Thursday, April 09, 2009

Duped !

Back in September 2008, under the laissez-faire "free market" regime of George W. Bush (Dick Cheney presiding), we were suddenly informed the USA & world economy were in a doomsday financial crisis. We needed market intervention. We had to provide huge amounts of public funding to certain private firms (to the very same people who had put their firm in trouble) and -- (drum roll) -- we needed to do it quickly! With little review or forward planning! Hurry!

The resulting Emergency Economic Stabilization Act of 2008, and TARP (Troubled Assets Relief Program) led to a feeding frenzy. Banks & major financial firms consumed many hundreds of billions of dollars in low-cost monies. Soon they were demanding more funds. Market discipline was circumvented; regulatory agencies were kept weak; the inept remained in place.       (Wikipedia 1 - 2 - 3 articles)

If told
"act fast or it's the end of the world"
  -- be very cautious...

We was duped.

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