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False Profits

Recovering From the Bubble Economy
Mar 08, 2015StarGladiator rated this title 5 out of 5 stars
An excellent book by Mr. Baker, whom I sometimes quibble on the details with, but this short book [did I say short?] conveys the meltdown most succinctly. On pp. 81 - 82, and pp. 112 - 113, Mr. B. most deftly explains what a farce the bailout was, as well as enlightening us as to what a fraud credit default swaps are. [An aside: the total losses to American household savings between 2007 - 2009 was $17 trillion, the amount of the bailout during that time, the TARP funds plus overhead to Blackrock, Morgan Stanley, various shyster firms = $ .9 trillion, plus Federal Reserve monies pumped out worldwide = $16.1 trillion - - adding up also to $17 trillion. How very interesting? Up to the present, the total amount is more like $23 trillion, with all those QE programs from the Fed.]