Skip to Content.
Sympa Menu

homestead - [Homestead] An alternative view to Pearlstien

homestead AT lists.ibiblio.org

Subject: Homestead mailing list

List archive

Chronological Thread  
  • From: tom <tom AT honeychrome.com>
  • To: homestead AT lists.ibiblio.org
  • Subject: [Homestead] An alternative view to Pearlstien
  • Date: Tue, 30 Sep 2008 10:01:24 -0400

http://www.counterpunch.org/whitney09292008.html

"....there was no guarantee that the banks would use the money in the way that Paulson imagines. As one Wall Street veteran explained to me, "I don't see one penny of that $700 billion ending up helping the broader economy. I see it being used to prop up share prices so the insiders can salvage as much as possible when dumping their shares".

Indeed, the $700 billion is just part of a massive "pump and dump" scheme engineered with the tacit approval of the US Treasury and the Federal Reserve. Once the banksters have offloaded their fraudulent securities and crappy paper on Uncle Sam, they will do whatever they need to do pad the bottom line and drive their stocks up. That means they will shovel capital into hard assets, foreign currencies, gold, interest rate swaps, carry trade swindles, and Swiss bank accounts. The notion that they will recapitalize so they can provide loans to US consumers and businesses in a slumping economy is a pipedream. "





  • [Homestead] An alternative view to Pearlstien, tom, 09/30/2008

Archive powered by MHonArc 2.6.24.

Top of Page