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Monday, January 19, 2009
Bailout Bait & Switch Video - CBSNews (01-09)
If there was ever proof that the federal government and the banking industry are working to protect the interest of each other, here it is.
4 comments:
Anonymous
said...
I am not sure what Cheryl's surprise was to find out that the Fed was funneling Treasury bail out money to the biggest vampire banks in order to buy up the lesser ones, since the tax law was allowing these big vampire predator banks to write down the losses they were acquiring from the distressed banks they bought. We all knew that Cheryl. Why didn't you and CBS?
Kashkari basically states that taxpayer money is going out to help capitalize needy banks. These bailouts are coming from taxpayer money...and without taxpayer consent. Did you guys get a choice on how your money was going to be used? I didn't think so.
What really angers me is the apparent lack of remorse about using tax dollars to achieve these ends? Business as usual, so it would seem. No wonder bankers won't been winning any popularity contests anytime soon...
4 comments:
I am not sure what Cheryl's surprise was to find out that the Fed was funneling Treasury bail out money to the biggest vampire banks in order to buy up the lesser ones, since the tax law was allowing these big vampire predator banks to write down the losses they were acquiring from the distressed banks they bought. We all knew that Cheryl. Why didn't you and CBS?
Kashkari basically states that taxpayer money is going out to help capitalize needy banks. These bailouts are coming from taxpayer money...and without taxpayer consent. Did you guys get a choice on how your money was going to be used? I didn't think so.
What really angers me is the apparent lack of remorse about using tax dollars to achieve these ends? Business as usual, so it would seem. No wonder bankers won't been winning any popularity contests anytime soon...
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