[full size photo at my Flickr site here ]
And to think that many people thought that the Ron Paul supporters were too cynical about the Fed….
This monster bank/stock market bailout shaping up in Washington will probably be one of the greatest cons of the new century. This is simply letting politicians give themselves a blank check – or a withdraw line up to a trillion dollars – to reward their friends and donors.
And of course, it has to be done in secret – or else the magic won’t work.
And the crowning bonus – after all the perverse incentives politicians have created in recent decades – they will manage to foist the blame for the stock market dive on “the free market.”
Thus, they will entitle themselves to seize more power at the same time they squander hundreds of billions of dollars of other people’s money to bury the evidence of their previous follies.
Many of the brokerage and investment firms richly deserve bankruptcy for their shenanigans and irresponsibility. If taxpayers are forced to bail out the “Masters of the Universe,” that will be one of the biggest financial crimes in modern history. But the fact that many companies made foolish decisions does not entitle politicians to seize more control over the economy.
As Lily Tomlin said, “No matter how cynical you get, it is impossible to keep up.”