QOTD Mon. Mar. 23

“I told y’all yesterday that we have a government of the banks, by the banks, and for the banks, and today proved that in spades.  Federal Reserve announced it is re-opening its Primary Dealer Credit Facility  (PDCF) through which it created $8.6 trillion in the 2008 crisis. These bailouts follow the Garbage Can Principle, like the Reconstruction Finance Corporation in the 1990s Savings & Loan Crisis.  There is a ton of bad debt, so where does the government hide it?  They create a “garbage can” to hold it until the crisis passes.  In 2008 the garbage can was the Federal …

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