"Secondly".they have been saying for the last 15 years that bailing out LTCM was necessary. Then they saw the NASDAQ collapse after March of 2000. We need to create another bubble. Print money. They created a gigantic credit bubble and the misery that we have today".Thank you, Mr. Bernanke."
Include his Maestro of Misery predecessor. His legacy reflects torment and devastation for millions. Bernanke matched his worst and exceeded him.
They're two of the most duplicitous scoundrels ever to serve in Washington. They're financial weapons of mass destruction. They engineered harder times than most people thought possible.
According to John Williams :
"Consumers simply cannot make ends meet. Inflation-adjusted, or real, median household income declined for the fourth-straight year, plunging to its lowest level since 1995."
"Deflated by the CPI-U, the 2011 reading actually stood below levels seen in the late-1960s and early-1970s."
"At the same time, despite the ongoing nature of the economic and systemic-solvency crises, and the effects of the 2008 financial panic, income dispersion - the movement of income away from the middle towards both high - and low-level extremes - has hit a record high, instead of moderating, as might be expected during periods of financial distress."
"Extremes in income dispersion usually foreshadow financial-market and economic calamities. With the current circumstance at a record extreme, and well above levels estimated to have prevailed before the 1929 stock-market crash and the Great Depression, increasingly difficult times are likely for the next several years."
Economist Paul Craig Roberts said people are being "re-enserfed. The promised land" benefits only the top 1%. Globalized poverty, unemployment, and human misery grow more institutionalized.
Monetary madness combined with austerity when stimulus is needed assures much worse ahead. Progressive Radio New Hour regular Jack Rasmus tells listeners what happened and warns about about what to expect.
He calls QE 3 an open-ended money grab. It's near-free money for bankers and investors at the expense of the real economy and millions growing poorer.
Claiming it's done to create jobs, help the depressed housing market, and boost economic growth is cover for grand theft.
Over 23 million Americans remain unemployed. Economic conditions are weakening. Nearly all indicators show housing "bump(ing) along the bottom." QE 3 will do nothing to change things.
It's "subsidizing banks and investors." It's boosting financial, commodity, and other asset class valuations. At the same time, it's hanging ordinary people out to dry. It provides no help whatever. It's transferring wealth to super-rich elites already with too much.