Barry Ritholtz:
Congressional Research Service Confirms Big Banks Borrowed Cash For Next To Nothing, Then Lent It Back to the Federal Government at Much Higher Rates
This is the essence, this is the ROOT, this is THE CORE of America's economic crisis today: over & above "SHAMELESS FINANCIAL ARSONIST" Bob Rubin & Phil Gramm's “DEREGULATION” LEGALIZED license to DEFRAUD consumers, savers & investors; and over & above CORRUPT, AWOL, FRAUDULENT (collect their paychecks without doing their jobs) Dereliction-in-Duty regulators, is that we (the American people) have been STAMPEDED in to BAILOUTS (by a bought, bribed, corrupted, extorted, & complicit con-gress, "Speaker Pelosi, you're broker is on line 3") - which are an absurd manipulation (or DEFORMATION) of “Free Markets” – we GIVE MONEY to the wealthy today (at zero-interest or very low interest) in “BAILOUTS” or near zero interest "QUANTITATIVE EASING" 'money,' so they will, pretty please with sugar on top, LEND IT BACK TO US TOMORROW – at interest!
Thanks to the ABJECT CORRUPTION of the American press/media & con-gress
(again, controlled by the relentless bribery & extortion from the millionaires & zillionaires behind the ‘Federal’ Reserve VERY PRIVATE BANKING CABAL) Americans have become propagandized to accept this hogwash as “normal” – to ACCEPT the SABOTAGE DESTRUCTION of the American economy as “normal”, to accept a repeat of the ruthless “PRIVATIZATIONS” > ENCLOSURES > ETHNIC CLEANSING > INDENTURED SERVITUDE era of the 16th, 17th, & 18th centuries that led hundreds of thousands of Irish, Scots, Welsh, & English men, women & families to flee their homes in desperation, starvation, and terror, for a usually precarious and hazardous life in “the New World”** often as indentured servants (slavery by contract) or cannon fodder for armies that were hungry for any recruits they could scrape up) as “normal."
**note: future President Andrew Jackson lost his entire family (Scots immigrants from Carickfergus, Ireland - the Scots in Ireland had been treated as contemptible, expendable, hired mercenaries by the British elites) his mother, his father, and his two older brothers before he was 13.
As to the "CORRUPT, AWOL, incompetent, bribed, bullied, extorted, and COMPLICIT REGULATORS" we mentioned at top of this post:
Barry Ritholtz: "Indeed, the big banks are still insolvent. Moody’s – a mere 3 years too late – just put Bank of America, Citi and Wells Fargo on a downgrade watch. And see this.
The country has been plundered to throw money at the big banks to allow their CEOs to rake in bonuses by playing an extend-and-pretend game (pretending they are solvent). This has driven us from the “wealth of nations” to the “debt of nations”.
