Bailout Embarrassment

It is time for us to put our actions where our mouths have been for the last 8 long miserable years.   We have complained of the Republicans lack of regulation, lack of oversight, and willingness to look the other way for big business and the folks that line their pockets.

Now it looks like our Democratic leaders in Washington may be doing the same thing.

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Fed Refuses to Name Recipients of $2 Trillion. (updated)

Is this what our government calls: "Accountability?"

Apparently, leading Republicans and Democrats are indicating that's the case.

There it was (and still is as I write this), buried near the bottom of this morning's Bloomberg.com "Breaking News" list of stories: Fed Defies Transparency Aim in Refusal to Disclose.

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The Myth of Free Markets: Even Greenspan Sees the Light

Not unexpectedly, it required a major disaster to awaken former Federal Chairman, Alan Greenspan, to the long overdue reality that the free-market, free enterprise economic model fails to trickle down wealth to the poor and near poor but concentrates wealth at the top.

The free market model or Neoliberalism was developed by Friedrich Hayek and Milton Friedman at the Chicago School of Economics Chicago where it became an axiom that the private sector was the key to long-term economic stability.  Neoliberalism has gradually become the prevailing economic conventional wisdom in the United States and has been foisted on most countries through pressure from the United States or through the IMF and World Bank, America's secret instrument of exploitation.

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Is Bernanke endorsing Obama?

The Wall Street Journal thinks so. Check it out.

The question is: Is Obama endorsing Bernanke? Last July the candidate said this:

"I think that chairman Bernanke was handed a pretty tough hand and I think some of the decisions he's made have been the right ones."

Of course, things have changed a lot since July.

Under The LobsterScope

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IMF to investigate Bernanke, Fed, Chimpy

In my efforts to shed light on how differently developments within the U.S. economy are being covered outside of the United States (MSM), versus what we're hearing inside the country, I provided a diary earlier discussing, among other things, The Bank for International  Settlements' ("BIS") just-published (in the past 24 hours) 78th Annual Report. It is brutally frank. It is very scary stuff. It is considered to be rather beyond reproach, in terms of its credibility, too. You may read the story about this here:"The central bankers' bank renews fear of second depression..."

But, perhaps even more underreported is what's happening over at the International Monetary Fund over the past few days, as far as their investigation into U.S. economic policies are concerned.

"The world" has just decided that Ben Bernanke, the Fed, and Chimpy's other rob-from-the-poor- and-provide-welfare-to-the-rich henchman must now face a general investigation by the International Monetary Fund. Read about it right here, "The Shrinking Influence of the US Federal Reserve."

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Diaries

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