Tuesday, July 01, 2008

IMF finally knocks on Uncle Sam's door

you know things are bad when...

Der Spiegel wrote that the IMF had "informed" Federal Reserve chairman Ben Bernanke of plans 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 is to be carried out in the US.

This, Der Spiegel wrote, "is nothing less than an X-ray of the entire US financial system", adding that "no Fed chief in US history has been forced to submit to the kind of humiliation that Ben Bernanke is facing".

The fact that the IMF is knocking on the very doors of its parents and waving legal papers about who lost the house, the car and the kids will, if the past is anything to go by, be buried in the US by pom-pom waving on CNBC telling all what a great time it is to buy.

see the whole article here

not such a great birthday present this july 4.


Jewell Ertman said...

Oh how I wish they could finish that assessment before W. leaves office. Will he live comfortably as we all slip deeper into recession.

billy said...

Thanks for this post-it is about time for someone significant from the outside to begin asking the tough questions....."helicopter" Ben, is in many respects,being stuck with the check by Alan Greenspan who.......got out just in time! Wow, that is really surprising.....amazing timing...wherever Ayn Rand is right now (maybe in heaven trying to convince God to pursue his own rational self-interest...for the good of all...) she must be proud of Alan, one of her greatest and most enduring disciples....maybe it is time for a new book "Alan Shrugged".....why should he care that much?

maria said...

You crack me up, honey!