Full piece here:
"The Fed's $2.8 trillion "quantitative easing" program has, among other things, lifted stock prices to record highs, driven interest rates to record lows and put a floor under what had been a reeling housing market.
Yet barely a quarter of Americans even know what it is.
A poll leading up to the Fed's pivotal decision, expected Wednesday afternoon, found just 27 percent of U.S. adults could correctly pick the correct definition of quantitative easing from among five possible answers."
Janet Tavakoli had a nice write up regarding POTUS, financial crisis, and basic theft:
"Another of President Obama’s broken campaign promises was that he would enact campaign finance reform. I believe that went right out the window, when he realized during his first campaign that corporations would throw money at him.Can read her here:
If the White House really didn’t like the Citizen’s United v. Federal Election Commission decision in 2010, it could have used moral suasion to work with Congress to amend our Constitution.It now appears to many citizens as if the chief goal of most of Congress is to be reelected, and that means they’re more interested in campaign contributions than in representing the interests of their constituents and the country. As for upholding the Constitution, it is only a priority when it coincides with the special interests they seem to represent."
Irony too, because a classic wedge has formed, even with Federal Reserve intervention, the returns are getting smaller, but it appears we have a little more to go:
"When an economist tells them that growing the nation's debt over the past 12 years from $6 trillion to $16 trillion is not a problem, and that doubling it again will still not be a problem, this simply does not compute."Seth Klarman, here in our own backyard is giving money back! Can read here:
Of course, when you have a CONgress in your back pocket to bail you out, fines for fraud upon us don't matter, even when it's $8 billions worth...unreal:
Speaking of J.P. Morgan:
"I was also contacted by two JP Morgan employees who told me they had a large amount of documented evidence of market trading abuses in gold and silver by their bank (JP Morgan). [And they handed it over to the CFTC.]"http://www.washingtonsblog.com/2013/09/big-banks-manipulated-gold-and-silver-markets.html
Say it isn't so:
57.8 contracts per ounce in this completely rigged and corrupt market. Of course this is all paper, and the entire fraud would crumble should even 1% "Stand and Deliver", but the fraud must continue.
Of course, the largest wealth transfer known to mankind must also continue; your savings, your 401k, your pension, your earnings, everything, being completely obliterated:
"Accordingly, the Committee decided to continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month and longer-term Treasury securities at a pace of $45 billion per month."http://www.federalreserve.gov/newsevents/press/monetary/20130918a.htm
7% of our economy being supported by money created out of thin air, backed by nothing. In response to this, I'll end with Pater Tenebrarum of the Acting Man Blog (via MISH):
"I am deeply convinced that they really have no friggin idea what they are doing. And eventually we will all find out they had no idea."