American capitalism is a sham at best.. and SCAM at worst

Discussion in 'Politics & Religion' started by walter4, Dec 3, 2010.

  1. "We have learned that the $700 billion Wall Street bailout signed into law by President George W. Bush turned out to be pocket change compared to the trillions and trillions of dollars in near-zero interest loans and other financial arrangements the Federal Reserve doled out to every major financial institution in this country. Among those are Goldman Sachs, which received nearly $600 billion; Morgan Stanley, which received nearly $2 trillion; Citigroup, which received $1.8 trillion; Bear Stearns, which received nearly $1 trillion, and Merrill Lynch, which received some $1.5 trillion in short term loans from the Fed.

    We also learned that the Fed's multi-trillion bailout was not limited to Wall Street and big banks, but that some of the largest corporations in this country also received a very substantial bailout. Among those are General Electric, McDonald's, Caterpillar, Harley Davidson, Toyota and Verizon.

    Perhaps most surprising is the huge sum that went to bail out foreign private banks and corporations including two European megabanks -- Deutsche Bank and Credit Suisse -- which were the largest beneficiaries of the Fed's purchase of mortgage-backed securities.

    Deutsche Bank, a German lender, sold the Fed more than $290 billion worth of mortgage securities. Credit Suisse, a Swiss bank, sold the Fed more than $287 billion in mortgage bonds.

    Has the Federal Reserve of the United States become the central bank of the world?
    The Fed said that this bailout was necessary to prevent the world economy from going over a cliff. But three years after the start of the recession, millions of Americans remain unemployed and have lost their homes, life savings and ability to send their kids to college. Meanwhile, big banks and corporations have returned to making huge profits and paying their executives record-breaking compensation packages as if the financial crisis they started never happened.

    What this disclosure tells us, among many other things, is that despite this huge taxpayer bailout, the Fed did not make the appropriate demands on these institutions necessary to rebuild our economy and protect the needs of ordinary Americans.

    For example, at a time when big banks have nearly a trillion dollars in excess reserves parked at the Fed, the Fed did not require these institutions to increase lending to small- and medium-sized businesses as a condition of the bailout.
    At a time when large corporations are more profitable than ever, the Fed did not demand that corporations that received this backdoor bailout create jobs and expand the economy once they returned to profitability.."


    http://www.huffingtonpost.com/rep-bernie-sanders/a-real-jaw-dropper-at-the_b_791091.html
     
  2. I agree completely, except for one item: This isn't capitalism, it's cronyism...
     
  3. Republicans,Bush and the FED man he appointed.

    Republicans and their supporters ...Over 6 trillion to banks and big business yet they lose their mind,talk secession,start tea parties etc when it comes to Americans having health care
     
  4. Hello

    Hello

    It is unfortunate how badly Obama and the croooked democrats have chosen to fuck this country over, TARP was bad enough, but atleast most of it got paid back, the crooked asshole Obama is basically just handing out money to corporations with no regard.
     
  5. No, it's Republican lawmakers, Wall Street and American businessmen who chose to fuck this country over. They should be all in prison.
     
  6. x2 And it happens everywhere no matter what political stripe is in charge.
     
  7. My question is how do we put them in jail.. There has to be a way to put 10-20 thousand of these motherfuckers in jail. Bankers, lobbysts, deregulators, derivative inventors... all of them.
     
  8. Ricter

    Ricter

    You still strain to put this on a party. Do you think Obama would have been elected if corporations hadn't basically pre-approved it? Look at American history for examples of political candidates who actually appeared to support the working class, the populists; not only have they been painted as crazy, they also had no chance.

    Is it any mystery why big corporations give money to both parties in the same election?

    If it's democrats who want to "fuck this country over", then why are republicans battling to keep tax breaks for the upper crust, largely comprised of the owners of corporations? Democrats are not even, as they describe themselves, the party of the rich, and yet this is what we have. But the republicans don't even try to lie, they clearly represent the rich.

    Who's the big loser these days, the leisure class, or the working class? Who could use some help? Who are you hoping will replace the democrats?
     
  9. Hello

    Hello

    I was making a joke, based on Range Rovers post above me, Sarcasm is hard to emit over the internet, I was trying to imitate the same partisan idiot that range rover is. I do not believe one side is better then the other in terms of ridiculous spending, government is all the same gigantic heap of shit in my eyes. Whether its a republican or a democrat.

     
  10. You can also add Democratic lawmakers, THEY ARE EQUALLY CORRUPTED,
     
    #10     Dec 3, 2010