Ben Bernanke Lies!

Federal Reserve Chairman Ben Bernanke had stated to U.S. Congress that he never forced Bank of America to purchase Merrill Lynch. But just earlier this month Bank of America’s CEO Kenneth Lewis stated that it was made clear that the purchase must go through. CEO Kenneth Lewis said that Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson threaten to replace the bank’s board members and himself if they decided not to go on with the purchase. Now with Ben Bernanke denying it, whose stating the truth? If you ask me their both crooks, their both liars. And because of their actions, the money we gave Merrill Lynch, about $20 billions we will never see. I think all three of these bone heads should face charges of some sort. Their not above the law, Congress should slam the door on them.

Getting Back To Work!

It’s time to get the mops, wet mops and industrial handles out and start cleaning the factory floor. Because Toyota is bring people back to work. And read that their even handing out over time to ramp up the production of their new Prius hybrid. The word on the street is that their going to be producing about 50,000 Prius’s a month, that’s a lot of cars. And their not the only automakers coming out with mass amounts of hybrid’s. Honda is investing a lot of money in this next-generation car technology. Honda is investing in new battery’s for their hybrid’s. Right now most hybrid’s get about 100 miles per charge, which isn’t that much. If they can get a car to go about 400 miles per charge I think everyone would buy one, I would. From what I’ve read it’s really not worth paying the extra money to get a hybrid, the cost savings isn’t really their yet. What I do think is that some day very soon their will be a battery that will hold a long charge, which will help the economy and the environment, lets hope for the best.

Banks And Credit!

As most of you already know that the U.S. Government did a stress test on all the largest banks in the U.S. This stress test has been coming out in waves of information. When the stress test was done the U.S. Government stated that they where not going to release all the information. Then the public stated to think that these banks where in more trouble than we all thought. So they started to release some of the information, only the good things. Then they stated to release some bad information, like most of the banks still had to raise billions of dollars to make it through these hard times. Now today the U.S. Government is stated that most of the biggest banks are still in trouble of losing billions in credit card debt. The Government is expecting the jobless rate to reach 10 percent by years end. And when that happens they feel that 20 to 23 percent of all credit card debt will go sour. And the loss on that would be almost $83 billion. Other experts feel that number is way off. They feel that the real lost would be around $142 billion and could go as high as $185 billion. These experts say that banks have already sold off a lot of it’s credit card debt, which the Government hasn’t included this debt as credit card debt. The banks won’t feel that lose, investors will. Which could drag down the World Markets, which would put us back where we where a few months ago. Hopefully jobs will increase or slow and we won’t get to that point again.

GM And Bankruptcy!

I have no idea why General Motors Corp. is dancing around the fact that bankruptcy is going to happen to them come June 1st. They keep stating that their hoping to restructure without court protection. What I think is happening is that their getting their paper work in order to file for court protection. They have to, there’s no way the deal their trying to do with their debt will work. Their trying to get the bond holders and auto workers union to take 10 percent of the company in exchange for $27 billion debt. Who in their right mind would take that offer. And there’s no way Obama is going to bond holders to agree to it. Just look what happen to Chrysler, the bond holders told Obama no way. So no one be surprise when June 1st comes and General Motors files for chapter 11, it will happen.