Why the Fed – and the feds – bailed out the banksSubmitted by Bob-45 on Thu, 08/25/2011 - 14:25
By Craige McMillan
This Bloomberg article tells us all we need to know about how corrupt Wall Street bankers, the Federal Reserve and our federal government have become. Wall Street ultimately sucked $1.2 trillion out of the American economy.
Why? And what were the consequences?
Prior to individual retirement accounts, the stock market game had been played between big banks, insurance companies (annuities) and brokerage houses, so the playing field was pretty well leveled; the players at least were all in the same league.
From the days of the 401k, IRAs and other self-directed retirement accounts, tens of millions of financially ignorant savers have poured their retirement savings into the stock market, along with employer matching funds, in the hope of a decent retirement future.
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