The economic recovery has been touted in terms of stock and real estate market gains while employment and wage growth have been non existent. During the housing “recovery” the home ownership rate has fallen to an eighteen year low.
We have blamed this unsustainable high price/low sales housing “recovery” dynamic on
the Federal Reserve’s quantitative easing programs (QE) whereby the Fed
buys trillions of dollars worth of U.S. Treasuries and Mortgage Backed
Securies (MBS’s) from the Too Big Too Fail (TBTF) banks with money they
print out of thin air with the ostensible purpose of stimulating the
economy by keeping interest rates low. In reality, QE has been an
enormous continuation of the 2008 Troubled Assest Relief Program (TARP)
bailout whereby the Fed continues to remove MBS’s from the TBTF banks’
balance sheets by spending trillions of dollars to buy them from the
TBTF banks.
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