“Maintaining the confidence of the financial markets requires that we, as a nation, begin planning now for the restoration of fiscal balance.”
Let's take a look at the "confidence of the financial markets" that Mr. Bernanke seeks to maintain. Here's what the confidence in Citigroup looks like:
Here's the confidence in Bank of America:
But wait, somebody's confident in Goldman Sachs:
The company with the inside line to the Treasury Dept. looks to be coming along just fine. I'm becoming increasingly confident that the game is rigged. Here's another pearl of wisdom from the chief:
“Unless we demonstrate a strong commitment to fiscal sustainability in the longer term, we will have neither financial stability nor healthy economic growth,”
After 2 quarters of -6% GDP, and trillions of dollars poured down the toilet that is the financial market, this amounts to a deathbed conversion. Anything short of disassembling the Federal Reserve System, and throwing the bankers into debtor's prison, won't restore financial stability. Unfortunately, few of our leaders are set to "begin planning" for that.
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1 comment:
"After 2 quarters of -6% GDP, and trillions of dollars poured down the toilet that is the financial market, this amounts to a deathbed conversion."
That's a line for the ages. Awesome. And horribly, horribly true.
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