Moral Outrage
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Posts Tagged ‘bailout

The beginning of a fullblown banking crisis

August 11, 2011

Let’s say Joe Blow bought a house in 2005 for $400,000 believing the hype that “Housing prices can only go up”. But by 2008, Mr Blow is underwater because housing prices have dipped and his house is only worth $300,000. Even worse, he has to put his house on the market fast because he just […]

True Cost of Fannie Freddie Bailouts $317 Billion

June 6, 2011

The Congressional Budget Office (CBO) says the real cost of the federal government guaranteeing the business of failed mortgage giants Fannie Mae and Freddie Mac is $317 billion — not the $130 billion normally claimed by the Obama administration. In a report delivered to the House Budget Committee on June 2, the CBO said a […]

Wall Street and its 10 most ridiculous lies of 2010

December 31, 2010

1.”Honest, we didn’t do it!” Sadly, their blame-shifting strategy worked, bamboozling the media and people across the political spectrum. Crooks? Morons? Take your pick. 2.”The overall costs will be incredibly small in comparison to almost any experience we can look at in the United States or around the world.” Ever since Treasury Secretary Timothy Geithner […]

Harvard historian warns of sudden collapse of American empire

July 15, 2010

Harvard professor and prolific author Niall Ferguson opened the 2010 Aspen Ideas Festival with a stark warning about the increasing prospect of the American “empire” suddenly collapsing due to the country’s rising debt level. “I think this is a problem that is going to go live really soon,” Ferguson said. “In that sense, I mean […]

Americans –finally—take to the streets protesting Wall Street frustrations

May 2, 2010

Thousands of workers and union leaders marched on Wall Street to express their anger over lost jobs, the taxpayer-funded bailout of financial institutions and questionable lending practices by big banks. The rally was organized by the AFL-CIO and an association of community groups. It included a diverse mixture of union workers, activists, the unemployed, and […]

More of the Same Sh** from the Slimey Swamps of the Wall Street Bank Barons

April 19, 2010

The first thing people need to understand is that the economic crash wasn’t a crash for the people who caused it. The economic top 1% of the population now controls a record 70% of all financial assets. While the economic crisis has been devastating for 99% of America, the Wall Street elite are awash in record […]

Secret Banking Cabal Emerges: Bloomberg

January 30, 2010

The idea of secret banking cabals that control the country and global economy are a given among conspiracy theorists.  After this week’s congressional hearing into the bailout of American International Group Inc., you have to wonder if those folks are crazy after all. Wednesday’s hearing described a secretive group deploying billions of dollars to favored […]

The Tragic State of the United States: “It’s like we are living in a Third World country”

November 23, 2009

The following is an edited excerpt from the Amped Status report, “The Critical Unraveling of U.S. Society.” 1. The gap between the top 1 percent and the remaining 99 percent of the U.S. population has grown to a record high. 2. The three big banks that took taxpayer money and benefited the most from the […]

Excessive Compensation for Bailout Barons

September 6, 2009

One year after the global banking system collapse, the IPS Annual Executive Excess report — “America’s Bailout Barons” — shows that the perverse system of executive compensation which contributed to the financial meltdown is still thriving for top bailout recipients. Last April, President Obama spoke out against excessive executive compensation, saying, “In order to restore […]