You really need to read this angry article about what's happening in the wonderful world of dispensing bailout billions. (The story also appeared in USA Today on NPR's "All Things Considered.") Apparently the treasury department issued a statement during all the bailout furor in late September that granted a $140 billion tax break to the banking industry. Just on its own. What? Since when does the executive branch have the power to levy taxes or grant relief from them? I'll tell you since when. Since we put our financial necks into the nooses Paulson and Barnacke have devised for us. Oh, and another thing, the chairman of the Federal Reserve has decided that we taxpayers don't have the right to know which banks are benefitting from the almost $2 trillion of free money we're giving them. Got that? Shut up and pay! There's no reason for us to know who's getting our money or what kind of securities we're being given as collateral for our trillions. Of course we know that the so-called "collateral" is nothing but worthless manure, but our masters have decided we don't even need to know what kind of shit we're buying. Somebody really needs to file a lawsuit. I'll bet there's a hundred of 'em being ginned up right now. At least I hope so.This "rescue package" is going to go down as the greatest swindle ever perpetrated on a people. It just baffles me what a bunch of sheep the American people have become. And gullible, stupid sheep at that. It's not enough that we let ourselves be hornswoggled into a war in Iraq that is now recognized as the greatest foreign policy disaster in our history. It's not enough that we let ourselves be terrified into giving away a huge chunk of our civil liberties, into approving of torture, into treating immigrants like lepers. Now we've let ourselves get stampeded by terror into giving hundreds of billions of dollars to a pack of thieves and liars. And it appears on this deal that sticking it to us in just one orifice is not enough. I'll let you draw your own mental pictures.
1 comment:
Thanks. I don't know whether twice a year suffices now given the unprecedented situation we're in. In 1913, Congress could never have imagined what the country confronts now, nor imagine the role the Fed has assumed. I, for one, would expect total transparency all the time, as it's happening, from both the Fed and treasury. The point is, that's not happening. Like literally millions of others, I don't trust these guys.
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