AIG Loan  IQ Should facts should be added about AIG loan in that the preceding days before this loan was arranged Timothy Geitner president of NY Fed had announced and published in NYC newspapers that he would not make this loan as AIG had been asking for a loan of    billion from the Fed Res for a week And that public request resulted in the Timonthy Geitner refusal to loan AIG anything  Then Geitner Paulson and Bernake were all  informed of the s of billions in mortgage insurance that AIG had issued and also the trillions in derivatives insurance that AIG had issued and informed of the further clear conclusions that   without supporting the AIG loan and allowing AIG to fail this massive amount of market related insurance would cause a global market collapse This info did NOT come from AIG but from private party to these three Paulson Bernanke and Geitner who had no knowledge of AIGs importance to markets  And today making that AIG loan is credited with saving the global markets from collapse   But that occurred as just explained and not from any knowledge of Bernanke Paulson or Geitner but from advice of outside party that reversed the already refusal by the Fed to loan AIG anything as announced publicly by Gietner So that outside party is one who saved markets from collapse  NOT Geitner Bernanke Paulson  This lack of market knowledge by all three  Paulson Geitner and Bernanke is important to understand in understanding depth of market understanding in current proposals to allow US Treasury to dictate systemic risk decision when no one at the US Treasury other than saying those words  has shown any knowledge of markets to  be able to determine what that is  s Harvey Keitel markit bon vivant jr    IQ  Markets In the IQ discussion in the article it is touted that the Bernanke has a higher IQ and that qualified him for his job  Also it has been mentioned that he is an expert in Depression Era events  Neither worked to have Bernanke ACT appropriately in this global crisis which HE  Bernanke CAUSED via fighting the spike in oil and gold prices and his efforts directly caused THIS CRISIS  SO THAT with Bernankes Higher IQ  did not have him perceive what he was doing would cause a near global market meltdown and his studies of the depression era did not clue him in not to cause nearly a depression  s Too True IOQ IX    Demonizing Wall Street for US Government Caused Crisis In the bubble all agree was caused by Greenspan and in the huge push to give mortgages to those non qualified which all agree was caused by Fannie Mae  etc and by Congress this directly lead to the subprime debacle and beginning of the global crisis   NONE of which was caused by Wall Street  Then in the fight by Bernanke to stop the projected inflation caused by oil  gold spikes his actions massively slammed the overall economy which was perking along just fine even with the subprime debaclev which WAS a smaller part of the USA   trillion economy  NEXT massive jaw boning of the huge crisis was done by Paulson to get funds and that caused the coup de grace the huge retrenchment of all spending by consumers  ALL these events were NOT caused by Wall Street  Then Paulson Bernanke and later hugely OBAMA and Congress again and again bad mouthed again and again Wall Street claiming that this whole series of events was caused by Wall Street when it was mainly caused by the US Governement and aided by consumer spending retrenchment but Congres and the pundits caused the US population to believe the lie it was Wall Streets fault due to GAMBLING  ALL distortion    Destruction of Capital Formation and Wall Street One of the key features of Bernankes job in oversight for the USA economy is in also protecting  capital formation  And the engine of economic growth in the USA for  years has been the USA efficient capital distribution to new ventures old ventures etc and the recent sequence of bad mouthing by all concerned of Wall Street publicly now and including esp the talking heads on CNN and esp CNBC has severely damaged that core  of the reason for USA dominance and leadership for those  years  Added to that huge destruction is the special refusal by ALL of the US Government to Identify and prosecute the huge fraudulent short selling of ALL major wall Street firms and major USA banks which was fraudulent esp as done in a intentional and ever increasing crecend