Monday, October 19, 2009


A senior US government official said this: "...There is no financial institution that exists today that is not the direct or indirect beneficiary of trillions of dollars of taxpayer support for the financial system.”

Well, a good point. We who do read the news and can put 1 and 1 together to get 2 outside of Washington had figured that out awhile back, thank you. So what else is new?

By the way we have been mad as hell for sometime that we, the taxpayers, did not get much out of our trillion dollar rescue while the rescued bankers are cleaning up and crying all the way to the bank, crying of manic laughter of course.

But who was this "thundering bank critic", Paul Krugman is his NY Times column asked rhetorically?

"None other than Lawrence Summers, the Obama administration’s chief economist — and one of the architects of the administration’s bank policy, which up until now has been to go easy on financial institutions and hope that they mend themselves....Indeed: Goldman has made a lot of money in its trading operations, but it was only able to stay in that game thanks to policies that put vast amounts of public money at risk, from the bailout of A.I.G. to the guarantees extended to many of Goldman’s bonds."

Krugman's entire column is here.

So, is calling Summers a 2-face hypocrite too harsh? You decide.

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