“I believe if the credit markets are not functioning, that jobs will be lost, that our credit rate will rise, more houses will be foreclosed upon, GDP will contract, that the economy will just not be able to recover in a normal, healthy way.”
That was Ben Bernanke, the Fed's chairman on Tuesday, in an attempt to strong-arm Congress into handing over the keys to Fort Knox, in a manner of speaking.
What pops out at me in all their dire warnings, his and Paulson's and anyone else's ammunition they pull out of their holsters is that such predictions may be taken another way...as threats and promises.
He speaks of "normal and healthy"? Like that's how it was before this emergency was recognized? So this means that a return to the creed of greed that Wall Street has always operated under will tell us when things are hunkey dorey normal again?
Years ago I used to watch The Bold and the Beautiful, in hopes that one day I'd figure out who was bold and who was beautiful. Never did, no matter how many episodes I watched, so I gave up in despair.
The question haunts me to this day.
Now, the day is late, and if I've got to figure out who's normal and who's healthy on Wall Street, well, like David Letterman says, it just gives me a headache.
Yet one thing I do know after the Paulson-Bernanke tag team got done scaring the pants off our Washington puppets like cats arguing with tiny little mice...it's really the banking crowd who are the bold ones.