Saturday, January 05, 2013

Government of Gangsters

Matt Taibbi notes that the Wall street bailout not only didn't fix the economy but has the potential to completely tank it:

It was all a lie – one of the biggest and most elaborate falsehoods ever sold to the American people. We were told that the taxpayer was stepping in – only temporarily, mind you – to prop up the economy and save the world from financial catastrophe. What we actually ended up doing was the exact opposite: committing American taxpayers to permanent, blind support of an ungovernable, unregulatable, hyperconcentrated new financial system that exacerbates the greed and inequality that caused the crash, and forces Wall Street banks like Goldman Sachs and Citigroup to increase risk rather than reduce it. The result is one of those deals where one wrong decision early on blossoms into a lush nightmare of unintended consequences. We thought we were just letting a friend crash at the house for a few days; we ended up with a family of hillbillies who moved in forever, sleeping nine to a bed and building a meth lab on the front lawn.

Wall Street should have been allowed to fail, the big banks should have been allowed to fail, and the perpetrators of the massive fraud on the country should have gone to jail.

The fact nobody has gone to jail over this catastrophe shows how utterly corrupt our government is. It is literally being run by and for gangsters.

Good piece recounting how in the hell we got into this mess.

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