Wednesday, September 23, 2009
Thank goodness (?) for the printing press:
To provide support to mortgage lending and housing markets and to improve overall conditions in private credit markets, the Federal Reserve will purchase a total of $1.25 trillion of agency mortgage-backed securities and up to $200 billion of agency debt. ...
As previously announced, the Federal Reserve’s purchases of $300 billion of Treasury securities will be completed by the end of October 2009.
That's $1.75 trillion of money that came from ... where? Oh, the FED's printing press.
It will be interesting to see how the FED unwinds this action.
If the Fed ends up owning a lot of homes, and there are lots of homeless people who've been foreclosed, it would seem to be an obvious solution, wouldn't it? All it would take is a transfer of the deeds from Treasury to HUD and setting up some affordable rent program.
So the government owns 2/3 of the domestic car industry, half the banking industry. Now it wants to take control of the health care system, energy system and apparently half the real estate in the country.
What could go wrong with that!
"What could go wrong with that!"
If private enterprise hadn't royally screwed the pooch, government intervention wouldn't be necessary.
These things aren't the result of some sort of sinister socialist plot, but because economic conservatism and its hapless practitioners have once again proved an utter disaster. Somebody has to clean up the mess the Republicans left behind.
anonymous wrote, Now it wants to take control of the health care system...
You apparently don't understand the difference between "health care" and "health insurance."
Now it wants to take control of the health care system...
you know how much money you would save with the public option? do you know how many billions this option would save the government?