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Where is Candid Camera?

November 15, 2013

Enough is enough. It is time to recognize reality. It is time to take monetary and fiscal responsibility. It is time to fix the excesses of the last quarter century-plus. It is time to take the pain today so that we can gain tomorrow. It is time to make this a better place for the next generation. Isn’t that what we are meant to do? That would be a much better legacy than that which we are likely heading to if “kick the can” remains the only “bankrupt” policy we have.

We honestly HOPE that this is the course we take. The US has a history of “finding a way.” As Winston Churchill famously said, “We can always count on the Americans to do the right thing, after they have exhausted all the other possibilities.

America is exhausted… is time.

I will let you guess who wrote this! While it may sound like me, it wasn’t me. It wasn’t my friend Wayne, it wasn’t Ron Paul, it wasn’t Dave Stockman — no, it was an analyst from Citigroup! I honestly don’t know what to think about this latest report; particularly the above conclusion. The too-big-to-fail Wall Street banks (of which Citi is one of the biggest); the U.S. Treasury Department, with the aid of other government officials; and the Federal Reserve are the unholy trinity to blame for this current economic mega-experiment and its future fallout.

In fact, it is the Wall Street banks we have to thank for the bailouts, ZIRP, QE 1-forever, TARP, etc., etc.

How or why would Citigroup write the above report? I have no idea. If I had to come up with a theory, I guess I might opine that all parties involved might want to distance themselves from this dangerous and obviously imprudent monetary policy that has been going on since 2008 (and actually longer, much longer). Even former Fed employees are going to extraordinary measures and apologizing for what the Federal Reserve has done over the last several years. See the opinion piece in the Wall Street Journal, Andrew Huszar: Confessions of a Quantitative Easer: “We went on a bond-buying spree that was supposed to help Main Street. Instead, it was a feast for Wall Street.” This opinion piece is worth a separate blog all its own.

Now consider this: do you think this is some rogue analyst? I don’t think so. Neither has Citigroup reported that someone hacked into their computers and wrote some phony report. Tell me how a Wall Street bank gets away with writing a report like this without being asked some deeply penetrating questions, like: Huh?

So let me phrase my theory another way: When the ship begins to sink, the rats scatter!

So why give this report right now, when the financial markets are setting new record highs day after day?

All I can say is that I keep looking around the corner to see who is filming me when I read these articles. There is just no way this new-found religion by some of the perpetrators can be real! Right? Am I being “punked”? If this is real, I just have one question of Mr. Citigroup analyst, “Where was this moral high ground of ‘making it better for the next generation’ the last three or four decades? WOW, this measures right up there with Goldman Sachs CEO, Lloyd Blankfein, in the midst of the economic collapse having the huevos to claim that he was doing “God’s work.”

Maybe these delusional characters will take these manifestos and pin them to the gates leading to their mansions. When the masses come with torches and pitchforks, will they attempt to claim that they tried to warn everyone the bailouts and monetary policy would lead us to ruin?

One Comment
  1. Susan Miller permalink
    November 18, 2013 9:07 am

    Thank you, Thank you!! You couldn’t be more correct, its past time that the correction be started and we as a country get back to making this a country, a family an individual STRONGER and giving something positive to our future.

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