Monday, May 05, 2008

Helicopter Ben Begs for an LZ

Via AP and RawStory:

"High rates of delinquency and foreclosure can have substantial spillover effects on the housing market, the financial markets and the broader economy," Bernanke said in a dinner speech to Columbia Business School in New York. "Therefore, doing what we can to avoid preventable foreclosures is not just in the interest of lenders and borrowers. It's in everybody's interest," he said.

Bernanke (is he really still at the Fed's helm?) wants to end a banking crisis by just changing the numbers on the bank accounts. Forgive debt (contracts? We don't need no stinking contracts!). Let Fannie and Freddie put those of us who actually made good investments and make our payments every month on the hook for neg-am arms.

There's nothing more to be said for the failure named Bernanke. This says it all:

In his remarks, Bernanke did not talk about the interest rate policy or the state of the economy.

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