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So…
A headline from yesterday: “Dow plunges on news recession began in Dec. 2007″
…Fascinating.
Where was Bernarke a year ago? What was Paulson thinking about? What happened to all of those financial pundits?
Oh… now I remember… They were touting stocks to include mortgage companies and banks (many of which no longer exist).
Meanwhile… Lets stop and carefully consider the following tidbits of ironic information derived from related news articles…
“The National Bureau of Economic Research, a group of academic economists, concluded Monday that the country has been suffering through a recession since December 2007.”
But, this really got my attention:
“The bracing impact of the Fed’s aggressive rate reductions, however, has been somewhat stymied by the credit and financial crises, Bernanke said. Despite lower borrowing costs, skittish banks have been reluctant to lend money to people and businesses, a vicious cycle that has seriously hobbled the U.S. economy.”
Isn’t this why we lent billions to the banks – so they can make loans to stimulate the economy?
Instead, the banks are apparently hoarding cash and/ or using the money to (I can’t breathe) acquire the assets of other banks.
Was all of this a scam in order to facilitate the United States finally building a world bank candidate?
More later.
Peace be to my Brothers and Sisters.
Brian Patrick Cork
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