The Fed Trifecta: Record Profits, Low Wages And High Unemployment

…“There were policy debates within Obama’s economic team about what to do about the mortgage crisis. The choices were to create some sort of legal entity to write down mortgage debt or to allow the write-down of mortgage debt through a massive wave of foreclosures over the next four to six years. He chose the latter. That choice was part of what led to roughly $7 trillion of middle class wealth gone, with financial assets for the elites re-inflated.”…

http://www.counterpunch.org/2012/06/29/hooray-record-profits-low-wages-high-unemployment/

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