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QE Shell Game

By       Message Stephen Lendman       (Page 2 of 9 pages) Become a premium member to see this article and all articles as one long page.     Permalink

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It's not if, just when. Bad policy assures bad results. It's not rocket science. It's simple truth.

If properly used, QE could have worked and still can if redirected to where it's needed. It's not and won't be. For nearly five years, credit went for speculation, big salaries and bonuses. It hasn't been for the economy to stimulate growth and create jobs.

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Financial warfare rages. America and other societies are affected. Ordinary people are hurt most. Hard times keep getting harder.

Since September 2007, the Fed cut interest rates from 5.25 to .25%. Surviving investment banks became commercial ones to get free money unavailable to ordinary folks. 

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They scammed trillions. How much is kept secret. It's at least $9 trillion and may be up to two and half times that much.

Hundreds of billions went to Fannie, Freddie, AIG, the automakers and others. At the same time, millions lost jobs, homes and futures. Who cares about them when only money power and helping corporate favorites matter.

In fall 2008, $700 billion in TARP funds were created. The Fed bought commercial paper from non-financial firms. It offered $540 billion to backstop money market funds.

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It handed Citigroup $280 billion for its liabilities and $140 billion for Bank of America's.

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I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

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