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.