Bernanke says “So far – so good”

WTF is Bernanke smoking?  Is “Helicopter” Ben Bernanke looking at the papers – or using them for rolling papers? According to a story on MarketWatch, Bernanke is quoted as saying “We have been encouraged by the responses to these programs” and “I think the actions that were taken prevented a much-worse situation — a meltdown […]

Financial plan won’t include “bad bank”

According to a report on Reuters, the new “TARP 2.0” bailout package won’t include a provision for a “bad bank”. A so called “bad bank” is an idea that has recently been floated.  In effect, the bad bank would buy up all the toxic crap from other banks, leaving them with nice clean balance sheets.  […]

Updated bailout list

Since I last posted this list, there have been a few updates.  $1.9 trillion in new updates to be exact.  The grand total approved to be spent for the bailout programs is now up to $9.1 trillion, and we’ve actually spent $3.6 trillion – none of which we have, so it’s 100% borrowed or simply […]

The return of Mark to Myth?

It looks like the Senate is attempting to allow the banks to sweep their problems under a rug.  A article this evening says “an accounting regulation that some bankers and lawmakers complain is a key contributor to the financial crisis might need to be temporarily changed or restricted. The rule, known as mark-to-market, requires […]

Another 350 billion down the drain

Buy the wino another bottle of Mad Dog!  That’s what we did today. The Senate today failed to vote down spending another $350 billion on the TARP program for banks.  In other words, we just printed $350,000,000,000.00 out of thin air and we’re going to give it to banks who made stupid investment decisions. We […]

Benanke is looking for a big rug

“Helicopter Ben” Benanke gave a speech yesterday (Jan 13th, 2009) at the London School of Economics. You can read the whole text of it here if you’d like. I’d like to comment on part of the speech near the end, where Bernanke says this:  Public purchases of troubled assets are one possibility.  Another is to […]

Trillions wasted in bailouts

Here’s an update on a post I made last month.  It’s an account of the actual dollar amounts given to various recipients of bailout money according to CNN.  Click on the plus signs to expand the lists on the CNN site. Here’s the complete list as of today.  Yeah, it’s really ugly formatting but I’m […]

$7.2 Trillion… And counting….

Yup, that’s how much of our money the federal government is using to bailout the banks.  $7.2 trillion.  Well, that’s how much they’ve printed up so far – they haven’t yet dropped all of it out of the helicopters. Here’s a link to the CNN story showing where it’s gone.  At least the amounts that […]

Financial Meltdown

I’ve got a lot more to say, but I was reading a story on the NY Times and this caught my attention: “It’s like having a fire in a cinema,” said Hyun Song Shin, an economics professor at Princeton. “Everybody is rushing to the door. You are rushing to the door because everyone is rushing […]

Another Prognosticator Oops!

I wonder how Doug Kass is feeling about this advice he gave on Jan 14th? Yup, you read that right – he said to “Buy the Financials. Yes, Buy”.  Since Mr. Kass published his story on the 14th, the Financial Sector Index (XLF) is down more than 8% – and it was down 10% […]