Bernanke's My Bookie

The financial crisis of 2008 pushed the big Wall Street banks / Anglo American financial banks right to the brink.  Guess what-- house prices can't rise exponentially forever.  Some wrote about what was coming, but not many listened.  Why turn off the spigot, so much money was being made thru a web of fraud.  With the West's financial empire in danger of collapse, the Federal Reserve stepped in and backstopped the risk.  Now when Fannie Mae losses billions, the American taxpayer foots the bill.  If car buyers don't buy GM cars and trucks, the American taxpayer shares in the losses to GM's bottom line.

At the peak of the crises, Wall Street oligarchs threaten my representatives in Congress-- Wall Street is too big to fail.  My representatives are weak, self-interested, and stupid-- they comply.  Shame on me for electing them.  The Fed continues to increase its risk profile.  Loans are seemingly made to any company or government that needs a dollars to stay afloat.  Even Harley Davidson, a symbol of American independence, gets a loan from the Federal Reserve.  The Fed pumps money into the system through quantitative easing to prevent asset prices from falling.  Critics use the term "pushing on a string" to describe the policy.  Thanks to Zerohedge for providing a graph depicting the Federal Reserve's latest balance sheet.  

I find the Federal Reserve offensive and have zero confidence they act on my behalf.  Bernanke says not to worry, the money we lend to risky creditors will be paid back.  Maybe, maybe not.  Recall Bernanke said the housing problem was "contained".  No matter the outcome of the Fed's high risk policies, I reject the Fed's right to jeopardize my future.  Bernanke is the bookie who places a super bowl bet for you without letting you know.  Whether or not you cash in on the bet really doesn't matter because the bookie acted without your consent.  It's time to replace or restrain Bernanke the bookie.

Damon Vrabel gives a wider and infinitely better synopsis of Federal Reserve and our economic system with Lesson 1.  Watch this 10 minute video to take the "red pill".