Inspector General Federal Reserve is Clueless

[Franco]

More thoughts on the clueless Fed and bailouts;

Bailing out any entity with money that doesn't exist will cause more pain. More stimulus is just a typical bureaucratic response to standing between a rock and a hard place. Politicians have no incentive to tell the public the truth and make hard choices to cut services. Raise taxes, they lose. Don't provide services, they lose. We're all working without a net now. And if you think the Democrats care about anyone but themselves, you're kidding yourself. Politicians always seem to get theirs in a crisis.

The current administration is making a bad situation much worse!

[dnf777]

More thoughts on the clueless Fed and bailouts;

Bailing out any entity with money that doesn't exist will cause more pain. More stimulus is just a typical bureaucratic response to standing between a rock and a hard place. Politicians have no incentive to tell the public the truth and make hard choices to cut services. Raise taxes, they lose. Don't provide services, they lose. We're all working without a net now. And if you think the Democrats care about anyone but themselves, you're kidding yourself. Politicians always seem to get theirs in a crisis.

The current administration is making a bad situation much worse!

Hard to argue with what you said. Some have attempted to justify the bailout by comparing it with the "new deal" of FDR. No comparison could be further from accurate! Back then, we BUILT things in this country, and created wealth from raw materials. We had factories and trained workers ready to roll. In that case, a primer of cash into the system could kick-start things, and we resumed.

This is different. It seems what little money does filter down into the hands of consumers, is used to pay off credit cards, or worse yet, is given directly to banks in the TARP fund, and benefits a few wealthy bankers. We have no manufacturing base anymore. I blame NAFTA and multi-national corporations for migrating labor to cheap markets (NAFTA has been the great enabler in this process), rather than any individual. Remember, every president since Bush I has signed onto and supported NAFTA.

I get sick when I hear radio commercials urging you to "exercise your consumer rights" by basically skipping out on credit card balances, and letting banks use TARP funds to cover your debt. Way I see it...some people break windows and steal TVs. Others promise to pay for them and walk out the door with them, knowing they will not. One goes to jail if caught, the other is given tax dollars and thanked for stimulating the economy.

We can blame Obama or Bush, but folks, this is a paradigm of American greed. For every dem, there is a repub, equally to blame. We better figure this out, and fast. Bush wasn't doing it, so the country gave Obama a chance. So far, I'm not impressed, but it took us longer than 6 months to get into this mess. I don't expect a quick fix.

[Franco]

I don't expect a quick fix.

Agreed.

We should be taking our lumps now instead of making the situation worse and we will have to deal with it shortley and not in our childrens future.

I've said before that anyone can spend money but, it takes a leader to find the alternatives. Even if those alternatives cause pain.

[dnf777]

Agreed.

We should be taking our lumps now instead of making the situation worse and we will have to deal with it shortley and not in our childrens future.

I've said before that anyone can spend money but, it takes a leader to find the alternatives. Even if those alternatives cause pain.

Just got back from lunch, heard several more radio ads telling folks to "exercise your consumer rights, so you can live pressure free, the lifestyle YOU DESERVE"

That's the #$%@'d up attitude that got us here, and is going to KEEP us here in this mess!

When I use my credit card, that's the store owner trusting me to walk out his door with a product, in return, I have promised to PAY for it. Anyone who blames "the system" or "banks" for credit card debt, is in my mind a thief. Maybe we should be reposessing plasma screen tvs and wiis. They do have resale value at sheriffs auction. Won't pay for the whole mess, but it's a start!

Sorry, just a real sensitive nerve with me, seeing people walk out of stores with things that I will end up paying for , when I have denied myself the same luxury because I don't feel I can afford it right now.

[brandywinelabs]

........ Maybe we should be reposessing plasma screen tvs and wiis. They do have resale value at sheriffs auction. Won't pay for the whole mess, but it's a start!

Now that's one thing I agree with you on!!!!!!!!.

[dnf777]

Now that's one thing I agree with you on!!!!!!!!.

Told ya....I used to be a republican! I still have a conservative mean-streak in me! (especially when people have their hand in my wallet)

[txbadger]

"Second, the transaction flow in managed through the individual Federal Reserve Banks which are independent legal entities. The scope of responsibilities for the the IG being questioned only extends to the activities of the Board of Governors which does not administer the Federal Reserve Banks"

Ahh, the ol I only can investigate so far.....

Any input as to whom is the Fed??

Who's balance sheet reflects the toxic debt guarantees?