I agree with this article. It’s shocking to me how many people defend the bail outs for the banks or believe Acorn took down the whole system yes Acorn contributed to it but they were a bit player as you pointed out.
They don’t have Acorn in Ireland yet that’s the reason for the Irish collapse the banks debt.
The Banks created those risky loans out of greed plain and simple. It isn’t just in the US they sold them all over the globe. In Ireland for example that bailout the Irish people will be forced to pay $50,000 per household to pick up the banks bad debt.
To make matters worse the Fed lent money to their bank under the bailout while American banks were left to fail and are still failing. Looks to me like they got to wipe out their competition.
Iceland’s another example but they tossed out their govt. refused to bail out the banks and are now on the road to recovery.
Funny thing those same greedy banks who invented those toxic loans, i.e., liars loans, etc. also supported Acorn and Obama.
US taxpayers have already lost Billions on the bank bailouts because of the banks greed and that’s not counting all the bad loans they sold/off loaded onto taxpayers via Fannie/Freddie it could end up in the Trillions.
Taxpayers Lose $2.3 Billion with CIT Bankruptcy
http://www.propublica.org/article/taxpayers-lose-2.3-billion-with-cit-bankruptcy
U.S. Treasury Hid $40 Billion in AIG Bailout Losses
http://publicintelligence.net/u-s-treasury-hid-40-billion-in-aig-bailout-losses/
http://www.nytimes.com/2010/10/26/business/26tarp.html?_r=1
The measure, initiated in Jan. 2009 to stimulate the flow of credit and keep household borrowing costs low, led the nation’s central bank to purchase more than $1.1 trillion in mortgages packaged into the form of securities. The mortgage bonds are backed by Fannie Mae and Freddie Mac, the twin mortgage giants now owned by taxpayers.
Deutsche Bank, a German lender, has sold the Fed more than $290 billion worth of mortgage securities, Fed data through July shows. Credit Suisse, a Swiss bank, sold the Fed more than $287 billion in mortgage bonds.
Ireland’s Fate Tied to Doomed Banks
Up to €50 billion—nearly $50,000 for every household in the Emerald Isle.
A failed banking sector that Ireland’s government can no longer rescue on its own. Ireland is in the midst of a real estate bust that could trump even the ruinous downturns that turned parts of southern California and Nevada into suburban ghost towns, with home-grown banks stoking it all. Now, those banks are trying to manage catastrophic losses. The Irish government has effectively nationalized the nation’s biggest banks by guaranteeing their debt, which would be akin to the U.S. government taking over Citigroup, Bank of America, J.P. Morgan Chase and Wells Fargo.
That means the Irish government is also on the hook for the losses those banks endure—which have risen far beyond initial estimates, and may have a lot farther to go. So far, the Irish government is obligated to cover losses amounting to 175 percent of Irish GDP
http://finance.yahoo.com/news/Why-the-Irish-Crisis-is-Going-usnews-4028366968.html?x=0
FDIC’s ‘problem’ bank list grows to 860
http://www.bizjournals.com/sanfrancisco/news/2010/11/23/fdics-problem-bank-list-grows-to-860.html
Barack’s Wall Street Problem is Now America’s
http://www.noquarterusa.net/blog/2008/09/21/baracks-wall-street-problem-is-now-americas/
JPMorgan CEO Jamie Dimon Donates Serious Cash to Democrats
http://www.opensecrets.org/news/2009/07/jpmorgan-ceo-jamie-dimon-donat.html
JP Morgan gives ACORN Millions
Bailed Out Citigroup Won’t Rule Out Giving More Money to ACORN
http://www.cnsnews.com/news/article/59443
Bailed Out JPMorgan Chase Funds ACORN
http://www.newsrealblog.com/2009/08/24/bailed-out-bank/
No, The Big Banks Have Not “Paid Back” Government Bailouts and Subsidies
http://www.zerohedge.com/article/no-big-banks-have-not-paid-back-government-bailouts-and-subsidies
FromLori, you’re speaking my language.
The producer of “Inside Job” (which is a movie I do want to see) made a good statement at the Oscars. To paraphrase: “It’s been 3 years since we’ve had this massive case of financial fraud and no one has been prosecuted.” Why? Obama needs to explain why his campaign donors are being given virtual immunity.
The complicit media says nothing about this.
http://www.youtube.com/watch?v=mpz5DVwnbnk
When Obama appointed ex Wall Street sleazebag Rahm Emanuel as his CoS you could see this travesty coming our way. Taxpayers paid and these NYC bankers got rich again courtesy of the 50 state taxpayers and Federal Reserve (taxpayer again).
If taxpayers got back the many billions that they the fraudsters and the corporate entities owe us, it would make a huge dent in our deficits.
CitiGroup was essentially bankrupt and under new ownership which meant there should be no carry forward tax losses to offset income. But the US Govt gave them a waiver to use many billions in these carry forward illegal tax losses, that should have been they will pay no income tax in the forseeable future meaning that the government will make no money off the deal.