The marching orders read that the “infestment” banksters were to go forward and increase their capital reserves, since they never really had enough to cover the 30-year long betting cycle of risky loans, and credit default swaps, which made them all very, very rich upper class-men. So, to follow through they went ahead and gambled taxpayer dollars at the Wall Street casino tables, as well as moved forward advancing bets in foreign currencies, commodities, and in other stock markets. In other words, much of the cash they borrowed for free went overseas, just as the jobs they took away from us by outsourcing our own manufacturing livelihoods.
Bennie the Beard was crowned Man of the Year by Time magazine, even though he wrongly spoke about the security of our economy. Bada Bing Bernanke once said that the banks were not involved with sub-prime lending. In 2007, this economic crime syndicate field marshal general said, “ Importantly, we see no serious broad spill over to banks or thrift institutions from the problems in the sub-prime market…The troubled lenders, for the most part, have not been institutions with federally insured deposits.” Wow!! Was this guy trying to do some stand-up?
It is hard to believe that since Bernanke, a PhD and expert in the Great Depression, was so successful selling so much propaganda about the economy, that he was able to be crowned Man of the Year. No doubt, he actually sold policymakers on taking a revised version of Alan Greenspan’s prior bag of crap and made it stick to the wall, such as believing that financial innovations were good for the economy and made banking safer!!! He threw up against the Wall of Crap a belief that our economy had entered a time in history that ushered in smaller and less frequent downturns, which he coined “the great moderation.”
These sweet-as-pie assessments of our grand ‘ole economy were made back in 2007 just before he went squawkin’ to Congress warning about a falling sky Chicken Little style; yet, Bennie The Beard was reading a brand of his homegrown tea leaves as the sky came raining down with Humpty Dumpty type banks, mortgage foreclosures, and failed financial innovations burning down the house so much that he needed a backhoe to get himself out from under the charred rubble. And, that backhoe was driven by Congress, which was blackmailed into accepting the Paulson-Bernanke-BushBoy economic extortion plan.
As we all know, five of ten of the nation’s largest “infestment” banking institutions were underwater with sub-prime loans that had to be bailed out by their field marshal general stationed at the Federal Reserve headquarters. These banksters were so worried that they demanded from Congress the creation of a $700 billion bankster rescue program called TARP.
The reality is that Bennie The Beard actually failed to protect America’s depositors, homeowners, and investors to the tune of $12 trillion!!! Now, if that legacy deserves Man of the Year, then what would it take to deserve the dishonor of the Worst Man of the Year?
As the year progressed, the promise to end the war in Iraq became just an exaggeration.
As we move threw the year, the bankstes were paying out huge bonuses funded by the taxpayers through various Fed and Treasury programs. There were no significant regulatory changes, nor the elimination of too-big-to-fail. The mega-banks were even allowed to become bigger as they gobbled up closed down smaller banks.
None of the mega-banking CEOs or top executives has been jailed for fraud, either. The Justice department has not done any serious, large scale investigations clearly defining why this economic fraud occurred, who were the ones to blame, and why are they still smiling.
We saw a token “real” economy bailout of only a couple billion dollars because the remainder of the economic stimulus package bailout went into tax-cuts. The Republicans hijacked a Democratic Congress, once again. The unemployed-under employed-no longer looking for work, and the part time wanting full time unemployment picture has reached a near Depression era aggregate figure of almost 20%. 16 million unemployed.
Foreclosures grew to 1 in 6 homeowners. Those still paying mortgages, but are now underwater is around 1 in 4.
Wages continue to erode or stay stagnant. Those who are leery of losing their jobs have cut back on their spending.
34,750 lobbyists continue to infect our government with powers that are unprecedented.
Corporate bankruptcies are looming on the horizon. Bank credit card defaults and those 30-60-90 days delinquent have been on the upswing. Professor Elizabeth Warren, PhD, and chairperson of the Congressional Oversight Bailout Committee has warned our president that we could be on the brink of losing our middle class!!!
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