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Pillaging the Average American: Wall Street Paying Back Bailouts with Bailouts
Posted By admin On December 15, 2009 @ 11:09 am In Economic Crisis | Comments Disabled
My Budget 360
December 15, 2009
In the last few weeks the corporatocracy has gone on a massive Madison Avenue public relations tour touting the great job banks are doing and how they are paying back the taxpayer for the generous gift of life. Instead of working with small business or lowering credit card rates banks have taken it upon their shoulders to issue record breaking bonuses. It is true that banks are paying back TARP handouts yet few are focusing on how the banks have made profits in the last 9 months since those dismal days of March. There is also this convenient avoidance of fact that some $14 trillion in bailouts have been made to banks and Wall Street. The TARP repayments amount to a few hundred billion, no small amount, but a fraction of the real cost to the American taxpayer. The average American has benefitted very little from the corporatocracy handout to their banking colleagues.
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