The big meeting of the Fed last Week formally introduced Janet Yellin as their new boss. Her well-known position on Quantative Easing promises pumping Billions more into the QE pit. Wall Streeters are ecstatic because their bloated incomes will continue to rise.
Banks are happy because they get virtually free money to lend. The carrot on that stick is that when banks submit to buying their share of government bonds they get on a "good guys" list of being "too big to fail" in case of another banking industry collapse.
Yellin's appointment also means continued stalling on a program to audit the Fed. They simply don't want strangers rummaging through their secrets which date back a hundred years. Can you imagine the "deals" that are buried in those files?
Normal politics calls for acceptance or resistance to her appointment across party lines until there is an agreement to give in to an audit. Don't hold your breath. Establishment politicians on both sides of the aisle are in the Fed's pocket and she'll probably fly right through.
