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Monday, January 10, 2011

Fed Chair to US States: 'Drop Dead'

~ Time magazine's map of state budget shortfalls for 2011 by state

Which of the following has Fed Chair Ben Bernanke bailed out so far?

A)  American Banks like JP Morgan & Chase
B)  Foreign banks in Ireland, England, Spain, Holland, Japan, etc...
C) Credit card companies like Amex & Discover
D) Non-banking financials like Goldman Sachs and AIG
E) Freddie & Fannie Mae
F) Corporations like Harley Davidson & McDonald's
G) The Stock Market
H) All of the Above

Answer below the picture...

Answer:  H -- Yep.. All of the Above.. but Not State & Local Govts

Bernanke Rejects Bailouts- Fed Chief Says State and Local Governments Shouldn't Expect Federal Loans (WSJ) -- "Federal Reserve Chairman Ben Bernanke on Friday ruled out a central bank bailout of state and local governments strapped with big municipal debt burdens, saying the Fed had limited legal authority to help and little will to use that authority. "We have no expectation or intention to get involved in state and local finance," Mr. Bernanke said in testimony before the Senate Budget Committee. The states, he said later, "should not expect loans from the Fed." "

~ "Your pain makes me smile"

Every government bailout from the Fed has not had any benefit on the lives of everyday people in any meaningful way.  No jobs have been created and people are not  any better off as a result of the trillions spent so far.

The fiscal difficulties facing state and local governments are Serious and will affect tens upon tens of millions of everyday Americans.  And Ben Bernanke sincerely couldn't give a Bleep it or about you.

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