Who's more profitable, Exxon or the Fed?
Results are in...
Final score:
Exxon $252 bln
The Fed $321 bln
It's the Fed by a knockout!
And all that profit without having to drill a single hole or refine a single gallon of gasoline. Plus, no messy spills to contend with. Just clean, neat Treasuries. A whole lotta them. About $2.6 trillion worth to be exact.
But where'd that profit go? Nowhere. To the Treasury and out of the private sector. Wow! What a stimulus!!! Let's have QE3, and 4 and 5 and 6 for that matter!!
