teomaxxx

so it just began. the transfer of toxic waste, the FED bought during all that turmoil and which is probably worthless, to the treasury.

http://www.marketwatch.com/news/story/Treasury-take-over-Bear-Stearns/story.aspx?guid={855A56BF-E8A1-49B5-BD95-02F6A9A813B2}&dist=hplatest

WASHINGTON (MarketWatch) -- The Treasury and the Federal Reserve released a joint statement Monday that spells out the different responsibilities of the two agencies in dealing with the financial crisis. In the most noteworthy part of the agreement, Treasury said it would take over the Fed's holding of assets of Bear Stearns and American International Group. Treasury did not say how it would pay for these programs and said it would only make the move "in the longer term and as its authorities permit." The Fed's investments in the three funds, known as Maiden Lane, totaled $72.21 billion in the latest week, according to Fed statistics


sooner or later, they are going to transfer several hundred billions of worthless shit on the backs of US taxpayer.

from rolling stones
"The crisis was the coup de grâce: Given virtually free rein over the economy, these same insiders first wrecked the financial world, then cunningly granted themselves nearly unlimited emergency powers to clean up their own mess. And so the gambling-addict leaders of companies like AIG end up not penniless and in jail, but with an Alien-style death grip on the Treasury and the Federal Reserve ."
http://www.rollingstone.com/politics...big_takeover/1

tony286

Would you have it all fail? Its a shit sandwich either way.

teomaxxx

why not let have fail FED? FED is fail anyway and represents only wallstreet bankers.
the current crises offers a a great chance for it.

as I wrote here several times, there is not enough money in the system to pay all bad debt and bad bets the banks made.
if they want to bankrupt country, they can continue with bailing out banks.

"The crisis was the coup de grâce: Given virtually free rein over the economy, these same insiders first wrecked the financial world, then cunningly granted themselves nearly unlimited emergency powers to clean up their own mess. And so the gambling-addict leaders of companies like AIG end up not penniless and in jail, but with an Alien-style death grip on the Treasury and the Federal Reserve ."

there are better solutions for current crises than Paulson and Geithner (both of them ex-wallstreet insiders of course) brought to the table.

IllTestYourGirls

Actually no its not. Open up competing currencies and everything will work itself out rather quickly and all the dollar debt would be obsolete.

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IllTestYourGirls

Damn you sound like a redneck bush supporter.

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Barefootsies

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Enough Said.

"Would you rather live like a king for a year or like a prince forever?"

CarlosTheGaucho

There are no real assets anymore, everything you own has a value of say 30 pct. of its "market price".

It's a sad state of affairs, but there were many who predicted this hundreds of years ago.

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teomaxxx

whats really bad, that all of their actions only postponed the reality, they didnt make future reality better or save a market, while they put taxpayer on the hook.

there is not enough money in the system to save a whole bank system and they fucking know it.