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Politics : Welcome to Slider's Dugout -- Ignore unavailable to you. Want to Upgrade?

To: Fun-da-Mental#1 who wrote (8716)	3/24/2008 10:57:14 PM
From: Fiscally Conservative	Respond to of 50684

"I don't think it's strange that the Fed got involved. If they had let Bear Stearns fall without a safety net the whole market would have crashed, other firms would have gone under, trillions of derivatives would have blown up, the dead rising from the grave, cats and dogs living together, etc." Who says so? Why should anyone believe anything the Fed and these investment banks have to say about anything. Since when has there ever been an ounce of integrity with them? They low ball the bid and raise the bid a week later 5 fold leaving most thinking now this is a great offer. What a load of garbage! Where was the Fed and any iota of regulatory restraint on Bear Sterns and others while these insane off balance derivatives were mark to market on inception? The central bank originally agreed to guarantee $30 billion of Bear Stearns assets, including risky mortgage-backed securities. JPMorgan said it will now take on the first $1 billion of losses, while the Fed backs the rest. Now the Fed is holding the bag for $30 Billion while JP Morgan holds $1 Billion. Far,far too many sheep and very,very few shepherds in a field of wolves.

To: Fun-da-Mental#1 who wrote (8716)	3/25/2008 12:05:34 AM
From: The Ox	Respond to of 50684

Message 17444634 From: John Pitera 5/9/2002 6:59:27 AM To: John Pitera who wrote (6072) Read Replies (1) of 9185 President Bush has just nominated 2 very prominent economists to fill the vacant seats on the Fed Board. Donald Kohn, a senior advisor at the Fed, and Ben Bernanke, chairman of the Princeton University Economic Dept, are extremely well informed of policy mechanics and are talented economics rather than coming from a commercial banking background as the most recently inducted Fed govs Olson and Bies are. Kohn currently serves as an advisor to Greenspan after directing the Board's division of monetary affairs for 14 years. In addition to duties at Princeton, Bernanke serves as the Monetary Economics director at the NBER (National Bureau of Economic Research). Bernanke meets regularly with the NY Fed president (the FOMC vice chair) to advise on economic and policy issues. Great selections as neither will have any trouble clearing through Senate confirmation. The FED had to step up and bail them out. The market would have come crashing down. The current administration, who has been complicit in this entire fiasco of a market - from the day they got into the White House (see Enron, "strong dollar policy", bully pulpit (but not for oil, the dollar, the economy, the little guy, etc...) - they had to keep the house of cards from crashing down due to the run on BSC. They've got to keep it afloat for 10 more months or maybe its more appropriate to state that they have to make the appearance of keeping the market afloat. There has been little oversight of the major markets during the current administration. Not to lay all the blame there, but they certainly have more then their share, as they have looked the other way for years. They've instructed the SEC to look the other way. This is what happens when fox runs the hen house for too long. They have 10 more months to complete their fleecing efforts. This is their last gasp and they are going to do everything they can to swipe as much money in a short period of time. IMO, this is only the beginning. In the end, when President Bush comes out and pardons everyone in his administration (from the VP on down), everyone who's been playing these games behind the scenes, everyone who's been in his "camp"... there will be no laws with which the US will be able to undo this fiasco. Likewise, we won't even be able to punish the culprits because they'll all be pardoned. Pardons for everyone.... and you thought there was an uproar when Clinton made 200 11th hour pardons under his watch!! This will make the past administration look like choir boys! There will be no recourse to go after any of them. How do you get around a Presidential pardon? You don't! Plain and simple. Let me finish by saying that I truly hope that this will not come to pass. That there will be "some integrity" left. I fear that hoping just won't cut it. Let's "hope" I'm wrong! imo TO