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DC Skeptics

It recently came to light that the Federal Reserve gave secret loans of more than $1.2 trillion to more than 300 financial institutions to keep them from collapse. Add on another $700 billion from TARP, and that was $2 trillion pumped into the financial sector in the last four years.  The massive broad-based infusion of money worked from the aspect that the system did not collapse like it would have on its own.

Laughably, Bank of America may still need to be bought out to avoid collapse, at the potential expense of $100 billion in taxpayer dollars!

Now, what’s maddening about this is that the bailouts worked. It resuscitated a system that deserved to die.

So, it was socialism, massive manipulation of the “private” market that saved the rich. But it’s capitalism for the rest of you chumps in the mortgage crisis!

The American oligarchy managed to briefly unite…

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Posted September 28, 2011 by asrardan in Uncategorized

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