ISS...
now you've done it... I'm into the Fed, and after reading the entire Government document... I agree with you, and RT.. That this is a giant game that is unnecessary and counter to the interests of the country and, indeed, the world.

To say that the Federal Reserve System down't work isn't really true. As you say, it works for those who get in on the beginning of whatever the latest crisis is... whether the S&L, or any of the other bubbles. It's always the banks and brokers and the rich that get bailed out, leaving the people to pick up the debt.

So now, we're into the next... and the very biggest bubble of them all. I Trillion already gone, and the second trillion to follow. And NOW... according to some scuttlebutt on the "street", the actual cost to make the system whole, may total 5 Trillion. (MSNBC panel discussion).

The whole problem that we're facing now boils down to the problem with collateralizing debt, and as I believe, having the debt lose it's identity. This happened when CDO's were treated as cash... (my analogy)... When the CDO's were split, and lost their identity.. AND, when the traders accepted a risk rating as collateral... then, the game was over. Add to that, the problem created when traders tried to insure their bets with "insurance" Credit derivatives... then compounded the nonsense by re-insuring the risks by swapping the insurance...

THEN you have the impossible mess we're into today.

We're worried about 50 billion and Mr. Madoff...

How about a possible 5 Trillion and the heads of our government, 535 Gongressmen, and who knows how many thousand lobbyists, and banks and corporations and rich people who have kited their fortunes on the backs of Americans.

And so... you are right:
Quote
Sometimes it helps to realize how we got to where we are in order to figure out where we are apt to go. I know it is all the rage to do the party partisan thingie and blame it on "the other party" in the hope of scoring voter points, or to pretend that a free market was in operation and somehow "ran amok", but both are borne of willful ignorance or intentional attempts to deceive the populus -- again for political gain.


Now to the next question. With the new government poised to spend the next Trillion... how long do you think it will take the people to catch on?

Life is Good!