Meanwhile we still live with a fog of misinformation, disinformation and no information. Basic information about monies from the Federal Reserve to Banks and financial institution has not been disclosed. Bear in mind the Banks control the Fed—and free marketers ran the economy, not the government.
Writes Bob Chapman of International Forecaster:
“Not one banking or Wall Street executive owned up to what really happened to cause the crisis. They are totally lacking in honesty, integrity and decency. As it now stands we’ll never know the true inside story of what really went on. We have seen no civil or criminal charges against any of these crooks. Not even investigations. Whatever happened to RICO? Over the past 25 years our financial industry has descended into darkness and corruption and the people who caused it are getting away scott free”
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/)
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