Monday, July 27, 2009

But Mr Bernanke - You watched the parade that's become near the 2nd Great Depression starting when? October 2006 (WSJ) or was it May 2006 (USA Today)

Mr. Bernanke said in his recent Town Hall interview with Jim Lehrer "I was not going to be the Federal Reserve chairman who presided over the second Great Depression, and for that reason, I had to hold my nose and stop those firms from failing. I am as disgusted about it as you are, and I think it's absolutely critical as we go forward that we put in a new system that will make sure that when a firm does not succeed in the marketplace, that it fails."

Bernanke was quoted in May 2006 by USA Today (see blog entry and full story link) then later by the Wall St Journal when? October 2006 (not a typo).

Too Much-ee data?
Wonder if Bernanke is / was overwhelmed by too much financial data and impresarios (spin doctors) that the basics of financial leverage slipped by.
Or that he couldn't discern with all of those sophisticated forecasts and a few PhD's walking around that this picture reveals too little? Is it too simplisitic?
Despite Obama platform promise of transparency / disclosure FDIC's TLGP refuses to release (rejected a FOIA request log #09-1132) the names of the NON FDIC - yes NON FDIC insured recipients and amounts despite accounting for about $260B (near 60%) of that program's total as of June 2009 report.

I'm more than intrigued that the SEC would sue a CEO to recover compensation recieved while risks in financial statements were less than SARBOX prescribed. Let's wait and see when or IF the same SEC will look into recovering upon the same premise from a certain few Wall St brokers and banks....hmmmmm.

In the meantime should we care or bother? Yet again, it appears another near total Waste of US taxpayer monies; when it could or should be devoted to human health care; not certain Wall St welfare.

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