IF this is indeed true, think about it this way. When the Federal Reserve generates seven trillion in "temporary overnight near-zero interest 'loans,'" 65% to 6 banks, who were the beneficiaries? Was it you? It certainly wasn't me. When the Treasury buys $700 Billion in "bad assets" from banks, who is the beneficiary?
Suppose you were allowed to take all your money an put it in the stock market. Anything that lost, the government bought back at its original price. Anything that went up you get to sell and keep. How would you do with such government guaranteed success compared to the random Joe with his 401K?
One of the phenomena of Rome was the increasing concentration of land in Italy in the hands of the patricians as the government continually increased debt beyond reasonable levels. So Rome continually debased its currency.
I really fail to see what is so different. it was the same in many Greek city states as well, where those who got marginalized out left and formed colonies elsewhere in the Mediterranean world.
"There is nothing new under the sun." Even democracy and it's corruption. I have hope that sooner or later the electorate won't tolerate it any more and make changes.
P.S. I have no issue with folks who work hard making all the money they can honestly providing goods and services, inventing stuff, founding companies and so on. But the Gates and the Wozniaks and Jobs's are not the rule in this story. A large fraction of folks are just ripping off the country with the assistance of the federal government and the FED. The Fannies and Freddies should have gone bankrupt. So should AIG, and a lot of other banks. Or, if you have no taste for wholesale bankruptcy, when the government bails them out put them on federal salaries without bonuses. After all, why should someone who damn near tanked the economy of the whole world (and it isn't over yet by any means) get a multi-million dollar bonus.
That depends, do you benefit from a functioning banking system?
When the Treasury buys $700 Billion in "bad assets" from banks, who is the beneficiary?
The Treasury never did that.
Suppose you were allowed to take all your money an put it in the stock market. Anything that lost, the government bought back at its original price.
When did that happen?