9 Bailout/Economy Lies and Deceptions

It's been pretty busy the past few days in the MSM and on the blogs with regard to commentary about Wall Street and our economic bailout.  Herein, I hope to provide a little clarity for those believing everything they're reading. There's a lot of misinformation being spewn...and from some of the highest levels, too.

But, as the saying goes, "The Truth Is Out There." In fact, it's right here!

So, without fanfare, here are "Nine Bailout/Economy Lies and Deceptions We're Hearing Right Now:"

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Latest Spin Belies Simple Truths About Credit Logjam

Bloomberg's David Reilly provides us with some very interesting, easy-to-understand commentary regarding a subject that's been his focus of late: fiction within our large banks' balance sheets. Here's the latest, "Banks' Hidden Junk Menaces $1 Trillion Purge."

Banks' Hidden Junk Menaces $1 Trillion Purge
David Reilly

March 25 (Bloomberg) -- The U.S. government wants to clear as much as $1 trillion in soured loans and securities from bank balance sheets with its latest bailout plan.

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Another Groundhog Day w/Geithner and Bernanke

Among other matters, Wednesday's news cycle will be focused upon one of the ongoing themes of our economy's even deeper nosedive into the Depression abyss: the reality that the banking/lending industry just is not cooperating with our government's stated goal to inject credit liquidity back into the small business and consumer marketplace.  So, what's their solution:  up to another trillion dollars and elimination of many of those new regulations we've been hearing so much about! But, somewhere along the way, they forgot to work out a few of the other minor details.

Yet once again in this regard, in tomorrow's press, we have the following story: "Government Announces $200 Billion Lending Program," which, in turn, provides us with a link onto
the front page of Wednesday's WaPo, and this lead article: "As Markets Sink, U.S. Tries to Halt Cycle of Fear."

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Obama: 'Your payment is due.'

President Obama has pretty much put everyone on notice that: "Your payment is due." So, I thought it was time to ask what I believe is...

The most important bailout question(s).

A great deal of focus in Washington, and within the MSM, is somewhat rightfully being placed upon ongoing excesses within the banking and investment banking industries. But, at what point do we turn our attention to--by far and way--the most excessive industry bonus of all: allowing the financial services sector to cash in their trillions of dollars in toxic debt at make-believe valuations which saddle our country with liabilities upon which our children and our children's children will be paying the price for years to come?

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Banks Shamefully Lie About Liquidity In Today's WSJ

One of the lead stories in today's Wall Street Journal is a totally contrived piece of crap, entitled: "Lending Drops at Big U.S. Banks."

In this story, the Wall Street Journal, being spoonfed spin from many of our nation's largest lending institutions, would have us believe (infer...imply...etc...whatever) that consumer liquidity in the marketplace only dropped 1.4% between Q3 '08 and Q4 '08.

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