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Free Money For Everybody . . . Except You

By Big Tent Democrat, Section Economy
Posted on Wed Nov 30, 2011 at 02:01:30 PM EST
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Banksters in trouble? Have some cash:

The Federal Reserve moved Wednesday with other major central banks to buttress the financial system by increasing the availability of dollars outside the United States, reflecting growing concern about the fallout of the European debt crisis.

The banks announced that they would reduce by roughly half the cost of an existing program under which banks in foreign countries can borrow dollars from their own central banks, which in turn get those dollars from the Fed.

I support this policy, but think that spreading the free money around to the "little people" is just as important. Also too, fiscal stimulus.

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    Free Money For Everybody . . . Except You | 32 comments (32 topical)

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    Well, if you own any stocks (5.00 / 1) (#4)
    by sarcastic unnamed one on Wed Nov 30, 2011 at 02:15:35 PM EST
    you got free money today.

    But it's a little like that feeling you get (5.00 / 2) (#6)
    by Anne on Wed Nov 30, 2011 at 02:39:45 PM EST
    when car gets you almost to the top of the rollercoaster...

    Parent
    No place to go but........ (5.00 / 1) (#8)
    by Militarytracy on Wed Nov 30, 2011 at 02:41:22 PM EST


    Parent
    The Udall Amendment (5.00 / 1) (#12)
    by Edger on Wed Nov 30, 2011 at 03:08:43 PM EST
    was defeated.

    Adolph Hitler rose for a moment, danced a jig in the air above his grave, and went back to sleep smiling.

    Not to mention.... (5.00 / 2) (#16)
    by Zorba on Wed Nov 30, 2011 at 03:55:44 PM EST
    so did Joseph Stalin.  And Mao Zedong.

    Parent
    George Bush and Dick Cheney. (5.00 / 0) (#17)
    by Edger on Wed Nov 30, 2011 at 03:59:08 PM EST
    is planning a vindication party.

    Barack Obama is holed up plotting a scorching plea for a bipartisan initiative.

    Parent

    sorry... (none / 0) (#19)
    by Edger on Wed Nov 30, 2011 at 04:01:24 PM EST
    scorched earth plea for a bipartisan initiative.

    Parent
    Most of the rest of the world (5.00 / 1) (#20)
    by Edger on Wed Nov 30, 2011 at 04:07:00 PM EST
    went shopping.

    Everything looks normal out there. Nothing to see. Move along. It's fine.

    Tomorrow is here. The game is over. The crisis has passed -- and the patient is dead. Whatever dream you had about what America is, it isn't that anymore. It's gone.


    Parent
    Rescuing the economy by... (5.00 / 1) (#13)
    by Romberry on Wed Nov 30, 2011 at 03:11:45 PM EST
    ...rescuing banks, bondholders and other assorted plutocrats strikes me as trying to construct the pyramids from the top down. Me? I generally prefer to start with the foundation.

    That's how the post WWII boom (5.00 / 2) (#14)
    by MKS on Wed Nov 30, 2011 at 03:17:22 PM EST
    was constructed.

    GI Bill.  FHA.  Strong unions.  Strong educational system.  State Universities with low tuitition.

    Parent

    Ayup. Paraphrasing Santayana... (none / 0) (#21)
    by Romberry on Wed Nov 30, 2011 at 04:17:58 PM EST
    Apparently those who do not know history lack the ability to learn from it. Lather. Rinse. Repeat. Now off to bleed the patient just a little more...

    Parent
    Is that a substantive response to MKS? (none / 0) (#22)
    by christinep on Wed Nov 30, 2011 at 04:43:49 PM EST


    Parent
    Dunno. Whassit? (5.00 / 1) (#32)
    by Romberry on Thu Dec 01, 2011 at 11:40:03 AM EST
    I felt like it was a fine comment in context. I was after all agreeing with him.

    Parent
    It's a shallow response. The post WWII boom (none / 0) (#26)
    by Mr Natural on Thu Dec 01, 2011 at 04:35:48 AM EST
    was fueled by the bombing nearly into the stone age of European and Asian industry.  Buy American wasn't a slogan - it was the only thing left.

    Parent
    I guess... (none / 0) (#33)
    by Romberry on Thu Dec 01, 2011 at 11:42:57 AM EST
    ...one person's attempt at agreeing with someone in a humorous (or at least an attempt at humorous) way is another person's shallow. All depends on where you stand. Relativity at work!

    Parent
    Everybody call your congressperson... (5.00 / 3) (#15)
    by kdog on Wed Nov 30, 2011 at 03:37:05 PM EST
    it's a Black Wednesday 50% off sale on government loans!  No credit check!  No collateral!

    Sometimes (none / 0) (#18)
    by Edger on Wed Nov 30, 2011 at 04:00:13 PM EST
    I worry about you, kdog. ;-)

    Parent
    The Moral Hazard Police must be busy (5.00 / 3) (#23)
    by ruffian on Wed Nov 30, 2011 at 06:18:30 PM EST
    evicting some OWS group from a park.

    But wait?! (none / 0) (#1)
    by inclusiveheart on Wed Nov 30, 2011 at 02:03:58 PM EST
    What about the deficit?

    /snark

    Not quite the same. (none / 0) (#5)
    by Addison on Wed Nov 30, 2011 at 02:28:17 PM EST
    Well to be honest this topic goes a little bit further than I totally understand, but I think that this program actually helps us somewhat because it's other nations borrowing dollars from us.

    Granted cutting the cost means we make less, and why we can't borrow more money more cheaply from ourselves to use as demand-side stimulus is still kind of a mystery.

    But this isn't quite the same thing as "mostly free money ex nihilo to the banks, to be counted as national public debt", which we've seen in the past.

    Parent

    Big picture - it is relevant snark. (5.00 / 2) (#10)
    by inclusiveheart on Wed Nov 30, 2011 at 02:52:22 PM EST
    There's a problem with the economy and our government is attempting to ease the problem and maybe help solve it.  

    BTD's point is spot on that we could also help the little people and do some stimulative spending in the US as well.

    Investment is a choice that we do have and when it is an investment in a financial institution's wellbeing, our political leadership is all for it.  

    But when the investment that is under discussion is about investing in the people and America, the deficit lie is paraded around as an excuse for not doing anything.

    Parent

    Agreed. (none / 0) (#11)
    by Addison on Wed Nov 30, 2011 at 02:53:38 PM EST
    Oh, yes, I agree with the big picture and with BTD's point. Just saying that the exact way the limitation of this process to the "big guys" is idiotic is slightly different from way past limitations have been idiotic. Didn't mean to be oppositional!

    Parent
    No beef with the Fed or Monetary Policy (none / 0) (#2)
    by MKS on Wed Nov 30, 2011 at 02:09:22 PM EST


    But (none / 0) (#3)
    by Edger on Wed Nov 30, 2011 at 02:15:26 PM EST
    this will increase demand everywhere and save the economy.

    Right? Right.

    Mostly in the streets....

    Very generous of us (none / 0) (#7)
    by Militarytracy on Wed Nov 30, 2011 at 02:40:34 PM EST
    Considering that our exposure to European banks is so minimal :)

    are they attacking? (none / 0) (#9)
    by Edger on Wed Nov 30, 2011 at 02:47:01 PM EST
    ;-)

    Parent
    And Newt says (none / 0) (#27)
    by Militarytracy on Thu Dec 01, 2011 at 04:40:46 AM EST
    That he helped Reagan and Jack Kemp "create" supply side economics.  Who knew?

    Well, that would account for its utter failure (5.00 / 1) (#28)
    by ruffian on Thu Dec 01, 2011 at 06:14:16 AM EST


    Parent
    That's what I was thinking (5.00 / 1) (#29)
    by Militarytracy on Thu Dec 01, 2011 at 08:05:29 AM EST
    Who wants to attempt to rewrite history to read that they invented supply side economics at this time?  I can't wait to hear his explanation of how this was/is a good thing.

    Parent
    SITE VIOLATOR sehzadecrw (none / 0) (#31)
    by sj on Thu Dec 01, 2011 at 11:36:35 AM EST


    God Bless You! (5.00 / 2) (#34)
    by Anne on Thu Dec 01, 2011 at 02:15:09 PM EST
    [That was a sneeze, wasn't it?]

    Parent
    dollar is going to collapse anyway (none / 0) (#35)
    by crisishq on Tue May 29, 2012 at 09:12:36 PM EST
    The spending cuts and tax increases that Congress is talking about are absolutely meaningless when compared to how rapidly our debt is exploding. Calling those cuts and taxes "pocket change" would be an insult to pocket change.

    Why the economic collapse is imminent

    Free Money For Everybody . . . Except You | 32 comments (32 topical)

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