The Federal Reserve’s “emergency loans” and “asset purchases” during the financial crisis actually amounted to $29 trillion. That’s $29,000,000,000,000 that Bernanke lent to the biggest Wall Street and foreign banks because it was “an emergency”. But of course, we can’t afford any more fiscal stimulus, we can’t afford to pay for a modern health care system, infrastructure, or education, or entitlements.
We all have to sacrifice like the President and both parties say because we need to “get our fiscal house in order”.
No wait: We don’t. We have a broken political-economic system whose demise can’t come sooner. A system where trillions of dollars are created and lent out to the most powerful while the working class is deceived and defrauded by their politicians into the notion that the U.S. is “broke” (Eric Cantor) or “running out of money” (Obama).
(Great research from the Univ. of Missouri at Kansas City)