The Fed is "making $200 billion available to banks" today--and that
money is coming out of your pocket--more of the government transfer of
wealth from people who work for a living to the super-rich.
That $200 billion (which, assuming roughly 100 million taxpayers,
works out to be about $2000 per taxpayer) is a bailout to
irresponsible banks that made greedy mortgage loans which didn't work
out. The Fed isn't just making this money "available"--it is taking
bad mortgages as security for the loans. So the banks can walk away
from their bad mortgages, which become the Fed's responsibility. That
is, your responsibility.
THIS IS A BAILOUT.
By accepting any and all bad mortgages as "security" for the loans to
banks, the Fed is simply buying those mortgages. YOU'RE PAYING FOR THE
BANKS' BAD LOANS.
You're bailing out the super-rich, people.
This comes on top of $180 billion plus another $30 billion the Fed
already created out of thin air this year alone to lend to the banks
at interest rates as low as 1%, which they then loan out at rates of
up to 8%. This money was just created from nothing, which means the
money in your pocket has been devalued so the banks could get richer.
More money chasing the same number of goods and services means
inflation--each dollar buys less.
The rich get richer as money is simply extracted from taxpayers and
transferred to the banks.
So you're bailing out the banks, and from all indications, it looks
like it's going to cost you upwards of $4,000 personally this year
alone. And there's no stopping the Fed, they have the power to extract
as much money from you as they want.
No matter how fiscally responsible you are, the Fed and the national
debt, falling dollar (which we use to pay for oil--surprised by high
oil prices?), and trade deficit all take it away from you. The ground
you think you're standing on is is free-fall. The upshot is going to
be higher taxes--or a higher national debt--and still higher
inflation.
People, apparently, are simply serfs who spend their lives working for
the overclass. Feel good about bailing out the banks at the expense of
your own familiy--yet again?
Well hell, what's more im****tant, putting food on your table, or
giving the CEO of Citigroup another $103 million bonus? How can you
not feel good about that?
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