http://www.marketoracle.co.uk/Article6429.html
Lies on top of lies on top of more lies!
The credit market is imploding!
So giving them more taxpayer money to bail out their ass just makes the little guy look that much stupider
And Hank Ben and Bush are banking on that stupidity
It's worked all these years for them why shouldn't it now
If Congress votes to give this to them they were in on the deal!
And should be tried for treason to
For the deliberate sabotage of this country!
http://www.minyanville.com/articles/GS-buffett-Credit-market-preferred-goldman/index/a/19152/from/yahoo
Today Bernanke admitted the Treasury has no intention of conducting a true reverse auction. Inquiring minds are considering Fed Chairman Bernanke Clarifies Government's $700 Billion Proposal .
"I believe that under the Treasury program, auctions and other mechanisms could be designed that will give the market good information on what the hold-to-maturity price is for a large class of mortgage-related assets. If the Treasury bids for and then buys assets at a price close to the hold to maturity price, there will be substantial benefits," said Bernanke.
In further questioning, Bernanke said the $700 billion proposed by Paulson should be "adequate," and argued that a lesser, "underwhelming" amount would only create more problems down the road. It's important to remind the public that this is not a $700 billion "expenditure," but that the auctions from the assets will earn "good value," and potentially even more, he added.
Bernanke is a liar. You know it, I know it, and Bernanke knows it. The idea that taxpayers are going to get "good value" of out $700 billion of pure garbage is insanity, especially if those auctions are rigged.
Conde Nast is reporting Bernanke Gives Up on Reverse Auction Idea .
Under a reverse auction, Treasury wouldn't bid at all. It would circulate a list of assets, and then buy them from whichever bank was willing to sell them for the lowest price.
