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Yellen and the FDIC have just made a disastrous long term mistake for the country. 1. By next month banks and companies will realize there is no limit to the p
by stuckinhell 4y ago
Yellen and the FDIC have just made a disastrous long term mistake for the country.
1. By next month banks and companies will realize there is no limit to the printer at all. After 2008, we've seen the banks and financial sector misbehave constantly, so expect massive deliberate tanking of entire sectors of the economy because why work when infinity bail money exists.
2. People in the country are already agitated by many social and economic grievances. The average American savings account balance is $4,500. This will one million percent cause a social backlash that will make the Trump movement seem like a child's party. Both the left and right radicals view silicon valley as the center of fascism/wokism, and the average person is barely scrapping by in a time of rampant grocery store inflation. Twitter/Reddit/Etc are full of people taking pictures of their grocery store carts and comparing costs.
Examples need to be made to restore faith in the system, Yellen and the Biden could have used this moment to restore faith by punishing the banking executives.
Political instability and extremism will now increase dramatically.