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TopAustrianFool (98.07)

April 2010



The Financial Crisis to End All Finacial Crises...

April 24, 2010 – Comments (2)

Is it me or am I the only one who realizes that Paulson was made rich by the government? Although what Paulson did was questionable, he would have lost a lot of money also, had the government not bail out the banks, which then were able to pay people like him. Schemes like his only work if the market you are playing doesn't collapse. If it does, then everyone looses. Of course that is only true in a Free Market, if the government steps in and bails you out, then that is more like a wild card. But it is possible to do, if you convince politicians that it will be to their detriment to let you fail. Nevertheless this is no easy task, since you have to also provide a story that they can sell to the public in order for them to bail you out. This is the genesis of the “Too-Big-to-Fail" non-sense, or shall we call it “Too-Big-to-Fail” scheme. These bankers took our uneducated politicians for a ride and convinced them of the fantasy that the bank failures would spread throughout the whole economy, just so that they themselves would not go out of business by paying themselves. The financial system froze anyway, lending is still trickling and for good reasons. This is likely the biggest scam in the history of the world, but it was done legally, since every act of Congress is law. This is all too embarrassing to admit, so don't expect politicians to look back and show regret.   [more]



Really, Mr. Geithner, Do You Really Think So?

April 01, 2010 – Comments (0)

"Treasury Secretary Timothy Geithner said Thursday it's "deeply unfair" that some financial institutions that got taxpayer-paid bailouts are emerging in better shape from the recession than millions of ordinary Americans." - AP  [more]

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