Congressional panel recommends LIQUIDATING FAILED BANKS & FIRING their executives.
Those Banks SHOULD BE LIQUIDATED, the Congressional panel has found.... only after first President Bush, and now President Obama, have poured HUNDREDS of BILLIONS of TAXAPYER dollars INTO the coffers and vaults of thhose president's favorite banks!!
Banks that have REFUSED to give American taxpayers a FULL ACCOUNTING OF THEIR LOSSES and FAILED "derivative" bets!!
As we have written here at DemNationUSA before, President Obama's DELUSIONAL support for the FAILED BANKS, and his continuing WHITEWASH of the FRAUDULENT ACCOUNTING which, to this day, makes the true extent of those banks' losses a STATE SECRET!
...has long ago CROSSED THE LINE from economic & financial CHEERLEADING, over in to BLATANT FINANCIAL CORRUPTION, as we noted in a previous post, Mr. Obama's Economic Advisor LAWRENCE SUMMERS _BLATANTLY_ charged bankers - BAILOUT RECIPIENTS! - $5,000 per executive to... attend a White House "conference" on the Obama administration's financial plans!
This is, needless to say, a BLATANT KICKBACK extortion racket, but Mr. Obama is SO DELUSIONAL in his "we are rescuing America" self-perceived chivalry, that he REFUSES to see that he is POURING HUNDREDS OF BILLIONS of TAXPAYER dollars down banks who REFUSE TO GIVE AN ACCURATE ACCOUNTING of their losses to date; and Mr. Obama REFUSES to see how his BILLIONS of DOLLARS of GIFTS to those banks infuriates and frustrates the millions of Americans who have been BANK VICTIMS, whether given overly risky loans on over-appraised homes; urged to MAX OUT CREDIT on home equity loans; steered into SUB-PRIME LOANS by greedy bank executives; and charged EXTORTIONATE foreclosure fees & legal expenses for missing one or two payments... EVEN THOUGH those Banks & Banksters were SAVED FROM LIQUIDATION 5 months ago, ONLY by HUNDREDS of BILLIONS of dollars of TAXPAYER BAILOUTS !!
Congressional Panel Suggests Firing Managers, Liquidating BanksEconomists James K. Galbraith concurs with the Congressional panel's assessment this week, a column by Galbraith at TheDailyBeast.com flatly asserting that "THE GEITHNER PLAN [aka "the Obama plan"] WON'T WORK."
By Robert Schmidt
April 8 (Bloomberg) -- A congressional panel overseeing the U.S. financial rescue suggested that getting rid of [FIRING!] top executives and LIQUIDATING problem BANKS may be a better way to solve the economic crisis.
The Congressional Oversight Panel, in a report released yesterday, also said the Treasury may be relying on too rosy an economic scenario to guide its $700 billion bailout, and declared that the success of the program after six months is “mixed.” Three of the group’s members disagreed with at least some of the findings.
The Geithner Plan Won't Work
by James K. Galbraith
What is the Geithner plan? In briefest summary, it is the TARP—the Troubled Assets Relief Program—Bush Treasury Secretary Henry Paulson’s original plan to repurchase subprime and alt-A mortgage-backed securities from the banking system — DRESSESD UP to engage the interest of hedge funds and private-equity investors.
[i.e. to lure in the super-wealthy, by GUARANTEEING, using FDIC _TAXPAYER funds_, that the WEALTHY WILL MAKE A PROFIT, or the FDIC will step in to assume 85% of their losses.]