Perhaps I misread, or read into it. Regardless, a short term solution to a problem spanning generations is exactly the kind of thinking that contributed to getting us where we are at today. Stabalization at all cost,......if you will. While the reverse may be true tomorrow or 6 months down the road a currency crisis is indeed what we will face long term whether we like it or not.

We are in agreement as to the wholesale ownership of government by corporate interests. You know as well as I do bills are not written by lawmakers. They're written by staffers and lawyers placed in the lawmaker's office by those with the greatest interest and influence. You see, I don't draw a distinction between the two (government and private interest). The revolving door into the US Treasury and Federal Reserve from Wall Street should be evidence enough for anyone that the game is rigged. The clash between the two entities and Dems/Repubs is nothing more than a shell game, made for people with TV's and little ability to think critically. Anywhere you find concentrated power you will find corruption, there's no escaping it. Where I think you and I differ is that I would like to decentralize that power and move it closer to the people as where you may prefer a more centrally planned economy (speculation on my part).

Make no mistake about it, as I was involved directly. Banks were required to make a set volume of loans to low income borrowers on less than satisfactory collateral. This was satisfied by wholesale markets expanding underwriting criteria in regards to debt to income rations, loan to value ratios, lower FICO scores, and substandard collateral. Those were sold to consumers through brokers and retail channels, sent back to wholesale, packed into MBS's and passed along to secondary (usually ending up in the hands of Fannie and Freddie). Hence the birth of the subprime mortgage loan. Something that without the careful and deliberate cooperation of the Federal Reserve providing the money to do it through low interest short term lending facilities, could have never been accomplished. This is the reason people were out buying things that they couldn't afford from an oppressive regime half way across the world while our factories were boarded up at home. There will always be demand, people always want things. It's when the price of money is manipulated by a government controlled entity (really just a private bank) that provides the moral hazard for unknowing folks to get into trouble.

The market should determine interest rates. Not some wizard in an ivory tower with a funny cap. Or at least we should be privy to the decision making process, or committments we may have with foreign central banks, or the names of broker dealers who are funneled billions in tax payer funds through the Plunge Protection Team. Pie in the sky I know. Although people should be more aware of what is really going on.

I'd like to go on, and on I could go. Although I'm being sumoned to wrap it up.

Thanks for the welcome and civilized discussion.

A quick look over the archives does indeed show you to be a bit of an a$$hole. Though you don't have me convinced. In my experience those who show that quality when engaged in debate either don't have supreme confidence in their position, or they are intentionally misleading. It's much easier to bury an opponent when you have them thinking about their mother