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The Board of Directors of the FED is loaded with GS folks. This economic downturn is for the long-term. The damage has been done. There may have been a chance for a quicker recovery sans TARP and the multiple porkulus bills that have quadrupled our debt since Obama took office. Now a long period of economic depression is all but cemented unless the laws can be de-funded.
Folks need to get their houses in order in every sense and be prepared as it will get worse before it gets better. Soros is betting on it and pushing this administration to enacting the policies that will again increase his wealth by crashing yet another nation's currency, this time the US dollar.
The Johnson punches a lot of holes through Gold Sleazy's questionable findings.
Sure as hell can't let them pull a fast one like they did to the Greeks.
"The rationale for the capital increase is that in recent years the financial sector imposed massive losses on the rest of society by the mismanagement of credit. If the big banks have a machine that provides supernormal returns to employees and creditors while causing frequent losses to taxpayers (through the fiscal costs, measured in terms of the increase in net government debt as a result of the recession), savers (because interest rates are cut to zero by the Federal Reserve’s policy response), and their own shareholders in many instances, then reducing the voracity of this machine is for the general good.
If we had stopped the excessive credit growth in the second half of the 2000s, we would have limited the boom – and also removed a lot of the downside damage.
Highly risky, massive global banks that are – post-Lehman – unambiguously “too big to fail” are absolutely not in the social interest. If we give up some short-term illusory growth as a side effect of curtailing their activities, this is a small price to pay."
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