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Look whos cashing in on the bailout money = "The Real Housewives of Wall Street"
I'm sure the fans of the Fed who adore every Fed action and think every Fed decision is flawless and comes without consequence (I call this "Leismanism") will come up with some excuse to defend the Fed as they always do. As to the rest, it comes as depressing and no surprise.
From the article: "The Fed sent billions in bailout aid to banks in places like Mexico, Bahrain and Bavaria, billions more to a spate of Japanese car companies, more than $2 trillion in loans each to Citigroup and Morgan Stanley, and billions more to a string of lesser millionaires and billionaires with Cayman Islands addresses. "Our jaws are literally dropping as we're reading this," says Warren Gunnels, an aide to Sen. Bernie Sanders of Vermont. "Every one of these transactions is outrageous."
Yet, nothing will be done about it by Congress or anyone else because, as noted above, if we didn't bail the entire world out, the world would have ended, Alderaan-style. It's "outragegous!", then quickly forgotten about and rules are changed when they are not convenient for Wall Street firms. Similarly, discussion of "hundreds of billions" for bailouts would have been shocking 10 years ago. Now, it gets a shrug. It's all debt that future generations will have to face and massive moral hazard now and as long as this continues.
Maurice, I beg to differ on the source of the article. You know that I do not post unfounded or sesationalistic garbage so if there was no merit to the author it would have never made it here through me. Just wondering who do you suppose paid those politicians to vote for the bailout? Yes I am jaded and cynical.
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From the article: "The Fed sent billions in bailout aid to banks in places like Mexico, Bahrain and Bavaria, billions more to a spate of Japanese car companies, more than $2 trillion in loans each to Citigroup and Morgan Stanley, and billions more to a string of lesser millionaires and billionaires with Cayman Islands addresses. "Our jaws are literally dropping as we're reading this," says Warren Gunnels, an aide to Sen. Bernie Sanders of Vermont. "Every one of these transactions is outrageous."
Yet, nothing will be done about it by Congress or anyone else because, as noted above, if we didn't bail the entire world out, the world would have ended, Alderaan-style. It's "outragegous!", then quickly forgotten about and rules are changed when they are not convenient for Wall Street firms. Similarly, discussion of "hundreds of billions" for bailouts would have been shocking 10 years ago. Now, it gets a shrug. It's all debt that future generations will have to face and massive moral hazard now and as long as this continues.
http://dealbreaker.com/2010/02/horse-semen-scalding-hot-coffee-matt-taibbi-suddenly-making-so-much-sense/