a must read.
You’ve been violated America, and you have not only tolerated it you’ve cheered while it happened.
See, buried in that bill was a nasty little catch-all “any other asset the Treasury says promotes financial stability.”
One little sentence, with which you surrendered forever the principles of economic capitalism and replaced them with government totalitarianism.
Fascism.
And a week later half of that money was instead spent on a massive bailout of Wall Street through the injection of perpetual preferred stock, saving every single nickel of executive stock and options. No dilution of existing shareholders, nor any haircut for their bondholders, thereby preventing the capital structure of the firms from absorbing the losses as is intended and required under the law.
In other words, you, The Taxpayer, have been intentionally looted by the puppet-masters at Treasury (Hank Paulson) and The Fed (Bernanke, Geithner, et.al) to the tune of $250 billion dollars, while these folks in the so-called “private sector” keep each and every nickel of the money they stole from you while peddling their fraudulently-sold and packaged subprime and Option ARM mortgages.
Law standing for more than 200 years intended to guarantee that the stockholders and bondholders of a firm stand in a carefully-chosen capital structure as the cushion when a firm becomes incapable of providing for itself was destroyed not through the operation of law or statute, but by executive fiat. Instead of being forced to accept the loss that should have come from the imprudent and even felonious acts of these firms and their executives, we, the taxpayer, are instead having our pockets picked, with our children and grandchildren, along with those not yet born, being forced to absorb the bill. Instead of those stockholders being expected to shoulder the loss as a direct consequence of their refusal to hold management accountable for its bad conduct, we the people are handed that loss in the form of foreclosures, higher interest rates and insane inflationary spirals.