The Impossible Dream
Guest Post by Dennis Miller at Miller On The Money
US debt is out of control; inflation is still rising. Fed Chairman Jerome Powell is tasked with fixing a historic mess. The star is unreachable….
The Glass Steagall Act was passed in 1933. Until its repeal under the Clinton administration in 1999, the Federal Reserve had no “emergency” banking system bailouts. Less than a decade later things blew up, and the Fed went on a historic lending spree, bailing out “Too Big To Fail” banks.
The Fed flooded the banking system with money, increasing their balance sheet nine-fold, to $9 trillion.