MONEY: TARP was theft

Thursday, January 3, 2013

http://www.ritholtz.com/blog/2012/12/its-not-a-tax-or-spending-problem-its-a-devolution-into-lawlessness/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+TheBigPicture+%28The+Big+Picture%29

It’s Not a Tax or Spending Problem … It’s a Devolution Into Lawlessness
By Washingtons Blog – December 26th, 2012, 1:30AM
It’s Not a “Fiscal Cliff” … It’s the Descent Into Lawlessness

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Numerous top economists say that the bank bailouts are the largest robbery and redistribution of wealth in history.

Why was this illegal? Well, the top white collar fraud expert in the country says that the Bush and Obama administrations broke the law by failing to break up insolvent banks … instead of propping them up by bailing them out.

And the Special Inspector General of the Tarp bailout program said that the Treasury Secretary lied to Congress regarding some fundamental aspects of Tarp – like pretending that the banks were healthy, when they were totally insolvent. The Secretary also falsely told Congress that the bailouts would be used to dispose of toxic assets … but then used the money for something else entirely. Making false statements to a federal official is illegal, pursuant to 18 United States Code Section 1001.

So breaking the rules to bail out the big, insolvent banks, is destroying our prosperity.

A strong rule of law is essential for a prosperous and stable economy, yet the government made it official policy not to prosecute fraud, even though criminal fraud is the main business model adopted by the giant banks.

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It seems like it is time to hold the politicians and bureaucrats accountable for the lies and frauds.

My favorite is DonwsizeDC with its Read The Bills and One Subject At A Time ideas,

Of course, if no one is held accountable, then it really doesn’t matter. 

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