Bernanke Acts Without Authority
Wednesday, 16. July 2008, 04:09:38
The Chairman of the Federal Reserve, Ben Bernanke, in his Sunday, July 13, 2008 Statement on Fannie Mae and Freddie Mac, as provide by CreditWritedowns, has exceeded his authority, and is placing the US taxpayer on the hook for the real estate mortgage meltdown.
In my article Operation Rescue Freddie And Fannie Commence, I wrote: I ask by what authority? The Fed doesn't have the authority to extend capital to Freddie Mac or Fannie Mae; and in so doing guaranteeing and/or recapitalizing these two corporations. It's simply another example of 'global governance' where a governmental leader announces a 'framework' which guides economic and/or security policy.
Suggested Reading On Bernanke's Rescue Of Freddie Mac And Fannie Mae
Paulson Crosses Rubicon Lands In 5th Dimension
The Federal Reserve Crosses the Rubicon
Monday Madness
Jim Rogers: Fannie/Freddie Bailout A Disaster
A Sad Day for U.S. Taxpayers and Investors "Treasury Secretary Hank Paulson swatted back reports of government nationalization of Fannie and Freddie, which would mean making explicit what, has long been an implicit taxpayer guarantee of their liabilities. This would instantly add $5 trillion in liabilities to the federal balance sheet, doubling the U.S. public debt burden and putting America's AAA credit rating at risk. This is a nightmare scenario for taxpayers." Wall Street Journal, Saturday, July 12, 2008 (prior to Sunday's announcements by Federal Reserve Chairman Ben Bernanke)
Senator Bunning Blasts Bernanke At Senate Hearing Ben Bernanke's plan to expand the authority of the Federal Reserve ran into a a razor-wire fence on Capitol Hill when Senator Jim Bunning blasted the Fed's performance, blaming Bernanke's monetary easing for the decline of the dollar, the rise of oil prices and rising inflation. "The Fed is asking for more power but the Fed has proven they cannot be trusted with the power they had," Bunning said. "Now the Fed wants to be a systemic risk regulator. But the Fed is a systemic risk."
Welcome to The United Socialist States of America
US Bailout Of Mortgage Giants: The Politics Of Plutocracy
Worst Financial Crisis since Great Depression Nouriel Roubini: Fannie and Freddie are insolvent and the Treasury bailout plan (the mother of all moral hazard bailout) is socialism for the rich, the well connected and Wall Street; it is the continuation of a corrupt system where profits are privatized and losses are socialized. Instead of wiping out shareholders of the two GSEs, replacing corrupt and incompetent managers and forcing a haircut on the claims of the creditors/bondholders such a plan bails out shareholders, managers and creditors at a massive cost to U.S. taxpayers
My Commentary
The Federal Reseve Chairman is setting a precedent and hastening the day of Unified Regulation Of Global Banking as called for by Timothy Geithner, which will in turn set the stage for the day, when people will be forced to take the charagma, that is the mark, of Revelation Chapter 13 in order to buy or sell or else forfeit their life. The real estate debt of America is irredeemable, yes terrifically toxic, some of it is going to be done away with, that is liquidated, yet there is so much of it out there: America's real estate debt is going to be the basis for the rule of the Seignior, that is the investment banker, and the Sovereign, that is the world ruler, held forth in bible prophecy.
In my article Operation Rescue Freddie And Fannie Commence, I wrote: I ask by what authority? The Fed doesn't have the authority to extend capital to Freddie Mac or Fannie Mae; and in so doing guaranteeing and/or recapitalizing these two corporations. It's simply another example of 'global governance' where a governmental leader announces a 'framework' which guides economic and/or security policy.
Suggested Reading On Bernanke's Rescue Of Freddie Mac And Fannie Mae
Paulson Crosses Rubicon Lands In 5th Dimension
The Federal Reserve Crosses the Rubicon
Monday Madness
Jim Rogers: Fannie/Freddie Bailout A Disaster
A Sad Day for U.S. Taxpayers and Investors "Treasury Secretary Hank Paulson swatted back reports of government nationalization of Fannie and Freddie, which would mean making explicit what, has long been an implicit taxpayer guarantee of their liabilities. This would instantly add $5 trillion in liabilities to the federal balance sheet, doubling the U.S. public debt burden and putting America's AAA credit rating at risk. This is a nightmare scenario for taxpayers." Wall Street Journal, Saturday, July 12, 2008 (prior to Sunday's announcements by Federal Reserve Chairman Ben Bernanke)
Senator Bunning Blasts Bernanke At Senate Hearing Ben Bernanke's plan to expand the authority of the Federal Reserve ran into a a razor-wire fence on Capitol Hill when Senator Jim Bunning blasted the Fed's performance, blaming Bernanke's monetary easing for the decline of the dollar, the rise of oil prices and rising inflation. "The Fed is asking for more power but the Fed has proven they cannot be trusted with the power they had," Bunning said. "Now the Fed wants to be a systemic risk regulator. But the Fed is a systemic risk."
Welcome to The United Socialist States of America
US Bailout Of Mortgage Giants: The Politics Of Plutocracy
Worst Financial Crisis since Great Depression Nouriel Roubini: Fannie and Freddie are insolvent and the Treasury bailout plan (the mother of all moral hazard bailout) is socialism for the rich, the well connected and Wall Street; it is the continuation of a corrupt system where profits are privatized and losses are socialized. Instead of wiping out shareholders of the two GSEs, replacing corrupt and incompetent managers and forcing a haircut on the claims of the creditors/bondholders such a plan bails out shareholders, managers and creditors at a massive cost to U.S. taxpayers
My Commentary
The Federal Reseve Chairman is setting a precedent and hastening the day of Unified Regulation Of Global Banking as called for by Timothy Geithner, which will in turn set the stage for the day, when people will be forced to take the charagma, that is the mark, of Revelation Chapter 13 in order to buy or sell or else forfeit their life. The real estate debt of America is irredeemable, yes terrifically toxic, some of it is going to be done away with, that is liquidated, yet there is so much of it out there: America's real estate debt is going to be the basis for the rule of the Seignior, that is the investment banker, and the Sovereign, that is the world ruler, held forth in bible prophecy.
WIDGETIZE