eddie6442

Wall Street Breakfast: Must-Know News

I'm so relieved the FED policy was to attack priority #1 INFLATION!!!!!!!!!
Where did Bernanke get his education on priorities and proactive policy decisions -- FEMA?????
When is the last policy decision our government made that was proactive and successful????????

Wall Street Breakfast: Must-Know News

The financial meltdown we are facing has been largely the result of government legislation and initiatives. Start with the massive over spending to weaken our nations financial position. Add the $700BB annual outflow of money for oil because of a failed energy policy for 35 years. Recently, Sarbanes/Oxley, as the typical overreaction to Enrons/Worldcoms, made Officers/Directors "personnally" liable for financial misstatements. Stir in the subprime mess, created by the governments desire to provide the American Dream [a house] even to those who couldn't afford it. Defaults and foreclosures start to permeate markets [SURPRISE] as government oversight and policy agencies [THE FED] allowed these specious bank lending practices. Now faced with ASSETS MARKED TO MARKET, [when there is no market], creates a precipitous slide in valuations of financial institutions. Fold in the RATINGS AGENCYS "downgrades" causing stress on all types of financial firms liquidity and borrowing. Then have the government [SEC] eliminate the UPTICK RULE and the requirement to BORROW SHARES FIRST, so HEDGE FUNDS could SHORT stocks into oblivion. Merrill Lynch's acquisition by B of A for a 70% "premium" confirms that assets are overall more valuable than current writedown levels. And the government is scrambling by deleting our Treasury and twisting laws to increase the FED'S charter/involvement for both funding and oversight. And what single characteristic was at the heart of this financial massacre -- GREED!!!
IMHO