White House is putting out the word that it is recovering most of the billions delivered on silver patter to Wall Street. The taxpayers "only" lost $42 billion! How marvelous! Let's celebrate. Read this article here.
The taxpayers wrote near blank checks to Wall Street and what did they get? "Only" $42 billion loss while a few firms are reporting record earnings (using zero cost taxpayers' money with a guarantee), while paying out record bonuses in billions when the country is suffering from double digit unemployment rate and while California, formerly "the future" is teetering on the brink of being a "failed" state.
Losing only $42 billion is a "good" deal that warrants front page celebrations?
Pathetic is the only word I can think of.
Chalk it down as another Washington Xmas Giveaway. We all know the details of the bailout came from Hank Paulson, Larry Summers and Tim Geithner.
Let's not remember Harry Truman's axiom: The Buck Stops Here. Only one person and one alone must shoulder the accountability -- Barack Obama, the President of the United States.