Mozart
7th January 2013, 06:23
I checked back two pages in search for a possible OP of this topic and did not find any, so I'm posting it here.
Matt Taibbi has written an excellent 5-piece article in Rolling Stone about the secrets and lies of the damn bank bailouts...
http://www.rollingstone.com/politics/news/secret-and-lies-of-the-bailout-20130104
... and I'm into page one right now. It's a great read so far.
Secret and Lies of the Bailout
The federal rescue of Wall Street didn’t fix the economy – it created a permanent bailout state based on a Ponzi-like confidence scheme. And the worst may be yet to come
By Matt Taibbi
January 4, 2013 4:25 PM ET
It has been four long winters since the federal government, in the hulking, shaven-skulled, Alien Nation-esque form of then-Treasury Secretary Hank Paulson, committed $700 billion in taxpayer money to rescue Wall Street from its own chicanery and greed. To listen to the bankers and their allies in Washington tell it, you'd think the bailout was the best thing to hit the American economy since the invention of the assembly line. Not only did it prevent another Great Depression, we've been told, but the money has all been paid back, and the government even made a profit. No harm, no foul – right?
Wrong.
Matt Taibbi has written an excellent 5-piece article in Rolling Stone about the secrets and lies of the damn bank bailouts...
http://www.rollingstone.com/politics/news/secret-and-lies-of-the-bailout-20130104
... and I'm into page one right now. It's a great read so far.
Secret and Lies of the Bailout
The federal rescue of Wall Street didn’t fix the economy – it created a permanent bailout state based on a Ponzi-like confidence scheme. And the worst may be yet to come
By Matt Taibbi
January 4, 2013 4:25 PM ET
It has been four long winters since the federal government, in the hulking, shaven-skulled, Alien Nation-esque form of then-Treasury Secretary Hank Paulson, committed $700 billion in taxpayer money to rescue Wall Street from its own chicanery and greed. To listen to the bankers and their allies in Washington tell it, you'd think the bailout was the best thing to hit the American economy since the invention of the assembly line. Not only did it prevent another Great Depression, we've been told, but the money has all been paid back, and the government even made a profit. No harm, no foul – right?
Wrong.