3-31-2010 Wednesday – The Financial Crisis

Below is a link to John Stewart’s “In Dodd We Trust”…from a week ago…it really hits home…

http://www.thedailyshow.com/watch/tue-march-16-2010/in-dodd-we-trust

We must pass Dodd’s Reform bill…it only has ‘baby teeth’…but we have to start somewhere…something is better than nothing…

This topic really gets my blood boiling to write about this very often, but let me address two points I have repeatedly heard while these criminals (and that’s what they are) on Wall Street get richer on my tax dollars and suffer no consequences for blowing up the Global Economy:

  1. If ‘we’ do not pay them ‘competitive’ salaries they (the Masters of the Universe) will go somewhere else…
  2. ‘We’ need to keep them (the Masters of the Universe) because they are the only ones that can get us out of this mess…it is so complicated…

Item number 1:  Where are they going to go?  These jobs don’t grow on trees and Goldman Sachs is the only one left standing

Item number 2:  It isn’t complicated.  Putting a man on the moon is complicated.  This is just accounting.  I’m an analyst and could figure this out for a low six-figure salary…with no bonus.

The above are two (and too?) stupid things to say…

…and on to Bernanke…why was he re-appointed?…oh, yeah, because of how ‘great’ he handled the crisis…Let me be VERY clear about this:

You don’t have to have a PhD in Economics (or even be a lowly analyst) to figure out that the short-term fix is to Print more money for the banks and lower interest rates to zero. 

How much does the Chairman of the Fed get paid???

I believe it’s Bernanke’s job to keep Financial Crisis’ from happening in the first place!…and he failed.  Period.  Bernanke failed.  I hope I live long enough to read the history books that crucify Bernanke.  How can this guy get up every morning and go to work knowing that worst financial crisis in 80 years happened on his watch.  Anyone with integrity would resign.

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