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Old 02-26-2012, 08:42 AM
6,326 posts, read 6,634,230 times
Reputation: 7457


Stealing from the poor... Mike Shedlock provides an excellent summary of the US's bank bailout plan:
To stimulate lending, the bailout plan will attempt to recapitalize banks. The method of recapitalization is best described as robbing Taxpayer Pete to pay Wall Street Paul. In essence, money is taken from the poor (via taxes, printing, and weakening of the dollar) and given to the wealthy so the wealthy supposedly will have enough money to lend back (at interest) to those who have just been robbed.
The scale of corruption and the ease with which this has taken place internationally is staggering. It makes it hard to hold onto any illusions we might have about the society in which we live.

That's economy and society of absurd we are supposed to worship as the best under the Sun. If that's the best human kind can come up with, it's really depressing.
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Old 02-27-2012, 06:54 AM
Location: Los Angeles area
14,016 posts, read 20,975,735 times
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What is missing from the OP is any mention of the fact that the bailout money has been repaid by most of the banks, with interest. The bailout was a loan not a gift; no one was robbed.

One can still argue that the bailout was a mistake and that the megabanks should have been allowed to fail, but that argument, to be legitimate, would have to acknowledge and take into account what I said in my first paragraph above. It would also have to acknowledge and discuss the possible repercussions to the common citizen of the chaos and turmoil which would have resulted from such failure.

This is a difficult thing to decide because it's a "what if" question (What would have happened if the megabanks had been allowed to fail?) and so by its nature it's speculative and conjectural. I don't know personally if the bank bailout was a good move or not, but the quoted statement as well as the OP's comments seem to be long on emotion and short on rational, dispassionate analysis.
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