Bernanke's Financial Rescue Plan: The growing prospect of a U.S. default | WHAT REALLY HAPPENED

Bernanke's Financial Rescue Plan: The growing prospect of a U.S. default

Fed chief Ben Bernanke has embarked on the most radical and ruinous financial rescue plan in history. According to Bloomberg News, the Fed has already lent or committed $12.8 trillion trying to stabilize the financial system after the the bursting of Wall Street's speculative mega-bubble. Now Bernanke wants to dig an even bigger hole, by creating programs that will provide up to $2 trillion of credit to financial institutions that purchase toxic assets from banks or securities backed by consumer loans. The Fed's generous terms are expected to generate a flurry of speculation which will help strengthen the banking system while leaving the taxpayer to bear the losses. It is impossible to know what the long-term effects of Bernanke's excessive spending will be, but his plan has the potential to trigger hyperinflation or spark a run on the dollar.

Webmaster's Commentary: 

The new "taxation without representation" is upon the American people. Congress is bought and paid for by the large corporations it has just bailed out.

The question is, just how will the American people respond???

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