" The U.S. government has allocated at least $356 billion bailing out the banks alone. Most of that has been thrown down a rat hole. For this same amount of money, 10 new banks could have been chartered with $35 billion each and they could have loaned out funds at 10-to-one leverage, creating $4.5 trillion of new financial muscle.
Instead, we're spending hundreds of billions to make sure that AIG executives get their bonuses and Goldman Sachs, JP Morgan and all the other financial institutions that were counterparty to AIG's enormously bad trades get paid off in full. In short, the Obama administration, rather than chart a new course to fiscal sanity, is intent on re-inflating the bubble. "
© 2009 by Weiss Research, Inc. All rights reserved. |
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