Bernanke, Two-Faced And Forked-Tongued

Fed chairman Bernanke was the top witness at a hearing called to examine whether the Fed was justified in providing up to $30 billion of taxpayers money to facilitate the sale of Bear Stearns Cos. to JP Morgan Chase & Co., both privately owned-corporations.

Senate Banking Committee Chairman Christopher Dodd asked Bernanke:

Was this a justified rescue to prevent a systemic collapse of financial markets or a $30 billion taxpayer bailout for a Wall Street firm while people on Main Street struggle to pay their mortgages?

Part of Bernanke's answer:

Given the exceptional pressures on the global economy and financial system, the damage caused by a default by Bear Stearns could have been severe and extremely difficult to contain.

He also said foremost in his mind during his decision-making process was the well-being of Americans citizens everywhere. I actually heard him say that.

I guess that's why he forked over $30 billion in taxpayer money to facilitate(bail out) the sale of Bear Stearns Cos. to JP Morgan Chase & Co., and zero dollars to Americans being screwed by these greedy cretins and their overreaching mortgage banks.

Democrats on the Senate Banking Committee said they wanted to find out what pressures the Bush administration had brought to close the sale and whether big investment banks were getting preferential treatment over millions of Americans in danger of defaulting on their mortgages.

Preferential treatment? What transparent nonsense... These two private banks - foolish financial practices and all - are the only ones getting any help, and that at the expense of the American taxpayer.

So Bernanke says one thing( about helping American citizens) while doing another(bailing out private corporations)... So typical of the lying and self-serving Washington scum we must all tolerate today.