Posted on 05/02/2009 1:41:47 AM PDT by JohnHuang2
Listening to Rep. Barney Frank, chairman of the House Financial Services Committee, we get a sense of the "new capitalism" our new Democratic leadership tells us America needs.
Frank recently praised Bank of America chairman (now ex-chairman) Ken Lewis for acting in "the public interest" for caving in to bribes and threats from former Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke regarding B of A's takeover of Merrill Lynch.
Lewis wanted to back out the deal last year when he discovered the massive scope of Merrill's losses. But Paulson and Bernanke decided that Merrill shouldn't fail, so they bribed Lewis with $20 billion of taxpayer funds, instructed him to conceal the agreement from his shareholders, and told him his job would be on the line if he didn't play ball – which he did.
These sordid details have come to light in an investigation being conducted by New York State Attorney General Andrew Cuomo.
What's the future for a country built entirely on debt? Find out in "Bankruptcy of our Nation"
So if such behavior is what Barney Frank calls economic patriotism, what might constitute subversive behavior?
When Congress moved last year to politically engineer changes in terms of existing mortgages in the name of bailing out distressed homeowners, Bill Frey, who manages a fund that holds mortgage-backed securities, protested.
(Excerpt) Read more at worldnetdaily.com ...
So how outrageous does this need to get before we see Rats (and a few sellout Pubs) being flung wholesale out of Washington?
read
Unfortunately, there are not enough people that vaguely understand the crap that has transpired. And the ones that do have moved on to their next self-preservation position.
I will celebrate when the dodds, franks, pelosis, reids, emanuals, axleroths get theirs. But it may be with Geritol.
I'd assume the chances of destroying your credit rating, or being dragged into court. But what I hear is that nothing bad happens.
They're willingly breaking a contract. Reminds me of the old bit about insurance fraud; sure you can get away with it, but it costs all of us in the long run.
isn’t that the new socialism or fascism. Under capitalism, those who fail won’t be protected
Not going to happen. The sheeple have already bought into the concept that their rulers are more equal than they. Just look at the fuming outrage over all tax-cheats now in office -- where is it?
America -- a great idea, didn't last.
The current ‘Rats will be long gone (retired, or in nursing homes) before the country goes into default in a decade or less.
Then, a Republican or fiscal conservative such as Tom McClintock will be our President... but he’ll be blamed by the Democrats, for the “current” mess!!
These Rats NEVER accept blame for the disastrous effects of A) social engineering and B) govt intervention.
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