Steve Dekorte's been tracking the credit fiasco with a number of good articles. And notes on the multi-billions of bailouts so far...
AFAICS, the net result is a transfer of wealth from the people who's dollars are devalued by the creation of money from such purchases to the lenders in the banking industry whose greed induced them to make poor decisions. The Fed was created and is run by bankers, so it shouldn't come as a surprise that it's principle purpose it to serve their interests at the expense of all others.
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