Economy

Demeter

(85,373 posts)

57. And now for something completely different ... AN EXCERPT

Sun May 27, 2012, 11:59 AM

May 2012

It seems like something out of a Monty Python routine. The boards that govern the Federal Reserve, the publicly-created central bank that dispenses money to bankers, are all dominated by ... the bankers who receive that money. Picture it if you can:

Fed Board room, 2008:

ECONOMIST: This is serious! The global economy is collapsing because of your reckless gambling!

LONE CITIZEN BOARD MEMBER: That is serious. What can we do? We could break up our banks and fire their executives, or ...

BANKER: Wait! I've got it! Give us more money!

(Nods all around the table)

Six months later:

ECONOMIST: This is serious! We've given you money but you're not lending it out to get the economy moving!

LONE CITIZEN BOARD MEMBER: That is serious. What can we do? Perhaps there could be rules and conditions about lending that ...

BANKER: Or they could give us more money!

OTHER BANKERS: Good one! Let's go with that!

Three years later:

ECONOMIST: This is serious! Joblessness is still at record highs. Poverty has soard. Too-big-to-fail banks are bigger than ever. And you guys are still breaking the law and skirting the rules.

LONE CITIZEN BOARD MEMBER: Hmm. That is serious. The Fed could use its regulatory authority to ...

BANKER: (aside) I hate that guy. (to all) Let me see ... hmmm ... how about giving us more money?

Three and a half years later:

ECONOMIST: This is serious! The country -

BANKERS (in unison): More money!

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