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The Stock Market Is Selling the Fed's Independence Because ZIRP Broke the World

Splinter is your home for news and opinions that challenge power in our political and economic system that's becoming more unhinged each and every day.

An allegation of mortgage fraud is the patina of legality that Trump is wearing in his bid to fire a Black woman because a white man won’t follow his diktat to lower interest rates by three percent in one fell swoop, a move orders of magnitude larger than anything the Fed did in 2008. Chopping them up into tranches of increasing riskiness and awarding those who took the most risk first sounded nice in theory, but when fraud was the animating principle of the market, the difference between a AAA-rated security and a B-rated one may have been gifted day old sushi(RIP good Matt Taibbi journalism). When pointy head McFuckface could borrow for basically free and then gamble on an endless array of useless tech companies whose future cash flows looked rosy thanks to ZIRP math, Marc Andreessen could pretend to be a good Obama era Silicon Valley liberal.

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