(Cross-posted at CharlieHipHop.com)
The Federal Reserve announced this morning that it will back short-term business lending. Here's what I want to know:
What the hell good did the bailout do?!?
Didn't we get anything for our $700 billion? Wasn't that money supposed to free up the credit markets so that the banks would feel safe lending again? Why in H-E-DoubleHockeysticks is the Fed still doing this, and, more importantly, what in the hell happened to the $700 billion-plus we forked over to the banksters less than two business days ago? Have they spent it already?
The markets are not exactly rallying, and now the Fed steps in and does what the bankers are supposed to do? WTF?!?
Is the dollar pit truly bottomless? If so, what does that say about the value of the dollar? I mean, if the government just started conjuring diamonds out of thin air, diamonds would lose a lot of value, right? Diamonds are at least solid and useful for their hardness. What good are a bunch of numbers in the Fed's Big Computer in the Sky?
It will be OK in the long run, but let's hope for a warm winter. The next few months and years are going to be rough.
Maybe I'm just not smart enough to understand the machinations of the High Lords of Finance who transform complex mathematical formulas into pure gold, but it seems to me that the alchemist has been revealed as a fraud.