CHESSNOID

You know I have aptly named Bush, Bernanke, and Paulson the 3 financial stooges because of all the lame brain decisions they have made to wreck our economy.  When the signs were there a year ago, they all dismissed everyone warning them and continued in their denial.  In the last 8 months financial disaster after disaster kept coming out so fast and furious, they scrambled and made poor decisions that have made this recession even more severe and now will last even longer.

With the recent Fraud bailouts passed, everyone has their hands out for a bailout.  I do have to give credit to the Democrat controlled House and Senate for their role in creating this mess.  They did reject it once at the house level but eventually caved in to the  3 stooges rantings of the sky is falling.  The sky had already fallen and people were already living in the aftermath.  For conservative Republicans they spent like liberal Democrats to the tune of over 2 trillion dollars just this year to cover the “stimulus check”, bailout of Bear Stearns, AIG, Fannie Mae, and Freddie Mac, and in October the massive Fraud Bailout. All these remedies have only one thing in common: Failure.

Here is what the 2005 Nobel Prize economist had to say:

Nov. 2 (Bloomberg) — Robert J. Aumann, the Israeli economist who won the 2005 Nobel Prize in economics, said the steps taken by Federal Reserve Chairman Ben S. Bernanke and U.S. Treasury Secretary Henry Paulson to save financial markets “weren’t smart.”

“The intervention by the regulators to save the U.S. economy will lead to further bankruptcies of banks and insurance companies,” Aumann said at a rabbinical conference in Jerusalem yesterday. “They are only encouraging institutions to take more uncalculated risks.”

The crisis in the financial markets was caused by the incentives provided to managers of banks and other financial institutions that caused them to act to their own benefit and not the banks’, he said. Bonuses were given on the basis of loan sales, without considering who the borrowers were, he said.

More than 100 of the world’s biggest banks and securities firms have posted about $685.4 billion in asset writedowns and credit losses because of the financial turmoil. A month ago, Congress approved a $700 billion rescue package that gave the Treasury wide authority to buy and guarantee assets to prevent a U.S. financial collapse.

Aumann, who won the Nobel Prize for his work on game theory, said there is “no financial crisis” in Israel. The Israeli government’s decision not to intervene in the financial markets was correct, he said.

Of course, the 3 stooges wouldn’t have listened to him because he isn’t American.