Blogging the Future
Winners and Losers
(4 pm. – promoted by ek hornbeck)
Adapted from Rant of the Week at The Stars Hollow Gazette
Instead he just stood there grinning at its suffering while watching it scream and twitch and spasm and bleed to death, and cleaned out its pockets while it was helpless, all while slapping the backs of the shooters and handing them the money.
Rather than bailing out wall street over the subprime mortgage mess they created for themselves and everyone else, the administration and the fed could instead have paid off every mortgage in the country, subprime or not, for less money (only about 12 trillion) than the 18-20 trillion they gave wall street as a reward for pillaging the economy. This could even have been done with tax credits thus avoiding any outlay of money from the fed.
It would have restored the value behind the CDO mortgage backed securities that wall street got themselves into so much trouble with, and thus saved wall street while tremendously boosting the consumer driven economy as the money would have gone directly to the mortgage holding banks while at the same time effectively doubling the amount of bailout money by lifting a enormous debt weight from all those homeowners who would then have had an equivalent amount of disposable funds to spend any way they chose.
The US consumer economy would be rockin’ by now – maybe even enough to pull the rest of the world out of the hole.
Now, had this been done Obama and the Democrats would likely have lost all future donations from wall street and they’d be whining so loud we couldn’t hear ourselves think – those donations of course were more important to Obama than bailing out homeowners instead of the party’s corporate owners.
Candidate Barack Obama campaigned for the restoration of Glass-Steagall, and then put in place all the same people who’d destroyed it. He’d been made an insider. The day after a special election in Massachusetts to replace Senator Ted Kennedy, President Obama briefly pulled out his old rhetoric. Wall Street immediately shifted its “donations” from Democrats to Republicans, and that settled that. Obama pushed corporatized “health insurance reform,” which distracted from his absolute subservience to Wall Street on matters financial. He drew on the “expertise” of those who’d created and collapsed these mega-corporations in building on President George W. Bush’s accountability-free bailouts at public expense. It was the same pattern Obama followed in every department: Where he didn’t leave Bush’s people in charge he brought back Clinton’s. Anything to be an insider.
— A Reminder: “Wall Street’s Mercenaries Ride Donkeys”
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