Word: feds
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...Journal suggests that B of A may hold a special place in the government's heart because it bought Countrywide and Merrill Lynch at times when a public bailout of those companies could have caused the credit system angina. With Congress and watchdog agencies watching how the Treasury and Fed are using their thinning cash reserves, B of A will not be getting any sympathy or special dispensations from regulators...
...Bernanke's comments about the recession and his reasons for believing that the economy has hit bottom could have been a mimeograph of a dozen other speeches made by Fed chairmen testifying before Congress in times of crisis over the last forty years. Arthur Burns probably made the same speech in 1973 and put it in an envelope for Paul Volker...
Bernanke has proven himself to be a particularly talented public servant. He saw the credit crisis coming and adjusted the central bank's policies at a rate which was abnormally fast based on Fed history. He offered hundreds of millions of dollars of liquidity to banks that probably would have collapsed without it. He manhandled the people who got in his way, most recently Ken Lewis from Bank of America...
...practice of force-feeding detainees at Guantanamo Bay, likening the act of strapping a person down and forcing tubes up their noses and into their stomachs to torture. Earlier this year, military officials told the New York Times that nearly one-fifth of all Gitmo prisoners were being force-fed at any given time...
...would not settle with the government and Chrysler are appropriately greedy. The money that they put into Chrysler debt came from pension funds and individual investors in many cases. It is not as if Citigroup (C) is the debtor left holding the check. Citigroup could, at least, petition the Fed to get back any money it lost on its Chrysler investment...