Tondar's Daily Rant

Prepare yourself for the writings of Tondar the Destroyer, Baron of Atlanta, Rightful Heir to the Throne of Spain, from whom all babies come. As his will be blogged, so let it be done.

Friday, June 24, 2011

CAN'T TRUST THAT HERMAN CAIN

Many political observers on the right believe the best way to counter the criehttp://www.blogger.com/img/blank.gifs of racism that emerge from every cornered Democrat is find somebody immune to the characterization. For this and his conservative views, many people believe that Herman Cain should be the Republican nominee for president. However, before jumping on the bandwagon, you should read this piece by Vox Day on the false hope of Herman Cain.

Most curious about Mr. Cain is the fact that he once chaired the Kansas City Federal Reserve. Considering that it has just recently been revealed that the Fed secretly loaned money to European bank,

Credit Suisse Group AG (CS), Goldman Sachs Group Inc. (GS) and Royal Bank of Scotland Group Plc (RBS) each borrowed at least $30 billion in 2008 from a Federal Reserve emergency lending program whose details weren’t revealed to shareholders, members of Congress or the public.

The $80 billion initiative, called single-tranche open- market operations, or ST OMO, made 28-day loans from March through December 2008, a period in which confidence in global credit markets collapsed after the Sept. 15 bankruptcy of Lehman Brothers Holdings Inc.


Herman Cain should not be taken seriously until he condemns these actions by his former employee. It has been the reckless policies of the banks and the Federal Reserve that directly caused the economic crisis (or depression, depending on your view). It has been policies of malinvestment in real estate and over-leveraging by banks that has brought the economy to the brink of disaster. For a presidential candidate to be serious about correcting the crisis he or she must first understand the origins. So far the only candidate that is doing so is Ron Paul.

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