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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsAmerica Convulses in Pain, Fed Bails Out the Wealthy
https://wolfstreet.com/2020/06/11/america-convulses-in-pain-fed-bails-out-the-wealthy/snip...
So there are some huge multi-faceted problems that need to be grappled with, and that need to be resolved, and people are hurting, and theyre frustrated, and theyre angry, and many are unemployed, and others have jobs that dont pay enough to meet the rising living expenses, and small businesses are on the ropes, and theres going to be a lot of pain.
And what does the Federal Reserve do?
It printed $2.9 trillion since early March to bail out investors in highly leveraged hedge funds that were imploding, and to bail out investors in highly leveraged mortgage REITs that were imploding, and to bail out asset holders whose stocks were plunging, and speculators in the riskiest concoctions, and investors of all kinds, and to bail out asset holders of any kind and the wealthier they were, the more they got to make sure they dont feel any of the pain.
Thats what the Fed is doing.
So the Fed printed $2.9 trillion since early March. Thats about $22,000 per household. For the bottom half of households, $22,000 would have helped a lot to get through the crisis.
But this money wasnt spread to them. It was helicopter money for Wall Street. And it went on to multiply. And most of it ended up with a relatively small number of households. And their wealth increased by the trillions of dollars.
snip...
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America Convulses in Pain, Fed Bails Out the Wealthy (Original Post)
alwaysinasnit
Jun 2020
OP
This happens every time. Big pay days for the least needy, least deserving.
Alex4Martinez
Jun 2020
#1
I get the feeling that these grifters are making haste in looting the Treasury because they know
alwaysinasnit
Jun 2020
#2
Alex4Martinez
(2,193 posts)1. This happens every time. Big pay days for the least needy, least deserving.
Thanks for posting.
alwaysinasnit
(5,066 posts)2. I get the feeling that these grifters are making haste in looting the Treasury because they know
Last edited Sat Jun 13, 2020, 01:36 PM - Edit history (1)
BunkerBaby is going to lose and the Republicans will lose their majority in the Senate. So they better do it now while they still can.
DanieRains
(4,619 posts)3. The Shock Doctrine
Again....
DanieRains
(4,619 posts)4. Every Problem In America Is Because Of This Problem
The 1% get everything, and we are left fighting for the crumbs they leave behind.
chowder66
(9,073 posts)5. Justice has to be done.
The generations coming and that are here now (who are young) are going to eviscerate all the generations that didn't do enough to rectify this.