That may well be. But there are people out there who are far more knowledgeable than I ever will be on such matters, who do not entirely agree with this explanation. It is too simplified and too 'politically convenient'. After all, who would disagree with an action designed to save our country.

To avoid advertising, I will not quote the source of the following views, save to say that he is a famous purveyor of wave analysis of financial markets. He may not call the market correctly every time, but his research is impeccable.

Here is just one point from a series of 28 questions published recently. “Who are the Homeowners that are being protected with taxpayer money?”

The Fed, Congress and the Presidency have repeatedly stated that this massive increase in liquidity and debt is to protect them, the home owners. Are they the people who signed the purchase deed and occupy the house? You know, those who we usually think of as being the home owner. The view of ordinary people is totally wrong. When politicians speak of protecting the home owner, they don’t mean the people inside watching TV. They mean the REAL owners. It is for THEIR protection that our money is being used. The real home owners are BANKS.

If you don’t believe me, go and check your mortgage document, and then ask your mortgage agent, who is it that currently holds your repayment risk. Not the one you made the deal with, but the one they sold it on to, who in turn packaged it and sold it on to …. a bank.

So here is the summary that does not agree that you and I are going into debt to save the United States:

“The real devastation is happening in banks’ portfolios and banks, not home dwellers, are the ones whom government is trying to rescue at other’s expense.”