Bernanke defends big bank bailouts..chickens come home to roost on the republican strategies

[Peacetrain]

Wasn't all this mega companies, mega banks, mega stores a product of the republicans lifting sanctions that were put in to prevent just such a mess.
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Bernanke defends big bank bailouts
The Fed chairman also said that banks becoming too big to fail is an 'enormous problem.' FDIC's Sheila Bair calls for more regulation to solve banking crisis.

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NEW YORK (CNNMoney.com) -- Federal Reserve Chairman Ben Bernanke responded to ongoing criticism of the government's efforts to keep alive institutions it has deemed "too big to fail," saying that this is an "enormous problem" that needs to be addressed.

Speaking before a group of community bankers in Phoenix, the central bank chief argued that actions taken thus far to prop up the nation's largest banks have been extremely unpleasant, but necessary to preventing further harm across financial markets and the broader economy.

"I do not think we have had a realistic alternative to preventing such failures," he said.

http://money.cnn.com/2009/03/20/news/companies/bankers_meeting/index.htm?postversion=2009032012

[havocmom]

1. Why does he still have access to a microphone,

or even still have a job?

[Peacetrain]

2. Do you ever get the feeling that the wall street types do not have a clue

as to what is going on. And they all looked like used car salesman (or actually the caricature of a used car salesman)

[havocmom]

3. I think they are aware; they just thing we aren't.

They think they are worth all that money because they are smarter than we are. In reality, they are just hapless schmucks who painted themselves into a corner and have run out of schemes to keep us thinking they know what the fuck they are doing.

Or perhaps they are more like Pharaoh's pyramid builders who never thought about the fact that they were doomed to be entombed to keep it all secret.