While we wanted to be able to report on the final outcome of the bailout bill, it looks our leaders need a little more time to yell at each other. We are not sure, but we think we heard FOMC Chair Ben Bernanke lose his cool and give the following speech the other day at his Congressional testimony when CNBC went to a commercial break:
"Senators, we live in a world that has bonds and bad construction loans and those assets need to be bought by men and women with balance sheets. Who's going to do it - you, Chairman Dodd? You, Senator Schumer?
I have a greater responsibility than you can't possibly fathom. You weep for Bear Sterns and curse the banks just trying to get their collateral; you have that luxury. You have the luxury of not knowing what I know: that Lehman's bankruptcy, while tragic, probably saved firms and that my existence, while grotesque and incomprehensible to you, saves markets.
You don't want the truth, because deep down in places you don't talk about at parties, you want me buying assets - you need me buying assets. We use words like "foreclosure," "Discount Window" and "TARP." We use them as the backbone of a life trying to defend something. You use them as a punch line.
I have neither the time nor the inclination to explain myself to a group of media hungry politicians who rise and sleep under the blanket of the very liquidity I provide and then question the manner in which I provide it. I would rather you just said "thank you," and went on your way. Otherwise, I suggest that you purchase a defaulted option arm and pay par.
Either way, I don't give a dang what you think the American taxpayer is entitled to."
Yes, we can handle the truth and we do need answers. Ladies and gentlemen of Congress, please reach an agreement, at this point, any agreement....you are starting to scare us. DOW futures are down 200 and quarter-end is near.