Apparently Bloomberg got it all wrong.
Ron Paul and Alan Grayson and everyone else are spreading lies, filthy lies and misinformation.
Bernake and his cabal of Central Bankers are not playing with our money like it’s all Monopoly Money.
And so The Chairman issued a pithy little letter that said, in essence, this is all above your heads and you should all just keep out of the important business of worldwide central banking. The nifty little letter is here.
I especially like the talking points….a few trillion here, a few trillion there…you people and Bloomberg can’t add right.
And I also like the scribble of a signature down at the way bottom….a little swirl and a swipe…like he’s dashing off a little missive to a subordinate….As a matter of fact, is this even Bernake’s signature? Convention and just plain old basic secretarial rules dictate that one’s name appears immediately under the signature….this is not the case here….no name typed under the swipe.
I know I’m not wrong to be offended by the arrogance, the lack of respect, the inattention to basic rules of formality and business practice shown in this most important document.
But then we’re all just dolts, and these Congress folks are just pesky annoyances….just a few notches up higher than we serfs are. To get a sense of the arrogance and the supremacy exhibited by The Chairman, just google “Grayson Bernake” or “Paul Bernake” or “Grayson Inspector General”…PLEASE, PLEASE, PLEASE….watch the videos on YouTube of Ron Paul and Grayson.
EVERYONE CALLED GRAYSON AND RON PAUL NUT JOBS THEN, BUT WATCH THE VIDEOS AND CONSIDER HOW WRONG THOSE ATTACKS ARE NOW
And for more context….read through Alan Grayson’s Response to Chairman Bernake: The full letter is here, but just to get you all worked up and bothered, here are a few highlights taken directly from Grayson’s letter:
So what does all this mean? Here are some short observations:
(1) In the case of TARP, at least The People’s representatives got a vote. In the case of the Fed’s bailouts, which were roughly 20 times as substantial, there was never any vote. Unelected functionaries, with all sorts of ties to Wall Street, handed out trillions of dollars to Wall Street. That’s now how a democracy should function, or even can function.
(2) The notion that this was all without risk, just because the Fed can keep printing money, is both laughable and cryable (if that were a word). Leaving aside the example of Germany’s hyperinflation in 1923, we have the more recent examples of Iceland (75% of GNP gone when the central bank took over three failed banks) and Ireland (100% of GNP gone when the central bank tried to rescue property firms).
(3) In the same way that American troops cannot act as police officers for the world, our central bank cannot act as piggy bank for the world. If the European Central Bank wants to bail out UBS, fine. But there is no reason why our money should be involved in that.
(4) For the Fed to pick and choose among aid recipients, and then pick and choose who takes a ” haircut” and who doesn’t, is both corporate welfare and socialism. The Fed is a central bank, not a barber shop.
(5) The main, if not the sole, qualification for getting help from the Fed was to have lost huge amounts of money. The Fed bailouts rewarded failure, and penalized success. (If you don’t believe me, ask Jamie Dimon at JP Morgan.) The Fed helped the losers to squander and destroy even more capital.
(6) During all the time that the Fed was stuffing money into the pockets of failed banks, many Americans couldn’t borrow a dime for a home, a car, or anything else. If the Fed had extended $26 trillion in credit to the American people instead of Wall Street, would there by 24 million Americans today who can’t find a full-time job?
And here’s what bothers me most about all this: it can happen again. I’ve called the GAO report a bailout autopsy. But it’s an autopsy of the undead.
I’m sure the Government’s Information Police are reading this now SO HERE’S A LITTLE SHOUT OUT TO ALL THE ANALYSTS AND NATIONAL SECURITY PERSONNEL WHO ARE FREQUENT VISITORS TO THIS BLOG AND WHO HAVE ME ON “THE LIST”
I sure hope I get a nice bunk bed in the camp after you come for me 🙂