting screwed America. That’s what u get America for letting these NWO scums run ur life…
March 16th, 2008 at 9:24 am
Change the rules to benefit “socialism for the rich”! Gotta love it!
March 16th, 2008 at 9:25 am
Bernanke has made his choice – the banks and investment banks on Wall Street will be bailed out. Hellacopter Ben will print money. We will have massive hyperinflation, not the wave after wave of deflationary defaults that should be occurring. All of the investment banks and money center banks are insolvent and effectively bankrupt. As are many hedge funds and smaller banks.
March 16th, 2008 at 9:28 am
Bernanke…your too predictable……..GOULET!
March 16th, 2008 at 10:26 am
I like the socialist for the rich statement, although I wish it didn’t ring so true.
March 16th, 2008 at 10:31 am
You must leave now Loud Rottenchild,you’re crime is up. I kick your sorry … out of here and
I will see you in court at Gitmo. WeAreChange has you surrounded,so give yourself up! I like to fish and coke and bugaloo hoo hoo! WingnutTV at 11 and geronimo volcano pea soup. Yada yada yada dabba dooooooooooooooooo!!!!
March 16th, 2008 at 5:06 pm
Look in Bernanke’s eyes. He’s full of shit. He knows he is just here to finish the job Greenspan left off. Until we are all economic slaves. Many of us are already. But don’t worry, i’m sure they have a nice hegellian solution, like middle class breadline chipping. LOL
March 16th, 2008 at 5:08 pm
Lord Rothschild. It’s an honor to have you here sir. Now, go blow an elaphant. LOL
March 16th, 2008 at 5:40 pm
Bernanke looks like a cow that just stepped on its own bag. He knows the whole thing is in free fall and is planning how he is going to abscond with his own pile when the axe really drops any time now. We’re just going to have to try and stockpile water, food and hard money. We have to get used to no electricity or town water. Of the millions of poor in the big cities, God help them. At least in the hinterlands we can trap, fish and grow some stuff. If they take our guns we can’t hunt, unless by bow and arrow. Guess if they come to get our guns that will be where most of us draw the line. Hope they know a sh*t load of them are going to be waxed if they try it.
March 17th, 2008 at 10:25 am
Look closely at Bernankes left eyes pupil. I see a six pointed star. Does anyone else? Probably just a photographic anomoly. Or maybe not.
March 17th, 2008 at 10:40 am
LOOK CLOSELY AT BERNANKES LEFT EYE PUPIL, I SEE A SIX POINTED STAR. Anyone else? Scroll through the main stories at the top, and see the close up frontal of Bernanke. Weird.
March 17th, 2008 at 10:44 am
Man was supposedly created on the sixth day. The number six represents the fallen state of man from God. That’s why the number of the antichrist is 666. The six pointed star of Israel was taken from when Solomon departed from God to worship Ashtoreth and other false gods.