Via Going Concern: The Net Impact of Ben Bernanke on the Taxpayer's Sore Ass
Financial assrape is nothing to laugh about, kids, but we're going to anyway just because.
Firstly, you have surely seen my comments on Bernanke's asinine statement that bailouts had no cost impact on US taxpayers. If you haven't, there's JDA last night and my Going Concern column this morning to bask in (please click it otherwise they tie me up in the Breaking Media basement and take away my BlackBerry):
Ben Bernanke claims there is “no net impact” to U.S. taxpayers involved in bailing out the TBTF banks, state unemployment funds, car companies, insurance companies, GSEs; need I continue? You know the list by now.
The impact in question comes from the size of the Fed’s swollen balance sheet, surely you are familiar with the number by now. I don’t have to remind you little beancounters that the Fed writes its own accounting manual, so take that “balance sheet” for what it is worth.
“These programs, which imposed no cost on the taxpayer, were a critical part of the government’s efforts to stabilize the financial system and restart the flow of credit,” said Bernanke in prepared remarks to the House Financial Services Committee. Not even a snow day could keep him from this one.
I was especially proud of myself for that rant (even if my esteemed editor does not agree) so if you're dying to read the rest, head over to Going Concern.
In the words of one of JDA's favorite Missourians (is that a word? Guess so) Jeff: Please, don't piss down my back and tell me it's raining.
While we're at it, don't bust a nut in my eye and tell me it's foggy. Just sayin, Bernanke, we all saw what you did there.