Friday, April 13, 2012

Sheila Bair's Humorous & Sadly Ironic Rant

Usually this is something I would just post on Facebook or retweet on Twitter but this from Sheila Bair (formerly from the FDIC) I just had to post for those that may only follow my blog. Funny and sadly ironic -- definitely check out the whole thing here "Fix income inequality with $10 million loans for everyone!" .

Here is a piece from the Washington Post....
"For several years now, the Fed has been making money available to the financial sector at near-zero interest rates. Big banks and hedge funds, among others, have taken this cheap money and invested it in securities with high yields. This type of profit-making, called the “carry trade,” has been enormously profitable for them.
So why not let everyone participate?
Under my plan, each American household could borrow $10 million from the Fed at zero interest. The more conservative among us can take that money and buy 10-year Treasury bonds. At the current 2 percent annual interest rate, we can pocket a nice $200,000 a year to live on. The more adventuresome can buy 10-year Greek debt at 21 percent, for an annual income of $2.1 million. Or if Greece is a little too risky for you, go with Portugal, at about 12 percent, or $1.2 million dollars a year. (No sense in getting greedy.)"
and some more.....
"Some may worry about inflation and long-term stability under my proposal. I say they lack faith in our country. So what if it cost 50 billion marks to mail a letter when the German central bank tried printing money to pay idle workers in 1923? 
That couldn’t happen here. This is America. Why should hedge funds and big financial institutions get all the goodies?  
Anyway, check out the whole thing .

Sorry, only the Fed and their friends at the banks get free money. Can't let that money get out to the general public -- That's inflationary! Gotta bailout only a select group of people so not too much of that money gets out into the general economy....that way inflation stays where they want asset prices.....


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