A topic of conversation i the webosphere.
Big banks secretly sold mortgage backed securities while letting their customers to buy. Much of the Fed's efforts went toward bailing out the cheated customers. Big investment banks will cheat with a first look at customer trades.
In desperate times we would all cheat to preserve the delusion. When we all start to cheat, then the product being passed around is the toxic waste, the worthless promises. The name of the game becomes avoid the negative yield. The turd floats to the top, to the Fed and to Congress.
Congress, over the last 30 years has accumulated quite a few negative yield turds. So have the counties, states and cities. When they hold this many bailout programs, how would we expect government to have multipliers greater than one?
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