from My Budget 360
The Federal Reserve is really deep into uncharted territory. In no other time in history has the Fed been so intricately involved in the overall economy. The Fed balance sheet has expanded to an incredible level under very little scrutiny by the public or elected officials, many who have a vested interest in keeping the status quo. The banking system has been bailed out but the working and middle class still struggle. There is an interesting narrative going on in the press. Since Wall Street is on the mend and hefty banking bonuses are once again making the rounds, every corner of the country is now somehow celebrating in this same process, at least in theory. That is simply not the case in actuality. The system has been decoupled internally. Profits are made globally with local banking subsidies. The public is left holding the bag on massive speculation and is shifted out of any prosperity. It is odd what passes for good news. The fact that Congress acknowledges that they will deal with the fiscal challenges facing our nation is applauded even though this is their job and most are already millionaires. The Fed is still deeply intertwined in the current economy.