The Federal Reserve has taken its "boldest" action since the 1930s, accepting $200bn of worthless housing debt as collateral to bail out Wall Street's mortgage industry loan sharks. This really just a Corporate Welfare scam. The Fed has "legally" circumvented a ban on purchase of MBS's outright, by instead accepting them as collateral for loans.
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In this Blog I will discuss Life the Universe and Everything, and maybe even Prairie Home Companion.
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11-5-2024
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