Is Bernanke’s “Plan B” Another $2+ Trillion For Wall St.?, Daily Kos, June 25, 2010, by Bob Swern, used with permission, quoted verbatim:

This past day, as the wheels of our society’s bus moved many inches closer to completely falling off of their axles–perhaps for the final time–all but insuring the imminent obliteration of the most basic of needs of millions of begging, American souls underneath it, we were simultaneously reminded of just how extremely our unbridled status quo, along with their minions in our glaringly captured legislative branch, have evolved.

In dollars, it is all very quantifiable now. Incredulously so, IMHO. Those now-indisputable disparities are light years beyond stunning, in fact; despite the outright lies and constant propaganda of those supposedly entrusted with our well-being, too.IMHO, it (the obvious) is both surreal while morphing into the more-tangible by the day.

Ben Bernanke needs fresh monetary blitz as US recovery falters

By Ambrose Evans-Pritchard, International Business Editor
Telegraph
Published: 9:44PM BST 24 Jun 2010  Federal Reserve chairman Ben Bernanke is waging an epochal battle behind the scenes for control of US monetary policy, struggling to overcome resistance from regional Fed hawks for further possible stimulus to prevent a deflationary spiral.

Fed watchers say Mr Bernanke and his close allies at the Board in Washington are worried by signs that the US recovery is running out of steam. The ECRI leading indicator published by the Economic Cycle Research Institute has collapsed to a 45-week low of -5.7 in the most precipitous slide for half a century. Such a reading typically portends contraction within three months or so.

Key members of the five-man Board are quietly mulling a fresh burst of asset purchases, if necessary by pushing the Fed’s balance sheet from $2.4 trillion (£1.6 trillion) to uncharted levels of $5 trillion. But they are certain to face intense scepticism from regional hardliners. The dispute has echoes of the early 1930s when the Chicago Fed stymied rescue efforts.

“We’re heading towards a double-dip recession,” said Chris Whalen, a former Fed official and now head of Institutional Risk Analystics. “The party is over from fiscal support. These hard-money men are fighting the last war: they don’t recognise that money velocity has slowed and we are going into deflation. The only default option left is to crank up the printing presses again…”

IMHO, we’re quickly approaching the point where it is the general perception of many that almost everything from them has been…taken.

What else may one perceive when most of a society has to fight just to stay alive while the corporate kleptocrats and status quo ponder–in public, no less–even more outrageous transgressions against almost…everyone else?

h/t to Zero Hedge: “Evans-Pritchard Announces Fed Contemplating $5 Trillion QE Expansion”

Email Bob Swern here.

For a more positive report see The regulatory fight moves from Washington to Basel, Reuters, June 25, 2010, by Felix Simon.

Lawmakers agree on historic Wall St reform at dawn

Also see Lawmakers agree on historic Wall St reform at dawn, Reuters, June 25, 2010, by Charles Abbott and Andy Sullivan, excerpt quoted verbatim:

(Reuters) – U.S. lawmakers hammered out a historic overhaul of financial regulations as dawn broke over the nation’s capital on Friday, handing President Barack Obama a major domestic policy victory on the eve of a global summit devoted to financial reform.

In a marathon session of more than 21 hours, legislators agreed to a rewrite of Wall Street rules that may crimp the industry’s profits and subject it to tougher oversight and tighter restrictions.

To secure agreement, lawmakers reached deals in the final hours on the most controversial sections which restrict derivatives dealing by banks and curb their proprietary trading to shield taxpayer-backed deposits from more risky activities.

Banks will be allowed to keep most swaps dealing activity in-house, although the riskiest trading would be pushed out. They will also be permitted small investments in hedge funds and private equity funds.

The concessions could lessen the impact on bank profitability. U.S. bank stocks opened about 1.0 percent higher, with Goldman Sachs Group Inc stock up about 2.0 percent in early trade.

See Special Report: In the White House, economics is a contact sport, Reuters, June 22, 2010, by Caren Bohan, a profile of White House economic adviser Larry Summers.

Watch G20: Doves on finance reform, hawks on austerity, (and nobody for jobs relief!) – The Real News Network on YouTube — 9:59

See House and Senate in Deal on Financial Overhaul, The New York Times, June 25, 2010, by Edward Wyatt.

See Coming to your state soon: A two class medical system, Commonsense & Wonder, April 17, 2010, by Liz Kowalczyk.

One comment by Deward Hastings at Daily Kos: Of course they want more. They always want more. They’re entitled to more. Just ask ‘em . . .

Comment at Daily Kos by Youffraita: Paul Krugman has been our Cassandra for years now…I remember him warning about everything that’s playing before our eyes, starting well before the financial collapse even occurred, and right through it.

sigh

If even Bernanke is on board with Krugman’s prophesying then we are in for a Japan-style non-recovery.

And the GOP would love it! Create a new underclass of serfs who will work for peanuts, and starve the beast until it can be drowned in Grover Norquist’s bathtub.

Didn’t those idiots ever take econ 101?

Commentary by Evans Liberal Politics owner Paul Evans: Hell No! What is obviously needed is a $200 or $300 billion jobs bill, NOT a further multitrillion giveaway to Wall Street. And they actually think they can get away with this? Hell No! By the way, "those idiots" did take lots of economics courses. They know exactly what they are doing.

"The era of procrastination, half-measures, soothing & baffling expedients, & delays, is coming to a close. We are entering a period of consequences." — Churchill

"”I always thought if you worked hard enough and tried hard enough, things would work out. I was wrong." — Katharine Graham

And Finally, a quote from an article by one of my favorite bloggers, Terrance Heath: "That’s the difference between progressives and conservatives.The former believe it is one of government’s role(s) to protect the weak or vulnerable from being harmed by parties who act as if their size, strength, and ability entitles them to do harm, or at least to get away with it — and harm is done, to ensure that the justice is done. The latter believes that’s exactly what the government should not do."

*****

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