Bernanke's attempts to conceal his lies about TARP were ultimately undone in federal court, but no one in the media noticed.
By John Titus
More than six years after Congress passed TARP, the image of the stupendous $700 billion bailout swooping down like Mighty Mouse in his little pinstripe cape and green visor to save the day for everyone--not just Wall Street--has been bludgeoned into America's consciousness so relentlessly that it's almost above challenge.
Almost, but not quite.
According to a brand new video produced by a longtime dailybail.com correpsondent, what's been propping up this dubious cartoon version of history isn't any actual evidence--there isn't a shred of that--but rather a concerted media campaign hyping TARP as a success to the general public, facts be damned.
The black and white evidence of what was actually going on back in September 2008 reveals a much different reality than Mighty TARP Mouse promoters have had it all along.
In fact, Main Street's credit markets were functioning so smoothly throughout the crisis that it's impossible to tell from the data that any crisis was occurring at all. The media's entire campaign of a meltdown was based not on any evidence but rather on panic brought on by stock prices that were plummeting into the teeth of Wall Street's bonus season.
Today, the success of the media's pro-TARP campaign can be measured by the absence of any voice challenging the orthodox view of the TARP panic, with a particular void in the visual media challenging Mighty TARP Mouse.
On TV, any "debates" that address bailouts--and what must be done to avoid them in the future--proceed on the assumption, rarely mentioned and never questioned, that the 2008 bailout was essential to the well being of Main Street in the first place.
Levitating above these illusory debates is Mighty TARP Mouse Himself, so secure in His own Holiness that even idly wondering aloud if he's bullshit is regarded as an act of heresy.
Even movies that are carefully marketed as renegade challengers of the status quo in fact grovel before the Mighty Rodent--exactly like the herd these films purport to incite. Michael Moore's Caplitalism: A Love Story (2009) and Charles Ferguson's Oscar-winning Inside Job (2010) both offer up their personal sacrifices of the truth, overlooking the wealth of pubicly available data that expose Mighty TARP Mouse as a laughable fraud.
In the place of genuine journalism in America, we have a cartoon-worshipping caste system. Mainstream media's job at the top is to hand down bullet points on a given topic to "alternative" media outlets, which make meek adjustments and--if those are deemed acceptable--fob off minor variants of the orginal story memos onto the Starbucks crowd, which is too busy patting itself on the back to sniff out this colossal con job. Beneath this shameful dung heap lie the foulest and most disreputable outcasts--facts and evidence--which are unfit for Nirvana--the coveted iPhone screen.
Image courtesy of WilliamBanzai7
The result of all this is a belief system that frequently finds zero support from any evidence. Far from being seen for what he is, namely, a way to dupe Congress into forcing the public pay Wall Street bonuses that year, Mighty TARP Mouse is a sacrosanct religious icon in American intellectual life. This is purely the product of media myth repetition in a zombie monotone that would turn the most devout prayer-chanting church acolytes green with envy.
Coming from a culture that prides itself on rationality, scientific inquiry, and evidence, the blind and unflinching faith in Mighty TARP Mouse is odd to say the least, and speaks to very deep denial about what the media's real function is. Jesus H. Christ, at least there's some evidence of, well, Jesus.
It is in this pititful wasteland that a new video has just arrived attacking the $700 billion Mighty TARP Mouse with a ferocity that is at once truculent, downright rude, and refreshing, which is to say, with facts and figures.
Based on years of tireless research right here at dailybail.com, which since its inception in 2009 has defiantly pointed to mountains of evidence that the uniformyly pro-bailout media (yes, that means you too, Glenn Beck; you changed your mind only after TARP passed) is no different than the zealous flat-earth clerics of the Middle Ages, the video uses documents from the U.S. Federal Reserve to pick apart Mighty TARP Mouse so thoroughly that not even a carcass is left; even the Mouse's bones turn out to have been holograms.
Yet even the video's clinical carving apart of Mighty TARP Mouse, as efficient as it is--the entire video is 11 minutes long--doesn't represent the real achievement here.
That distinction belongs to the fate of Mighty TARP Mouse's creator, one Mr. Benjamin Bernanke, whose motives for pushing the false bailout image onto the public are fully revealed and downright shocking.
It's the road less traveled that the video takes--through the Fed's own documents and its legal efforts to conceal its bailout efforts on behalf of global megabanks--that's such an eye-opener. Shouldn't this road of hard evidence be paved by now?
Using a timeline of events, the video reveals that then-Chairman of the Federal Reserve Ben Bernanke "knew he was lying to Congress when he told them" that Main Street needed a bailout to avoid imminent collapse.
The video documents the fact that at the same time Bernanke was telling Congress that Main Street was in dire straits, he was in fact secretly planning an even bigger bailout than TARP, one that altogether excluded Main Street. Moreover, Mr. Bernanke gets impaled on the Fed's own research, which shows that Main Street markets were immune from the panic on Wall Street.
What's more telling yet is that the Fed waited to announce its own bailout, called the "Commercial Paper Funding Facility," until 4 days after TARP narrowly passed Congress amid Main Street fury.
As the video points out, had the Fed tipped its hand that it was about to unleash its $800 billion CPFF facility before TARP passed--a facility that excluded Main Street by design and included foreign megabanks instead--Congress might have started asking Bernanke questions about whose bacon Mighty TARP Mouse was really saving.
What is more, after the CPFF disbursements had been made across the globe, Mr. Bernanke refused to answer exactly that question. Instead, he concealed the fact that most of the $800 billion went to foreigners. Bernanke and the Fed then took their fight for concealment of names and numbers all the way to the U.S. Supreme Court, ultimately losing to a lone and determined reporter from Bloomberg named Mark Pittman.
Somehow the media missed out on this very real and very poignant David vs. Goliath story.
The video's timeline ties all of these events together in a scathing expose of Mr. Bernanke's false representations to Congress, as well as his motives for making them. The video leaves no doubt that Mr. Bernanke cared for Main Street only insofar as he could use it as a character in his fictional tale of danger that he was selling to Congress.
And Lo! The Immaculate Conception of Almighty TARP Mouse came to pass.