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paulson, bernanke & friends have lost control.

  1. 24,765 Posts.
    "Meanwhile, there can be little doubt that Paulson’s latest ditherings contributed to the whack that financial stocks took yesterday.

    We should come right out and say it, since the mainstream media probably will not: Paulson, Bernanke and Friends have lost control. Yes, they have.

    As much should have been obvious to anyone tuned to Paulson’s speech yesterday.

    Turns out he’s no longer keen on buying up bad mortgages; instead, he now wants to pump credit money into the consumer economy. Just what we need: more consumption with more borrowed dollars. And this time with no housing as collateral...

    Can anyone in America – other than homebuilders and Kudlow, perhaps -- be fooled into thinking that cajoling consumers into taking on more debt is somehow the answer to our problems?

    ...The bailout process has become too dispiriting – if not to say too horrifying – to watch. The thing has gone out of control, and everyone knows it."

    Full article by Rick Ackerman at

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