15 SEP 2009, Tuesday

1. Someone gets it! America Has Been Taken Hostage. Hat tip to Dylan Rattigan for being one of the few folks in the financial media who has been constantly calling for investigation, adjudication and incarceration, as necessary. This guy even did this to his personal detriment. He hosted a show, "Fast Money" on CNBC, and was very outspoken until his masters fired him. Perhaps he was too outspoken?
2. Federal Reserve Chief, Ben Bernanke, declared in a speech today that the recession was "likely over".
3. GREAT! But first let's look at some of his other "calls" in the recent past:
4. The same guy that said: March 28th, 2007 – Ben Bernanke: "At this juncture . . . the impact on the broader economy and financial markets of the problems in the subprime markets seems likely to be contained," May 17th, 2007 – Bernanke: “While rising delinquencies and foreclosures will continue to weigh heavily on the housing market this year, it will not cripple the U.S.” June 20th, 2007 – Bernanke: (the subprime fallout) ``will not affect the economy overall.'' October 15th, 2007 – Bernanke: "It is not the responsibility of the Federal Reserve - nor would it be appropriate - to protect lenders and investors from the consequences of their financial decisions." February 29th, 2008 – Bernanke: "I expect there will be some failures. I don't anticipate any serious problems of that sort among the large internationally active banks that make up a very substantial part of our banking system." June 9th, 2008 – Bernanke: Despite a recent spike in the nation's unemployment rate, the danger that the economy has fallen into a "substantial downturn" appears to have waned, July 16th, 2008 – Bernanke: (Freddie and Fannie) “…will make it through the storm”, "… in no danger of failing.","…adequately capitalized" September 19th, 2008 - Bernanke: "most severe financial crisis" in the post-World War II era. Investment banks are seeing "tremendous runs on their cash," Bernanke said. "Without action, they will fail soon."
5. Ooopsies!