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They just can’t leave CNBC’s Rick Santelli alone, can they?
At today’s Senate Banking Committee hearing, Ben Bernanke answered Senator Evan Bayh’s (D. In.) reference to Rick Santelli’s criticism of this bailout package rewarding bad behavior, with the following parable about “Fire, and saving the neighborhood”…
“If you lived in a closely grouped neighborhood of wood houses… [...]

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“Bankstergeddon”
I am going to tell you something that you will not hear from
your government, or the mainstream press.
The Truth.
What you are witnessing is the controlled demolition of the
United States of America.
We have now crossed the rubicon into the realm of a one
trillion dollar+ annual budget deficit, with total unfunded
liabilities and deficits totaling well over $50 [...]

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We don’t believe you.
Not a single word you say.
Why?
Do the words “read my lips - no new taxes” ring a bell?
We didn’t believe you when you said - “the credit crisis is well contained.”
We didn’t believe you when you said - “the worst is now behind us.”
We didn’t believe you when you told us the [...]

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We’ll everyone’s been waiting, here’s the official scoop:

Both CEO’s are out!
Shareholders are screwed.
And both FNM & FRE will be forced to be downsized, until they no longer represent a threat to the U.S. financial system.

http://treasury.gov/press/releases/hp1129.htm
http://www.federalreserve.gov/newsevents/press/bcreg/20080907a.htm
We will see Monday if the market reactions matched expectations…
From James Cramer and The Street.com
http://www.thestreet.com/story/10436141/1/weekend-reading-fannie-freddie-bailout.html?puc=googlefi&cm_ven=GOOGLEFI&cm_cat=FREE&cm_ite=NA
http://www.thestreet.com/story/10436132/1/cramer-fannie-freddie-takeover-changes-the-game.html?puc=googlen&cm_ven=GOOGLEN&cm_cat=FREE&cm_ite=NA
From NPR:
http://www.npr.org/templates/story/story.php?storyId=94365281
Weekend Edition Sunday, September 7, 2008 · [...]

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What happened to the Ben Bernanke who just weeks ago, seized the “strong dollar” gauntlet from the Treasury Department, and led both Hank Paulson, and President George W. Bush in calling for a stronger dollar?
What happened to “that” Ben Bernanke?
Here’s all we got out of Ben Bernanke in today’s Fed meeting….
 
– No leadership.
– No guidance.
– And [...]

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