Thursday, 22 October 2009

Ron Paul: Bailouts Wall St Fraud



The bailouts did not go into helping the struggling citizen only the bankers.
.... meanwhile we see 1 in 6 Americans are living in poverty.

If the US Government was truly representative of the people then this situation would not exist.

[Posted at the SpookyWeather blog, October 22nd, 2009.]

2 comments:

steven andresen said...

spook,

As I understand the President's position, the reason he gave the money to the banks was he thought he would get better bang giving them the bucks. I guess he thought when the banks loaned the money there would be a much greater multiplier effect than if he gave it initially to struggling homeowners and small business types.

The complaint that he gave it to the banks is a legitimate complaint, but, they have an easy response that has not been addressed. That is, is there anty multiplier effect from having given the money to the banks. As far as I can tell, the banks, once they got the money, are using it to back their loans, to pay off their creditors, to pay out bonusses. There should be an easy argument that there was no bang for the tax-payers' bucks by giving it to the banks, contrary to what the President assumed, or rationalized...

SpookyPunkos said...

Yes, and the banks that were favoured took the opportunity to also "buy" out other banks !

It was takeovers and acquisition central !

The entire sitution reeks of foul play - especially considering the details we have about what Goldman Sachs did.

I am tending to believe the crisis was driven by various corporate players as per a giant scam.

Naturally "the government", consisting of members of the corporate world, was complicit in the criminal dealings here.