60% of the Financial System Now Has a Bailout Guarantee

There are times, not all that often, when as I read a headline I just kind of sigh. This was one of those headlines.

This isn’t capitalism folks. This is crony capitalism straight up with no chaser on a massive scale. And it is sold as being for YOUR benefit.

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Warren, Vitter Team Up to Take on Wall Street’s ‘Too Big to Fail’ Megabanks

The bank bailouts in 2008 left a bitter residue which even now, 7 years later (7 years!) I can taste. I spit it out, but it always lingers. If I meditate too long on that time, that time of foreclosures, and panic, and of George Bush “abandoning capitalism to save free market capitalism,” of weekend meetings at the Fed, of Hank Paulson playing God, my blood pressure still rises. It was such a tremendous scam on such a gigantic scale.

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Politicians Serving Wall Street, Not Main Street (The bipartisan fleecing)

Bipartisanship – for Wall Street.

 

Washington made a decision 5 years ago to abandon most Americans and to cozy up with the crony capitalists on Wall Street. They rejected the voice of the American people in the Fall of 2008 when they began the bailout bonanza.

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Fed admits QE did almost nothing (It was a great excuse to dump money on poorly managed banks though)

And by poorly managed banks we mean pretty much every big bank on the planet. For instance we now know that nearly half a trillion from the United States Federal Reserve was GIVEN to foreign banks. Given to them. Not even loaned at a penalty rate. Just given. How many people lost their homes now? But half a trillion was just handed to banks which aren’t even nominally “American.”

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“American Consumers Have Been Lied To, Robbed & Misled” (By their Government)

One more dose of David Stockman today. Suddenly Fox Business News wakes up (after reading the former OMB chief’s new book) to discover that we’ve been completely jacked by the big banks.

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George Will Says Break Up the Big Banks

The mega-banks are “mega” because the government helped make them that way. Instead of letting the big banks fail in 2008, Hank Paulson swept in and backstopped them, bailed them out, even though the market was trying to correct for years of stupidity both from Wall Street and Washington. The universe wanted to break up the cartel, but the government would not let it.

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