Skip to main content


Showing posts from July 17, 2011

the rich are the welfare class (reminder)

With the talk of cutting this deficit, this big bellied government, forswearing the candy bars, etc., I find it screamingly funny that big government's most astonishing expression of scale was the frenzied welfare program that went by various acronyms like TALF. It was managed by the Federal Reserve, in conjunction with the policies of the Department of Treasury. Here's a bloomberg story from last year, which picked at the surface of big government action: . But that story didn't really include other programs, your little one day or 21 day loans, that pumped the lending of the Fed towards the 9 trillion limit. Of course we have since learned that the details were even more astonishing - that is, if we take extraordinary care and shift through the news reports. For instance, on July 6, 2011, we learn all about the sweetness showered upon Goldman Sachs (which is inexplicable, as GS has consistently maintained they were just fine in 2008). "Goldman Sachs & Co., a unit