Seems the Chinese have been keeping an eye open as well.
Excerpts from Geithner’s China trip:
Referring to the Federal Reserve “as the world’s biggest junk investor,” and to Chairman Ben S. Bernanke as “helicopter Ben,” Yu said the Fed has dropped “tons of money from the sky since the subprime crisis.”
“The balance sheet of the Federal Reserve not only has expanded like mad but is also ridden with ‘rubbish’ assets,” he said.
That graph is the fund balance. If they were to take out Citibank the normal way this week, Citi’s insured deposits would wipe out he fund. But helicopter Ben will pony up more of our money so Sheila’s stack of chips doesn’t get wiped out.
Brian Brady says:
Roll another sheet of hundreds, Benny. We gotta spot Sheila for a bit
June 1, 2009 — 1:07 pm
Al Lorenz says:
That’s the famous hockey stick curve! Too bad it’s upside down.
June 1, 2009 — 1:32 pm
Sean Carr says:
Seems the Chinese have been keeping an eye open as well.
Excerpts from Geithner’s China trip:
Referring to the Federal Reserve “as the world’s biggest junk investor,” and to Chairman Ben S. Bernanke as “helicopter Ben,” Yu said the Fed has dropped “tons of money from the sky since the subprime crisis.”
“The balance sheet of the Federal Reserve not only has expanded like mad but is also ridden with ‘rubbish’ assets,” he said.
June 1, 2009 — 2:25 pm
Thomas A B Johnson says:
That graph is the fund balance. If they were to take out Citibank the normal way this week, Citi’s insured deposits would wipe out he fund. But helicopter Ben will pony up more of our money so Sheila’s stack of chips doesn’t get wiped out.
June 1, 2009 — 2:40 pm
Robert Kerr says:
This is news? The FDIC is doing exactly what it’s supposed to do: make depositors whole from its fund reserves.
June 1, 2009 — 7:44 pm