The juxtaposition of the following two tweets is absolutely stunning and just freaking… WOW!
Potential Major Political Blowback
Can you imagine the political blowback that is coming if the economy doesn’t snap back soon as the levered bad actor oil companies (just to name one sector) have been bailed out while the Administration is still trying to kill Obamacare and even tried to cut food stamps to the poor earlier this year?
Nothing partisan here, we are just extrapolating the consequences and political analysis of the GFC to the current crisis. Think about it, last week Main Street registered another 6 million-plus hit in lost jobs and junk bond investors got bailed out of their risky and dumb-ass bets.
Op-Ed: Get ready for the recovery of the 1%
There were two important economic events on Thursday. The government reported that 6.6 million Americans filed for unemployment, an all-time record. And the Federal Reserve announced a new program to flood the economy and financial markets with $2.3 trillion in liquidity — including buying up junk bonds from debt-laden companies.
Which one moved the market? The Fed move, driving the Dow Jones Industrial Average up 500 points by midday.
The market jump, unemployment surge and Fed rescue efforts all converged to form a new split in the economy, between the asset-rich and the rest of America. — CNBC
Also, seeing a lot of the privileged Bailout Queens on Twitterati taking victory laps thinking they’re geniuses — and some even grotesquely posting pictures of their steak and lobster dinners like anybody gives a shit — after the Fed has saved their bacon for the umpteenth time. Yet they have no clue of the consequences of what may be about to come. Must be the ultimate contrarian signal.
…click on the above link to read the rest of the article…