Thursday, December 17, 2009

09-12-17 Reuters: Bernanke nominated for 2nd term, Moynihan committed to the Ken Lewis plan. US doomed for a financial catastrophe?

Senate panel approves Bernanke nomination
Federal Reserve Chairman Ben Bernanke testifies on Capitol Hill, July 22, 2009. REUTERS/Kevin LamarqueMark Felsenthal
Thu Dec 17, 2009 11:41am EST

Bank of America names Moynihan next CEO

Brian Moynihan, President, Global Wealth and Investment Management, Bank of America, answers a question from a Reuters journalist at the Reuters Wealth Management Summit in Boston, Massachusetts October 9, 2007. REUTERS/Adam HungerParitosh Bansal and Joe Rauch
Thu Dec 17, 2009 7:27am EST

Moynihan said in an interview with Reuters late Wednesday his primary mandate is to carry out the business plan arranged by his predecessor, and the Charlotte, North Carolina-based banking giant must block out the distractions created in the wake of the financial crisis.
"We need to put the last 18 months behind us," Moynihan said. "Now is the time to execute."

It’s a double whammy day. With these two news items, the US appears doomed to continue spiraling into a financial catastrophe.
It may be time for a reverse Marshall Plan soon!