The Wall Street Bailout plan has rightfully stirred up a populist uprising that may shake this country’s financial establishment to the core. What is really going on? The following are my ideas, entirely unproven yet somehow resonant.
Everybody has their theory as to what is going on with the bailout, but everyone knows what the real deal is: this is a bailout for the Federal Reserve’s primary dealers- a.k.a., Wall Street. This plan is nothing less than the full-scale humiliation of the middle & working classes in addition to the non-financial sectors to support the transition of the primary dealers into full-scale banking monoliths.
Are things really that apocalyptic? I think that really depends whose perspective and timeframe you use. Without the primary dealers, the Fed loses an important set of intermediaries to influence and control the markets. The Treasury loses the most important set of players who make the secondary markets for US Government debt. In a way, it’s a big deal… for them.
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