The 19th Chairperson of the FDIC, Sheila Bair received her Bachelors in Philosophy from The University of Kansas and her J.D. from the University of Kansas School of Law in 1978. Her 4/13/2012 opinion piece in the Washington Post is entitled "Fix income inequality with $10 million loans for everyone!" and is linked here:
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www.washingtonpost.com]
Excerpted:
"For several years now, the Fed has been making money available to the financial sector at near-zero interest rates. Big banks and hedge funds, among others, have taken this cheap money and invested it in securities with high yields. This type of profit-making, called the “carry trade,” has been enormously profitable for them.
So why not let everyone participate?
Under my plan, each American household could borrow $10 million from the Fed at zero interest."
I guess you can interpret her message as you wish. My take is that she believes we're approaching the point of blatant, in-your-face systemic absurdity, if we haven't already arrived there.
What lies behind us and what lies before us are tiny matters compared to what lies within us.
- Ralph Waldo Emerson
