Ghost:/What if the Fed treated ordinary Americans like banks?

From I Acknowledge Class Warfare Exists:

Sheila Bair is the former chairman of the FDIC; she was nominated by George Bush…is a Republican and was EXCELLENT in her job both under Bush and President Obama.  She has been non-partisan but also not afraid to criticize either the Bush or Obama administrations alike.  She wrote an op-ed in the Washington post where she showcases just how ridiculous the banking system is – you can read the whole thing HERE:

“For several years now, the Fed has been making money available to the financial sector at near-zero interest rates. Big banks and hedge funds, among others, have taken this cheap money and invested it in securities with high yields. This type of profit-making, called the “carry trade,” has been enormously profitable for them. So why not let everyone participate? Under my plan, each American household could borrow $10 million from the Fed at zero interest. The more conservative among us can take that money and buy 10-year Treasury bonds. At the current 2 percent annual interest rate, we can pocket a nice $200,000 a year to live on. The more adventuresome can buy 10-year Greek debt at 21 percent, for an annual income of $2.1 million. Or if Greece is a little too risky for you, go with Portugal, at about 12 percent, or $1.2 million dollars a year. (No sense in getting greedy.)”

~Sheila Bair

Om ghostopinion

Det som är värt att veta märks av mina blogginlägg. Favoritcitat: "No man is an island, entire of itself...any man's death diminishes me, because I am involved in mankind; and therefore never send to know for whom the bell tolls; it tolls for thee." John Donne
Detta inlägg publicerades i Internationell ekonomi, Sån är kapitalismen och märktes , , , , , , , . Bokmärk permalänken.

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