We saw this on The Market Ticker……….
Your (and Bernanke’s) continued cheerleading and falsehoods have destroyed business and consumer confidence. Every time you open your mouth the market tanks, because you still have not decided to tell the truth. “Securitizing credit” is a pointless exercise until the excessive debt is defaulted, as there is no demand for additional credit when the consumer is tapped out and businesses are failing.
You continue to talk about increasing credit in the system when the cause of the problem in the first place was excessive credit creation.
YOU PERSONALLY lobbied Congress and The SEC to PERMIT that excessive credit creation, were rejected once in 2000, and in 2004 you came back as CEO of Goldman Sachs and GOT WHAT YOU WANTED – a policy change that WAS THE DIRECT AND PROXIMATE CA– — USE OF THE MESS WE ARE NOW IN.
You have REF– — USED to accept that responsibility and you continue to talk about “recovery” and “reform” but you and YOUR demands for removal of safeguards in 2000 and 2004 ARE WHY WE ARE HERE.
THERE IS NO SOLUTION TO THIS PROBLEM NOR WILL THE ECONOMY FIND A BOTTOM AND RECOVER UNTIL YOU STOP TRYING TO FEED A DRUNK WITH LIVER CANCER WHO IS PUKING UP BLOOD MORE BOOZE, AND IF YOU DON’T STOP THIS CRAP AND SOON THE DRUNK (OUR ECONOMY, OUR MONETARY SYSTEM AND POSSIBLY OUR POLITICAL SYSTEM) IS GOING TO DIE.
WHEN THAT HAPPENS, NOT IF, YOU, CONGRESS AND PRESIDENT BUSH WILL BEAR THE PROPER RESPONSIBILITY FOR THE ENSUING DEPRESSION, ONE THAT IS LIKELY TO SURPASS THE 1930s BOTH IN SEVERITY AND DURATION.
It is time for you to accept responsibility for your actions and their consequences, resign, and for the government to invite adults into the room before we have another fiscal “accident” – this time in the Treasury market as the world decides that buying government debt from a liar is a really, really bad idea.
