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Editorial See other Editorial Articles Title: Secrets and Lies of the Bailout "It has been four long winters since the federal government, in the hulking, shaven-skulled, Alien Nation-esque form of then-Treasury Secretary Hank Paulson, committed $700 billion in taxpayer money to rescue Wall Street from its own chicanery and greed.
To listen to the bankers and their allies in Washington tell it, you'd think the bailout was the best thing to hit the American economy since the invention of the assembly line. Not only did it prevent another Great Depression, we've been told, but the money has all been paid back, and the government even made a profit. No harm, no foul – right?
Wrong. It was all a lie – one of the biggest and most elaborate falsehoods ever sold to the American people. We were told that the taxpayer was stepping in – only temporarily, mind you – to prop up the economy and save the world from financial catastrophe...
What we actually ended up doing was the exact opposite: committing American taxpayers to permanent, blind support of an ungovernable, unregulatable, hyperconcentrated new financial system that exacerbates the greed and inequality that caused the crash, and forces Wall Street banks like Goldman Sachs and Citigroup to increase risk rather than reduce it. The result is one of those deals where one wrong decision early on blossoms into a lush nightmare of unintended consequences. We thought we were just letting a friend crash at the house for a few days; we ended up with a family of hillbillies who moved in forever, sleeping nine to a bed and building a meth lab on the front lawn.
But the most appalling part is the lying. The public has been lied to so shamelessly and so often in the course of the past four years that the failure to tell the truth to the general populace has become a kind of baked-in, official feature of the financial rescue. Money wasn't the only thing the government gave Wall Street – it also conferred the right to hide the truth from the rest of us. And it was all done in the name of helping regular people and creating jobs. "It is," says former bailout Inspector General Neil Barofsky, "the ultimate bait-and-switch."." ~ John R Szabo
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#1. To: wudidiz (#0)
We should all be livid. Stop acting like docile, mentally castrated pussies and grow a pair. It's time to get in their face. Why should we speak in hushed tones and act all polite when we are being metaphorically raped every day?
That was Neil Barofsky and sorry, John R Szabo shared this but did none of the writing. Matt Taibbi is the author of this piece.
I read it last week. I think it was originally published in the Rolling Stone and Matt Taibbi is definitely the author. (It may have been posted here on 4UM). We should all be livid. Stop acting like docile, mentally castrated pussies and grow a pair. It's time to get in their face. Why should we speak in hushed tones and act all polite when we are being metaphorically raped every day?
Matt tibbi is a piece of trash and 911 apologist, a shill for mass murder by the government. look on youtube matt tibbi and pat buchanan discuss 911 truthers.
"Even to the death fight for truth, and the LORD your God will battle for you". Sirach 4:28
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