We know that the Emergency Economic Stabilization Act of 2008 otherwise known as the $700 Billion dollar bailout bill was never intended to buy up the defaulted loans that the banks are holding onto, right? And we also know that the bailout bill has increased to several trillion dollars, that’s Trillion with a “T”. But what about the bad loans on the banks books, wasn’t that the purpose of the bailout bill in the first place? Well yes, originally it was. Do you remember the original 3 page bailout bill that President George Bush proposed, but was voted down? The finally bailout bill that was passed one week later was 450 pages long and they must have excluded the 3 original pages which was supposed to direct the bailout to buy up all those bad notes that the banks were holding.
It boggles the mind to see what is happening with all that money that we the tax payer is going to have to pay for, for many generations to come. There is a few extremely large banks getting the money, but they aren’t even using it to cover the bad debt that they have on the books, they are using it to buy other banks with very little bad debt. Basically what we are doing with the money right now is giving it to the biggest financial institutions and telling them to use that money to buy smaller companies that weren’t reckl
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