Baker destroys the grand illusion that the TARP was good for you. There was no financial system save. TARP kept Wall Street in the business of paying bonuses (Blankfein was paid $125 million), aided by a confused and captured media elite happy to spew nonsense.
Paul Kanjorski has said famously:
"If they had not done that, in their estimation, by 2 PM that afternoon $5.5-trillion would have been withdrawn and would have collapsed the U.S. economy and within 24 hours the world economy would have collapsed.
We talked at that time about what would have happened. It would have been the end of our economic and our political system as we know it."
---
By Economist Dean Baker
Co-Director of the Center for Economic and Policy Research
The Terrible Tale of the TARP Two Years Later
Two years ago, the top honchos at the Fed, Treasury and the Wall Street banks were running around like Chicken Little warning that the world was about to end. This fear mongering, together with a big assist from the elite media (i.e. NPR, the Washington Post, the Wall Street Journal, etc.), earned the banks their $700 billion TARP blank check bailout. This money, along with even more valuable loans and loan guarantees from the Fed and FDIC, enabled them to survive the crisis they had created. As a result, the big banks are bigger and more profitable than ever.
Now, the same crew that tapped our pockets two years ago is
MUCH MORE,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
http://dailybail.com/home/tale-of-the-tarp-two-years-later-how-the-elite-media-perpetu.html
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
| 