Booooooooooosh is speaking now

[malaise]

Something you should know about this criminal and the IMF- I posted this link in the Washington Consensus thread


06/26/2008

Humiliation for Mr. Dollar: Ben Bernanke, the chairman of the United States Federal Reserve Bank, faces a general investigation by the International Monetary Fund. Just one more example of the Fed losing its power.

Another problem for Mr. Dollar is that it will be several months before his actions take effect. Officials with the International Monetary Fund (IMF) have informed Bernanke about a plan that would have been unheard-of in the past: a general examination of the US financial system. The IMF's board of directors has ruled that a so-called Financial Sector Assessment Program (FSAP) is to be carried out in the United States. It is nothing less than an X-ray of the entire US financial system.

As part of the assessment, the Fed, the Securities and Exchange Commission (SEC), the major investment banks, mortgage banks and hedge funds will be asked to hand over confidential documents to the IMF team. They will be required to answer the questions they are asked during interviews. Their databases will be subjected to so-called stress tests -- worst-case scenarios designed to simulate the broader effects of failures of other major financial institutions or a continuing decline of the dollar.


Under its bylaws, the IMF is charged with the supervision of the international monetary system. Roughly two-thirds of IMF members -- but never the United States -- have already endured this painful procedure.


For seven years, US President George W. Bush refused to allow the IMF to conduct its assessment. Even now, he has only given the IMF board his consent under one important condition. The review can begin in Bush's last year in office, but it may not be completed until he has left the White House. This is bad news for the Fed chairman.

http://www.spiegel.de/international/world/0,1518,562291,00.html

[ShortnFiery]

1. Hey Congress, REMEMBER all the times the BushBotBorg said "vote for this and TRUST us?"

Don't do it Congress!

You WILL lose your seats ... damn all of you to lose your political power if you give our tax dollars to corporate crones overseas.

[Bravo Zulu]

5. Fool me once,shame on me,fool me twice,shame on

Oh,never mind!

[ShortnFiery]

2. Oh, now it's "a rescue" not "a bail out" plan.

Big Brother at it again. :puke:

[Hubert Flottz]

3. Don't worry about keeping the powder dry...

keep the tar hot!

[Mist]

4. This is big. Will we, the mere citizens, also learn the results of the

examination of the US financial system? My take on the IMF is that they're not exactly on the up-and-up themselves, so how bad do you have to be to incur their mistrust?

[malaise]

6. Emergency Economic Stabilization Act of 2008

The review can begin in Bush's last year in office

The challenge of removing distressed assets from financial institutions' balance sheets currently is front and center, with the US authorities' TARP proposal currently being examined by Congress. The discussions of the TARP have underscored the myriad difficult judgments that have to be made in order to make such a program a success. It is possible that similar challenges will be faced by other advanced economy authorities in the coming months. Earlier this year, the IMF proposed a solution based on long-term swaps of mortgage securities for government bonds. The advantage of such an approach is that it provides near-term relief for bank balance sheets, while ultimately leaving the underlying credit risk with the banks, rather than the taxpayers. In any case, the current discussions also have underscored the importance that moral hazard issues play in direct fiscal intervention in resolving financial sector crises.

More broadly, efforts aimed at alleviating systemic risks, including notably the provision of support to key financial institutions, will require sound judgment. For example, the current market strains to some degree reflect solvency risks. underscoring the need for a systematic and comprehensive approach to deal with distressed assets of failed institutions and in the financial sector more broadly.

The Global Economy and Financial Crisis
Speech by John Lipsky, First Deputy Managing Director,
International Monetary Fund
At the UCLA Economic Forecasting Conference
September 24, 2008
http://www.imf.org/external/np/speeches/2008/092408.htm
------
I smell the presence of the IMF

[B Calm]

7. Blackmail speech. . . .

[coyote]

8. Badda, Badda....

Badda, badda, badda, "complex issues," "appreciate the leadership ... both sides," - declaring victory here...

Recapping the lies...

Re-assuring the sheeple, basically...

Nothing new here, resume tankage...