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All the same, even if it can work - that is, prop up insolvent financial institutions - the Treasury's proposal is still a proclamation of the collapse of the whole U.S. financial system. Even if some financial institutions are saved, the collapse will manifest itself in other ways, probably ways more damaging to the public. For who cares if Goldman Sachs and Morgan Stanley endure if the issuance of $700 billion more in government bonds drives interest rates way up, diverts credit from the private economy, devalues the already sinking dollar, and sends commodity prices soaring again?
In that case the financial class will have won another battle in its long war against the producing class. It will be again as was said about the maneuvers of the Second Bank of the United States two centuries ago: “The bank was saved; only the people were ruined.”
Originally posted by DimensionalDetective
This is so true...I can't believe that ANYONE can still believe this ludicrous bailout of these fraud criminal billionaires is going to do ANYTHING to better the situation for anyone BUT them. This entire deal is like being held up and mugged, when you already have no money. These elitists, and their puppets--The U.S. gov---Have GUTTED this nation financially. For them to even CONSIDER giving the same criminals who are largely responsible for this another $700 Billion (or more) is simply TREASONOUS.