Hey, all you partisan politicos: do you want to know what has really happened to the financial system over these last three years? Can you handle it?
The Federal Reserve has increased its balance sheet several trillion dollars. It has also taken on trillions in “off balance sheet items”, just like banks. This increase in the Fed’s “AUM” has been simply a TRANSFER OF WEALTH from the public sector to the private sector. But the only beneficiary of those funds have been to BANKS and OTHER INVESTORS.
This is the fact: There has been a giant wealth transfer from the public sector to the private sector under Obama. And the corresponding increases in public debt HAS BEEN BALANCED BY STOCK MARKET GAINS.
The fact remains is that Obama is Geithners bitch. Here is the conversation between Geithner and Obama in 2009: “Do you want to be the President that presided over the second Great Depression and the first and only African American President (no racist)? Well, then you better let Ben do his thing and save the banks and the stock market or you are finished.”
Obviously this Administration has been the “BFF” to banks and the markets but nobody want to say it.