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toobigtofail... the best way to make neoliberal dollars.. via jesse:
--The GAO’s audit, however, missed an additional $13 trillion in loan programs from the Fed and the New York Fed. Thus, it can hardly be called an audit. When the Levy Economics Institute tallied up the real numbers, it came to an astounding $ 29 trillion.
As millions of Americans were losing their homes to foreclosure as a result of the reckless supervision of the mega banks on Wall Street by the New York Fed and millions more were losing their jobs as a result of the ensuing collapse in the economy, the New York Fed was not only badly managing its shopping mall in Oklahoma and its Wisconsin Hilton Garden Inn, but it was spending $43.6 million on modernizing its own headquarters building in lower Manhattan between 2007 to 2010 – which included the worst years of the financial crisis.--
The fake news corporate media have successfully used their propaganda machine to convince the public a surging stock market means the economy is doing great. Despite corporate profits being flat for the last four years, corporate stock buybacks (using debt), Trump’s corporate tax cuts, and Federal Reserve easy money, have propelled the stock market to all-time highs. The Fed proved they are Wall Street’s bitch by cutting rates with the market at all-time highs and unemployment supposedly near all-time lows.
This is an acknowledgement the “great economy” is fake news. The economy is on the verge of recession. The most overvalued stock market in history has reached a tipping point. Global economies, propped up with negative interest rates, are already in recession. The global trade war is hurting all parties and is pushing those countries most impacted towards drastic measures.
The multitude of stresses impacting the nation and the world are building up along fault lines created over decades of bad decision making, deferred action, political corruption, Wall Street greed, corporate hegemony, media propaganda, and willful ignorance by a dumbed down technologically distracted populace. Once the economy falters and the stock market crashes for the third time in twenty years, an earthquake of epic proportions will devastate the minimal savings of the working class and give rise to tens of millions of angry desperate citizens.
The coming US dollar crisis | Stock Discussion ForumsShare