I’m Mad as Hell and I’m Not Going to Take It Anymore
A look at the numbers tells the story. With thanks to www.reason.com (“Bailout Balance Sheet”, November 7, 2008 by Katherine Mangu-Ward and Anthony Randazzo) the awful total so far looks like this:
$100 billion for Fannie Mae
$100 billion for Freddie Mac
$700 billion for Wall Street, including Bank of America (Merrill Lynch), Citigroug, JP Morgan (WaMu), Wells Fargo (Wachovia), Morgan Stanley, Goldman Sachs, and a lot more
$25 billion for the Big Three in Detroit
$8 billion for Indy Mac
$150 billion for stimulus package (from January)
$50 billion for money market funds
$138 billion for Lehman Bros. (post bankruptcy, through JP Morgan)
$620 billion for general currency swaps from the Fed
Rough total: $2,063,800,000,000—Two trillion and growing!
Not included in the above: hundreds of billions from the Fed to buy up commercial paper and lend out to other commercial firms.
What on earth is going on here? Simple, actually. Our Treasury and Federal Reserve are loading debt on future generations and transferring the debt money to Wall Street criminals and commercial bankers—the very people who massively breached their fiduciary duties by creating this catastrophe in the first place. BreaktheBailout indeed.
To continue reading this great expose’ and join me, my friends and other New Paradigm Digest subscribers in the critical effort to stop the economic pirates and their greed and corruption, click here.
- Posted on November 29, 2008 in Voodoonomics |
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