What is truly amazing to me is that in the face of the failure of QE1 and QE2 plus the trillions sent to Europe to rescue their (read Bilderburgs and Soros) banks, the act of paying any interest on any reserve funds banks have at the Fed, and the failure of near zero interest rate not stimulating anything but the banks and Wall Street, that the fools at the Fed still think it is their responsibility to continue to prop up a house of cards built on shifting sand. I know that their intervention avoided a banking system collapse, thereby side stepping a depression, but at what cost? In EVERY economic system, there are winners and there are losers. All this administration and the Fed have accomplished is embellishing the bank accounts of the ruling class at the expense of the country class because they KNOW that double or triple digit inflation for the US and Europe are just around the corner. And trust me, they care more about their rear ends for today than your rear end for tomorrow. Everything, and I mean absolutely everything that has been foisted upon us since 2007 has been according to a plan that was concocted years ago to rob us of our Liberty and Freedom. The talk about the “unseen hand of the market†but I keep having this feeling deep in my gut and the total nonsense of what they (the government, the Fed, and the ruling class) are doing to make it better by making it worse, that is another set of Masters these clowns owe allegiance to. It is certainly not this country, it’s people, it’s principles as laid out by our Founders nor it’s Constitution.
“I know that their intervention avoided a banking system collapse, thereby side stepping a depression, but at what cost?”
Actually, TARP didnt cost much, in fact if the govt didnt divert $100 billion for auto maker bailouts and other cronies, it would have been a net winner. It’s like what Buffett just did with BofA, the govt invested in banks at the cyclical lows in valuation. This propped them up at a critical time, but the govt got much of its funding money back when banks stabilized.
But if you bailout wall street, the natural question is “If a wall street banker can get a bailout, why cant I?” ... and THAT’S where the real cost comes in, bailing everyone else out in the recession, from state govts to long-term unemployed, to - the biggest cots - PROPPING UP BIG GOVT ... $5 TRILLION in Obama debt and counting.