The banker bailout bill passed today, and Paulson got the subprime slush fund that he sought nearly two years. Some of this money came from Citi itself, and it will be used to buy up the radio active waste necessary to keep the ponzi finance scam rolling along.
The idea behind it was to get the biggest banks to buy other banks’ junk that no one else would buy. In essence, this forms a ponzi scheme within a ponzi scheme. Now Hank has the power of the Federal Government’s infinite debt base and the FED’s printing press. Those toxins no one else will touch can be dropped onto the FED’s steadily swelling balance sheet. The only blow back is an insolvent nation and hyperinflation, but that’s a small price for small folks to pay for the privilege of keeping the greedy, well-connected elite in their lavish lifestyles. That is essentially a description of the bill which was origainally defeated by the lowly mass in a grass roots campaign, then ramrodded down their throats a few days latter just after Presidents Bush and Cheny and Paulson climbed capitol hill to lean on some ill mannered house republicans who had selfishly voted their constituents wishes the first time around. There would be no such indiscretion this time.
“The Bush administration is once again using fear to scare people into supporting a dangerous course,” said Timothy A. Canova, associate professor at the Chapman University School of Law. “Without help for the bottom of the pyramid, Wall Street will be back next year asking for another trillion dollars.”
and
…,conservative critics say the package remains a massive taxpayer-financed government intrusion in the private markets, and likely will not address the economy’s underlying weaknesses. Liberal opponents argue the bailout is tailored to Wall Street’s needs and does not do enough to help small businesses or homeowners.
So now the shit owned by the banks will be force fed fed to the public and their grandchildren as the bankers and theirs stick it to us.
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