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Replies to post #200553 on Tornado Alley (PROG)
04/03/13 2:14 PM
Asked a question about the wealth effect, Bernanke paused and said, "The wealth effect. Ah, right." He then smiled faintly and shook his head. "You want to know about the wealth effect? Well, I'll be candid with you. This whole thing is a kleptocracy--the financial system, the political system, it's one big kleptocracy. That's the real wealth effect...... This is how we ended up with cartels running everything: national defense, healthcare, higher education, the financial sector. You--the elected nobility--enable this vast skimming operation in the name of democracy and capitalism...... It's hopelessly flawed, a disaster, for one simple reason: the Keynesians think all investment is productive, when the truth is most investment is unproductive and has to be written off. But that isn't allowed to happen any more, because those close to power would lose. As a result, everything we do and say here in Washington and in New York is a travesty of a mockery of a sham, an endless parade of lies, half-truths and spin.
AI
