Danny Schechter on The Secret Wall Street Bailout

Wall Street GreedThe U.S. doled out $12.3 trillion dollars to finance bailouts, a figure far higher than what was previously stated. Danny Schechter writes in Al Jazeera:

Go, Wall Street, Go!

Never mind the rise in unemployment and foreclosures. Never mind the folks waiting to know if they will get the benefits they need before they are cut off. Never mind the growing gap between rich and poor, and the rapid spread of poverty. (Did you know that inequality in the US is at the highest level of any industrialised country?)

Does any of this matter?

The idea of equality as a social goal is apparently passé. Christmas has a special meaning on Wall Street: It’s bonus time.

Just five too big to fail bankster companies have stashed $90 billion for payouts to prized employees. They know that the beat on The Street is fading, so it seems to be take the money and run time. Incidentally, that “bonus pool” will rise with end of the year earnings.

Right now, the greedsters have a PR problem — how to transfer all this wealth from the banks to themselves with the lowest possible tax rate and the lowest degree of bad publicity. They also will try to focus the media on supporting their right to such over the top rewards and “incentives” in the name, of course, of fostering an economic recovery.

Read More of Danny Schechter’s op-ed in Al Jazeera:

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  • rtb61

    The crazy thing about the whole bailout and all those bailouts occurring around the world. All those banks are going bankrupt, which means the owe more than they have, to whom do they owe that money, who owns those billions of dollars of bank debt. We know who, they same people the government is borrowing the money from to give to the banks who then give back to the people the government borrowed it from to bail out the banks.
    So the public gets loaded with debt to borrow money and, immediately give it back to the private individuals it was borrowed from but somehow still owe it and are liable for the interest.
    This is the stuff of craziness why is the government putting it’s own citizens into debt to blatantly enrich a minority, borrow it, give it back and we still owe it and now are forced into austerity measures so that billionaires can be richer billionaires, hmm, get rid of the billionaires as the austerity measures come to an end, now that is a lot more sensible.

  • Anonymous

    The crazy thing about the whole bailout and all those bailouts occurring around the world. All those banks are going bankrupt, which means the owe more than they have, to whom do they owe that money, who owns those billions of dollars of bank debt. We know who, they same people the government is borrowing the money from to give to the banks who then give back to the people the government borrowed it from to bail out the banks.
    So the public gets loaded with debt to borrow money and, immediately give it back to the private individuals it was borrowed from but somehow still owe it and are liable for the interest.
    This is the stuff of craziness why is the government putting it’s own citizens into debt to blatantly enrich a minority, borrow it, give it back and we still owe it and now are forced into austerity measures so that billionaires can be richer billionaires, hmm, get rid of the billionaires as the austerity measures come to an end, now that is a lot more sensible.

  • Oneiric Imperium

    ZOG is squeezing the last few drops out of America before its completely exhausted and useless.

  • Oneiric Imperium

    ZOG is squeezing the last few drops out of America before its completely exhausted and useless.

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