The hypocrisy just never ends. It gets so common no one has the energy left from all the outrage to pick up a torch and a pitchfork anymore. The whole industry is corrupt and all we can hope for is God sends a meteor attack to destroy them all, preferably at the opening bell.
Dick Bove, quoted in a story here:
Bove acknowledged holding what "may be a contradictory stance," but he is sticking to it.
"It will be recalled that the regulators were dealing with a significant financial crisis. To stem the panic, they lowered interest rates, invested in banks, loaned trillions of dollars to these institutions and guaranteed trillions more in bank liabilities," he said in an analysis for clients.
"If the dollar Libor rate had risen sharply in this period all of this activity would not have succeeded."
Every time some new misdeed is discovered we're told that it was necessary to bend the rules in order to keep everything from falling apart.
We're nearly four years on from the onset of the panic, and here we have a leading cheerleader for the banking industry telling us that suppressing LIBOR was necessary to save the system. I seem to recall that was the argument for TARP which relieved NOT ONE SINGLE TOXIC ASSET, and for the Fed opening the discount window to the world with nearly $10 trillion in liquidity loans at ultra-low rates homeowners will never get, and for every other violation of the principles of free markets we have witnessed under Republicans and Democrats alike, all of which amounts to the biggest fascist swindle ever perpetrated on a once free people.
A pox on all your houses!
"Look. I obviously have made a decision to make sure the economy doesn't collapse. I have abandoned free market principles to save the free market system. Having said that, I'm very confident that with time the economy will come out and grow and people's wealth will return."
-- President Bush, 2008
