Nathan Scandella (personal)

Stress Test: More Lies and Cover-Ups

So, the big-bad stress tests, that initially had people fearing for those poor little bankers, are now turning out to be a complete joke. The Treasury has leaked that it will likely delay reporting results until after earnings season, and will also likely give summary results only, not details on specific banks:

http://money.cnn.com/2009/04/07/news/economy/bank_stress.reut/index.htm?section=money_topstories

Are you kidding me? What a farce. The stress tests, in actuality, are merely an excuse to funnel more taxpayer dollars into the wicked financial institutions that got us into this mess. They are apparently using extremely rosy projections for their potential economic scenarios.

When does this stop? Giving money to the people who've screwed us over, and then not even publicly acknowledging who's getting more of it, and how they're doing with what we've given so far?

Obama's claims of transparency are turning out to be just as hollow as many of his other claims. He's covering up the biggest heist of American tax dollars in history with more lies and secrecy. This, I would expect from the Federal Reserve. They make no bones about the fact that they do what they want, and answer to no one. But, both Obama and Geithner promised us visibility into how they spend our money. Apparently, not.

And choosing to time the results to allow banks to report completely bogus, fake-profit-laden results for Q1. Well, if that's not a conspiracy, I'm not sure what is. Let the Goldman Sachs of the world have a few more days to run up their stock prices with public lies. They sucker in new shareholders, and let their employees, most of whom undoubtedly know how bad things are, cash out what stock they have left while it's artificially inflated.

This is tragic. Our country is over-run by villians, and over 60% of us still think Obama is doing a good job.

Posted at 01:30AM Apr 15, 2009 by Nathan in Economics  |  Comments[0]