“The Central Bank is an institution of the most deadly hostility existing against the principles and form of our constitution… if the American people allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered." Thomas Jefferson
Congress was to blame with the passing of the 1913 Federal Reserve Act! Each subsequent Congress is equally at blame for not repealing that horrible Act!
“We are talking about an entire years’ worth of GDP, the entire production of the entire American economy wiped out because of this financial crisis.”
I’m assuming he’s talking about the output gap between GDP pre-crisis and that trend and the current GDP now. What he ignores is that letting all the banks go with no inervention would likely have cost a multiple of this number.
Another thing he ignores is that the original TARP bill was simply to provide a backstop for the banks. in order to calm the markets. That was bastardized into the monstrosity that was passed by Congress because Barney Frank and Nancy Pelosi loaded it up with pork.
Funny how now we have to go to the Russians to get the truth.
Up is down....right is left....