Sheer Incompetents Surprised And Stunned By Bernanke
Posted on September 20, 2008
Nice picture, eh? I call it “Monument to a man who’s motto was “Can Do!” looking over a monument to the Americans who said “kick the Nazis’, Japanese, and Italians’ butts all at the same time? No prob.” taken from a monument to a man who said “I will not allow the Union to dissolve, and I will not allow slavery to continue in this land!” backgrounded by a building run people who are so pathetic that to ascribe to them the tag “sheer incompetents” might actually be a compliment
It was a room full of people who rarely hold their tongues. But as the Fed chairman, Ben S. Bernanke, laid out the potentially devastating ramifications of the financial crisis before congressional leaders on Thursday night, there was a stunned silence at first.
Mr. Bernanke and Treasury Secretary Henry M. Paulson Jr. had made an urgent and unusual evening visit to Capitol Hill, and they were gathered around a conference table in the offices of House Speaker Nancy Pelosi.
“When you listened to him describe it you gulped,” said Senator Charles E. Schumer, Democrat of New York.
I’m not particularly surprised that Queen Pelosi, Chucky “Abortion is Great!” Schumer, and the rest of the people in charge of the Congress had no clue. It’s no wonder that Congress wants to take token measures but punt the football over to President Bush to take care of.
Isn’t it simply wonderful what can happen in less then 2 years when the people in charge of Congress take their eyes off the ball? What happened to all their hearings and oversight? Remember, one of the Democrats 6 for ‘06 was to address the rising concern caused by Booooooosh economic policies (sic.) I guess they were too busy……..I’m not sure what they were too busy doing.
Aside: speaking of the 6 for ‘06, whatever happened to them implementing ALL of the 9/11 commission’s recommendations?
» Filed Under Economy, Fiscal Responsibility, Nancy Pelosi, News, Politics As Usual, Socialism, The United States of America
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2 Responses to “Sheer Incompetents Surprised And Stunned By Bernanke”
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Not surprised at all by the incompetence of the dems in charge. None of them have EVER run anything and have only relied on other people for their livelihood and I am really SICK of it!!!!!
Where is Obama’s money man George Soros in all of this??????
[edit] Currency speculation
On Black Wednesday (September 16, 1992), Soros became immediately famous when he sold short more than $10 billion worth of pounds, profiting from the Bank of England’s reluctance to either raise its interest rates to levels comparable to those of other European Exchange Rate Mechanism countries or to float its currency.
Finally, the Bank of England was forced to withdraw the currency out of the European Exchange Rate Mechanism and to devalue the pound sterling, and Soros earned an estimated US$ 1.1 billion in the process. He was dubbed “the man who broke the Bank of England.”
The Times of Monday, October 26, 1992, quoted Soros as saying: “Our total position by Black Wednesday had to be worth almost $10 billion. We planned to sell more than that. In fact, when Norman Lamont said just before the devaluation that he would borrow nearly $15 billion to defend sterling, we were amused because that was about how much we wanted to sell.”
According to Steven Drobny,[12] Stanley Druckenmiller, who traded under Soros, originally saw the weakness in the pound. “Soros’ contribution was pushing him to take a gigantic position,” in accord with Druckenmiller’s own research and instincts.
In 1997, during the Asian financial crisis, then Malaysian Prime Minister Mahathir bin Mohamad accused Soros of using the wealth under his control to punish ASEAN for welcoming Myanmar as a member. Later, he called Soros a moron.[13] Thai nationals have called Soros “an economic war criminal[14]” who “sucks the blood from the people”.[15]