Bailouts Were an Extortion of the American People
Federal Reserve Chariman Ben Bernanke in a speech in Orlando suggested that we will not see the bailing out of banks as we saw in 2008 and 2009:
â€œIt is unconscionable that the fate of the world economy should be so closely tied to the fortunes of a relatively small number of giant financial firms,â€ Bernanke said yesterday in a speech in Orlando, Florida. â€œIf we achieve nothing else in the wake of the crisis, we must ensure that we never again face such a situation.â€
As Karl Denninger pointed out at The Market Ticker, Ben Bernanke has essentially admitted that the actions they and the US government took to bail out failing institutions was unconscionable, or as defined by Dictionary.com, “not guided by conscience; unscrupulous; excessive; extortionate; not in accordance with what is just or reasonable.”
If these actions were so unscrupulous, extortionate, and excessive, then why did we saddle the American people, for generations to come, with trillions of dollars in debt to save a few banks who, arguably, were themselves to blame for the crisis in the first place.
The Fed and the US Government engaged in extortion of the American people by first telling us that the system was on the brink of collapse and martial law would be instituted, and then forcing, by mandate and the barrel of a gun, the people to fork over what little they have left of their paychecks to save too-big-to-fail bankers.
This is, as Mr. Bernanke pointed out, unconscionable, and all of those responsible should be held to account.
Why then, as Mr. Denninger says, does the Fed continue to keep secret all of the information that would allow us to bring the criminals involved in the largest ponzi scheme in history to justice:
So unconscionable actions taken by Bernanke must then be defended to the point of maintaining secrecy – perhaps so that the true nature of the outrage – that is, the actual impact, effect, and reality of those unreasonable and unscrupulous acts do not boomerang back on him and the rest of the Federal Reserve?
Exactly who is being protected here?
If Ben Bernanke actually cared about these unconscionable acts, then he would take the actions necessary to bring to light all of the machinations involved in this scheme. But doing so may very well show the American people that he himself, and a host of other officials like Messrs Henry Paulson and Tim Geithner, were complicit in the extortion.
Regardless of the lip service Mr. Bernanke is paying to the notion that justice will be served, the truth is the last thing that we will get, as evidenced by the Fed’s continued attempts to keep all matters of monetary and financial policy secret.
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Date: March 21st, 2010
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