‘F-You, Main Street!’ Federal Reserve will now buy junk bonds while it bails out banks and billionaires
…During the Fleecing of America Part I: The Great Financial Crisis, we were promised this would never happen again. Everything was "fixed.” Yeah, it was fixed all right. It was rigged by a system that is based on fraud, accountable to no-one and is systemically rotten to the core. In 2009, the Federal Reserve's rhetoric was: these bailouts are extraordinary “temporary emergency measures,” and we will “fix” regulations, increase interest rates and shrink our $5 trillion balance sheet. Did it ever happen? Nope, it was all lies. To hide their ineptitude, the central banks are now using Covid-19 to cover their decades of reckless policies that caused crisis after crisis, with the amounts staggeringly more massive each time. All the “too big to fail” companies need to be dismantled, and the Fed needs to be audited and shuttered. Executives at firms that receive bailouts need to have their bonuses, stock, stock options and a big chunk of their pay clawed back. As for oligarchs like Fink, he needs to be dethroned and his casino cut down to size, rather than be given multi-trillions in assets to manage for the Fed. These bailouts are plunder on a massive scale, enabled by Washington DC’s political class. This is not capitalism or democracy; it is a modified oligarchy.