That's A Mighty Big IF

“Only two things are infinite, the universe and human stupidity, and I’m not sure about the former.”
-Albert Einstein

You've got to be pretty stupid to believe anything that has dropped from the mouths of the con men in Washington the past 36 hours. Ben Bernanke and Barrack Obama will say ANYTHING in an effort to restore confidence in the the US economy and governments ability guarantee it.

Bernanke told Congress on Tuesday the recession might end this year, and that regulators aren't planning to nationalize banks. Don't hold your breath.

President Obama chimed in last night with another speech long on rah-rah and short on details:

"But while our economy may be weakened and our confidence shaken, though we are living through difficult and uncertain times, tonight I want every American to know this: We will rebuild, we will recover, and the United States of America will emerge stronger than before," Obama said to a (bipartisan) ovation.

Maybe someday, but it won't be this Fall, and not likely next year either.

Federal Reserve Chairman Ben Bernanke said on Wednesday that he had an exit strategy from the U.S. central bank's recent massive monetary expansion that will keep inflation under control as the economy recovers. Well, judging by the success of all his plans to date, you can bet that he has no idea how to keep inflation under control.

The nation's biggest banks are being granted immediate access to further support from the government's $700 billion financial rescue fund.

Treasury Department officials said Wednesday the new support will be provided through the government's purchase of preferred shares of the bank stock that are convertible into common shares at a 10 percent discount to their price before Feb. 9.

So, instead of "nationalising" these banks, we'll just stuff more money under their doors. This news arrived mid afternoon today as the markets failed to show any renewed confidence in the mouth droppings of our fearless leaders. I honestly fail to see how the "immediate release" of TARP funds to the banks is a positive development. It doesn't give me much confidence that the banking crisis is any closer to resolution.

Clearly, our government officials have now been reduced to cheer leading. What else is there for them to do? They've tried countless plans and thrown TRILLIONS of Dollars at the problem, and the problem just gets worse.

Ron Paul, this generations fiscal "Paul Revere", once again today called Bumbling Ben Bernanke on the carpet in front of the Congress:

After a stearn monetary lecture... Ron Paul asks Ben Bernanke if he is prepared to admit that his policies are wrong and what it would take. He says "if, in the next 5 years we still have a bad economy with inflation and high unemployment [will you then admit you are wrong]" and Bernanke says "I will have to concede the point [if that happens]".

Watch VIDEO: http://news.goldseek.com/RonPaul/1235584997.php

This nation's "confidence" is hanging by a thread, and these liars know it. Do you think Bernanke is going to sit there in front of Congress and tell us that there is no end in sight to this financial crisis? Recall that at the same time last year, shortly after the Bush Administration AND Congress passed a stimulus package, Bernanke sat in front of both houses of Congress and told us he saw a "recovery in the second half" based on the impact of those government checks they were going to send all of us. LOL, that didn't quite work out as he'd planned did it?

This year he hedged his bets and said there was a reasonable chance for a second half recovery IF the new government stimulus package and Treasury's new plan for the banks "stabilizes" the crisis. That’s a mighty big ‘if.” Nothing they have done to date has stabilized a damn thing. Following each new announcement, each new "plan", the crisis grows deeper, the crisis gets worse. But he has to keep hoping for the best, it's his job to convince you to join him in that hope....even if it means lying to your face. Ditto for the President.

"But don’t mistake yesterday’s action – stocks up, gold down – for a new reality. It is still the same troubled world, and what we are seeing at the moment is just a little comic relief."
-Rick Ackerman, Rick's Picks