Rick Santelli's Chicago Tea Party

Fed: No big banks will be allowed to fail Posted: 24 Apr 2009 12:05 PM PDT Is this any real surprise?  Of the 19 major banks undergoing so-called government “stress tests”, none will be allowed to fail if the recession worsens.  The Fed has effectively promised to print as much money as it deems necessary to prop up the banking system. Most banks are considered to be well-capitalized, or at least claim to be, but some banking giants may be facing further deterioration due to increasing unemployment, falling GDP & home prices, surging credit defaults, and a potential commercial real estate crisis on the horizon. The Fed has already printed, loaned, spent, and guaranteed almost $13 trillion to rescue the financial system.  Since January, the value of the US Dollar has already dropped about 1.5%. Some claim the Fed is laying the foundation for a future surge in inflation.  Others maintain the Fed is preventing the onset of the Great Depression II.  Some believe the “too big to fail” philosophy will prevent a catastrophic meltdown.  Others hold that the “too big to fail” philosophy will merely extend the crisis. What do you say? Read the article here.

Government may oust Citigroup CEO Posted: 24 Apr 2009 08:26 AM PDT Rumors are running rampant that the US Government may fire Citigroup’s CEO, just as it fired GM’s CEO last month.  Last year, the Bush administration injected $45 billion into Citigroup, and the Obama administration raised the federal government’s stake in Citi to a whopping 36% in February. Some define fascism as state-controlled capitalism.  If the government fires the Citi CEO, would this be yet another example of economic fascism? Or, since Citi accepted $45 billion of taxpayer money, does the government have the right to dictate its corporate policy?

Obama pledges to fight credit card fraud Posted: 24 Apr 2009 08:03 AM PDT The Obama administration, as well as the House and Senate, is looking to enforce tougher standards on credit card companies. They seek to protect consumers from sudden fee hikes and unintelligible fine print, as well as enact stricter industry standards. The banking industry is concerned that excessive government regulation could actually hinder credit lending. On the other hand, many Americans feel government must reign in an out of control credit card industry that has bamboozled consumers for years. Some Americans cringe at the thought of more government intervention and believe citizens must take greater, personal responsibility when it comes to utilizing credit cards. Others question whether or not the federal government has the constitutional authority to intervene in such a way. What do you think?

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