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As we approach the NCAA Final Four (my guess ? UConn, Michigan State, UNC and Louisville), paying attention to the scores or getting the most recent score becomes a fetish for many.
It’s easier keeping track of that evolution than it is keeping track of, and understanding, the massive numbers being pumped into American society in order to forestall any real change in a way of life that has become almost obscenely complacent.
So, in light of the excerpt I highlight below, maybe the blog post heading should be “US Banking Hierarchs 112, Everybody Else 1” or something like that. Please note the line I have emphasized below in bold italics. The 12 TRILLION on offer to the banksters in various forms would cover every mortgage outstanding in the USA at the moment.
We gasp in shock at the unimaginable size of the bailout(s). And yet, the uncomprehensibly large amount of money required to cover for business failures over the last decade (some of the problems have taken that long to fester and become apparent) is truly risible, a blip, when compared to the handouts the banksters have been granted.
I call it the Great Heist, as it will preced the Great Depression (the sequel), which I suspect will take some time to unfold and may well be substantively worse than the Dirty Thirties.
Over at the Oxdown Gazette blog, there’s a perspective offered by Nomi Prins, who is in the process of writing a book about economic accountability.
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In case anyone missed it, Nomi Prins chatted at FDL on Thursday Talking Economic Accountability.
In terms of messaging, this quote from Nomi crystallized the obscene unfairness of federal actions:
“I think we have to look at the public stimulus, and the bank bailout separately. And, when I say bank bailout, I’m referring to $12 trillion worth of loans, federal reserve facilities, extra credit lines to the FDIC to keep up, and everything else (I have an excel spreadsheet of the breakdown I’m putting in the book if anyone wants to see it).
The public stimulus is too small, the bank bailout is too large, plus the financial system is not really being reined in, despite all the talk of regulatory reform. so, I don’t see it getting better any time soon. I see it getting much worse.”
Hugh has been explaining the macro issues for a long time.
It is my understanding that all the outstanding mortgages in the U.S. do not add up to $12 trillion.
After the super rich caused this crisis with “casino capitalism,” Wrongway Geithner is carrying on Paulson’s plan to bail them out with taxpayer dollars. This concentrates an even higher percentage of U.S. GDP and positions the super rich to do even more damage.
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Whatever, I guess. They won … you lost.
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I call it the Great Heist, as it will preced the Great Depression (the sequel), which I suspect will take some time to unfold and may well be substantively worse than the Dirty Thirties.