Posted on 01/08/2013 8:40:36 AM PST by gethimoutofthehouse
The federal rescue of Wall Street didn’t fix the economy – it created a permanent bailout state based on a Ponzi-like confidence scheme. And the worst may be yet to come
Read more: http://www.rollingstone.com/politics/news/secret-and-lies-of-the-bailout-20130104#ixzz2HOzUyX9K Follow us: @rollingstone on Twitter | RollingStone on Facebook
(Excerpt) Read more at rollingstone.com ...
I actually agree in part with something that Matt Taibbi wrote??!?
Excuse me while I check outside to see if pigs are flying.
Because of the source, it won’t even be the beginning of the wake-up of the bankster apologists on FR.
One lie is that TARP was a true bail out. It was not, it was a loan. The STIMULUS, now THAT was a true hand out, gimme, bail out - mostly of unions.
LOL—Taibbi/Rolling Stone—”mainstream media”
Taibbi is no mainstream journalist. He’s way off to the left of people like the Dowds and the Dionnes. He might be right about how the money was spent, but he’s no friend of the capitalist/free-market system. Like all rabid radical leftists, he firmly believes the banks and the financial institutions caused the crisis and not screwball government actions. He’s upset because the banks weren’t nationalized and Obama didn’t declare a soviet America as soon as he was inaugurated.
One could argue there was not a free market economy to save in the first place. Corporate welfare through the tax code,regulation, and cronysim has existed as policy since at least 1940. Yes, some of this did serve national interests for defense, but as Ike tried to warn us, government and big business have become so entertwined that bailouts have become part of our nation's new normal.
I doubt seriously it is. It’s another con game like they always do. They are lulling you into believing they are now on your side. They aren’t. It’s propaganda. Don’t buy into it.
It would have been nice if Rolling Stone has published this before the election.
Progressives occasionally get an issue correct. It is usually for the wrong reasons though.
the author has some things right about WHAT happened, though he usually seems to already know WHY - motive - without any economic analysis, or even mention of relevant economic analysis of ALL factors and conditions relevant to the particular events he thinks he thinks he knows the motives for
his worst assumption is that banks and banks alone, not foolish and equally greedy questionable borrowers, had anything to do with the creation of the financial crisis, and that assumption of his proceeds to his correllary assumption that bailing out stupid, greedy very unquestionable and very risky borrowers is where the banks money should have been going (which would have only compounded the errors that created the crisis)
he has good support for his erroneous assumptions from the idiot Nobel Prize winning economist, Stiglitz, who argued from the beginning that propping up the bubble-inflated values of the housing market would be a good thing
the only thing the author gets correct is his sentiment that we ARE wrong to treat ANY corporations and what they do as “O.K.” for doing what they do simply because WE believe in Free Market Capitalism, when our political system has for a very long time stacked the deck AGAINST Free Market Capitalism
out of mere survival instincts in the face of constant Federal attacks on Free Market Capitalism many of our large corporations have felt compelled to become largely crony-capitalist mercantilist corporations where they and the political class buy favors from each other
only wholesale revamping of the tax code (lower, flat, single rates, no exceptions, deductions, exclusions or exemptions) and wholesale revampting of the “regulatory state” can reverse the course our biggest corporations have been on, and simultaneously eliminate much of the corruption that goes into trying to outmanuever the tax and regulatory schemes that attempt to make public utilities of every enterprize
Gimme a break. Sprinkle some truth on a pile of BS, and what you have is a pile of BS with sprinkles.
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