America Convulses in Pain, Fed Bails Out the Wealthy | Wolf Street

So there are some huge multi-faceted problems that need to be grappled with, and that need to be resolved, and people are hurting, and they re frustrated, and they re angry, and many are unemployed, and others have jobs that don t pay enough to meet the rising living expenses, and small businesses are on the ropes, and there s going to be a lot of pain.

And what does the Federal Reserve do?

It printed $2.9 trillion since early March to bail out investors in highly leveraged hedge funds that were imploding, and to bail out investors in highly leveraged mortgage REITs that were imploding, and to bail out asset holders whose stocks were plunging, and speculators in the riskiest concoctions, and investors of all kinds, and to bail out asset holders of any kind and the wealthier they were, the more they got to make sure they don t feel any of the pain.

That s what the Fed is doing.

via wolfstreet.com