Resolution Trust: The Mother of All Scams
September 21st, 2008Via: Subprime Showtime:
In what is both the single most socialist move ever made by the US government, and the biggest robbery of US taxpayer since the creation of the union, the Fed and the Treasury have quickly realized who pays the government and acted quickly to ensure the survival of all the crooks on Wall Street. If anyone was at all confused about the puppet and master relationship between big business and DC, this shocking slight of hand should leave no doubt whatsoever who’s in control.
As my good friends at the Housing Timebomb pointed out, the last time this amazing scam was pulled off was during the savings and loans crisis, and the RTC cost the taxpayer $124.6 billion, or roughly $400 for every person living in the US of A. But this meltdown makes the S&L blip look like the boom era, since we’re already $6 trillion in the hole, and that’s just the tip of the iceberg ($20,000 per person already).
“Immediately, previously-insolvent investment banks can now go and borrow money and act like this whole business was just a meaningless, forgetful night of snorting coke from a hooker’s ass.”
Best line I’ve read in weeks.
Pardon the pun 🙂
$20K per person??? Last I heard, it was $10K. I wonder by how much more this estimate will increase?
What’s with Sen Chris Dodd? He’s on George Stephanopoulos right now, and he’s saying it has to move so swiftly and deliberately. He said that during Bernanke’s presentation to congress, everyone was just speechless when they learned how serious it is. Sen Jay Boehner (almost exact quote) said he couldn’t express on a Sunday morning show how frightening it is, and that our situation is unprecedented. George is asking the right questions, but very politely, like what happens if it isn’t passed this week, or can there be any rules for the benefit of the public like limiting banking salaries- Dodd said we can’t micromanage Paulson’s ability to do what he needs to.