http://www.washingtonpost.com/opinions/f....

Quote:

Under my plan, each American household could borrow $10 million from the Fed at zero interest. The more conservative among us can take that money and buy 10-year Treasury bonds. At the current 2 percent annual interest rate, we can pocket a nice $200,000 a year to live on. The more adventuresome can buy 10-year Greek debt at 21 percent, for an annual income of $2.1 million. Or if Greece is a little too risky for you, go with Portugal, at about 12 percent, or $1.2 million dollars a year. (No sense in getting greedy.)

Think of what we can do with all that money. We can pay off our underwater mortgages and replenish our retirement accounts without spending one day schlepping into the office. With a few quick keystrokes, we’ll be golden for the next 10 years.

Of course, we will have to persuade Congress to pass a law authorizing all this Fed lending, but that shouldn’t be hard. Congress is really good at spending money, so long as lawmakers don’t have to come up with a way to pay for it.

Must read...

Excellent!

Sad to say, if you read the comments, not everyone seems to understand it's supposed to be satire.

You mean they're really looking for their $10 million loan from the Fed at zero interest?

Wow. The idea of the century! QE benefits for all! Don't worry about that 10 year mark, we can just roll it! /sarc off

Wow...that's a bit of brilliant writing there. I didn't know Sheila had it in her.

Gee Sheila, why now and not a few years ago?

Because a few years ago, she still had expectations of becoming top dog at GS or similar.

Nah, probably because a few years ago she had Timmah and the Bernank threatening the **** out of her. Probably told her they'd hand her over to the TSA for repeated 'pat downs' if she didn't shut her pie hole.

IIRC, the Sheila Bair at the beginning of the crisis was very different from the one before she left.

**** her.

Really.

Indymac anyone? Backdated deposits by the same ****head who did it in the S&L crisis as a regulator and got away with it?

Sorry, no sale.

Oh, I remember - but I still think she was in some way threatened to do what she did. There were a couple public statements she made that just gave me the impression that she wasn't entirely in agreement with the actions (or lack thereof) that the FDIC took. It just very much seemed like she was a reluctant participant in many of her statements - at least at the beinning. Then her statements became much more like administration rhetoric. You could tell that there was a major shift in tone.

It's interesting to note that the new FDIC chair hasn't said a single word since he took the position - and I don't even know the guy's name. That's how non-existent the position has become. I think that's not by accident.

I'm with Karl. If she had any fortitude she would have packed her bags, left and went public with this long ago.

I see this from a different angle. As Genesis mentions, her past record speaks loudly and now that the banksters have made their escape with the goods, she wants to turn off the faucet - thus her sarcasm. Well where were her sarcastic remarks a few years ago?

I think she was probably threatened in some regard. I thought the satire was quite good

Threatened ... sure. But, she didn't leave either.

This could only mean one thing..............

Probably (correctly) figured that she would still be able(/want) to do more good than the next person.

This just goes to show you that she knew what she was doing was wrong. She didn't have the backbone to stand up to them until now. Although its nicely written and expresses her view I guess I'm not sold. Unless she's willing to go on all the talk shows and come clean, to scream it from the highest mountain tops, - well I wish she'd just sit down and shut the **** up.

Agree, Widgeon & TMD,

IMO, once one has attained the position of being at or very near the top of a gov't agency, one is a completely willing participant in the program/policy that is being carried out. At those levels, if one disagrees with official policy, one can leave and almost immediately find a higher paying job in the private arena with a company or industry group in the same sector that one had been involved with in a regulatory capacity.

"Timmy forced me to do what I did" or "He threatened to fire me if I didn't do what he wanted" is just not a credible excuse for someone at Sheila's level, IMO.

Im gonna bufu her either tonite or tomorrow.

Ewwwww, Genesis, have you no standards?

Oh, well, at least wear a lot of protection and use eye bleach afterwards.

Pete - only if she comes forward with rock solid evidence that Timmah or someone else forced her hand do I let her off the hook.

Gen- I think she prefers the strap on gel penises.

Bear penis is on the menu this time :)

Here's what she's looking for.

I'm out.....