Friday, June 26, 2009

Does Anyone Really Believe Ben?

Congressional Show and Tell

"Now, I have to go back to work on my State of the Union speech, and I worked on it until pretty late last night. But I want to say one thing to the American people. I want you to listen to me. I'm going to say this again: I did not have sexual relations with that woman, Miss Lewinsky. I never told anybody to lie, not a single time; never. These allegations are false, and I need to go back to work for the American people. Thank you." Bill Clinton

"I did not tell Bank of America's management that the Federal Reserve would take action against the board or management if they decided to proceed with termination of the deal" Ben Bernanke

We know that Bill Clinton lied for reasons that had nothing to do with saving the economy and markets of this country and by extension the economy's and markets of the world. He lied to try and save his own ass.

Ben Bernanke most likely lied but for much grander and honorable reasons. I believe that in his mind a failure of Merrill Lynch, and the uncertainty and panic it would have created around its' massive base of individual investor accounts, would have directly undermined confidence in the financial system of the United States, and was an unacceptable occurrence. Even though B of A could have bought Merrill at a fire sale price after any type of filing, Ken Lewis was somehow "persuaded" to go through with the deal before that happened.

Bernanke testified before the House Oversight and Government Reform Committee on Thursday, saying that the Fed exerted no influence over the decision of Bank of America going through with the acquisition of Merrill Lynch. His testimony provided a forum for the congressmen to grandstand on whichever side of the story their beliefs fell out on, and it allowed Bernanke to reclaim some of the credibility that this story may have taken from him.

The event was a success for the congressmen, but Ben Bernanke to me sounded nervous and unsure. The arbiter of the testimony was the stock market, however, which rallied as he spoke.

The bigger picture issue at this point is whether the Obama plan to give the Fed increased powers in financial regulation will now be passed.


  1. multiple choice: 1)i am hiking the appalachian trail..2)i am messing with young whores in bombay..3)i am out scoring oxycontin and cheating on my wife.....possible answers...1)bobby jindal 2) rush limbaugh 3) mike haltman 4)mark sanford......winner receives the political and financial markets blog....with a kiss from mike haltman

  2. Couple of things.

    If you put an answer number 4 you should probably have an item number 4.

    You forgot the most important question of all. Who is a bigger jackass than Anonymous? Answer: No one except the leaders of Iran and North Korea, the authors of the cap and trade bill and... that's it.

  3. mike , nobody's reading cause your
    input is boring and more importantly biased.....your last post to me makes no sense....i'll admit it says something about me that i continue to toy with you....#4)i am writing a biased blog with my own personal opinion that nobody cares about except anonymous

  4. That's interesting since I have over 500 subscribers between feed and email and have over 500 other visitors a day when you consider all sources.

    I don't think I would miss you much.

  5. i doubt it..but i hope they all know me....

  6. how come i don't see them???

  7. Let's see.

    If you scroll down the right side of the blog you will see a little less than 300 feed subscribers. I have a little over 200 email subscribers, and then all of the organic traffic that comes in.

    How come I don't see you? Come in out of the shadows.

  8. how come no one comments on your gop trash

  9. Anon, ahem.......
    We're here and reading Mike slamming you back down where you belong. He can handle you fine. Don't you have something useful to do other than stalk Michael in every post? Unrequited love? :-)

  10. I don't think he does Molly. It's lonely being Anonymous.