Tuesday, November 16, 2010
Welcome to the Age of Permanent Bailouts for the Giant Banks
NY Fed president William Dudley said today, when asked when the Fed would stop quantitative easing:
This exit could be several years away.
Too bad that quantitative easing won't help Main Street or the average American. It will only help big banks, giant corporations, and big investors. See this and this.
Remember, the government has also left open the possibility of permanent bailouts for the big banks. See this, this, this, this and this.
As Ron Paul wrote in October 2009:
The Fed, by backing up fractional-reserve banking with a promise of endless bailouts and money creation, attempts to keep the illusion going.
And see this.
Welcome to the age of permanent bailouts for the giant banks.
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Don't forget that the upcoming Irish bailout is really a bailout for all those French and German banks that piled into those high yielding Irish bonds knowing that politicians will never give creditors less then 100%.
ReplyDeleteGreat links, once again! Thanks. Man, I thought the economy was getting better. Now I am not so sure. This and the news about Ireland is making me really depressed......
ReplyDelete