The Fed just announced that it will buy up $600 billion of mortgage backed securities. This is something that is separate from the $700 billion bailout that Congress passed in October.
Either I missed something important in the last three months or Congress and the Fed have been misrepresenting things. If I recall, back in October Paulson was begging Congress to pass the bailout so that he would be able to buy up the bad mortgages that were clogging up the system. It was so important that Bush signed it within hours of it passing the Congress. It was a big deal. Life as we knew hung in the balance. At least that's what we were told.
Shortly after all of that drama, Paulson decided that he wasn't going to use the money to buy the troubled mortgages but was going to give it to the banks instead.
So how can the Fed now just go out and do this without any kind of discussion or vote? Why didn't they do this back in October? Did some smart guy just figure it out in the last three months? Did some new rule get passed? Was the October vote a big scam?
I'm no expert on these things but something just doesn't add up. Karl Denninger has a great post asking the same kinds of questions. It is well worth the time to read it.
Then go over to Jim Crawford's post to read his long list of unanswered questions.
Something it totally wrong here folks. I think we are all being ripped off right in front of our eyes. I am afraid that by the time enough people get angry enough to start doing something about it, it will be way too late.
I believe Thomas Jefferson was a smart man. He had a lot to say about banking and money. I never really understood this quote but it seems to me that it's being played out right under our noses.
- I believe that banking institutions are more dangerous to our liberties than standing
armies. If the American people ever allow private banks to control the issue of
their currency, first by inflation, then by deflation, the banks and corporations
that will grow up around [the banks] will deprive the people of all property until
their children wake-up homeless on the continent their fathers conquered. The issuing
power should be taken from the banks and restored to the people, to whom it properly belongs.
Is it time for another Revolution?
Comments (11)Subscribe to CommentsComment