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And who is responsible for this record level of debt in financial markets, and record level of debt in the real economy? That’s simple: the Federal Reserve and other central banks around the world that pumped trillions of dollars in freshly printed money into the financial system in the years following the 2008 financial crash to pull the global economy out of a deep recession. They did that by buying up government bonds, mortgage-backed securities and, in some places, common stock, in the process artificially propping up the prices of those assets even as they drove down interest rates. While this unprecedented “quantitative easing” probably saved the world from another Great Depression, the central banks never quite got around to sopping up all that money when the crisis had passed, as they originally promised. For to do so would have run the risk of angering investors and politicians by disrupting what became the longest bull market in recent memory.
Instead, they took the easy political course and allowed all that excess liquidity to be used by banks, hedge funds, private equity funds, companies and households to inflate a new round of financial and economic bubbles. And now that a real-world shock to the economy and the financial system has hit in the form of the novel coronavirus, what might have become a short but significant market downturn looks to be turning into a full-blown financial rout.
And who is responsible for this record level of debt in financial markets, and record level of debt in the real economy? That’s simple: the Federal Reserve and other central banks around the world that pumped trillions of dollars in freshly printed money into the financial system in the years following the 2008 financial crash to pull the global economy out of a deep recession. They did that by buying up government bonds, mortgage-backed securities and, in some places, common stock, in the process artificially propping up the prices of those assets even as they drove down interest rates. While this unprecedented “quantitative easing” probably saved the world from another Great Depression, the central banks never quite got around to sopping up all that money when the crisis had passed, as they originally promised. For to do so would have run the risk of angering investors and politicians by disrupting what became the longest bull market in recent memory.
Instead, they took the easy political course and allowed all that excess liquidity to be used by banks, hedge funds, private equity funds, companies and households to inflate a new round of financial and economic bubbles. And now that a real-world shock to the economy and the financial system has hit in the form of the novel coronavirus, what might have become a short but significant market downturn looks to be turning into a full-blown financial rout.
Except the stock market is back up today and all that money the Fed has created has kept all those lazy and fat poor people content and voting for the people in power.
I tolerate it because I can't do shit about it anyway and I don't want to pay more taxes
well said.. and the Republicans who bitched when the stimulus occurred under Obama (to rescue the Bush economy, no less), are now silent when "their" guy reaps the asset-bubble rewards. Trump talked up the Stock Market constantly, begging for near-zero, if not negative interest rates. he understands a bubble environment works for him, Company profits haven't exactly exploded during his term.
well said.. and the Republicans who bitched when the stimulus occurred under Obama (to rescue the Bush economy, no less), are now silent when "their" guy reaps the asset-bubble rewards. Trump talked up the Stock Market constantly, begging for near-zero, if not negative interest rates. he understands a bubble environment works for him, Company profits haven't exactly exploded during his term.
Actually the Stimulus started under Bush, Obama just continued it.
well said.. and the Republicans who bitched when the stimulus occurred under Obama (to rescue the Bush economy, no less), are now silent when "their" guy reaps the asset-bubble rewards. Trump talked up the Stock Market constantly, begging for near-zero, if not negative interest rates. he understands a bubble environment works for him, Company profits haven't exactly exploded during his term.
rescue the Bush economy? who rescued the Obama economy? you are a strange bag of crazy cats. you claim the fed debt doesn't matter then rail like a loon that Trump is running up some huge debt. you sound more confused than Biden does.
Quote:
Originally Posted by WTF
lustyladdie and The WackoKid are cheering on the Crony Capitalists' at the Fed while decrying Socialism.
the Fed is the problem you idiot. and Congress. how many times have i posted that? more than once and less than 23 trillion. get it?
and you still haven't proved Capitalism is the reason for the debt. you never will. the reason is the Fed which is a sellout of the country to a private cartel and Congress who continue to deficit spend over and over with the budgets they produce. show me one post you made during the 8 years Obama was president where you complained about the debt? i mean, you weren't banned for 8 straight years of Obama .. were you?
Our beloved Federal Reserve
