By Gerald: Internet Anthropologist Think Tank
Dec 30 2008
Current Fed Chairman was given $700 billion dollars to
buy up bad paper, the stuff they haven't marked to market,
Includes some assets in money markets.
Fed Chairman didn't buy on dollars worth of bad paper,
instead just gave money to Banking Corps, no over sight,
no banking Czar, no plans to deal with bad paper.
Its still out there, and will come home to roost.
New President has appointed Volker, to economy czar,
he may be able to
reign in current Fed Chairman.
Expect Volker to mark paper to market,
which will dispose of problem, and that will
hurt like hell.
But will adress problem and clean it up.
Will also expose how big the fraud problem
Volker became Fed Chairman while I was broker
and I put questions to him thru my Congressman.
He used to drive an old Ford to work, at Fed,
no Chauffeur and limo.
He is well grounded and has sound understanding
Expect him to mark paper to market soonest.
And let market restructure.
Only way to clean up mess.
Labels: Paul Volker