Alan Greenspan knew the dangers of Fed manipulation, but he let the bubbles bubble to win political favor (and get reappointed)

We have said before that no Fed Chair was ever “free market.” This absolutely includes Mr. Greenspan. His legacy is one of a price fixer, an economic manipulator, a bubble blower, and ultimately one who in many ways ushered in the crony era we live in today.

But as we see in the attached piece from Sebastian Mallaby, Allan Greenspan, the one time “Maestro,” knew better all along. He knew that Fed policy could and typically did destabilize the real economy.

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I finally saw “The Big Short” in its entirety, and anyone who cares about money needs to watch it. Fantastic

“FRAUD has never, ever worked…Eventually things go south…When the hell did we forget all that?”

2008. I’ll never forget. EVER.

I won’t go into why this movie speaks to me so much. I will say however that it isn’t because I had billions on the line.

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This video may blow your mind, the best illustration of the post Crash bailouts I’ve ever seen

This is from 2011 when the wounds of the Crash were still fresh.

Now we’ve been conditioned. Time has passed and the banks want you to forget what happened and the dull economic pain which still dogs the world.*

We at ACC will never forget.

At the end of this video is a very short ad for someone who was running for Congress. We do not endorse candidates ever. We don’t know who this person is.

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60% of the Financial System Now Has a Bailout Guarantee

There are times, not all that often, when as I read a headline I just kind of sigh. This was one of those headlines.

This isn’t capitalism folks. This is crony capitalism straight up with no chaser on a massive scale. And it is sold as being for YOUR benefit.

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Warren, Vitter Team Up to Take on Wall Street’s ‘Too Big to Fail’ Megabanks

The bank bailouts in 2008 left a bitter residue which even now, 7 years later (7 years!) I can taste. I spit it out, but it always lingers. If I meditate too long on that time, that time of foreclosures, and panic, and of George Bush “abandoning capitalism to save free market capitalism,” of weekend meetings at the Fed, of Hank Paulson playing God, my blood pressure still rises. It was such a tremendous scam on such a gigantic scale.

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Politicians Serving Wall Street, Not Main Street (The bipartisan fleecing)

Bipartisanship – for Wall Street.

 

Washington made a decision 5 years ago to abandon most Americans and to cozy up with the crony capitalists on Wall Street. They rejected the voice of the American people in the Fall of 2008 when they began the bailout bonanza.

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Fed admits QE did almost nothing (It was a great excuse to dump money on poorly managed banks though)

And by poorly managed banks we mean pretty much every big bank on the planet. For instance we now know that nearly half a trillion from the United States Federal Reserve was GIVEN to foreign banks. Given to them. Not even loaned at a penalty rate. Just given. How many people lost their homes now? But half a trillion was just handed to banks which aren’t even nominally “American.”

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