How about taking the financial meltdown back to Henry Paulson where it belongs. Three years is hardly enough time to straighten out this mess when he (Obama) is prevented by law from doing anything significant...While it is true Bush has been gone for 3 years, his legacy, brought to us by Henry Paulson lives on, creating a huge hole in our economy. "In late 2008, the TARP Bailout bill was passed and loans of $800 billion were given to failing banks and companies. That was a blatant lie..... the Federal Reserve donated $2.5 trillion to Citigroup, while Morgan Stanley received $2.04 trillion. The Royal Bank of Scotland and Deutsche Bank, a German bank, split about a trillion and numerous other banks received hefty chunks of the $16 trillion.".
considering that the mortgage lenders, under instruction from Freddie and Fannie, will not re-structure any loans, and we are operating under a Milton Friedman philosophy were money is in the UP elevator only, it isn't rocket science to understand why we have a no growth economy. Banks find it much more profitable to take OUR taxpayer money and invest on the spread instead of investing in the community...
due to the Ron Paul, Alan Grayson Amendment to the Dodd-Frank bill, which passed last year. Jim DeMint, a Republican Senator, and Bernie Sanders, an independent Senator, led the charge for a Federal Reserve audit in the Senate. What was revealed in the audit was startling: $16,000,000,000,000.00 (Trillion) had been secretly given out to US banks and corporations and foreign banks everywhere from France to Scotland. From the period between December 2007 and June 2010, the Federal Reserve had secretly bailed out many of the world’s banks, corporations, and governments....
So it's not hard to see why we are broke and they want to raid Social Security, Medicare, food stamps, school lunches and all the other social programs that WE worked for and paid for to enrich their coffers even more..
Henry Paulson himself inserted the language into the final TARP Bill that eliminated all judicial and congressional oversight on the use of OUR money. His legacy, three years down the road, lives on in our high rate of unemployment and the sad state of our infrastructure..
“In 2004, at the request of the major Wall Street investment houses—including Goldman Sachs, then headed by Paulson—the U.S. Securities and Exchange Commission agreed unanimously to release the major investment houses from the net capital rule, the requirement that their brokerages hold reserve capital that limited their leverage and risk exposure.”..
Here you have the FINAL NAIL in our coffin: “Section 8 of Paulson’s original plan stated: "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency." Some time after the passage of a rewritten bill, the press reported that the Treasury was now proposing to use these funds ($700 billion) in ways other than what was originally intended in the bill..”