This happened so far under the Bush Administration. I am not so pessimistic about
the future. The proposed new bailout package is actually aimed
mostly at the American people. However, the Fed has not been
reformed, and the very same people that ran the bubbles in the
90-s during the Clinton era have been put in place by the
Obama Administration. Things will change as we go through the crisis,
and the crooks will quite likely eventually come to light, just like
Bernie did, causing a lot of public disgust and lost confidence in the process.
Eventually, this process may even shift the public opinion so much that
the Fed will be eliminated by congress. However, IMHO this
will be a process possibly stretched over years, not an event
that just happens abruptly after January, 20. A currency crisis of some sort is
inevitable, and it usually does the job of jailing some of the
crooks, first the scapegoats, then maybe the real crooks (maybe not :()
In particular, excessive printing and handing cash to the
banking crooks could eventually lead to very high inflation,
and that will definitely piss people off. Whether or not
something good will come from it is to be determined. However,
I do NOT expect another huge banking bailout, since everyone
is really pissed at this one. The Fed will continue to
quietly do their deeds, for now. -g- |
