Obama is Satans puppet.
Here is why he doesn’t want to talk about the AIG stuff!
So as the Resident in charge met with the Banks today to make sure No Banker Is Left Behind you can figure out for yourself why! But beware if you have any Bonds, Pension Funds, 40k’s, etc. or are even expecting Social Security there will be little if anything left with The Resident’s No Banker Left Behind Policies and his incessant spending!
Bernanke Bombshell: AIG Insurer Exposed to FP
In researching and think about AIG, I have been writing about them as if it were two separate companies: A well regulated Insurer, and a rogue derivatives products firm (FP).
The working assumption has been that the regulated insurer was run fairly conservatively, and the structured financial product side run like a giant hedge fund. The 32% net profit retention on the FP side is actually better than what most hedge funds see.
This dichotomy is mostly true, but with now has an interesting twist to it. In congressional testimony today, Ben Bernanke implied that had the Fed allowed AIG too fall, he detailed what might have happened had AIG been allowed to fail:
The Federal Reserve and the Treasury agreed that AIG’s failure under the conditions then prevailing would have posed unacceptable risks for the global financial system and for our economy. Some of AIG’s insurance subsidiaries, which are among the largest in the United States and the world, would have likely been put into rehabilitation by their regulators, leaving policyholders facing considerable uncertainty about the status of their claims. State and local government entities that had lent more than $10 billion to AIG would have suffered losses. Workers whose 401(k) plans had purchased $40 billion of insurance from AIG against the risk that their stable value funds would decline in value would have seen that insurance disappear. In addition, AIG’s insurance subsidiaries had substantial derivatives exposures to AIG-FP that could have weakened them in the event of the parent company’s failure.
If we are to take Bernanke at face value, he is saying that AIGFP had buried their own firm with junk paper. BB does not define what “substantial derivative exposure” meant — but given the $2.7 trillion dollars in derivatives exposure that FP had, even a tiny percentage might amount to an enormous sum.
That the collapse of AIG Financial Products would have damaged the other Insurance half of the firm is a frightening development.
Most Frightening indeed but what is even more frightening is The Resident continues to give them and his other Contributors so much of your money! When he moved on UP he brought a lot of baggage with him!
Lori
Source:
Chairman Ben S. Bernanke on American International Group
Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C.
March 24, 2009
http://www.federalreserve.gov/newsevents/testimony/bernanke20090324a.htm
>“Being slow to anger is fine. Being slow to honesty is not.”
Wow! Excellently stated.
Another Republican making excuses for Obama. This is so irritating given the bashing Bush took from Day One on his oratory skills.
With a teleprompter, we are ALL as "eloquent" as Shakespeare.
All together, now, read!
Shall I compare thee to a summer's day
Thou art more lovely and more temperate:
Rough winds do shake the darling buds of May,
And summer's lease hath all too short a date:
Sometime too hot the eye of heaven shines,
And often is his gold complexion dimmed,
And every fair from fair sometime declines,
By chance, or nature's changing course untrimmed:
But thy eternal summer shall not fade,
Nor lose possession of that fair thou ow'st,
Nor shall death brag thou wander'st in his shade,
When in eternal lines to time thou grow'st,
So long as men can breathe, or eyes can see,
So long lives this, and this gives life to thee.
..BS....he stutters and ah's and mmmmm's through sentence after sentence while saying nothing...he the Millie Vanillie president
PC for " stutteringly inarticulate", which explains why he hired Gibbs, who matches him with ummms, and uhhhhs!
So, is Barack Milli or Vanilli?