Dear Mr. President, With All Due Respect ....

Mish's Global Economic Trend Analysis: Dear Mr. President, With All Due Respect ....:

"With all due respect Mr. President, Tim Geithner and Ben Bernanke are offering the same policies as President Bush and Secretary Paulson. Those policies are to bail out banks regardless of cost to taxpayers. Mr. President, it's hard enough to overlook Geithner's tax indiscretions. Mr. President, it is harder still. if not impossible, to ignore the fact that neither Geithner nor Bernanke saw this coming. Yet amazingly they are both cock sure of the solution. Even more amazing is the fact that solution changes every day."

Indeed.

The reasoning by the central bankers, who are, after all, bankers, is that whatever is bad for bankers is bad for America.

They say that if the big banks fail, there will be no more credit.

And so they are going to buy all the bad assets.

You just watch.

[Update 2015 05 25 - Indeed, not only did they buy all the bad assets, they bought all the good assets, or caused other entities to buy all bond assets due to the QE induced bond price increases.]

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