Got to give this guy credit: he has chutzpah. If the check is large enough he expects all criminal charges to go away.
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The Fed won’t run out of bullets until they run out of digits.
All Bernanke has done is give himself permission to fund government deficits forever. That’s all.
Bernanke is a fool…a complete and utter fool. He thinks he’ll be able to quench the conflagration that he is deliberately starting.
Federal Reserve – Press Release, 9/13/2012 To support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate, the Committee agreed today to increase policy accommodation by purchasing additional agency mortgage-backed securities at a pace of $40 billion per month. So, another $40 […]
This whole scenario illustrates, once again, the amazing and audacious corruption of the big banks, and their complete surrender to pragmatism and self-interest. The fact that only one state’s Attorney General has objected is disheartening, but on the other hand, all it takes is one to spoil their party.
This article was such fun to write. There was so much that could be said about Bank of America – way more about their deceitful behavior and shenanigans in the mortgage market. Suffice to say, the analyst hit awfully close to the mark when measured simply by the response of the bank. And I loved being able to use Hans Christian Anderson’s story at the end. That was perfect!
The credit rating agencies are so far behind the curve they may never catch up. The US became insolvent years ago, perhaps in 1971 when Nixon took the US off the gold standard and allowed the Fed to start printing money based on nothing. Perhaps it was in 2004 when the Bush administration added the prescription drug benefit to Medicare without any consideration of how to pay for it. No matter. The AAA credit rating, like so many other things coming out of Washington, is fraudulent.
And so when Robert Zoellick, president of the World Bank, suggested that gold might be used as a “reference point” for a new world currency, Roubini weighed in on the matter.
And it’s not just California. Orin Kramer of New Jersey’s pension program estimates a national funding gap among all the states of around $2 trillion. The Center on Budget and Policy Priorities, a Washington research institution, announced that “finances in Arizona, New Jersey, New York and other states show few signs of improvement. Forty-six states face budget shortfalls that add up to $112 billion for the fiscal year ending next June .” The May/June issue of Chief Executive magazine published its annual “Best and Worst States for Business 2010” and gave its “booby” prize for worst state to California, with New York, Michigan, New Jersey, and Massachusetts rounding out the bottom five.