Putting the bank “bailout” in perspective

Robert Sheer has crunched some big numbers and shared them at TruthDig:

The good news on the government’s “No Banker Left Behind” program is that, according to the special inspector general’s report on Tuesday, the total handout to date is still less than 3 trillion dollars. It’s only $2.98 trillion, to be precise, an amount six times greater than will be spent by federal, state and local governments this year on educating the 50 million American children in elementary and secondary schools. The bad news is that even greater amounts of money are to be thrown down what has to be the world record for rat holes...

Now Summers and the other finance gurus who move so easily from Wall Street to Pennsylvania Avenue assure us that those professionals who made the toxic swap deals are too big to fail and must be entrusted with 3 trillion of our dollars to save themselves from disaster. And thanks to the laws they wrote, the bankers are likely to be covered for their socially destructive behavior by a get-out-of-jail-free card.

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The story of John McCain and the Keating Five

This story is told in a simple, straight-forward manner by a bank regulator who wants Americans to know that John McCain has long track record for being morally obtuse and economically dangerous.   This particular story is about the Keating Five, but the damage McCain has done to the American economy…

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