BAILOUT BALONEY

wrote this a couple weeks ago but forgot to post....oops!

Much in the same way that This American Life podcasts have shed light on the sub-prime mortgage crisis, credit default swaps, and basically the largest financial calamity since the depression, so does the Bill Moyers' interview with William K. Black, "the former senior regulator who cracked down on banks during the savings and loan crisis of the 1980s" shed light on the bank bailouts.

Throughout this whole bailout controversy, i've heard the opposition counter with a very valid "why should taxpayers bear the burden?" and though i can understand not wanting to pay more taxes and the need for accountability, i've always assumed that the Obama administration would do what is best in preventing a complete total meltdown of the financial system and would make good on their campaign promises. I can't comprehend the scope nor the complexities of this mess and if they're telling me i have to pay more taxes (not that we have choice), I accept this because the government says it is for the greater good. We are all forced to rely and trust that the president we have elected and the administration that he has appointed will act honestly and in good faith....right?

Well, via a Glenn Greenwald tip, i watched the William K. Black interview on the Bill Moyer's show and it made me reconsider much of what i thought i knew and trusted. Basically the duping isn't done.....We (taxpayers) are STILL getting duped and we don't even know it. We should be outraged and very wary of what is being passed off as "saving" the economy. Black claims the bailout is just a cover-up, that those supposedly "fixing" the economy are directly responsible and sympathetic to the those who "created" the largest financial calamity since the great depression and are really just concerned with obfuscating the facts in hopes of pulling another one over the taxpayers.

Watch interview here and watch the whole thing! Starts to get really interesting around 14:00...I promise.