The good news as noted earlier being the stimulus checks have not yet been sent. There is therefore time, short as it is, for Congress and the Treasury to make the right/smart decision and cancel the stimulus plan and redeploy those funds to where they can (greatly help) prevent an economic catastrophe – i.e. by restoring confidence in the financial market lynchpin investment banking industry.
Mr. Bernanke, kudos to your overnight evolution from government steward to innovative financial thinker and leader. Your legacy will be transforming the Fed from (boom/bust) problem instigator to true global financial solution generator, and in concert, the Chairman position from reactionary bureaucrat to pro-active business/solution thinker, leader and driver. Not unlike General Norman Schwarzkopf took charge and laid out the Gulf War plan to the Pentagon, rather than being told one, it’s time you continue your evolution to true global financial direction spearhead, by championing this needed major change (i.e. cancel and redeploy the stimulus financial resources) with Mr. Paulson and Congress – THIS WEEK.
Call it the Bernanke take no prisoners “Credit/Confidence Crisis War Plan”.
Simply put Mr. Bernanke, you had the guts to save a cataclysmic domino collapse of the financial system by taking out (sacrificing) Bear Stearns at just $2 per share (approx “98% less” than it was valued just some 16 or so days ago). It’s now time to finish the 1-2 punch deal with your aggressive and VERY PUBLIC “demand”, not suggestion, to both Treasury Secretary Paulson and Congress:
Promptly Cancel the Economic Stimulus Package and “Redeploy” those funds to (substantially help) Backstop the Credit/Confidence Crisis - NOW.
(Note: You can view every article as one long page if you sign up as an Advocate Member, or higher).
