I posted this article on another thread, but it certainly fits here as well...
OBAMA: Are you LISTENING?
Boston Fed President Rosengren:
"Rosengren suggested that governments are not the best managers of bad assets. Rather, he urged removing the assets and selling banks to new owners.
"When a bank is closed with FDIC support, this is relatively straightforward. The bad assets are removed from the bank and quickly disposed of by the FDIC, and the good assets are sold to an acquirer," he said.
"The new acquirer does not spend time focused on the problems of the past, but rather, focuses on maximizing future profitability," Rosengren added. "This is a reason for moving to resolve, as quickly as possible, banks that are clearly insolvent." "
DUH.
Here is what the stock market thinks of you
NOT doing this and allowing your
stooge Moe, er, Taxcheatin'Timmy, to instead
continue to pour taxpayer money into a black hole to save his
FRIENDS in the banking business.
SEVENTEEN PERCENT has come off the S&P since your inauguration, and we're nowhere near done for today.
It'll likely be 20% by the close at the current rate of deterioration with the largest falls being on your inauguration date and then from the date where it became clear that
YOUR TREASURY SECRETARY was going offer "more of the same" that has
FAILED.
You are
certifiably insane; only an insane person does the same thing over and over, which has repeatedly failed, and expects a different result.
I hope you enjoy this Barack, because it's all yours, and every man, woman and child in America needs to understand that it is your refusal to do the right thing that has continued the bleeding in their 401ks (now 201ks and soon 101ks or even 51ks), IRAs, and soon their pension plans will all blow up, bankrupting over 100 of our largest firms and putting 10 million more people out of work.
Congratulations Barack; we are now in a full-on economic and market meltdown over the last week and it is getting MUCH WORSE as a direct and proximate cause of
your policies.
KennyD
