"What happens on the Federal Reserve balance sheet apparently is ok, because it exists in some parallel universe or is 'hard to understand'.My wife says that what this country needs is financial literacy! And she adds to that ... it wouldn't hurt if financial reporters actually studied economics and history ...
Well, I guess we don't even have to wait that long (I figured 2-3 years) - already the losses have begun from the Federal Reserve's first purchases. Remember that Bear Stearns bailout just over a year ago? We've just suffered the first $6.6 billion in losses. By we, I mean all of us. This is real money. I would just like to remind you that the same Fed Chief who missed the entire mortgage mess, the same Fed Chief who claimed we'd grow in 2nd half of 2008, the same Fed Chief who says he sees green shoots, was the same Fed Chief who told us the taxpayer would not take a loss on the Bear Stearns portfolio and in fact we could potentially make gains."
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Read Nano-Plasm - you know you want to.
© 2005-2009 Stephen Clarke-Willson, Ph.D. - All Rights Reserved.
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