If you believe the fed saved us from disaster, you must read this article:

Atlantic Magazine, The Quiet Coup, by Simon Johnson
(professor at MIT’s Sloan School of Management, chief economist at the International Monetary Fund during 2007 and 2008)

It’s a long article but explains why the recent bailouts are a gigantic fraud, and why we cannot recover anytime soon unless we bite the bullet, nationalize most banks and fire most of the wall street oligarchs. Scary.

http://www.theatlantic.com/doc/200905/imf-advice

I sure would not want to be in Giethners or Bernakes shoes. These guys are lying through their teeth and I am sure they are not enjoying it but think they have no other choice. I agree about biting the bullet. There is no free lunch and we are just kicking the can down the road. At least it can give some of us (regular folk) time to pay down debts and accumulate other assets to provide some level of existence once the s hits the fan.

Related Posts:

• Recovery will fail…unless we break the “financial oligarchy” that is blocking essential reform.
• 2010 is certainly going to be an “interesting” year…
• Janet Yellen is a Keynesian shrill. Keynesian’s believe they can prop up bankrupt entities and grow an economy with debt-financed consumption.
• The time to rein in the banks has come and gone.
• Here’s bullish arguments you thought you’d never hear that’s being used today:

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