It was at least back in September the name of Michael McRaith, the homosexual Illinois Insurance Director and Obama campaign donor, was being floated to become head of the Federal Insurance Office, a new Treasury Department post charged with advising Secretary Timothy Geithner on, well, insurance stuff. Now, it’s a go. He’ll also assume a seat on the Financial Stability Oversight Council, which has the task of “identifying companies that are so large, complex or interconnected that their failure could destabilize the entire financial system.” I sure hope Mr. McRaith is excellent at playing piñata.
Will The Fed finally stop stealing from the government? Just last year they put $7,000,000,000,000 into the hands of the ubber-wealthy bankers – and our media forgot to mention that this bailout was NOT related to the bailout we gave the bankers the year before that. The transaction went mostly un-noticed by our media. I guess you get what you pay for when you are a banker.
Will this man make waves? No, you don’t get the job unless you are in the club. We are fucked.
@Ronbo: One wonders how you think an economy ‘grows’ without cash infusions from the Fed.
Also, the Fed isn’t ‘stealing’ anything; they ‘print’ money. The money they spend doesn’t factor into the national debt, nor any budget, they simply make it, and spend it. Obviously, that’s a very thin line to walk; between growing a desperate economy and massive inflation, and that’s why the nation’s best economists (and yes bankers) are put in charge of it (and argue about it).
I’m honestly glad the national press doesn’t make more of an issue out of the Fed’s actions. Not because I don’t think they’re important (they obviously are), but because most people do not understand how the system works and jump to silly conclusions and become baselessly outraged; and that outrage is dangerous to the people actually trying to protect our economy.
Comments are closed.