D.C. Socialists Save Crashing Capitalists Another Bail Out for the Financial Elites

[Ichingcarpenter]

Here they go again! Financial capitalism is crashing. So the lights are on late in Washington’s Federal Reserve, SEC and Treasury Department trying to figure out how socialism (your tax dollars and credits) can once again bail out these big time gamblers with our money.

Every cycle of casino capitalism that heads for, or goes over, the bankruptcy cliffs gets larger and larger. This year’s collapse towers over the bailout of the Savings and Loan banks in the 1980s.

This unfolding cycle of the Washington to Wall Street gravy train is not based on a huge spike in interest rates that tanked so many thrift institutions nearly twenty years ago. It is based on unbridled greed by the bosses of these big commercial banks, investment banks, brokerage giants and those two goliaths—Fannie Mae and Freddie Mac.

Again and again, year after year, the CEOs and the patsy federal agency heads have lied to the people about the financial status of these corporations. There is no credibility left and therefore no confidence. Over three trillion dollars is sitting in disbelief on the sidelines. Trillions of dollars have been looted or lost in the meantime, draining worker pension funds, mutual funds and the savings of small investors.

http://counterpunch.com/nader07172008.html

[niyad]

1. as I heard the other day "socialism for the rich, capitalism for the poor"