Thursday :: Aug 25, 2011

Good Luck, Take Care Senator Sanders


by paradox

I am due to be ill and should not be writing today, but feel it’s absolutely necessary to codify the Bloomberg Federal Reserve news of Monday with some hopefully rational analysis before it fades. I should not have been writing yesterday either, obviously, where I petulantly insulted the President, Party and my elders but woefully didn’t have the wisdom to chuck it.

[opens hands briefly] For the few readers I have I ask your patience, knowing you’re supposed to be ill and wondering if you’re going to be in 3 hours is not a good mental writing place to be. It appears I have “skipped,” I won’t be ill this month, but in 30 days I’ll remember to lay low.

Anyway, it’s nowhere to be seen in the news today but Bloomberg whapped a monster story Monday with details of how the Federal Reserve loaned $1.2 trillion to foreign and domestic banks to stem the 2008 finance crisis. Out of all the monstrously terrible implications with this on many levels I’ll just focus on how confused I and all of the blogosphere became when it broke, almost every blogger began their stories with caveats of ignorance.

Not sure if this is included in the $16 trillion Bernie Sanders was talking about, I don’t know if the Fed “easing” has anything to do with these totals, no this has nothing to do with the Treasury TARP numbers, I think Matt Taibbi covered this already…..

Perhaps 5% of the US population even knows that the Federal Reserve has had 2 “easing” evolutions for the stock market already, besides loaning to everyone the Fed is now a vast buyer in the markets too. Hardly anyone understands what the Fed has done with all this lending, and there is very little understanding of what this means long-term, will the Fed ever just get back to moving cash and setting interest rates again?

Besides the staggering numbers the vastly explosive political potential of all this is breathtaking. Fury and spitting rage erupted in many blog comment sections at the Bloomberg news, calls for guillotines, pitchforks and hangings quite the norm from plain Americans almost too incredulous for words at the ridiculous unfairness of it all, for starters.

[sigh] I’m not going to get righteously angry at this awful evolution until I at least think I know what I’m talking about. Senator Sanders, I fervently hope that all is going well with the Federal Reserve audit and that one day little people like me can get a plain report on just what the hell happened, what TARP really did, what the Fed “easing” is all about, if we can expect anything like this to continue indefinitely. The little people really, really need Congress to step up this time, sir.

Not to get all righteously into it, okay, but the smashing commentary from writers like Yves Smith the United States has devolved into serious corruption status, others stating we’re “slouching toward Weimar” are vastly disturbing. David Atkins says those withholding their vote from all this horror are being totally irresponsible, what about the Supreme Court? What about it? What good does it do to chance nominations from a centrist when the government is captured by Finance already?

Okay, I am still listening, still open to change on my non-vote. Good luck, take care Senator Sanders, we so desperately need the truth to plainly know what the Federal Reserve has done and become.

paradox :: 7:16 AM :: Comments (1) :: Digg It!