In the latest edition of Rolling Stone, Matt Taibbi breaks down what really happened during the bank bailout, and how the government is helping the banks lie about their balance sheets to prevent “panic.” In Taibbi’s analysis, the bailout was never about jump-starting the economy. Ultimately, the banks took tax-payer money to keep them from going out of business, and now get deferred tax credits, so that they don’t have to pay anything into the economy. Sound like a raw deal?
The seventeen minute video above by Democracy Now! is worth every minute.
There’s also the transcript.
And here’s the Rolling Stone article: “Secrets and Lies of the Bailout: The federal rescue of Wall Street didn’t fix the economy – it created a permanent bailout state based on a Ponzi-like confidence scheme. And the worst may be yet to come.”