The Feds and the Great Wall Street Heist

Here’s a great cartoon from the new issue of the New Yorker:

Fortune columnist Allan Sloan explains how the feds are creating vast windfalls for Wall Street firms with its artificial suppression of interest rates – the same policy that is brutally punishing anyone who put their savings in Certificates of Deposit or other interest-rate sensitive outlets. Sloan notes, “But until rates go up, Wall Street will be chowing down on essentially free money, while fixed-income people living off their investments will have to eat into their capital, take more risk or reduce their standard of living. A nice reward from their government for a lifetime of saving.”

This is one more reason for Congress to speedily enact Ron Paul’s bill to Audit the Fed. There is far more looting going on under federal auspices than what the Justice Department is accusing private firms of commiting. Pulling back the curtain on the Federal Reserve is one step to bring down the entire charade.

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3 Responses to The Feds and the Great Wall Street Heist

  1. Dirk W. Sabin October 20, 2009 at 8:51 am #

    Pardon me Buster! “Looting” is an unfortunate characterization of the proceedings between the Federal Government and its Financial Partners. It denotes common brigandage of the sort entailed by a sloppy snatch and grab. No sirree Bob el Barbudo Negativo, the Federal Government and Its Financial Partners do not do “loot”. Everything is done with the proper decorum and record keeping required of
    Imperial Payola. It is done with a prevailing sense of leisure and gay dispassion befitting a professional operation. “Looting..” …”LOOTING!” you say. Sir, you have a bad attitude. Fiscal chicanery of such magnitude demands more respect. Particularly when the money changing hands is, well….ehhh…of a nature such that its paper value is about to become an object of grim hilarity, dangling in a porcelain dish at the end of a well-sawn branch in a windstorm.

  2. Dave Y. October 20, 2009 at 10:51 am #

    I rewally like to know why you folks keep on listening to ron paul, this stooge was used in the last election to try and get Mcain elected, when are people gonna wake up and smell the coffee!
    you want the country to work right, demand that popliticians are not only prosectuted for their shenanigins, EXECUTE the theives, CHINA has it right, the cure for corruption is death in the form of a very speedy trial, a quick sentencing, and immediate execution, then you send the scums family the bill for court and exection costs, why the family, they got money that was theived, they should no longer have a right to own anything in their lives, the families of our elected officials should pay a price for the theiving done to make their life softer!!

  3. Bill Jones October 29, 2009 at 3:19 pm #

    This is the second time in recent memory. Greenspan pulled the same shit back in 1992 to bail-out the then technically bankrupt Citibank. It’s just one of many mechanisms to transfer wealth from the peasants to the banksters.

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