The New Decade: Billionaire Bailouts or Progressive Resurgence?

[Crewleader]

Les Leopold

Author, "The Looting of America"
December 28, 2009 04:32 PM

We just got a glimpse of the future and it ain't pretty.

Over the past decade Wall Street went on a reckless betting spree that nearly ruined us. First, they gambled their way into enormous riches based on absurd financial instruments that turned toxic, They paid themselves lavishly, went bust, and then forced the taxpayers to cover all their bad bets. After begging for and receiving the largest welfare package in history, their record profits and bonuses are miraculously returning, while the (BLS U6) jobless rate hovers over 17 percent. Thankfully, that's over and done with.

Or is it? Too-big to fail is now our official policy: The nineteen largest financial institutions that comprise two-thirds of our banking system have been declared permanent fixtures. Our leaders talk of reining them in and of collecting fees to help pay the cost of future bailouts. But, talk is cheap and campaign contributions are always welcomed.

Clearly, we've got a tough decade ahead. What will be our greatest economic challenges?

http://www.huffingtonpost.com/les-leopold/the-new-decade-billionair_b_405345.html?source=patrick.net

[pscot]

1. Bailout as far as the eye can see

if the finance reform bill drafted by Barney Frank is any indication. http://news.businessweek.com/article.asp?documentKey=1376-KVF59C0YHQ0Y-22

[Crewleader]

2. thanks for posting this...unbelievable

out of all the crap, it was good to see this:

Consumer Protection

-- The bill isn't all bad, though. It creates a new Consumer Financial Protection Agency, the brainchild of Elizabeth Warren, currently head of a panel overseeing TARP. And the first director gets the cool job of designing a seal for the new agency. My suggestion: Warren riding a fiery chariot while hurling lightning bolts at Federal Reserve Chairman Ben Bernanke.

[tom_paine]

3. Billionaire Bailouts. Unquestionably.

When HCR turns out to actually a most monstrous expansion of Corporate Power (in exchange for a few crumbs which, rest assured, won't even be allowed to fall from Master's Table when it's all said and done) the answer to the question is obvious.