?? This.

THIS, THIS, THIS. (from Dependable Renegade)

A thousand times, this. From The Reformed Broker, a reality-based One Percenter:

In 2008, the American people were told that if they didn’t bail out the banks, their way of life would never be the same. In no uncertain terms, our leaders told us anything short of saving these insolvent banks would result in a depression to the American public. We had to do it!

At our darkest hour we gave these banks every single thing they asked for. We allowed investment banks to borrow money at zero percent interest rate, directly from the Fed. We gave them taxpayer cash right onto their balance sheets. We allowed them to suspend account rules and pretend that the toxic sludge they were carrying was worth 100 cents on the dollar. Anything to stave off insolvency. We left thousands of executives in place at these firms. Nobody went to jail, not a single perp walk. I can’t even think of a single example of someone being fired. People resigned with full benefits and pensions, as though it were a job well done.

The American taxpayer kicked in over a trillion dollars to help make all of this happen. But the banks didn’t hold up their end of the bargain. The banks didn’t seize this opportunity, this second chance to re-enter society as a constructive agent of commerce. Instead, they went back to business as usual. With $20 billion in bonuses paid during 2009. Another $20 billion in bonuses paid in 2010. And they did this with the profits they earned from zero percent interest rates that actually acted as a tax on the rest of the economy.

Instead of coming back and working with this economy to get back on its feet, they hired lobbyists by the dozen to fight tooth and nail against any efforts whatsoever to bring common sense regulation to the financial industry. Instead of coming back and working with the people, they hired an army of robosigners to process millions of foreclosures. In many cases, without even having the proper paperwork to evict the homeowners.

. . .  but millions of Americans are in a living hell. This is why they’re enraged, this is why they’re assembling, this is why they hate you. Why for the first time in 50 years, the people are coming out in the streets and saying, “Enough.”

10 responses to “?? This.

  1. I did a short post last night, showing on video, customers being locked inside a Citibank for wanting to close their accounts, and end up getting arrested. You watch this, and it makes you wonder are the Banks calling the shots now on who to arrest!

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  2. ” they hired lobbyists by the dozen to fight tooth and nail against any efforts whatsoever to bring common sense regulation to the financial industry. ”

    Explain to me, anybody on this board, what gender and racial quotas in section 342 in Dodd-Frank have to do with common sense regulation. How it will stop the next financial crisis. Democrats used the crisis to pass their Social Engineering wet dreams. Democrats have not wasted any crisis, have they ?

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    • Alan, you might bring some numbers, quotes, or even a link?
      If I want to research this on my own, I would. But….you bring a negative ‘tone and tenor’ to an admittedly liberal blog, and then expect followers to research this or already know section 342.
      Probably not happening.

      Otherwise, you did not at all address the main point of the post here.
      The main point was even highlighted in bold to make it easy to follow.
      You chose to go into a discussion of ‘gender and racial quotas’.
      Probably not happening.

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    • For 14 of the last 18 years, Republicans have controlled all spending by the US by virtue of being the majority in the US Congress and controlling the Appropriations and Way and Means Committees.

      After the great depression, the US passed the Glass Seagull act separating banks and investment houses – to prevent what happened in 1929. Then, in the 80’s and the 90s’ and 00’s, those protections were undone. And guess what . . . .

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  3. [Democrats have not wasted any crisis, have they]

    I’d say the Republican governors got their crisis on, too…

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  4. Noodleepoodlee shared this column with me this morning, and I liked it a lot. I’m pleased that the author examines the role of the bailouts several years ago in the current economic mess.

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