Socio-Economics History Blog

Socio-Economics & History Commentary

Greg Hunter: Bagmen Not Statesmen!

Fiscal_Cliff_Talks_No_Wisemen_Here

  • Bagmen Not Statesmen! 
    by Greg Hunter’s USAWatchdog.com 
    What has been going on in Washington, D.C., since the financial meltdown of 2008 has been a disaster for the country.  Taxpayers bailed out crooked, incompetent bankers while tens of millions lost their homes and jobs.  The bailouts have cost trillions of dollars, and they’re not finished.  The Federal Reserve has set a key interest rate to near zero percent until 2015, and it is printing $85 billion a month to prop up the banks and our own government.  The Fed calls this little operation “open-ended.”  No one has gone to jail for causing this enormous hardship on ordinary Americans, and not a word is spoken in the halls of Congress about stopping the bailouts or bringing criminals to justice.  This is immoral, disgusting, repugnant, nonexistent leadership.
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    This could have been handled in 2008 with the debt wiped clean.  We should have only protected depositors.  Bankers, bondholders and shareholders be damned—that’s capitalism.  It would have cost about $6 trillion back then, and we’d be on our way to a real recovery by now.  That is exactly what Iceland did.  It told bankers, shareholders and bondholders to take a big hit instead of giving a bailout for incompetence and fraud.  Oh, and it prosecuted the bankers and government officials that allowed the implosion to happen!  (Click here for more on Iceland’s turnaround.)  Instead, the Federal Reserve alone pumped out $16 trillion in the wake of the 2008 meltdown.  That is only part of the banker bailout that is still going on to the tune of $40 billion a month.  Not a single financial elite has been prosecuted and put behind bars for obvious crime and fraud—not one!
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    read more!

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December 27, 2012 - Posted by | Economics | , , , , , , , , , , , , , ,

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