Why should anyone be surprised that the banks want to launder their toxic assets for profit (guaranteed by U.S. taxpayers) though PPIP? Wasn’t that always Geithner’s intention anyway? Wasn’t that why he wanted Sheila Bair out of the way, so that when they went to the FDIC to have their fraudulently underwritten, bogusly rated securities blessed she wouldn’t be there to say NO?
After the November election, Geithner, then Obama’s nominee for Treasury secretary, sought to push Bair out of office, according to people familiar with his thinking. Geithner said Bair was too focused on protecting the solvency of her deposit insurance fund rather than the financial system as a whole, the people said.
Through a spokesman, Geithner declined to say whether he sought to remove Bair from office.
Well, as long as Tiny Tim’s screwing the taxpayers every other way imaginable, why not just screw the FDIC too and send our deposits straight to Wall St.? What cleaner way to disseminate funds to foreign banks, private equity firms and global hedge funds.
After all, the deposits of insured account holders are funded with real money–the kind that people actually work for every day to earn, not the freshly printed stuff coming out of the FED which is debasing the real stuff.
And remember – making the dollars in your checking account worth less is just one of the many, many ways to repay a debt.
Let’s hope that after her joyride in AirForce one with the Barack-inator that she still knows how to say NO to the economic royalists on Wall St.
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My comment is not for this particular post. It’s the way I view not only this post but your entire site. KEEP UP THE GREAT WORK!!! Our tax dollars has already made these white collar criminals too wealthy already!
But why should they think any different? We’ve bailed out these people several times over the past century. They knew the taxpayers money would come to the rescue when they entered their ‘den of theives’.