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Direxion Daily Financial Bear 3X ETF Message Board

  • quailrunrd quailrunrd Aug 31, 2009 1:59 PM Flag

    There will be blood

    When the public eventually discovers the manipulation conducted by the FED on behalf of banks at taxpayer expense, heads will roll and FAZ will fly.

    "Far from heeding the BIS's warning, Bernanke headed in the opposite direction, doing everything in his power to avoid price discovery and keep the price mortgage-backed securities (MBS) and other toxic assets artificially high by providing full-value, rotating loans to underwater financial institutions. At the same time the Fed was using public funds to prop up financial markets, Bernanke was shrugging off Congress's attempts to find out which companies secured the loans; how much the loans were worth, the terms under which they were issued, and the true "mark-to-market" value of the collateral accepted by the Fed. On Aug 24, 2009, a federal judge ruling on a case brought by Bloomberg News against the Fed decided that " The Federal Reserve must make public reports about recipients of emergency loans from U.S. taxpayers under programs created to address the financial crisis, a federal judge ruled." There's no doubt that the Fed will refuse to provide the relevant information as it would surely expose the Fed's cozy and collusive relationship with the nation's biggest banks. The Fed's stonewalling in the Bloomberg case and refusal to let Congress audit its books stands in sharp contrast with Bernanke's professed commitment to "transparency", a handy buzzword typically invoked by confidence men and charlatans when they feel noose tightening around their necks."

    http://www.counterpunch.com/whitney08282009.html

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