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Monday, November 28, 2011
Secret Fed Loans Gave Banks Undisclosed $13B - Bloomberg
This is not disconcerting as a reflection of public policy, I don't know what could be. This is crony capitalist writ large and is literally obscene. This is nothing less than an government bailout, not of the 1%, but of the 0.01%
And you cannot help but wonder if the presidents (both Bush and Obama) and both parties in Congress that have their personal money in the financial markets were not influenced by their own welfare on this.
If anyone does not think that the pols in DC need to be re-educated, then maybe they should read this article again.
And in fact, the bank et al. made much more than $13 billion of of this, if those financial institutions had been forced in to bankruptcy, the share holders, who are mostly the 0.01% would have lost hundreds of billions.
How can we teach our children to respect the Constitution and the government when this kind of blatant theft is approved and allowed?
This is not disconcerting as a reflection of public policy, I don't know what could be. This is crony capitalist writ large and is literally obscene. This is nothing less than an government bailout, not of the 1%, but of the 0.01%
ReplyDeleteAnd you cannot help but wonder if the presidents (both Bush and Obama) and both parties in Congress that have their personal money in the financial markets were not influenced by their own welfare on this.
If anyone does not think that the pols in DC need to be re-educated, then maybe they should read this article again.
And in fact, the bank et al. made much more than $13 billion of of this, if those financial institutions had been forced in to bankruptcy, the share holders, who are mostly the 0.01% would have lost hundreds of billions.
How can we teach our children to respect the Constitution and the government when this kind of blatant theft is approved and allowed?