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Remind me again why the banksters are still running the country?

Harold Meyerson:

Our leading financial institutions announced that they had actually made a profit in the year's first quarter through the creative manipulation of rules and regulations, lobbied Congress to preserve their ability to raise credit card interest rates just for the heck of it and opposed the administration's plan for restructuring Chrysler, which would save some jobs and honor pension obligations, in the hope that they can redeem the company's bonds at a higher level than they're trading at just now. And, to round out the picture, the Wall Street Journal reported this week that lending at the 19 largest TARP recipients was 23 percent lower in February -- by which time these banks had received hundreds of billions of dollars in public funds intended to enable them to lend more -- than it had been in October, before the floodgates of tax dollars had been fully opened.

This is what our major banks are up to at a time when it is our largess that is keeping them afloat.

This is like giving a teenager the keys to the car back, and then they go out and total the car again. Why are we doing this?

The Big Money Democrats running the administration really need to figure out why they want to keep working for, and why. Pitchforks don't discriminate between parties.

NOTE Mayerson wants to break the banks up. I think that's a half-measure. Why not turn the banks into regulated public utilities?

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basement angel's picture
Submitted by basement angel on

I'm just convinced the Republicans and Wall Street (which are not the same thing) set this whole thing up. They get to continue looting the country and the Democrats, who up until now have had Clinton's financial legacy and FDR's New Deal in their corner, will now have this albatross around our neck in future elections. McCain took public financing - the Pubs didn't even have to pay for that venture. Look at the timing of that financial melt down in October. I think all of it is manufactured. All this pain being unleashed on ordinary Americans and the cream of Wall Street just keeps getting richer.

This is so ugly and I am despairing of our nation's long term health.

Submitted by lambert on

That's the news in this otherwise puffy piece:

Del. Steve Schmidt, the McCain campaign's top operative, came back to his alma mater here Thursday night to relive last year with his Democratic counterpart, fellow University of Delaware alum David Plouffe. The clear fluid in the pitcher between them looked like water -- but it seemed to have the effect of truth serum.

"When Lehman Brothers collapsed in the fall, I knew pretty much straight away the campaign was finished," Schmidt confessed to an auditorium full of college students. When the number of people who thought the country was on the right track "dropped to 5 percent and the economy collapsed, I knew that was not going to be survivable for us."

Making this tin foil hat enthusiast wonder whether Lehman's fall was manipulated. Certainly things look that way at the time.