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Secret and Lies of the Bailout - Matt Taibbi

"It was all a lie – one of the biggest and most elaborate falsehoods ever sold to the American people. We were told that the taxpayer was stepping in – only temporarily, mind you – to prop up the economy and save the world from financial catastrophe. What we actually ended up doing was the exact opposite: committing American taxpayers to permanent, blind support of an ungovernable, unregulatable, hyperconcentrated new financial system that exacerbates the greed and inequality that caused the crash, and forces Wall Street banks like Goldman Sachs and Citigroup to increase risk rather than reduce it. The result is one of those deals where one wrong decision early on blossoms into a lush nightmare of unintended consequences. We thought we were just letting a friend crash at the house for a few days; we ended up with a family of hillbillies who moved in forever, sleeping nine to a bed and building a meth lab on the front lawn."

http://www.rollingstone.com/politics/news/secret-and-lies-of...

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Comment on the last page sounds a lot like something Ron Paul would say.

"Government intervention," says Klaus Schaeck, an expert on bailouts who has served as a World Bank consultant, "has definitely resulted in increased risk."

Thanks

for posting this article. Anybody who still believes the bailouts were a good thing scares me.

Good Article !

I really believe on a Gold standard this banking fraud, Mr. Taibbi describes, would never have happened !

beesting