Part 6--More Major Players in the Government-Corporate Scheme

Conservative Examiner ^ | 5/19/2010 | Anthony G. Martin

[Welshman007]

One of the most compelling reasons for the massive government bailout of Wall Street and other large corporations is that they asked for it.

The largest of the large Wall Street investment firms begged the government to give them taxpayer funds to avoid 'the biggest crash in American history.' Fannie and Freddie essentially did the same thing. So did General Motors.

Of course it would not be appropriate for them to beg for the money for selfish reasons, such as, to save their own skins, which is precisely the real motive for the bailout. The corporate conglomerates had to come up with an excuse for taxpayer assistance that did not sound so greedy.

Thus, the end-game was 'to save the economy.' George W. Bush swallowed that mantra hook, line, and sinker. So did Barack Obama. So did Congress.

But then, many of the very politicians in Congress who insisted that the bailout was needed to 'save the economy' had been cavorting with the large corporations behind the scenes for years, personally benefiting from the loot of a grossly exaggerated housing and stock market.

These same politicians claimed just prior to the 2008 crisis that 'the economy is sound.'

[Islander7]

Good read, welcome to FRee Republic.

[Chunga85]

While there are many components in play, let's set aside all the social, ideological, and political ingredients and look at what this country is founded on. This is a country of laws..not men. If a borrower commits a crime in the act of borrowing said borrower should be held accountable. If a lender commits a crime in the act of lending said lender should be held accountable. Americans are splintered on this issue because understanding this very nuanced and technical area of law is by design deliberately counter intuitive and laboriously difficult to understand. An argument could be made that the dreary complexity of the laws involving borrowing and lending forge the bedrock of popular opinion - which largely and lamentably defaults to everything BUT the law. The splinter is large but not yet incurable. I'll go out on this splintered limb and say that not only have homeowners in default ostensibly been had - but so have many of those not in default. Shine the light on all securitized mortgages and let the chips fall where they may. These days, who even knows the averred value of a performing vs. non-performing loan? The same laws that apply to homeowners in foreclosure apply to those who are not. The outrage is coming.... From the Right: Wall Street Probe Widens - J.P. Morgan, Citigroup, Deutsche Bank and UBS Also Face Prosecutors' Scrutiny. Government Probe into Wall Street Sales Widening. From the Left: Prosecutors Ask if 8 Banks Duped Rating Agencies. Class Warfare: Hundreds Protest Outside Bankers' Houses In DC. From Abroad: Greece Considering Legal Action Against U.S. Banks for Crisis. And lastly...from Florida: State AG investigates its own.