Posted on 08/12/2010 2:54:39 PM PDT by American Dream 246
I hate to rain on everyone’s parade, but:
The federal reserve printed the excess dollars and kept the interest rate too low for too long.
That made obtaining leverage in dollars cheaper for everyone, everyone in the world, whether they were in Oshkosh or in Munich.
In other words the fed’s fuel, the fed’s inflation, the fed’s balloon was not just domestic, it was exported as well.
We - through the facilities of the federal reserve and the functions of our currency in international markets - exported our debt driven, cheap credit driven economic bubble, as much as we used that bubble, domestically ourselves.
So, the “assets” - the cheap, inflated dollar based assets - affected by the whole thing were NOT restricted to only our own domestic retail banks, and liquidity questions arising from the crisis in their value - when the bubble burst - were not limited to such questions on the part of domestic institutions but could be found where ever we (the fed, the money supply, international finance) had exported the bubble to.
Washington thinks we are all idiots out here in flyover country.
I want a new Tammy Wynette song,
“I*M*P*E*A*C*H.... becomes final today”
LLS
Cash For Clunkers also helped Toyota, Honda, Hyundai, and VW more than it helped us. Some success story.
ugh
Take it from me, Palin isn’t a good choice for the GOP in 2012. Liberals and socialists had a hayday with her. A way better choice is Ron Paul or another paleoconservative or constitutionalist.
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