Giant Banks Lobby to Raise the Debt Ceiling and Slash Public Benefits… So They Can Keep Sucking at the Public Teat

Friday, July 29, 2011
By Paul Martin

Washington’s Blog
July 29, 2011

Economist Dean Banker notes:
Wall Street will suffer more than anyone from a default and it will not let it happen. The public should know this, certainly Wall Street does.
No wonder the fatcats running the giant banks which received tens of trillions in bailouts, loans and guarantees from the American public are screaming loudly that the debt ceiling must be raised.
Robert Reich points out:
Why has Standard & Poor’s decided now’s the time to crack down on the federal budget — when it gave free passes to Wall Street’s risky securities and George W. Bush’s giant tax cuts for the wealthy, thereby contributing to the very crisis its now demanding be addressed?
Could it have anything to do with the fact that the Street pays Standard & Poor’s bills?
Remember, the big 3 government-sponsored rating agencies routinely took bribes as their normal business model, committed massive fraud which greatly contributed to the financial crisis, covered up improper ratings after the fact, and otherwise sold their soul (in their own words). And see this and this.

The Rest…HERE

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