I thought their key function was to protect our money from being robbed, but I guess not.

The U.S. government stands firmly behind the banking system during this period of financial strain to ensure it will be able to perform its key function of providing credit to households and businesses. … we reiterate our determination to preserve the viability of systemically important financial institutions so that they are able to meet their commitments.

You’ll have to excuse me when I believe their lying. How many CEOs of now-bankrupt titanic companies have come out and said exactly the same thing right before monumentally imploding in the last year? All of them?

“We announced on February 10, 2009, a Capital Assistance Program to ensure that our banking institutions are appropriately capitalized, with high-quality capital.

Capital means money, right? High-quality money? As if they were capitalized with lower-quality Zimbabwean money or something up until Bush left office. Though I guess they’re providing capital-as-debt-owed-to-taxpayers. Maybe that’s why it’s so high-quality, because it’s been freshly stolen from us, unlike the stale capital they have that was stolen from us in the past. I guess I’m not the only one who thinks there’s more than meets the eye here:

I’m reminded of this statement from last year:

“Both [Fannie and Freddie] are adequately capitalized, which is our highest criteria.”
James Lockhart, director of the Office of Federal Housing Enterprise on CNBC July 8, 2008

Of course both Fannie and Freddie were put into conservatorship (edit) in September.

Every so wisely spoken by CR

Tags: bitch bitch bitch, depression 2.0, grrr, we're fucked

This entry was posted on Monday, February 23rd, 2009 at 09:39.