The point here, is that no matter how "smart" or "qualified" the people in place are, large sums of taxpayer money can simply disappear from oversight. Not to mention, Goldman Sachs has reported record profits. On this day, retail sales have been reported to drop again, and unemployment has gone up yet again.
Remember when we were told that if we did not bail out these giant financial institutions, then the whole world would fall apart? (this was the most concrete argument I heard during that whole time period) Well, normal people are still getting screwed, the stimulus isn't working, and the bailout worked great -- for the financial industry and banking cartel that is at the inpenetrable center of our governmental power.
And yet powerful Democrats still block Ron Paul's bill to allow Congress to audit the Federal Reserve? And Ben Bernanke's claims that he wants to expand the powers of the Fed are met with serious consideration?
It's time to start a new political party based on private people not government power. These Capitalist bankers have done such a horrible job with our country, that now people are seriously considering a Socialist alternative. We have been lied to that these are our only choices.
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3 comments:
how do you know the bailout didn't "work"? isn't that the beauty (from obama perspective) of the whole thing - it can't be measured? like - yeah it's bad, but it would have been a whole lot worse if we wouldn't have intervened? big mistake govt made when they stepped in was they should have completed washed shareholder value and top mgmt of companies they propped up, including goldman. i personally think there is a solid argument for intervention and we were on the brink of melt down. but i hate to see those rich guys getting even richer and carrying on as if nothing has changed from the 2004-2007 hot market times.
"how do you know the bailout didn't "work"?"
For the same reason I know that Christmas gifts with other people's credit cards don't work.
But your point is of course dead on. How can anyone argue? The "conservatives" on Fox News can't even find a problem with Cash for Clunkers. heck, it's popular, it must work!
Many economists have tried to divide the "Great Depression" into more accurate categories, The Great Depression, which lasted about a year, followed by FDR's Depression, which lasted for several years up through WWII.
Odd to see the same thing happening today.
The woman couldn't even answer the questions. How do you not have an idea of who you lend money out to? Isn't that your job? That's crazy!
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