The Fed-Kicking People When They’re Down

You [the public] are the sucker. Your role in the Federal Reserve System is to absorb losses [on the crappy assets the Fed buys off of bank and hedge fund balance sheets]…The Fed is there to facilitate your absorption of those losses and that’s going on right now…the taxpayer is going to eat the lossesnot the bankers who will have already been paid to help the Fed collect the bad assets.”