Here's the threat to out financial system... which is getting shutdown this November 2nd!!!
Posted on 09/02/2010 12:54:39 PM PDT by Nachum
Washington - Federal Reserve Chairman Ben Bernanke told a panel investigating the financial crisis that regulators must be ready to shutter the largest institutions if they threaten to bring down the financial system. "If the crisis has a single lesson, it is that the too-big-to-fail problem must be solved," (Snip) Bernanke also said it was impossible for the Fed to rescue Lehman Brothers from bankruptcy in 2008 because the Wall Street firm lacked sufficient collateral to secure a loan. Lehman's former chief executive told the panel a day earlier that the firm could have been saved, but regulators refused to
(Excerpt) Read more at msnbc.msn.com ...
Government should not be in the loan shark business period.
Excuse me, I have to go take my money out of the bank...
Has Barney Frank been sleeping with any other bankers lately?
Has Chris Dodd received any other preferred loans lately?
Here's the threat to out financial system... which is getting shutdown this November 2nd!!!
These tyrants are absolute Communists.
Wait, I thought To big too fail was synonymous with hurry give us cash money! LOL Bernanke is waking up? Does this mean we can shut down states as well... I can say that as I am sitting in the Peoples Republik of North Carolina where we are paving everything in sight (again).
I worked with a guy from Burma. He came here as a refugee in the late 1970’s. His family owned a Pharmacy in Burma. Then one day, the army came and burned it down because they got too big.
Man, that’s some serious bullshit. Lehman didn’t get bailed out because they didn’t have the right connections. And the firms that wanted to carve them up did.
Until there aren't any of them left.
I believe a lot of companies that donated to both parties went under, too. The communists in D.C. want government run healthcare and obviously they also want government run banks.
Yep, start closing banks and see what happens...
Nothing good!
Bernanke is slow, but he is learning.
When a large bank (or banks) comes to the US Treasury or Fed, saying “Bail us out despite our really bad management choices, stupid use of leverage, purchase or sale of illiquid bespoke derivatives, etc” and then adds “...or we’ll collapse and take down the economy with us!” they’re effectively financial terrorists.
A suicide bomber is a terrorist because he takes other people with him - by deliberate planning and method. If some Islamic whack-job wanted to blow himself up out in the middle of the weeds because he was pissed off, hey, I’d buy him whatever explosive he wanted to use. That’s just suicide, regardless of how much noise he makes turning himself into pink mist. The terror aspect comes in when he decides to use his suicide to commit homicide.
Same deal with the bank. If they choose to engage in epic stupidity that costs their stockholders and bond lenders their capital, then the people harmed a) should have read the financials better, and b) if the management lied on the financials, we already have laws and mechanisms to put the management into prison.
But when the bankers say “...or we’ll take down the economy with us...” when agitating for a bailout, then IMO, they have crossed the line. A POTUS should be able to invoke national security language to deal with these clowns.
The sooner you close an incompetently run bank, the better. The longer you prop up incompetent or fraudulent banks, the longer this economic condition will persist.
Have a look at Japan as an example.
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