Posted on 12/16/2008 8:31:25 AM PST by EternalVigilance
Doing the kind of investigative reporting we should expect from the major media, a financial research and consulting firm has released a major analysis of the “credit crisis” that concludes that the claims made by Treasury Department Secretary Henry Paulson and Federal Reserve chairman Ben Bernanke to justify a socialist takeover of the financial industry were demonstrably false.
The analysis, Flawed Assumptions about the Credit Crisis: A Critical Examination of US Policymakers, concludes that the result of the unjustified massive federal intervention in the economy could be similar to the economic crisis in the Weimar Republic of 1922, where disastrous hyperinflation made the currency worthless and threatened the nation’s political system and stability.
The analysis was released by Celent, a Boston-based firm that provides independent information and advice to financial services companies. The 30-page report, made available to Accuracy in Media, does not accuse Paulson and Bernanke of lying about the “credit crisis.” But it does say that “It is startling that many of Chairman Bernanke’s and Secretary Paulson’s remarks are not supported or are flatly contradicted by the data provided by the very organizations they lead.”
Using charts and graphs of data from the Federal Reserve and other agencies, the Celent study says that statements from Paulson and Bernanke about a “credit crisis” affecting businesses, real estate, banks, and state and local governments were just not true.
The report says there is “a contradiction” between what Paulson and Bernanke have said and the reality of the situation, as demonstrated in the official data. It calls these “discrepancies” and says that some of their remarks are “puzzling.”
(Excerpt) Read more at aim.org ...
“The suggestion is made that Bernanke and Paulson were acting on behalf of “a particular set of businesses and financial institutions” and exaggerated the problem in order to justify “unprecedented levels of government intervention in the markets.”
I always remember that Goldman, Sachs, Paulson’s old firm, had a $20 billion stake in AIG. And, wow, AIG was the second (?) firm to receive bailout money ($80 billon), and was also the recipient of a second bailout.
This whole thing seemed suspicious as it unfolded, but as this article stresses, it was practically impossible for anyone to gather the data and analyze it when the Bush administration presented their story of the supposed crisis.
There will be many articles and books written about this in the future.
For that matter....can anybody explain what happened there and why? I, for one, would like to know what kicked off this disaster and who the guilty party/parties are. We were told "speculators". Uh...yeah. But who are the speculators? We may never be able to bring them to justice, but out of curiosity, it would be nice to know who they are.
Bump for later
Well considering the country was going to go to hell THAT DAY if the bailout didn’t pass and it’s been several months now and they still have alot of the bailout money... well that says alot.
Paulson, et al, still refuse to say who and how much money each received and why they received the money.
Transparency is needed immediately.
American taxpayers should not be on the hook for wealthy folks' financial mistakes.
The media manufactures false crises and the leftist lawmakers rush to take advantage of the opportunity to pass radical left laws.
This is so out of control. We need to have a million man/woman taxpayer march on Washington. Let them know we are not going to take this. As long as they keep getting away with it, it will continue until we're all wards of the government.
I wouldn't be surprised to see Ford being required to participate in the auto bailout because if they didn't take the money it would make GM and Chrysler look bad.
I think part of the problem was China was buying oil like crazy to finish up building for the Olympics. Notice after the Olympics, prices started coming back down.
In other words, every American needs to buy this.
Now.
Riiiiight.
Bookmark.
That’s not a link to the report. That’s a link to an ad for the report, which is a product for sale.
In other words, this thread is SPAM.
If that were the case, you would’ve thought some red blooded, capitalist bank CEO who wanted his stock to go to the moon would’ve filed suit against the regulator, so as not to be compelled.
I am still amazed at the lack of legal actions being filed against this.
Suggests? Are they kidding? Anyone with a TV set saw this panic happen right before their eyes. - Tom
That would make sense all right. I suppose. But, if that’s all it takes to cause the prices to increase out of sight, it’s just a matter of time before something like that happens again. Especially since the Dems will reinstate the ban on offshore drilling again. Good thing I bought a nice, economical bicycle. That’s probably all we’ll be able to afford when the Dems go into action. The “good” news is, we won’t have to worry about that ugly commute to and from work any more!
I have heard hints that Bush is for a North American Union like the European Union. This would explain his immigation policy.
Could it be that this is all this an attempt to devalue the dollar in order to grease the skids to make a North American Union and a single currency easier to accomplish?
The article is free. FR only permits excerpts from AIM.
“The American people should be up in arms.”
It sounds like many are, I keep reading how gun and ammo sales are way up.
Bernanke I’m not sure about.
Paulson was definitely working for a conspiracy involving Goldman Sachs, Obama, Soros, Alan Greenspan, and the usual suspects.
The sudden announcement of the “bailout plan” was a planned October Surprise, whose main purpose was to elect Obama. Bush and McCain were both caught with their pants down and their jaws hanging open.
Which is not to say that there isn’t a MAJOR economic crisis. On that, I think this article is wrong. The subprime crisis was real, and the derivatives crisis is real. The habit of everyone borrowing above his head is real. The coming depression is real. Only those responsible were mostly Democrats: Clinton, Democrat congresscritters, and Democrats in the Fed and at the Treasury. And Bush, of course, who presided over a series of fatal errors—or maybe on purposes—without really noticing what was happening.
It looks as if appointing Paulson was an even worse mistake than keeping on George Tenet.
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