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Bank Bailouts-Herbert Hoover Redux

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Hoover poured money into rescueing the banks during the Great Depression, all in vain. Banks failed anyway proving capitalism dooms those who fail to profit with oblivion.

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Faced with the financial meltdown of the Great Depression, the Hoover administration created the Reconstruction Finance Corporation that poured taxpayers' money into the coffers of the influential Wall Street banks in an effort to save them from bankruptcy.

Like today's Bush/Obama administrations, the Hoover administration used the "too-big-to-fail" scare tactic in order to justify the costly looting of the national treasury.

All it did, however, was to simply postpone the day of reckoning: almost all of the banks failed after nearly three years of extremely costly bailouts schemes, Link http://onlinejournal.com/artman/publish/printer_4407.shtml

 

Take action -- click here to contact your local newspaper or congress people:
Oppose Taxpayer Funded Bank Bailouts

Click here to see the most recent messages sent to congressional reps and local newspapers

Lance Ciepiela is a retired senior who had an interesting career in government service - a United States Marine Corps (USMC) Vietnam-Era veteran, who became interested in restoring the Constitution after I realized that W Bush had attacked Iraq (more...)
 

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