We’ve known all along about the TARP funds. Now, thanks to Bloomberg, we know about the $1.2 trillion of public money, which is about the same amount U.S. homeowners currently owe on 6.5 million delinquent and foreclosed mortgages, Fed Chairman Ben S. Bernanke showered on the Wall Street aristocracy.I've seen very little coverage of this revelation in mainstream media. The theme of the ruling class political operatives continues to be the cutting of the "entitlements"--which is new-speak that means defaulting on the debts owed to the Social Security and Medicare Trust Funds (these have been built up over many years from equal payroll contributions by workers and employers). Of course, all other debts are sacred: such as debts to bondholders, private Treasury bill holders, and even debts to China.
in the time remaining, to help us understand how the man-made system of capitalism will lead to the extinction of our human species, and so many others.
Friday, August 26, 2011
Bailing out the financial aristocracy
Click here to access article by David Ruccio from Real-World Economics Review Blog.