This is about right.
Sowell’s right. The Fed over its 100 year history has been consistently wrong and has often exacerbated crises not ameliorated them. Both the Great Depression and the Great Recession are examples of this.
But don’t tell a Keynesian this.
We pray that this is very dry satire. I honestly can’t tell. Let’s hope this is a joke.
This video has clips of Bernanke from 2007 just before the collapse.
The hedge funds and the big banks have done better than anyone under the Fed’s printing regime.
The article below describes the process perfectly.
The Wall Street Journal got this right in an editorial today:
Technically one of their alums is taking over the Bank of England, Mark Carney, but it is pretty clear that the “vampire squid” now holds sway over nearly the entire European banking system.
You will recall how a former CEO of Goldman Sachs, Hank Paulson, ran the Crash of ’08 as Bush’s treasury secretary by getting an ethics waiver so that he could talk almost every day with Lloyd Blankfein, CEO of Goldman Sachs.