We are once again finding out who owns our government. It is not us. Once again, the average citizen has been robbed by the very entities that are supposed to protect him
At the beginning of the banking crisis, IndyMac Bank collapsed under the weight of its sub-prime debt. At that time, the FDIC would only guarantee deposits up to one-hundred thousand dollars. That left many people, whose life savings were entrusted to this institution, out in the cold. Now Congress, in their infinite wisdom, have decided that they will not be whole. Through no fault of their own, through fiduciary incompetence on the part of IndyMac, through regulatory absence on the part of the government, and now through congressional callousness, they are screwed. Their money is gone.
Yet this same government has seen fit to allow the very entities that caused this mess to continue to rob the taxpayer. Goldman Sachs may be the most egregious example. Goldman Sachs profited handsomely from the sub-prime fraud. They then were allowed to dump a lot of their garbage through off-shore shells with the collaboration of ratings companies who rated their trash AAA. None have yet, nor are likely to be, punished. In fact, Goldman Sachs was also made whole, 100 cents on the dollar, on debt that was money laundered via AIG using the TARP.
And who set up the TARP? Who set up this money laundering scheme? Who set up this taxpayer thievery? Treasury Secretary Paulson, a former Goldman Sachs chief, made sure that this reverse Robin Hood system was executed. Hundreds of billions of dollars taken from the taxpayer and given to the banks with almost no oversight or accountability. And one of the biggest beneficiaries, Goldman Sachs, had that money laundered to them. What a surprise!
Our current Treasury Secretary, Timothy Geithner, has extended this TARP program through next year. Hooray for the banks. Screw you, taxpayer. This man wouldn’t even pay his taxes until threatened with non-confirmation. This man ran the FED in New York and oversaw many of the entities that were defrauding the public.
Bottom line, if you own debt, and are “too big to fail”, our government will make you whole. If you entrust your cash, your life savings, our government will take it, assuming their Wall Street cronies haven’t done so first. When the foxes are watching the hen house, you can kiss your nest egg goodbye.
Previous Blog: http: //judyandcharlie.com/2009/11/13/golden-sacks/
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