The Mighty Debt Purge of 2009 by Mike Whitney

The Mighty Debt Purge of 2009

by Mike Whitney / April 23rd, 2009 (8)

The Fed’s $12.8 trillion of monetary stimulus has triggered a six-week long surge in the stock market. Think of it as Bernanke’s Bear Market Rally, a torrent of capital gushing from every rusty pipe in the financial system. The Fed’s so-called “lending facilities” have gone far beyond their original purpose, which was to backstop a broken system. Now they’re leaking liquidity into the equities markets and sending stocks soaring while the “real” economy sinks to the bottom of the fish tank. That’s how the Fed does business these days: plenty of tasty crepes for the Wall Street kingpins and table …
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http://dissidentvoice.org/2009/04/the-mighty-debt-purge-of-2009/