The FED announcement to boost the economy is a HUGE DEAL

U.S.stocks shot up sharply in midday trading after investors cheered the Federal Reserve's move to launch a new round of steroid-like stimulus in an effort to invigorate the slow-growing economy and jumpstart a weak job market.

Heading into the closely-watched meeting the consensus on Wall Street was that the Fed would launch a third round of bond buying, an unconventional policy known as "quantitative easing," or QE, in an effort to keep interest rates low and spark more business activity, boost confidence and bolster hiring by businesses.

And the Fed delivered, announcing that it would purchase mortgage backed bonds at a rate of $40 billion per month.

The Fed's aggressive moves pretty much send the message that it will continue to assist the economy And that was met with relief by market participants, says Frank Fantozzi, president and CEO at Planned Financial Services in Cleveland, Ohio.

Believe me, the GOP does not want to hear any of this. Buying bonds at 40B a month should be a serious boost to the economy.

Expect a serious denouncement by Romney and Crew. Full story, here.

Obama anoints Bernake from his vaca.... (Video)

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Obama nominating Bernanke to 2nd term as Fed Chief

Why am I not surprised? Things about Obama lately are turning out to be very predictable.

President Obama plans to nominate Ben S. Bernanke to a second term as chairman of the Federal Reserve, administration officials said Monday night.

The nomination, while expected, comes after Mr. Bernanke has had perhaps the most tumultuous term of any Fed chairman, helping to steer the economy through its greatest downturn since the 1930’s. Mr. Bernanke is a Republican who was appointed by President George W. Bush. Mr. Obama’s plan was confirmed by Robert Gibbs, the White House press secretary.

A top White House official said Mr. Obama had decided to keep Mr. Bernanke at the helm of the Fed because he had been bold and brilliant in his attempts to combat the financial crisis and the current deep economic recession. read more here....

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Bernanke, Paulson I guess forgot to CYA: Bank of America spills the beans....

Ben Bernanke and former Treasury Secretary Hank Paulson pressed Bank of America, Chief Executive, Kenneth Lewis not to reveal the purchase of Merrill Lynch. In other words, trying to keep the real exposure of the economy under wraps.

Scandalous.

Bank of America Corp Chief Executive Kenneth Lewis testified under oath that U.S. Federal Reserve Chairman Ben Bernanke and then-Treasury Secretary Henry Paulson pressured the bank to not discuss its plan to buy Merrill Lynch & Co, the Wall Street Journal said.

In a testimony before New York's attorney general Andrew Cuomo in February, Lewis told prosecutors that he believed Paulson and Bernanke were instructing him to keep silent about deepening financial difficulties at Merrill, which BofA acquired in January.

Lewis testified that the government wanted him to remain silent while the two sides negotiated government funding to help BofA absorb Merrill and its losses, the paper said, citing transcripts of the testimony.

A representative of Cuomo questioned Lewis about his failure to disclose Merrill's fourth-quarter losses, which eventually totaled $15.84 billion, according to the paper.

Lewis said he was told by Bernanke and Paulson that the BofA-Merrill deal needed to be completed, otherwise it would "impose a big risk to the financial system" of the United States as a whole, according to the paper.

This is another reason why the public is highly skeptical of Wall Street and the continuation of dumping money in these banks.

If this is true and note this statement was taken under oath, Bernanke should be told to empty his office and leave to greener pastures.

for real.

Source

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Stop saying they are "Too Big To Fail"....LET THEM

AIG that is it. Really it is it.

Even after watching Federal Reserve Chairman Ben Bernanke on 60 Minutes tonight, who I might add was eloquent, reserved, humble, I still say as a tax payer let them fail. Even Chairman Bernanke was hot under the collar by giving AIG money, but has to read headlines that they are giving themselves bonuses.


Fed Chairman Bernanke's 60 Minutes Interview, Part Two

The 'effin' moxey of AIG is enough. This company reminds me of Blago, it just won't do the right thing, or more importantly the controversy will never stop.

AIG has taken over 160B dollars of U.S. taxpayers dollars to keep this company propped up but has that moxey to pay out bonuses in the range of 450M? President Obama this is where the rubber hits the road for U.S. taxpayers.

American International Group Inc. will pay $450 million in bonuses to employees in its financial products unit. That division was at the heart of AIG's collapse last fall, which compelled the U.S. government to provide $173.3 billion in aid to keep it running.

The CEO, Edward Liddy of AIG told Treasury Secretary Geithner that their hands were tied in giving out these bonuses.

CEO Edward Liddy told Treasury Secretary Timothy Geithner that the next payments to employees of the financial products unit are due on Sunday, and added “quite frankly, AIG’s hands are tied.”

Well, of course the outrage is that, outrage it is natural. Now it is time for action. Action from the White House.

See, the average joe and josetta don't understand why we are throwing money down the well to the likes of AIG, as they use the money we are giving them to keep them functioning, but they turn around and payout bonuses that are unbelievable. See, the joes and josettas out there are struggling. Many of them are one paycheck from being thrown on the street, but they constantly have to read about these companies and Wall Street that take our money and then throw the finger at us. Yes, Obama Administration, they are throwing the finger at us. What is next?

Obama Administration, I am smelling the rubber burning. Remember the segment of the Sci-Fi, Horror movie, Aliens? OK, it is the part of the movie when the marines while in the den of Aliens are told to give up their weapons and can only use flame torches, at this juncture one marine says, "How are we suppose to protect ourselves, use harsh language?" Well, we all know how that scene ended, what we don't know is how this scene with the likes of AIG and others will end. Harsh language is being touted, here,here, here, and here. Outrage all from D.C., which is fine and dandy, but Obama Administration and Washington, D.C. the public demands action. We mean stern action, not more harsh language.

AIG is an example of what the public does not want, which makes it hard for the Obama Administration to move forward with its financial package. The actions of AIG, Citibank, Bank of America, etc., are examples of reckless management and disregard of its financial situation. It is we, the taxpayers that these blowhards are begging for our help and we have to continue to read about bonuses paid out in the mulit-millions while Americans are losing jobs, in line for food, tent cities popping up in this country, unemployment numbers are astounding, people don't know if they will have a job tomorrow and many in this country are one pay check from the street!!! And we have to read about AIG taking our money and paying themselves bonuses????

Obama Administration, do you get it? We are angry and yes, stop giving them our money if they don't respect the process. Which means they don't respect you and definitely do not respect we, the taxpayers. Yes, we are angry and yes, let them fail.

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