Thursday, January 26, 2012

Bernanke Speaks...

..and basically throws in the towel.

Two years of no rate rate hikes.

We will keep buying our own bonds.

We will print more money.

We will stop when Goldman Sach's share price hits $200!

Bernanke and Grenspan make our Carney seem like the epitomy of wisdom and monetary conservatism.

Remember this crisis in the US COULD HAVE BEEN prevented. If only the regulators weren't in bed with the Wall Street sharks, they could have reined in the irresponsible lending, and the housing bubble.

It's not like there weren't enough people like Schiller repeating that a crisis was coming, it's just that this bunch is used to easy money, and like a drug addict, stopping it now would kill the addict, so they shake there heads and keep injecting.

The problem in the US was almost no one saved any money. They just spent with wild abandon. Now that it has hit the fan- the few who did save must be punished and forced to either have their savings reduced to worthless paper or be forced to spend it too on worthless crap they don't need.

That's how ponzi economies work.

BTW- some good news. The 2.9% five year mortgage from BMO ended yesterday. I was actually thinking of closing my account with BMO. The jerks offer me almost nothing for my deposit account and yet are trying to get more financial crack out to home buyers.

Bill Downe the Bank of Montreal CEO JUST SAID

Bank of Montreal president CEO Bill Downe agreed there is a risk of a downturn in the housing market, saying the best hope is for a soft landing.

"There is no question that the warning signs around the Canadian housing market have been visible for more than a year," he said, also mentioning Toronto and Vancouver specifically

That's from two weeks ago..just before they started this idiotic 2.9% gimick. Mr DOWNE What the &^$% are you doing????

Do you even know how stupid this makes you look?

You say that the best case is for a soft landing and then your bank offers crack rates!

How can you still justify your many Million dollar salary and benefits package?

It's like saying -Jim here looks like he may die of liver cirrhosis if he doesn't quit drinkng and then offering him a bottle of Wild Turkey!

Is it just me or does it seem like we live in a world where no-one is accountable for anything.