KALTBAUM SOUNDING OFF…ON THE FED

What exactly do they do? How exactly do they help? After all, it was their easy money that caused the housing bubble. It was they that were supposed to oversee the financial industry so they could not leverage mortgage backed securities almost causing the house to come down. It was they that started the money printing that they promised would be short lived. It was they that never said a word about the gargantuan increase in deficits (not their fault but they said nothing). It was they that printed to $9 trillion, took rates to 0%, sat there, created more bubbles, took that conjured up money and rigged the whole freaking bond market enabling 3% mortgages that caused all kinds of housing distortions that we are still feeling the effects, caused the massive inflation with the easy money, never saw the inflation coming even with their hundreds of analysts, called the inflation transitory and then had to play catch-up. So why do we still, every 6 weeks have to worry about what they think and what their next big move is?

We repeat for the thousandth time, they think they are God. They think they are the economy. We are the economy. It is our hard work that is the economy. It is the great innovations, the medical breakthroughs, the technological advancements, the wanting of upward mobility and success of the American people and business that are the economy. So why do we still have a fed? What exactly is their function?

So why do we need them? How did we get to the point where one man with absolutely no oversight or accountability can conjure up to $9 trillion…that’s $9 trillion out of thin air to rig the biggest market in the world…our bond market. Would love to get some answers to all this. We always thought failure should pay a penalty. Only in DC does failure keep their jobs and keeps making the same mistakes over and over again. Oh, and that is how you get to $37 trillion of debt and heading to $50,$60 $70 trillion…and much more quickly going forward.