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Leading Economist Says True Purpose of Bank Rescue Plans is "A Massive Redistribution of Wealth to the Bank Shareholders

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Leading progressive PhD economist Dean Baker minces no words in slamming the bailouts, the "bad bank" proposal, and the mainstream media's dishonest reporting on the financial crisis.

As Baker says in a new article:

Mr. Geithner wants to use taxpayer dollars to keep bankrupt banks in business. In effect, he wants to tax teachers, fire fighters, and Joe the Plumber to protect the wealth of the banks' shareholders and to pay high salaries to their top executives.***

The point of buying the bad assets is to pay too much, so that the banks can get enough money to stay solvent. ***

It would be nice if the [Washington] Post and the rest of the media would report honestly on the bank bailout and stop trying to conceal plans for a massive redistribution of wealth to the bank shareholders and their top executives.
Is this how government is supposed to work?

 

George Washington


As a political activist for decades, I have rejoiced in victories for the people and mourned in defeats. I chose the pen name "George Washington" because - as Washington's biographies show - he wasn't a (more...)
 

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You go to the heart of the matter, why the people,... by Kuzminski on Monday, Feb 9, 2009 at 4:13:01 PM
I am glad you wrote this article because most... by Simple Truth on Monday, Feb 9, 2009 at 5:12:00 PM
Well, this has been the agenda for over a hundred ... by William Whitten on Monday, Feb 9, 2009 at 5:30:04 PM
Apparently you see this bank bail-out as a redistr... by Abdur Rab on Monday, Feb 9, 2009 at 6:44:44 PM
The author is entirely correct. If it is a populis... by Jim Eldon on Tuesday, Feb 10, 2009 at 12:01:20 AM
Lets not forget our good buddy Obama who is helpin... by arlen custer on Tuesday, Feb 10, 2009 at 7:43:05 AM
"When in the course of human events"...a... by William Whitten on Tuesday, Feb 10, 2009 at 9:47:23 AM
Maybe it looked that way back then. However in ret... by arlen custer on Tuesday, Feb 10, 2009 at 11:02:58 AM
Well, yes. I have written an essay on that topic m... by William Whitten on Tuesday, Feb 10, 2009 at 3:51:51 PM
I think it's the last gasp of the Republican R... by Perry Logan on Tuesday, Feb 10, 2009 at 4:27:36 PM
American big business has for the past two decades... by Simple Truth on Tuesday, Feb 10, 2009 at 5:25:13 PM
The massive losses in the banking system are causi... by kwalsh on Tuesday, Feb 10, 2009 at 6:57:57 PM
"I read the news today oh boy".... ... by William Whitten on Wednesday, Feb 11, 2009 at 2:44:15 AM