In the past 72 hours, the ultimate financial scam has been perpetrated on the American public. On Friday, the Federal Reserve back-doored a loan to an investment banking firm. And today, a bank bought the investment banking firm for pennies on the dollar - all largely subsidized by you, the taxpayer.
A couple of months back, I wrote the following:
The unprecedented wealth transfer from poor and middle income families to the uber rich is nearly complete. The folks at the bottom of the GOP-led financial pyramid scheme are nearly bled dry, and the pyramid is about to collapse. To sustain itself a little longer, the folks at the top of the pyramid will have to start an Amway-style ritual of financial cannibalism amongst themselves. I think that (to an extent) this is exactly what we’re seeing in the stock markets and big financial houses as the true meltdown begins…
I don’t even know where to start on this one. How about here?