nobody cuts through the bull$#it like Elaine Supkis ...
(snip)"Bernanke Talks About Our Dying Banking System
Elaine Meinel Supkis
Bernanke backs up his Beige Book bilge with more mysterious mumblings that are designed to soothe investors and put Americans to sleep. He, like all the monsters bringing us this continuing nightmare of red ink, tells us we can't stop this and it is all too mysterious anyway and besides, we need free trade because it is making certain people very rich so shut up! I then found a Presidential Trade Deficit Commission that is now defunct! It has some nifty things including the same threats that no one dare mess with this free trade freight train that is derailing our nation.
From MSNBC:
Banks play an important, though perhaps somewhat diminished, role in providing credit as consumers and businesses increasingly turn to other financial players, Federal Reserve Chairman Bernanke said Friday.
"Banks do continue to play a central role in credit markets; in particular, because of the burgeoning market for loan sales, banks originate considerably more loans than they keep on their books," Bernanke said.
"Nevertheless, non-bank lenders have become increasingly important in many credit markets, and relatively few borrowers are restricted to banks as sources of credit," the Fed chief told a monetary policy conference in Atlanta.
I was on the forefront of 'Bernanke haters' from day one and I suspect there are now many more haters around these days. This lastest statement of this New World Order tool is typical. Banks provide credit? How? I can't see how this is possible! When he admits this ability has been 'diminished' he doesn't say how or why! And who are these other 'financial players'?
Heh. So here are some answers from the non-economist of Culture of Life News: Banks have little credit to extend to anyone anymore. They offer such miserable returns on cast deposited that we are in a negative savings rate now for several nasty years starting from the day Bernanke's demented forerunner, Greenspan, dropped rates to the absolute floor of slightly more than 1%.
Last night I painfully combed through this year's Federal Reserve reports and out of the huge stream of poorly-published numbers, I found theses babies: the USA's overall savings rate as money deposited in banks! And what an amazing series of numbers it is:
2001: $132.4 billions
2002: $184.3 billions
2003: $174.9 billions
2004: $174.3 billions
2005: $-34.8 billions
2006: $-96.4 billions---(note: in the 3rd quarter, last fall, it plunged to $-133.0 billion!)
2007: $-82.3 billlions
So, the banks aren't attracting much money, are they? Hell, they are losing money! Since the money they attract at say, 2% interest is then loaned at say, 5.45% interest on a mortgage and everyone makes money only...the banks are charging below the interest rates so anyone with any brains takes any savings and parks it in euros, gold or the stock market! All of which pay much better returns and none of whom give out mortgages.
So stage right enters the 'Financial players' who are nearly all dressed in black and have black names and they look suspiciously like creatures guarding the gates to Hades. These nasty folk get their money not from savers but from some other 'Financial players' who live in Tokyo and eat raw fish.
Since I know all this, why can't Bernanke say, 'Americans are not saving anymore, banks have no more money to loan for mortgages and now a bunch of unregulated hedge funds are funnelling money from Japan which is really our trade deficit funds, back into the USA in the form of loans'? It isn't that hard to spit out. He could hire me to write his speeches. I could write some scorchers.
Such as having him go to Congress and begin wailing, banging his balding head on the desk and screaming, 'THERE ARE NO RESERVES IN THE FEDERAL RESERVE! AAAAARRRGH!' Then he could draw his samurai sword and disembowel himself. Then all the politicians, bankers and hedgefunders could be arrested and put on trial. After all, the entire point of the secret meeting in 1913 that set up this secret organization that prints our money was, they would build up a huge reserve and then protect the dollar with it!
Well, they failed! And they shouldn't be allowed near any banks because they are incompetent."(snip)



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