Wow, what an indictment! Example: do we really know the purpose or the TARP program that gave money to banks that apparently didn’t need it, but didn’t say no. (The other side of giving loans to borrowers who couldn’t afford them?)?
The Ritholtz blog suggests:
“It was $700 billion dollar pile of money in search of a justification for its existence.
Most people still look at TARP the wrong way. When trying to discern what the true basis of it was, we eliminated what made no sense whatsoever, and what was left were a few strange ideas. When you eliminate the impossible, what’s left, no matter how improbable, becomes the best explanation.
What was that explanation? In Bailout Nation, we discuss the possibility that The TARP was all a giant ruse, a Hank Paulson engineered scam to cover up the simple fact that CitiGroup (C) was teetering on the brink of implosion. A loan just to Citi alone would have been problematic, went this line of brilliant reasoning, so instead, we gave money to all the big banks”” (http://www.ritholtz.com/blog/2009/06/repayments-confirm-tarp-ruse/)
Oh, that explains it!
Shamus Cooke writes on Global Research: “History will likely show that these bailouts involved the largest transfer of wealth ever - from the working class to that small group of billionaires who own the corporations. This fact is recognized by most people now and is such common knowledge that even the mainstream media feels comfortable discussing it . . . matter-of-factly.
These corporations have also exerted tremendous influence in other realms of politics, working towards destroying Obama's campaign promises of health care, job creation, civil liberties, the Employee Free Choice Act, peace, etc.
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