Matt Taibbi on the bank bailouts:
I have no doubt there were mountains of improprieties committed before and during these transactions. I think in the end we’re going to find out that the emergency bailouts of 2008 were really a wide-scale government-aided effort at consolidating financial power, in which the taxpayer was asked to fund a series of lucrative mergers that greatly limited consumer choices and made the entire financial system markedly less transparent. To me there’s a dangerous precedent involved when you have one group of investors who get all their news from the papers, and another group of active traders who are on the phone with the Treasury and the Fed in real-time as they marionette the economy.
2 thoughts on “Food for thought”
speaking of the Fed and the Bailouts, Guess who just lost in the SCOTUS:
good news. Bernanke’s gonna be pissy today.
Wow. Every once in a while, the corporate court surprises me.
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