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The bailout is peanuts

By travellerev

You think the bailout is going to “save” the economy?
700 billion is chomp change. it is not going to change a thing. Last week alone the Fed’s funnelled 1.3 trillion in. Money out of thin air. On the 10 of September 2001 the Pentagon was forced to admit they could not account for 2.3 trillion. The part of the building that disappeared? The  book keeping department. And to give you a real sense of what 700 billion can do; It has to help repeare a black hole of a quadrillion dollars in Derivatives. The net worth of the entire planet? Only one tenth of that. a 100 trillion. So you see 700 billion is going to f*7ck all.

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This entry was posted on 02/10/2008 at 7:38 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “The bailout is peanuts”

  1. Wakahuia » The bailout is peanuts Says:
    02/10/2008 at 10:48 pm |

    [...] Read the original: The bailout is peanuts [...]

  2. dracotb Says:
    04/10/2008 at 4:29 am |

    http://axisoflogic.com/artman/publish/article_28403.shtml

    What Paulson did not say was that when the states attempted to intervene, they were blocked by the Treasury Department’s Office of the Comptroller of the Currency. In a February 14 article in the Washington Post written before he resigned, New York governor Eliot Spitzer wrote:

    “In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative. The OCC also promulgated new rules that prevented states from enforcing any of their own consumer protection laws against national banks. The federal government’s actions were so egregious and so unprecedented that all 50 state attorneys general, and all 50 state banking superintendents, actively fought the new rules. But the unanimous opposition of the 50 states did not deter, or even slow, the Bush administration in its goal of protecting the banks. In fact, when my office opened an investigation of possible discrimination in mortgage lending by a number of banks, the OCC filed a federal lawsuit to stop the investigation.“

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