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Fed's Bernanke Props Up EU With Loan-sharking Scheme

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  1. WillofLa says:

    Yesterday I heard that the Obama administration is providing 600 million dollars of paper I suppose printed by the Fed to give as our part of the bailout of European banks. Well, my question is what did they do with the 8 1/2 trillion dollars that Paulsen gave them when Fannie/Freddie failed? That’s what the Bush administration authorized they be given when Bush gave into Pelosi’s plea that if he didn’t we would pay for it by having to watch Europe collapse. Paulsen was then given autonomy to take any and all monies he needed to take care of the “problem” that Barney Frank and Chris Dodd caused. Of course it just wasn’t those two crooks, it was Bernanke, Franklin Raines, Jim Johnson, and a whole bunch of crooks who had ALL benefited financially while Freddie/Fannies’s fiscal condition was being hidden by Barney Frank’s testimony to the investigation committee’s queries as to the soundness of the fund for those two huge slush funds that seemingly every banking CEO was getting even richer than they already were.

    It was Bernanke’s “quivering lip” that pushed Bush over the edge and caused him to sign the TARP bill into law so that all the banks that had lost money on Freddie/Fannie could get some of what they had lost. Well, nobody ever gets 100% of their money back on bad investments, but Paulsen made sure they did so that the European banks and the international investors wouldn’t collapse later on. And here two years later they ‘ve already blown through all that money? Damn, I wish they had sent me a million dollars, that’s all I would have needed to set me up for life. They wouldn’t even have missed it, and now we’re looking at countries whose spending habits have blown 81/2 trillion dollars, and we’re sending them another 600 million? 600 million isn’t going to do anything at all if the trillions we’ve already sent them didn’t help.

    Besides where else did the Obama administration get that money if it wasn’t printed by us? All this is going to do is tear down the value of the dollar even more if our help does nothing more than the trillions didn’t do.