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Forum Post: It's not the Banks, or the Corporations

Posted 13 years ago on Oct. 20, 2011, 10:42 a.m. EST by FineasGBankworthy (0) from New York, NY
This content is user submitted and not an official statement

It's the Banks, and the Corporations, and the Politicians, and the Unions.

They are all in on the scheme to keep the tax payer dollars flowing to fund Big Government spending and Corporate tax breaks to keep the 1% on top. They protect their own, and any way you want to look at it - they are all their for themselves, to keep their wallets fat and keep the people down.

They setup this game to play both ends against the middle, so you THINK you have a choice between political parties. Sure, they put some fancy issues like abortion and green energy on the table to make you think they care about something more than staying on top and feeding their own.

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[-] 1 points by epluribusunum1 (8) 13 years ago

The Federal Reserve and Bank of America Initiate a Coup to Dump Billions of Dollars of Losses on the American Taxpayer

http://www.washingtonsblog.com/2011/10/the-federal-reserve-and-bank-of-america-initiate-a-coup-to-dump-hundreds-of-billions-of-dollars-of-losses-on-the-american-taxpayer.html

1.The bank holding company (BAC) is moving troubled assets held by an entity not insured by the public (Merrill Lynch) to the Bank of America, which is insured by the public

  1. The banking rules are designed to prevent that because they are designed to protect the FDIC insurance fund (which the Treasury guarantees)
  2. Any marginally competent regulator would say “No, Hell NO!”
  3. The Fed, reportedly, is saying “Sure, no worries” by allowing the sale of an affiliate’s troubled assets to B of A
  4. This is a really good “natural experiment” that allows us to test whether the Fed is protects the public or the uninsured and systemically dangerous institutions (the bank holding companies (BHCs))
  5. We are all shocked, shocked [sarcasm] that Bernanke responded to the experiment by choosing to protect the BHC at the expense of the public.