(Flashback!)…Third World America: Drowning in Debt and Choking on Lies
If a drunk driver crashed his speeding rental car into your house and killed your spouse, you would be outraged if law enforcers took bribes and refused to give the driver a blood test. If the judge then gave the killer a small fine and ordered you to pay the fine and pay for all the damages, you’d be outraged. If the government then handed the drunk-driver keys to a bigger faster rental car, handed the drunk driver an even bigger bottle of whiskey, and then gave you the rental bill; you’d storm Washington, blizzard elected officials with protests and organize friends and associates to vote these malefactors, the elected officials that betrayed your trust, out of office.
Yet, we’ve remained largely silent in the face of the same sort of behavior by Wall Street and Washington. Bonus-seeking bankers crashed into Main Street’s economy and ran control frauds within banks that would have failed without taxpayer bailouts. Bureaucrats and elected officials bailed them out without demanding consequences. Bankers are revving their engines again in credit derivatives, currency derivatives, and commodities trades. “Financial reform” addresses none of the latter problems.
Arianna Huffington’s Third World America: How Our Politicians are Abandoning the Middle Class and Betraying the American Dream explains that the $787 billion American Recovery and Reinvestment Act, the bank bailout package also known as TARP, allotted only $72 billion to infrastructure projects. Another feature of the bill was to have banks agree to lend money to medium and small sized businesses to stimulate the economy. That didn’t happen and official unemployment numbers remain above 9%, while unofficial figures for underemployed Americans soar above 20%.