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Since crisis conditions began in late 2007, Fed policy struck out. Instead of stimulating growth, it gave bankers trillions of dollars, bought their toxic debt at near full purchase price (instead of around 15 cents on the dollar), and fueled global speculation.
Moreover, instead of liquidating bad debt, banks were rescued by lavish funding even though they're technically insolvent. Toxic debt's still there, and the public's on the hook for amounts the Fed bought.
As a result, the public sector's fragile like banks, says Rasmus. People are paying for their losses. Greece is the epicenter of global pillage, but it's heading across Europe toward America and will arrive with a bang.
A Final Comment
Obama's proposed budget imposes hundreds of billions in social spending cuts at the worst possible time. It adds another $638 billion to already agreed on $1 trillion in cuts over 10 years.
Medicare and Medicaid are hardest hit. Obama wants another $360 billion cut besides earlier reductions. Healthcare providers will be most impacted. As a result, fewer doctors and hospitals will treat patients for payments not covering their opportunity and out-of-pocket costs.
Another $278 billion less over 10 years is earmarked from other domestic programs. Those mostly affected include federal worker pensions, the Pension Benefit Guaranty Corporation (private pension insurer), farm programs, and Postal Service being readied for privatization at higher costs and less service.
Obama officials claim his proposal's designed to create jobs, expand public services, and make America's rich pay their fair share. In fact, expect few job gains, and those created mostly low wage/low benefit temp or part-time ones because most higher paying full-time ones went offshore.
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