On The Bribe/Bailout And Financial Reform (July 26, 2010)

. . .

K          “So many commentators contend that the bailout/bribe of 2008 saved the American economy, yet they do not provide any detailed discussion or explanation.  Few seem to be challenging the conclusion.”

J          “When you think about it, no one has offered a coherent explanation of two things.  No one has explained the exposure of the economy and the problems encountered in September, 2008; no one has traced the impacts and consequences of the bailout, good and bad.”

K          “Spewing money randomly was unwise and counterproductive.  The market was the only way to purge the excesses of the market.  Purging the economy of the poison would have been painful, yet we as a country would be much better off in the intermediate and long runs.”

J          “Not many commentators were sounding warnings in 2005 or earlier.  I recall some warnings and misgivings from a few writers with the conventional press.  I also recall scattered concerns shared in some of these things called ‘blogs.’  Yet there was not enough chatter to capture the public imagination and stir any action or pause.”

K          “Some reports suggest that the some government funds have been repaid.  There is no way to verify the claims.  The Federal Reserve in particular is exempt by statute from any effective scrutiny, oversight and regulation.”

J          “The financial reform bill may be one of those bills that has not been read carefully by its proponents or by its opponents.  However, I believe that a small group of connected individuals is making far too much money to allow any meaningful reform to pass.”

K          “Aren’t we in worse economic trouble now because things have not changed.  Yet no one is really worried.”

J          “Too few journalists, even economic journalists, understand the economy.  Just reading and digesting the public statements issued by the Federal Reserve is almost a full time job.  The popular press may summarize some of the information in the Beige Book and G.19 Consumer Credit reports, yet there is not much analysis.  Who has the background and the experience to connect the dots.  And who do you trust.”

. . .

Bumper stickers of the week:

Don’t end the Fed; mend the Fed

ABCNNBCBS does not have many answers; Faux/Fox does not even ask the right questions.

“Ever since my husband began listening to NPR, he is so informed . . . and so depressed.”

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