Surprisingly, a few days later Warren Buffett made the same observation. He said "the Fed is the greatest hedge fund in history." For Warren, this is great. He is on the receiving end of the biggest transfer of wealth in history from workers and savers to borrowers and speculators.
The CNBC analysts should turn down the rhetoric and hype and listen to the analysts on sister station, MSNBC. They might learn something. I am also happy to clarify for them.
All knowledgeable D.C. types know that the TARP and Fed bailout of Wall Street banks five years ago saved us from a second Great Depression. Like most things known by knowledgeable Washington types, this is not true.
Tapping the HHF more deeply for Detroit seems like an excellent example of an action the president could take that's wholly consistent with the position he's staked out in recent weeks about going around the do-nothing Congress.
The idea that Barack Obama would still consider appointing Lawrence Summers to head the Federal Reserve rather than order an investigation into this former White House official's Wall Street payments mocks the president's claimed concern for the disappearing middle class.
That a pile of debt is a burden on new grads is pretty obvious. Less obvious is that the student debt burden, now in excess of $1 trillion by some estimates, is beginning to be a drag on the economy.
Given that any reasonable person can plainly see that our president is in fact trying to lead us to ruin, here's the good news: he's really, really bad at it.
In government, corporate and nonprofit offices across the country are women who are smart, work hard and care about their profession but are regularly ignored because they are viewed as too mousy or too pouty or too inexperienced or too something.
Unless Americans step up the way Cypriots did and demand real regulation, as well as send the message that they don't trust Wall Street by moving their money to community banks and credit unions, they can bank on being bilked. Again.
The accolades for Timothy Geithner came on so thick and heavy in the last week that it's necessary for those of us in the reality-based community to bring the discussion back to earth.
TARP -- the infamous Troubled Assets Relief Program that bailed out Wall Street in 2008 -- is over. The Treasury Department announced it will be completing the sale of the remaining shares it owns of the banks and of General Motors. But in reality it's not over.
We need to hold bank CEOs and other corporate officers personally liable for their misconduct. Simply fining companies does not work since they obviously see this as just another cost of doing business.
I can't believe that the Scott Brown-Elizabeth Warren race is still uncomfortably close. How could anybody vote for the guy who basically asks the big banks, "What can Brown do for you?"
The profits were realized in 2009. Romney has not released his family's tax returns for that year and refused many calls to do so, apparently in part because they would have revealed the investment.
It's a good thing we have all decided not to care about the Libor scandal, or Tim Geithner might be looking kind of silly right now.
It's Obama's fault on a statewide level when the nationwide economy tanks, but when it recovers it's the individual states, and their respective governors, who are responsible for the growth. If that sounds like disingenuous political double-talk, it is.