A big nothing.
That's what came out of Obama's meeting with Yellen and company last night. The White House issued a very short, meaningless statement which seemed very odd following an "emergency meeting" with the Fed. Of course, as former Fed adviser, Andrew Levin, reminds us: "A lot of people would be stunned to know” the extent to which the Federal Reserve is privately owned… Currently, the leaders of the New York, Philadelphia, Dallas and Minneapolis Fed banks are helmed by men who formerly worked for or had close connections to investment bank Goldman Sachs." So, when the Fed has an emergency meeting with the White House – it's really our favorite Banksters making demands of the President.
Very likely the "emergency" is the horrific earnings we're expecting from the Financial sector and nothing gets bankers to take action faster than a threat to their bonuses – especially this close to the time of year when they have to come up with deposits on their Hampton beach houses. Goldman Sachs, who arguably steered the United States right into the subprime crisis with Trillions of Dollars in risky mortgages repackaged as AAA paper – finally paid a $5Bn fine yesterday (0.1%) – a very small consolation as the statute of limitations runs out on criminal prosecutions for those "shitty deals":
There's a great documentary called "The Men Who Crashed the World" that summarizes the events leading up to the crisis and the scary thing today is that NO ONE went to jail and most of the same people are in the same positions today, once again writing the same kinds of loans with new packaging – setting us up for the next financial crisis. Even worse, they have exported their expertise and now demand for World Bank loans is back at pre-crisis levels – and this isn't even a crisis – yet!
Chinese Banksters have really taken the US playbook and ran with it and China has produced 450 new Billionaries since the Financial crisis, now past the US with 568 Billionaires (1/3 of the World's total) vs. "just" 535 people with 10-figure bank accounts in…