ZIRP is INSANE!

The history of the first two decades of the 21st Century will prove that the Fed’s Zero Interest Rate Policy (ZIRP) was the most insane monetary policy in the world – bar none.  It means very simply that the banks are given money at no cost that they can then lend at whatever rates of interest that they deem bearable to whomever they wish to make however much money they wish!  

In other words the Banksters (who gave us the Credit-Crisis of 2008) are being recapitalized with absolutely FREE money!  Could you make a profit with unlimited supplies of FREE MONEY?  

Then they add insult to injury by telling the rest of us 'Schmoes' that everything is just 'Hunky Dory' and we will see a "Snap Back" to " Growth!"

Could you see "Growth" on the horizon if you had access to unlimited amounts of FREE MONEY?   

The professional and paid for 'Economic Boosters' (Goldman Sachs was allowed to become a Reserve bank under the protection of the FED and all that that entailed and they received BILLIONS of Dollars in guarantees and direct infusions of Capital in 2008 & 2009) continue to be deluded and to mislead the entire world. 

As you read the disgustingly trite comments of this self-proclaimed financial servant of GOD, ”...we’re doing God’s work…,”  please ask yourself; How many Americans citizens received any money - yet alone in the Millions and in the Billions of dollars - or any free handouts from the US Government any time in the last three years, or ever for that matter?

I guess we would all be 'Economic Boosters,' if we had been so well taken care of.  At least Blankfein does mention the remotest possibility that this downturn just might something more than cyclical, which it absolutely is!

 

Goldman’s Blankfein: Growth to ‘Snap Back’

Bloomberg; By Christine Harper - Nov 15, 2011 1:46 PM ET

Goldman Sachs Group Inc. (GS), the fifth- biggest U.S. bank, is preparing for a faster global economic rebound than most forecasters expect, Chairman and Chief Executive Officer Lloyd C. Blankfein said.

“I don’t think that we can conclude that this slowdown is secular rather than cyclical change,” Blankfein, 57, said today at an investor conference in New York hosted by Bank of America Corp. (BAC)’s Merrill Lynch unit. “The world will snap back and it will be a surprise and it will be faster than people think.”

. . .Blankfein, while noting that the firm is cutting costs and adapting to changing regulation and slower economic growth, said he is wary of overreacting by assuming the world has permanently changed. He reminded investors that Goldman Sachs reported record earnings in 2009 following a quarterly loss in 2008, in part because competitors pulled away from making markets for clients.

“We’re managing our costs, obviously, but we’re not thinking necessarily that there’s such a radical, structural change,” he said. “We want to be in shape for the upturn.”