Study shows $700 billion bank bailout exposes US taxpayers
In a 250 page quarterly report to Congress, Inspector General, Neil Barofsky, reports that US taxpayers are increasingly exposed to potentially significant losses and the US government is more vulnerable to fraud. Barofsky also states that the public-private partnership designed to clean up the toxic assets is tilted in favor of private investors and against the taxpayers. Barofsky goes on to make a number of specific recommendations which establish tough, conflict of interest rules and request greater transparency.
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By now, it’s pretty obvious. These bailouts are meant to rescue Washington D.C.’s buddies on Wall St. Wall St has hijacked the US Government. Just look at all the top players in the Treasury, Federal Reserve, and Administration’s team of economic advisers. Directly or indirectly, they’re all tied to firms like Citigroup, Goldman Sachs, AIG, Fannie Mae and Freddie mac, and others who just happened to be key recipients for all this bailout money, despite running their companies into the ground. Plus, a significant number of our leaders in Congress, from both parties, are tied at the hip to these banking gangsters.
Lest we forget, this first $700 billion bank bailout was passed by most Democrats and a significant number of Republicans in the US Congress. Obama supported it. John McCain supported it. George W. Bush supported it. George W. Bush’s Secretary of Treasury, Henry Paulson (former Goldman Sachs CEO) drafted it.
We the People need to start doing our homework. Find out who’s up for reelection in 2010 and 2012, and if they voted for this Wall St. bailout, vote them out, Democrat or Republican. We also need to research who’s funding our favorite candidates. Are they receiving a majority of donations from banking elites on Wall St? Are their leading economic advisors former Wall St. big shots who ruined their companies and lobbied for bailout money? If so, we should strongly reconsider voting for such candidates.
The US Government-Wall St. partnership is a hotbed of corruption. It’s up to us to clean it up.
Read the article here.
Laura Mullany said:
Amen-brother on this topic. It is not what party should be in or out in 2010, we need honest, law abiding, God-fearing statesmen in public office at every level in our government. I would welcome statemen who were not in bed where the money comes from. Money really can be the root of all evil, but it can answer everything too.
We need wise people in Washington. Not the current crooks. What about TERM LIMITS on Congress and the Senate? HELLO? We have them on our president, why not the rest of leadership? 8 years and 12 yrs. HELLO. What about intensive background checks on every one who wants to run for public office? Got skellitons- we’ll find them and bring them to emberrousing light if you have been hiding anything that would shame us as a nation to have you in public office.
Sometimes it takes more than prayer to make something happen. Thank you for your time, engery, and compassion.
Joyful Nurse.
April 22nd, 2009 at 3:41 pm