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The Fed-Induced Demise Of The American Dream (In 1 Simple Chart)

Tyler Durden's picture


Thanks to free and abundant credit to those at the front of the line, home prices have soared in the last few years as "smart" hedge fund managers have bought homes-to-rent in a yield-grab with both hands and feet. This - as we have noted numerous times - priced out the 'real' buyer; who this time, instead of being driven by a "fear of missing out", would rather not play (only to be left holding the bag). Another unintended consequence courtesy of The Fed's "main-street-helping" actions that has destroyed the American Dream for a declining middle class.


Fewer Americans think it's a good time to buy a home than at any time in the last 4 years... "recovery"!


The trickle-down is not working... the middle-class is tapped out (and releveraging just to get by)... and the Fed's key transmission mechanism to the masses (housing) has now been broken... let's hope the market doesn't drop ever again (or the economy).


h/t @Stalingrad_Poor


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Tue, 06/10/2014 - 15:42 | 4841732 TeamDepends
TeamDepends's picture

There can be only one conclusion, we need to vote out the Fed next time.

Tue, 06/10/2014 - 15:45 | 4841745 john39
john39's picture

vote the fed out?  I prefer A. Jackson's approach:

"You are a den of vipers and thieves. I intend to rout you out, and by the grace of the Eternal God, will rout you out."

seems to imply something more than voting.

Tue, 06/10/2014 - 15:49 | 4841754 TeamDepends
TeamDepends's picture

For over two centuries, this has been a constant source of irritation for vipers the world over.

Tue, 06/10/2014 - 16:00 | 4841780 power steering
power steering's picture

As long as Jamie's bonus is secured it's all good.

Tue, 06/10/2014 - 17:02 | 4841938 Boris Alatovkrap
Boris Alatovkrap's picture

Effort of Federal Reserve with complicit and capricious political elite is naturally result in make millionaire of all AmeriKa citizenry, just like as King Mugabe is make all Zimbabwe citizen millionaire. 

Tue, 06/10/2014 - 16:24 | 4841847 Kirk2NCC1701
Kirk2NCC1701's picture

For inspiration, I suggest you modify the church hymn "I am the bread of Life", and replace "And I will raise him up" with "And I will rout them out" in this song.  Try it, you'll feel better right away.

Tue, 06/10/2014 - 17:07 | 4841953 Boris Alatovkrap
Boris Alatovkrap's picture

Absent of inspiration as chocolate ration increase from 5g per day to 20g per week, maybe citizenry is learn how to constructing own apparatus for distillation of vodka. Just add potato or turnip!

Tue, 06/10/2014 - 16:39 | 4841875 yogibear
yogibear's picture

Many would perfer the old French method of head chopping. Given the state of the treasionous people old Jackson would have approved.

Tue, 06/10/2014 - 17:05 | 4841945 Boris Alatovkrap
Boris Alatovkrap's picture

Best guillotine is make in Belarus!

Tue, 06/10/2014 - 17:20 | 4842004 Bemused Observer
Bemused Observer's picture

Belarus is still making them then? Cool...they must see some demand coming...
Be funny as hell to develop an automated guillotine for use on the job-destroyers, and sell derivatives on the ones used for bankers...

Tue, 06/10/2014 - 17:38 | 4842049 kchrisc
kchrisc's picture

One man, one guillotine.

Tue, 06/10/2014 - 15:44 | 4841738 NOTaREALmerican
NOTaREALmerican's picture

Oh,  jeezzz,   can we stop worrying about what the trash-class thinks it's entitled too.     The top 20% (or so) are doing as well as ever before in history.  

Everybody can't win in a survival-of-the-fittest society.   There's got to be many trash-class losers for each higher-evolved winner.    What are we supposed to do, give the trash-class a house as a "participation" prize.  

In real life, everybody isn't above-average.    Everybody can't be a winner. 

Tue, 06/10/2014 - 16:03 | 4841782 Dr. Richard Head
Dr. Richard Head's picture

To think that the current system we have is for survival of the fittest is a fool's errand. What we have is survival of the leaches of society courtesy of Fed operations of stealing the purchasing power of many for the few.

Tue, 06/10/2014 - 16:06 | 4841792 NOTaREALmerican
NOTaREALmerican's picture

Re:  survival of the leaches

What the survival-of-the-fittest lovers fail to realize is that leaches & cockroaches ( and assholes and sociopaths) are more fit that than not.

Survival-of-the-fittest is non-judgemental about who actually IS the most-fit.    

Tue, 06/10/2014 - 17:29 | 4842024 Urban Redneck
Urban Redneck's picture

The theory of natural selection evolved from the hard science of artificial selection.

In terms of the catchy slogan popular in the Cliff's Notes version... Spencer actually was judgmental about who was the most fit, as it would be rather difficult for a pauper to pass on a "rich" Lamarckian inheritance.

Tue, 06/10/2014 - 17:39 | 4842050 kchrisc
kchrisc's picture

"survival of the leaches"

You are a wordsmith. Good stuff.

Tue, 06/10/2014 - 16:07 | 4841794 SheepDog-One
SheepDog-One's picture

LOL, you need to watch the movie Idiocracy to find out just how wrong you are!

Tue, 06/10/2014 - 16:10 | 4841804 NOTaREALmerican
NOTaREALmerican's picture

That was a movie,  so was 'soylent green'.   Who won in that movie?  The smart-n-savvy asshole generally win.

Tue, 06/10/2014 - 16:44 | 4841894 Dick Buttkiss
Dick Buttkiss's picture

By "win" you obviously mean victory in an immoral system devoid of actual rights and where might is therefore the sole arbiter.

Ragnar Redbeard is your man, in other words — — in a Hobbesian "war of all against all.



Tue, 06/10/2014 - 16:52 | 4841907 NOTaREALmerican
NOTaREALmerican's picture

Re:  By "win" you obviously mean victory in an immoral system devoid of actual rights and where might is therefore the sole arbiter.

I'm not the only one who wanted a survival-of-the-fittest system 40 years ago when I was a young male.

There are consequences to your actions.    Be careful what you wish for, you might get it.  


Tue, 06/10/2014 - 17:03 | 4841940 Panafrican Funk...
Panafrican Funktron Robot's picture

So, think that through a sec.  What would happen if the "winners" stopped giving consolation goods/services to the "losers"?  What would subsequently occur?  You may find your answer to the question "why do we give a shit about the trash class".

Tue, 06/10/2014 - 16:52 | 4841909 logicalman
logicalman's picture

In a rigged game, only the riggers win.

Nothing to do with 'fittest'

By the way, Survival of the fittest doesn't have anything to do with fitness - It refers to being best fitted to the environment in which an organism lives.

See sentence one.

Tue, 06/10/2014 - 16:56 | 4841913 Budd aka Sidewinder
Budd aka Sidewinder's picture

Doesn't ZH have a zero tolerance racism policy????




Tue, 06/10/2014 - 17:07 | 4841958 NOTaREALmerican
NOTaREALmerican's picture

Re;  In a rigged game, only the riggers win.

That's pretty smart-n-savvy of the winners, don't you think?   

You were expecting a level-playing-field?    Honesty?     


You can separate the adults from the children by how well they comprehend DUPLICITY.  

Tue, 06/10/2014 - 18:25 | 4842176 logicalman
logicalman's picture

I comprehend duplicity pretty well.

I'm just not good at it, personally, and neither would I want to be.

I'd rather be a called a loser in a game where only duplicitous psychopaths can win.

Unfortunately that's the kind of game I'm forced to play.

I am a realist. Everything in life is a compromise.

The playing field is level for everyone, eventually.

Tue, 06/10/2014 - 18:19 | 4842156 spinone
spinone's picture

unless the environment is completely neutral, the fittest is a judgement call. social darwinism is a junk science concept foisted by the priveleged to defend their position.

Tue, 06/10/2014 - 19:49 | 4842434 LooseLee
LooseLee's picture

Hey Hot Shot, survival of the fittest is formulated on a level playing field. That we do not have. What you have is a rigged game. Those of us 'aware' will decimate those of you dumb enough to follow the status quo...

Tue, 06/10/2014 - 15:44 | 4841739 ebworthen
ebworthen's picture

What is the N.A.R. going to do now, hire Bernanke to do ads?

Tue, 06/10/2014 - 15:46 | 4841746 i_call_you_my_base
i_call_you_my_base's picture

The housing market is getting to the point where the Fed is going to do something again. Charts like these won't sit well with Mr. Yellen.

Tue, 06/10/2014 - 15:51 | 4841759 LawsofPhysics
LawsofPhysics's picture

"For every seller there's a buyer"  - perhaps, but what happens when the only buyer is the fucking Fed?

Roll the damn guillotines already.

nothing changes otherwise.

Tue, 06/10/2014 - 15:53 | 4841766 NOTaREALmerican
NOTaREALmerican's picture

After the basketball finals,  oh, and then the football season, so after that... 

Tue, 06/10/2014 - 16:01 | 4841781 Ness.
Ness.'s picture

I think I can speak for the entire platoon when I ask you to please shut the fuck up.  Jesus Christ man, do you really have to make your snide little comments to every post?  We get it - you need/demand someone else to take care of you and you're very frustrated with your lot in life.  Stomp your feet a little louder and maybe some fairy will land on your shoulder, give you a tap and make everything better.

Tue, 06/10/2014 - 16:04 | 4841784 NOTaREALmerican
NOTaREALmerican's picture

End the Fed.   Awwwk!  

Tue, 06/10/2014 - 16:29 | 4841855 Kirk2NCC1701
Kirk2NCC1701's picture

We already have the Fed eating its own vomit, via "Brussels".

Time to put that dog down, before it turns on Sheepmericans with its full madness.  Those of us who know better, are ready or getting ready for the Big Financial Reset.

Tue, 06/10/2014 - 16:42 | 4841886 yogibear
yogibear's picture

Surprised the Russians and the KGB can't track down the buyers. Watch it lead indirectly to the Federal Reserve. Follow the money/transfers. 

Tue, 06/10/2014 - 16:52 | 4841908 Kprime
Kprime's picture

too late, that rabid dog done bit the sheeple.  didn't you hear about the couple that got .gov rabies?  Yah they went mad and shot a couple zombies in a cici's, in vegas.

Tue, 06/10/2014 - 16:00 | 4841779 Nevsky
Nevsky's picture

Fewer Americans think it's a good time to buy a home than at any time in the last 4 years... "recovery"!



Tue, 06/10/2014 - 16:05 | 4841786 Ignorance is bliss
Ignorance is bliss's picture

I'll be working until I drop or someone cheaper comes along. QE killed the value of our labor. QE killed the housing dream, QE inflated food prices, and destroyed all future generations potential retirement plans. We have been reduced to playing in a house driven casino called the stockmarket for anychance at a decent future with funny money in our 401Ks. I really hope there is a light at the end of this madness.

Tue, 06/10/2014 - 16:10 | 4841805 moneybots
moneybots's picture

"We have been reduced to playing in a house driven casino called the stockmarket for anychance at a decent future with funny money in our 401Ks. I really hope there is a light at the end of this madness."


The light is the oncoming train.  We have yet to see the Great (segment of the) Depression.

Tue, 06/10/2014 - 16:05 | 4841790 moneybots
moneybots's picture

"This - as we have noted numerous times - priced out the 'real' buyer; who this time, instead of being driven by a "fear of missing out", would rather not play (only to be left holding the bag)."


Same is true for the stock market.

Tue, 06/10/2014 - 16:17 | 4841825 NoWayJose
NoWayJose's picture

The 'new' American Dream will soon be to board a crowded ship and sail to a country offering real opportunity and freedom...

Tue, 06/10/2014 - 16:21 | 4841833 NOTaREALmerican
NOTaREALmerican's picture

And mostly empty with less technologically advanced inhabitants.    (I think I saw that movie). 

Tue, 06/10/2014 - 16:20 | 4841834 Ignorance is bliss
Ignorance is bliss's picture

Just like our forefathers? Times may change but people stay the same. What once was will be again.

Tue, 06/10/2014 - 16:23 | 4841836 Frilton Miedman
Frilton Miedman's picture




Word has it the Mexican border is easier to cross, from this side.


Tue, 06/10/2014 - 17:21 | 4842009 Gregor Samsa
Gregor Samsa's picture

I hope you believe strongly in space exploration then, because that's the only place left to go...

Tue, 06/10/2014 - 22:49 | 4843210 StychoKiller
StychoKiller's picture

"The surface of a planet is NOT the correct place for an expanding, technological civilization." 

-- R.A. Wilson

Tue, 06/10/2014 - 16:30 | 4841829 Frilton Miedman
Frilton Miedman's picture




Now that I know it's all the Fed, I can stop holding the 3 branches of government to account for an unconstitutionally bribed scheme that put the Fed, transnational corporations and TBTF's where we are.


Tue, 06/10/2014 - 17:02 | 4841936 logicalman
logicalman's picture

I was fortunate enough to be informed by my father that trans-national corporations were evil entities and would fuck everything up, BACK IN 1968!

Clever guy, my dad was.

Tue, 06/10/2014 - 23:23 | 4843307 Aussiekiwi
Aussiekiwi's picture

My Grandad told me close to 40 years ago, that China would end up owning the world, that it would manufacture everything cheaper than anyone else and would simply buy all the farms up, stuck in my mind as a very young guy as at the time it seemed so incredible, but my Granddad was a very bright man, they would not let him go of to WW2, he tried and they hauled him back, too necessary at home, although he never spoke of exactly what it was he did, secret squirrel stuff I guess, very good at maths.

Tue, 06/10/2014 - 16:51 | 4841876 TeethVillage88s
TeethVillage88s's picture

I like charts: ($3.16 Foreign Investment USA) ($2.69 Private Domestic Investment) (Foreign owned Assets in the US) (Total Debt as percent of GDP) (corporate profits, 1-1-2014)

Corporate Taxes end of 2013 = 273.5 Billion (Treasury data end of Fiscal year Sept 2013)
Corporate Profit end of 2013 = $1.9045 Trillion

$273.5/1,904,5 = 14.4% Corporate Tax (all institution failures) (total Banks) (Median household income, what? discontinued?) (Personal savings) (Personal savings Rate, a better chart to look at) (SNAP Payments, 1-1-2012) (Gini Ratio/Coefficient, what? discontinued?)

Tue, 06/10/2014 - 16:40 | 4841879 Jack Burton
Jack Burton's picture

One of the major buyers for homes are young adults starting jobs and families. This is the progress of generations, the upcoming young folks are a captive market, always arriving in the market to buy starter homes. Until, two things. The giant transfer of student loans onto kids balance sheets, and the easy money zirp that has flooded money into the markets, driving home prices up.

Add to that stagnant wages, fewer full time jobs and what do you get? Yes, fewer bidders for starter homes. Or, should I say fewer main street buyers, the wall-street crowd who enjoy free money from the fed can always swoop in and buy, if that is their investment plan.

Tue, 06/10/2014 - 17:03 | 4841939 TeethVillage88s
TeethVillage88s's picture

New home starts chart doesn't come across as well as New Home Sales and Existing Home Sales. But here are the charts. You can see Oct 2005 is when the Housing market went South and there was plenty of time for the Big Banks to plan the "Bail Out, TARP, Etc." (Starts) (Existing Home Sales) (New Homes Sold)

Tue, 06/10/2014 - 17:32 | 4842030 Frilton Miedman
Frilton Miedman's picture




They also had plenty of advance knowledge to open the floodgates and get those "AAA" rated sub-prime CDO's off their books, shorting them in secret, thanks to the CFMA's privacy protections in futures/derivatives.

In 2009, while America was getting foreclosure notices, Goldman Sachs was paying all time record bonuses to their C-suite and prop traders.

Memories of those who spoke out being accused of "Socialism" or "Anti-Capitalists" opposed to "rewarding success" are etched in my mind forever.


Tue, 06/10/2014 - 18:13 | 4842130 Cthonic
Cthonic's picture

There's a reason the Fed stopped publishing M3 and its components around then ...

Tue, 06/10/2014 - 18:32 | 4842209 logicalman
logicalman's picture

Most of the young adults I know, mostly friends of my kids, have few illusions regarding the world they have been left by previous generations. I realise it's a biased sample, but few are planning a family or buying a house as they can't see a stable enough system to enable them to do it.

Tue, 06/10/2014 - 16:54 | 4841910 TeethVillage88s
TeethVillage88s's picture

Retail Employment Problems: (Down, Peak was year 2000) Retail Trade: Department Stores (Excluding Leased Departments) All Employees: Retail Trade (Down) All Employees: Retail Trade: Clothing and Clothing Accessories Stores (Down) All Employees: Retail Trade: Building Material and Garden Supply Stores (Down, lagged just behind the fall in housing in 2005) All Employees: Retail Trade: Furniture and Home Furnishings Stores (Down, peaked year 2000) All Employees: Retail Trade: Electronics and Appliance Store (Almost up to prior 2008) All Employees: Retail Trade: Nonstore Retailers (down) All Employees: Retail Trade: Gasoline Stations

Hotels are worse or Flat compared to eating & drinking places... Trend is back prior to 2000 All Employees: Leisure and Hospitality: Accommodation (good trend line) All Employees: Leisure and Hospitality: Food Services and Drinking Places

I'm going to pull some charts on employment since "Free Trade, NAFTA, CAFTA"

Tue, 06/10/2014 - 17:08 | 4841963 JR
JR's picture

“It is perfectly idle to talk about a Democracy or a Republic, when the sovereign power is really being exercised by an individual super-group.”

Stopping the tyranny of the Big Banks, Frederick Soddy knows how.

Professor Soddy summed up his 1943 pamphlet, The Arch-enemy of Economic Freedom: What Banking Is, what First it Was, and Again Should be, what was needed to reform England’s monetary system. Although ignored by the City of London, it would apply to today’s monetary system in America whereby the finance industry, the exchange bankers and the stock market grow rich upon currency manipulation while the productive industry and the middle classes grow poorer.

Soddy's solution:

“As regards transition stages, fix a price-index on the cost of the more important expenses of an average middle-class householder, require the banks always to keep pound for pound of national money against their current accounts drawable by cheque, set up a national advisory statistical bureau on an independent scientific basis [to see to the stability of the price-level], and reconstitute the mint for the issue of all money. Avoid as the plague schemes for nationalizing banks. The object is to stop private minting and nationalize money itself.”

Dennis Fahey, C.S.Sp., amplifies Soddy’s points further in Money Manipulation and Social Order (1944):

“Great evils have resulted from…the control of the exchange-medium of countries by private individuals.

“To remedy these evils in a manner fully in accordance with the political and economic principles of St. Thomas, three points must be remembered.

“The first point of reform is that the creation or issuing of exchange-medium must be taken out of private hands. The issuing of claims to goods and services valid and acceptable to all the citizens of a country is by right the prerogative of the authority exercising jurisdiction over the whole country. This is clearly seen by the fact that additional credit-money issued or loaned into existence, if it does not happen to coincide with a proportional increase of goods for sale, ‘will raise prices and make the value of everybody’s money in the country worth less in goods, so repudiating part of the nation’s debt in goods and services to the owners of the money…(Soddy)’

“To put this another way, whoever originates the exchange-medium must by the very nature of money or exchange-medium obtain something for nothing, that is, he must obtain the original purchasing power through the State, at a trifling cost.

“Again, whoever has the power to issue the exchange-medium controls the volume of it. Arbitrary changes in the volume of money cause prices to rise or to fall. Whoever originates and controls the volume of money thus controls every single economic operation.

“If a private group exercises the power to originate the exchange-medium and then manipulates the volume of it, that group becomes a power greater than the government itself. It becomes a super-government, paralyzing the efforts of the lawful government for the Common Good.

“It is perfectly idle to talk about a Democracy or a Republic, when the sovereign power is really being exercised by an individual super-group…”

Tue, 06/10/2014 - 19:04 | 4842298 TeethVillage88s
TeethVillage88s's picture

June 1979 was our Manufacturing Top. Free Trade, NAFTA, CAFTA, WTO Treaty, Other Treaties giving away our Sovereignty.

Probably corporations used Recessions and layoff times to build factories overseas or locate existing factories.

Of course Automation & Robots were coming in too.

Manufacturing: (12 Million down from 19.5 Million) All Employees: Manufacturing

Construction: (6 million down from 7.7 Million) All Employees: Construction

Information Services: (2.65 Million down from 3.7 Million) All Employees: Information Services

Professional & Business Services: (Up a million people since 2008 crash at 19.1 Million) All Employees: Professional & Business Services

Education & Health Services (21.4 Million rock steady through 2008) All Employees: Education & Health Services

Government: All Employees: Government

Financial Activities: (7.9 Million down from 8.4 Million) All Employees: Financial Activities

Mining, Drilling, Logging (Peak was 1981, now .9 Million down from 1.3 Million) All Employees: Mining and logging

Hospitality & Leisure: (14.6 Million, nice trend line) All Employees: Leisure & Hospitality

Goods producing Industries: (19 Million down from 25 Million) All Employees: Goods-Producing Industries

Service Providing Industries: (119.5 Million) All Employees: Service-Providing Industries (7.6 Million down from 12.2 Million) All Employees: Durable goods (4.5 Million down from 7.2 Million) All Employees: Nondurable goods All Employees: Nondurable Goods: Food Manufacturing All Employees: Nondurable Goods: Apparel All Employees: Nondurable Goods: Petroleum and Coal Products All Employees: Nondurable Goods: Textile Product Mills All Employees: Nondurable Goods: Leather and Allied Products

Durable Goods (problem with data limited): (.8 Mil down from 1.3 mil) All Employees: Durable Goods: Motor Vehicles and Parts (1 mil down from 1.9 mil) All Employees: Durable Goods: Computer and Electronic Products (.16 mil down from .38 mil) All Employees: Durable Goods: Computer and Peripheral Equipment (.4 Mil down from .7 Mil) All Employees: Durable Goods: Semiconductors and Electronic Components (.37 mil down from .62 mil) All Employees: Durable Goods: Wood Products (1.45 mil down from 1.75 mil) All Employees: Durable Goods: Fabricated Metal Products (.4 mil down from .7 mil) All Employees: Durable Goods: Primary Metals (.367 mil down from .68 mil) All Employees: Durable Goods: Furniture and Related Products

Non Manufacturing:

Trade, Transportation & Utilities (Recovered at 26.3 Million) All Employees: Trade, Transportation & Utilities (Recovered to 5.86 Million) All Employees: Wholesale Trade (recovered to 15.3 Million) All Employees: Retail Trade (Were Utilities Privatized starting in 1990, down to .55 Mil from .74 Mil) All Employees: Utilities

Transportation & Warehousing: (Recovered to 4.6 Million) All Employees: Transportation and Warehousing (Recovered to 1.4 Mil) All Employees: Transportation and Warehousing: Truck Transportation

Whoa! Big Chart (.46 Mil down from .63 Mil) All Employees: Transportation and Warehousing: Air Transportation (recovered to .068 Mil) All Employees: Transportation and Warehousing: Water Transportation (old story here) All Employees: Transportation and Warehousing: Rail Transportation

Tue, 06/10/2014 - 19:39 | 4842409 Frilton Miedman
Frilton Miedman's picture




To reiterate, how is the Fed responsible for foreign trade agreements, or fraudulent tax schemes labeled "job creating" that only creates Jobs in Mexico, China & India?

If I don't like trade or tax policy, like the new TPP that is likely to be more of the same exportation of productive jobs - should I call the Fed instead of my local Rep?



Tue, 06/10/2014 - 23:40 | 4843297 TeethVillage88s
TeethVillage88s's picture

non sequitur? But actually maybe you have a point.

Maybe we want targets to lampoon. Fed is a Government Contractor with a charter to address 1) Providing Cash Reserves in bank runs 2) Set Interest Rates 3) Use Monetary Policy at its own discretion to address either Jobs or Inflation.

A) Recently there are Statements that the Fed only targets inflation not jobs (or visa versa?)
B) Congress gave up the power of Protecting the Currency or managing the Fed
C) Congress gave up the power of providing an environment for jobs, self employment, and protection of small businesses as defined by people on main street in business not someone backed by wealthy interests or investors or other big money

SO IS the Fed responsible for the Economy, Jobs, small business starts, regulations, expanding tax laws, an expensive US Labor Force, or shrinking benefits & compensation?

I don't think that is the point of the article, but think you are clarifying something here.

Now, my point about NAFTA, CAFTA, WTO, and other Treaties actually comes from a 2005 book by Lou Dobbs, War on the Middle Class. He is pointing out that CAFTA contained 1000 pages of International Law and seems to give up US Sovereignty. Elsewhere in Wikipedia you see that CAFTA was not needed, required to address Tariffs at all. Prior agreements had eliminated Tariffs, The Caribbean Basin Initiative. (DR-CAFTA)

But I never intended to disparage the Fed in this particular string. I'm sure I will get to it later though. What 6 years of Manipulating the Interest Rate with ZIRP??

- The Fed has Perverted the Concept of Savings
- The Fed doesn't remember what it is like to pay for gasoline or diesel for fuel
- Biggest expenses in life, Education, Houses, Health Care: but he Fed doesn't recognize these for Inflation
- I'm sure the Fed is satisfied with it's definitions of Inflation & the GDP, but it serves the Fed as Bankers to see the definitions in the light of whatever it's personal or profession motivations are
- Sorry Janet Yellen, the usual Tail Winds in a Recession are missing since housing was messed up and messed with by Alan Greenspan who approved of "Not" Regulating Derivatives and was part of a big scam to create financial bubbles
- We can never fully Understand what happened in 2008 if the Fed doesn't come clean about Alan Greenspan's mistakes and how the Fed ignored the "Risks", The Fed has to come clean as an Institution
- Fed Mea Culpa is Required to write the history books correctly.

But hey, maybe I still would like work in banking, auditing, or writing policy

Tue, 06/10/2014 - 19:42 | 4842417 LooseLee
LooseLee's picture

I hope that ALL FED 'members' alive since the 1970's realize that they will be held accountable for what they have done. It ain't gonna be pretty...

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