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Bernanke...won't disclose the CDS holders who have pulled down $30 billion of our money. No, he won't take over AIG, nor limit exec pay, nor promulgate new rules to prevent further foolish risk taking. In brief, he is allowing us to continue to be taken for a ride. He should resign immediately.

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Long ago in colonial America, the troublemakers were punished in the center of town for the entire public to see. Locked in wooden frameworks in the town square, they served their time while the town people scoffed at them. Two types of framework punishment were:

· Pillory - this framework had holes for the criminal's head and hands to stick through while they stood up. Once locked in they might get rotten fruit or other items thrown at them. The wrongdoer was condemned to carry out his punishment in rain or shine or freezing weather.

· Stocks - it had holes in it which the troublemaker's ankles were locked while setting down.

Last modified: 2009-03-03 18:56:28 by expy

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Bernanke is flat out lying to congress. They just are not smart enough to know it. Continuing to fund bailouts and backstops with money we don't have poses a greater systemic risk than letting them fail in an orderly manner. We will get through it faster and clean up the system and restore market order. His way, borrow money we don't have, to bailout bankrupt companies on the premise that we cannot allow them to fail extends the time frame for recovery and risks an all-out collapse.

Where is this 2 trillion dollars coming from? Who will continue to borrow bonds at this rate. The government has moved most of its debt to short term at 0-.25%. What happens if those rates suddenly increase. This is pure monetizing debt whether he wants to admit it or not.

The failure of our government to put a leash on these bailouts and spending money we don't have to bailout companies that cannot survive will lead to collapse and a fundamental change in capital markets -- possibly to the extent that the won't exist any longer.

Case in point. GE will be bankrupt within 3 months. The volume on June 2.50 puts has leaped. So not only will we be funding AIG with money we don't have (but can print) we will have to do the same for GE for surely if AIG, C, BAC, and WFC are too big to fail GE falls into that category as well.

Come on Bernanke. Come clean with the American people. And by the way, start enforcing the laws already on the books and put the criminals in jail. There is fraud on every corner in the financial industry. Just open your eyes and look. Don't wait for them to confess.