Wow... just wow. <iframe width="420" height="315" src="http://www.youtube.com/embed/3dl1y-zBAFg" frameborder="0" allowfullscreen></iframe>
I saw gold bars, and then I lost interest. No audio here, so I'm going to make one quick assumption to raise a point. I'm going to assume it's the standard "we are drowning in debt" argument, and the classic policy prescription is to abolish the Fed, create a basket of currencies, and create a balanced budget amendment, then cut EVERYTHING. just going to point out that the social democratic countries have some of the lowest deficit-to-GDP and debt-to-GDP ratios, and will be the only ones left standing with AAA ratings at this point.
Actually to sum it up it shows that through the audit of the Feds it was revealed all the money that was given to the banks for the bailout was extremely exaggerated and what they could've spent the money on. Saying the amount of money would've been able to pay for everyones mortgage, auto loans, personal debt, and given every American $8,000. But it puts it in perspective just HOW much money it was.
What I find crazy is that the banks get this interest free loan from the Fed, then turns around and buys treasury bonds. So in essence, the government is giving them free money... so they can turn around and loan it back to the government at 3% interest via these bonds. How smart is that?
It was simple but got the job done. We, the taxpayer, subsidized the banks' profits and quick turnaround and the average Joe had no clue. The problem is that the banks never really got back on their feet and had to keep relying on this govt. crutch to turn profits the past 2 years. Now that the heat is turned up and the music is ending, the banks have to start making profit like a legit business, hence all the layoffs you see around Wall Street. Hopefully when the banks all collapse again, they will nationalize some of these monstrosities like Citigroup instead of keeping them alive on life support.
