Wall Street is counting its winnings from seven years of easy money.
The results represent a clear victory for Wall Street over Main Street, according to the team of Michael Hartnett, BofA’s chief investment strategist.
“Zero rates and asset purchases of central banks have, thus far, proved much more favorable to Wall Street, capitalists, shadow banks, ‘unicorns,’ and so on than it has for Main Street, workers, savers, banks and the jobs market,” the BofA team wrote.
– From the Bloomberg article: Here’s How Much QE Helped Wall Street Steamroll Main Street
In a refreshing bit of honesty from “Too Big to Fail and Jail” Wall Street firm Bank of America, the American peasants are informed about a reality with which they are all too familiar. That the U.S. government and the Federal Reserve Bank bailed out the rich and powerful, while leaving average citizens high and dry.
It always amuses me when I come across a mainstream media headline to the effect of: “Why are Americans still so angry?”
Why are Americans so angry? Let’s see. Perhaps it’s because one of the greatest heists in American history was just perpetrated against them by their own government in collusion with the largest multi-national corporations and the country’s most undemocratic institution, the Federal Reserve Bank.
Because not only were the individuals who caused the most severe financial crisis in recent memory not punished for their crimes, but they were showered with trillions and trillions of dollars in bailouts and taxpayer backstops, and made far wealthier than they were before the crisis they caused.
Because 99.99% of the population have been crushed by this policy of “socialism for oligarchs” and they feel the intense pain of this decent into poverty every single day of their live.
That’s why Americans are still angry, and if more of them understood what actually happened, they’d be much more angry.
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