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.

Everyone else can eat cake ...
at

2 comments:

  1. Colman StephensonNovember 16, 2010 at 12:33 PM

    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%.

    ReplyDelete
  2. Stephen KrizNovember 16, 2010 at 4:43 PM

    Great 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

→ Thank you for contributing to the conversation by commenting. We try to read all of the comments (but don't always have the time).

→ If you write a long comment, please use paragraph breaks. Otherwise, no one will read it. Many people still won't read it, so shorter is usually better (but it's your choice).

→ The following types of comments will be deleted if we happen to see them:

-- Comments that criticize any class of people as a whole, especially when based on an attribute they don't have control over

-- Comments that explicitly call for violence

→ Because we do not read all of the comments, I am not responsible for any unlawful or distasteful comments.