"Fed says it would save big banks" by Daniel Wagner, Associated Press | April 25, 2009
WASHINGTON - The Federal Reserve yesterday said the government is prepared to rescue any of the banks that underwent stress tests and were deemed vulnerable if the recession worsened sharply....
Whadda ya mean if the recession worsens? You guys just told me below the feds efforts were paying off and everything is getting better! Sigh! Yeah, I am sick of the shit-shovel, readers. So sick of it I'm near tears as I type.
The disclosure reinforced the Fed's view that major financial firms are "too big to fail," and that the government must do whatever is necessary to save them, said former Fed examiner Mark Williams.
Which means GIVE THEM ALL YOUR TAX DOLLARS, 'murkn.
And the GREATEST HEIST in WORLD HISTORY CONTINUES!!!!
"It appears 'too big to fail' is a fundamental philosophy - it's a philosophical principle," said Williams, a finance professor at Boston University. In extreme cases, a rescue could include a government-backed merger, similar to what regulators did in helping Bank of America to buy Merrill Lynch and JPMorgan Chase & Co. to buy Bear Stearns.
Critics say that policy has put taxpayer money at risk to give banks billions in government bailouts and guarantees.
There is our obligatory one sentence so the bank-serving MSM can say they were fair and covered both sides, etc -- even though the critics outnumber the proponents by the millions.
Separately yesterday, bank executives were being briefed on their test results in meetings across the country. By law, the banks cannot publicize the results without the government's permission.
The Fed release contained little new or concrete information....Sort of like the daily paper.
And if this is true, why is it an article in the NEWSpaper?
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