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Fed Out of Bailout Bullets – Rick Ackerman

December 1, 2019

Fed Out of Bailout Bullets – Rick Ackerman

Financial writer and professional trader Rick Ackerman says don’t expect a replay of the 2008-2009 financial crisis where the Federal Reserve bailed out almost everything in sight. Ackerman explains, “It ended up Lehman Brothers went under, and they needed a couple of sacrificial lambs, along with Bear Stearns. It could have just as easily been, and it might be the next time, Goldman Sachs. So, in that way, the Fed is kind of out of bailout bullets. We’ve already been through a bailout where it took a big hunk of the financial system. Each one takes more bailing out to get to that critical threshold of credibility where the bailout itself works.”

Ackerman sees bailout needs everywhere and gives the example of underwater state pensions across the country. Ackerman points out, “If you take just one piece of what they are going to have to bail out, which is going to start with the State of Illinois, which is probably going to be the first state that is going to collapse. It will renege on its pension obligations. So, if you picture the federal government riding to the rescue, the minute they bail out the Illinois pension system, California is there, along with New Jersey, Kentucky and a lot of other states, maybe 19 or 20 of them that have pension systems almost as insolvent as Illinois. . . . This means they are going to have to mail out checks to Illinois and then expand it to California, and all the other states that go under is to court hyperinflation. Of course, hyperinflation, in that sense, you can see where it has to collapse into deflation because . . .

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