Topic: Censorship
Your Bank May Fail-But Let's Keep That A Secret Banks are being ordered not to share the results of a “Stress Test” that is supposed to indicate how they would manage under a set of various scenarios. So the government will know, the banks will know. Only you, with your assets in their hands, will be kept in the dark.by EJ Moosa
(libertarian)
Friday, April 10, 2009
Banks are being ordered not to share the results of a "Stress Test" that is supposed to indicate how they would manage under a set of various scenarios. So the government will know, the banks will know. Only you, with your assets in their hands, will be kept in the dark.
According to a recent Bloomberg article titled "Fed Said to Order Banks to Stay Mum on Stress Test' Results"you will be the last person to find out that your bank does not have what it takes to survive a continued shrinking of the U.S. Economy.
Is this where we are now? Where the government denies us the information which allows us as individuals to make the best decisions on where our money should be? Where we are not allowed to reward the companies that are running their organizations well by transferring our business to them, and by being forced to subsidize organizations that have not run their organizations well because we cannot get at the truth?
It makes me wonder what other bad news is out there that our Federal Government wants to keep out of our hands, so that we cannot make the best possible decisions. Instead, it is they-Geithner and Company, that want to make the decisions for us.
Were drug companies or manufacturers to keep the test results of their products a secret, endangering us, we know there would be an outcry. This is how far we have slipped in this nation. Your government will put your assets at risk despite having the knowledge of what those risks may be.
It would be foolish to think this is the only area in our lives that the government is willing to keep you and I in the dark. We, the people are last on the distribution list for information that is important to us.
I have to state that what is most appalling is that even the prepared, strong financial institutions are being told to keep mum on the results. Alas, there is not to be a payoff in the terms of more business for them for having done the right things. How many of these organizations will decide that doing the right thing does not pay off in today's business environment?
Doing the right thing has not payed off at all for those that lived within their means in this country. All of the rewards seem to be going to those that lived larger than their incomes could afford. Living within your means, paying your taxes, and being prepared for the unexpected-all prudent things to do once in this nation-no longer seem to matter.
President Obama's administration was to be transparent. Instead, President Obama's administration is apparently willing to keep the truth from us, until they can solve the problem for us. The danger here should be obvious to all but the most adamant Obama supporters. The solutions being proposed are worse than what ails us.
Truth being censored has never been good. It does not work with Wikipedia. And it will not work with the Federal Government.
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The views expressed in this
article are those of EJ Moosa only and do not represent
the views of Nolan Chart, LLC or its affiliates. EJ Moosa is
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employee or otherwise affiliated with Nolan Chart, LLC in his/her role as a columnist.
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