Ben Bernanke Money Printing Ends Up as Wall Street Bonuses
Tuesday, October 12, 2010
WSJ is reporting that bonuses on Wall Street this year are expected to be around $144 billion. How big is that relative to the overall economy?
ZeroHedge cranked out the numbers and it is 8% of the total money supply (as measured by M1). Got that? Investment bankers will control 8% of the entire money supply once bonuses are paid.
Now, there is nothing wrong with bankers earning good change as a result of dealmaking, but a good portion of the bonuses are the result of money being shoveled to bankers by Fed Chairman Ben Bernanke. Where’s Bernanke getting the money to shovel to Wall Street? Why he is just printing it, that’s what he does.