I can't believe I just read this.
“A spokesman for the Federal Reserve would not comment. A Treasury Department spokesman referred questions to the Fed.”
This quote sums up The Great Boondoggle beautifully; and it goes to show that this has all turned from tragedy into farce.
Personally, I am done being pissed off about anything political or financial. The last 8 years have almost completely drained my ability to exist peacefully in my head (not to mention that they cut into my relationship with humanity), and so the only antidote to this sort of degenerate lunacy is to bow out laughing and live my life. Therefore, I will giggle hysterically at the following... instead of crying and/or shaking my fist.
The Fed wants to “stress test” banks using a weighted system which will count traditional loans across the board as a greater detriment to a bank than the retarded securities that got us here in the first place. This screws the regional banks who did not throw our economy down the toilet and props up the Wall Streeters who did. Rationale: the lunatic securities will probably not lose any more money…DUH! They’re backed by the GDP of the UNITED STATES OF AMERICA.
So, the banks that were actually functioning as banks are being punished by the Fed-ury who, by the way, extorted (via litigation threats) the Big Firms if they did not take TARP funds, and who now use the same threats against firms that want to give the money BACK. And the "strength" of banks that dallied in antimatter are being tested by the US WHILE the US props them up.
And these people want to reshape capitalism?
HA! They'll have better luck retooling gravity.
OK, anybody seen any good movies lately?