Federal Reserve Chairman Ben Bernanke arrogantly refuses to tell Senator Bernie Sanders which banks were in receipt of government loans and why only large greedy incompetent multinational organizations are allowed access to loans, while small and medium-sized businesses are left to rot. Read the full article
It is incomprehensible why those benefiting from taxpayers money to clean up the mess they created are not held accountable and are protected when ordinary folks are kicked out from their homes by the same banks when they are a few months in arrears...
It is about time they agreed to come clean on who is getting what - I heard some companies were buying other companies so that they would be eligable for the some of the 'hand outs'. This sounds a little sick if you ask me.
First I must say Senator Sanders seemed angry as he was interrogating Federal Reserve Chairman Bernanke. The manner in which the senate questions people during these hearings is disrespectful, and unnecessary. Having said this, one would think guidelines for full disclosure would have been in place before this money was distributed to these financial institutions. And Mr. Bernanke should be more forthcoming considering the lack of public trust there is in how this whole economic crisis was created.
Article title says it all. It wreaks of arrogance and lack of accountability. Now is not the time to be playing protectors to those over bloated corporations.
Well that's interesting...Being here in Australia we are well and truely starting to feel the effects of the global financial storm out there. $2.2 Trillion - the reason we are all in this mess is because no one appears to be answerable for what and to whom gets this money.
Big companies get money to become bigger, or what? Well, that's not so easy to understand but giving away loans is always connected with risk. The higher the risk the higher the interest must get to compensate the higher risk involved. As small companies are too risky for banks to give them loans they simply cut it completely. 2 Trillion was given to big companies. Now, is it really so difficult to know who they were? Come on, look to the Dow Jones and you know it.
The whole thing is a shambles. The shadow banking system has been allowed to grow to epic proportions largely unchecked and unregulated. Many of these institutions are insolvent and the money they are being provided with is a drop in the bucket compared to the outstanding liabilities. Certainly transparency and accountability should be part of the deal. With the credit markets being frozen many viable small businesses are starving for funds and solutions in this area are needed to appease the situation.
This does fly in the face of transparency, which is supposed to be a cornerstone of the Obama Administration stimulus program. Now we have banks reporting that they were almost strong-armed into taking the money even when they don't need it, and some even trying to give it back. Not handled well at all!
Oh dear... a trillion here and a trillion there. What a pickle. Actually, what more should we expect from this shameless team of idiots? Worst yet... just wait until this monopoly money threads its way through our economic system. Inflation supremo!
This is an issue that truly needs to be addressed in a different manner. When taxpayers get themselves in financial trouble, due to irresponsibility, who bails them out? Its due time to let these companies fall and start putting some of these CEO's and their staff in jail. If we have to pay for our mistakes, so should they!!!!
From What I've learned, the small banks will get little. On 20-20, Bernanke said the banking system was sound, and would not fail on his watch. We'll see, as another trillion is printed and pumped into the system.
It's so much money, that the thought of tracking it seems overwhelming. If you think about it, one of the largest markets in the US is the pet industry at 47 Billion Dollars. Think about how difficult it would be to track that money. Now multiply that for the bank bailout, and you've really got an issue.
This kind of attitude is another reason why the Federal Reserve should not continue to exist. It is unbelievable why the American People allow the United States Congress, who is accountable for monies spent by the FedGov, to delegate this to the Federal Reserve. Congress didn't want to be accountable when the Federal Reserve was set up and they don't want to be accountable now. And now the Fed Reserve can print money for anything they want.
I say let 'em rot in hell. They claim to be capitalists, yet if so, how come they don't believe in letting the market level the playing field instead of some trumped up snotty scumbag called a politician trying to regulate everything they can touch. Bring on the free-market, and let the monolithic, badly managed banks tumble.
arrogantly refuses..? I have to say, small businesses are the back bone of the economy, I think people in high places are generally needing to take a bow, we'll probably go through some painful times as a nation as the lack of ethics are purged.
Not surprised. If all was clear then there be no reason to hide the truth. Acting like this just makes it even more suspicious. Hopefully one day the big ones will admit what they have done and accept the responsibilities. Hiding is easier than facing the truth.