Friday, March 14, 2008

Fed steals more of your money, explicitly

Bailouts are becoming more public and less behind-the-scenes... expect much more to follow at taxpayer expense. Today the Fed agreed to allow JP Morgan to purchase treasury notes in exchange for basically toilet paper coated in crap from Bear Sterns. In simpler terms, it's equivalent to taxpayers directly giving money to jobless people with terrible credit for no-doc loans on million dollar mansions, because you would do that right now with your money, right?

So full of hate for all these bailouts at taxpayer expense. When did we become the United States of corruption, collusion, theft, and abusing normal people to protect corporate executives? Who's job is it to throw the Fed officers in jail for stealing our money?

PS: Note to any politician who wants to take a bold, innovative, productive, and revolutionary step to prevent all this crap in the future: Push the idea that the federal government will not bail out the Federal Reserve Bank if they become insolvent due to intentional negligence, and in that case directors may be personally liable. Let all those f-ing crooks hang.

Addendum: IBD Article on Hazards of this Bailout
Essentially, they speculate that it's potentially sewing the seeds for the next crisis. Could you be more understating of the obvious consequences? It would be like giving a kid the new toy they wanted every time they threw a tantrum, and then saying it might be sewing the seeds for future tantrums. How about not pulling punches, and saying: The Fed directly caused the current financial crisis and is currently directly causing the next financial crisis, and anyone who thinks the current economic situation sucks should write their elected representatives and demand the Fed officials responsible be fired, fined, jailed, or all of the above. In addition, they should demand the representatives not join in precipitating the next crisis by using taxpayer dollars to bail anyone out in the current crisis, in any form.

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