Monday, August 22, 2011

corporate welfare dwarfs any social program

when the tea party right wing establishment cries about big government and deficit spending, you know it's just code for giving money to negroes while hard-working white people can never catch a break. that's what makes their plaints so pathetic. when it comes to the real giveaways, get this:

Wall Street Aristocracy Got $1.2 Trillion in Loans from Fed - Bloomberg: Citigroup Inc. (C) and Bank of America Corp. (BAC) were the reigning champions of finance in 2006 as home prices peaked, leading the 10 biggest U.S. banks and brokerage firms to their best year ever with $104 billion of profits.
By 2008, the housing market’s collapse forced those companies to take more than six times as much, $669 billion, in emergency loans from the U.S. Federal Reserve. The loans dwarfed the $160 billion in public bailouts the top 10 got from the U.S. Treasury, yet until now the full amounts have remained secret.
Fed Chairman Ben S. Bernanke’s unprecedented effort to keep the economy from plunging into depression included lending banks and other companies as much as $1.2 trillion of public money, about the same amount U.S. homeowners currently owe on 6.5 million delinquent and foreclosed mortgages.

of course, the GOP -- of which the tea party is a wholly-owned subsidiary -- is pleased as punch to be able to offer this kind of largess to its most prolific benefactors, the multi-national corporate powers. their program of zero regulation coupled with infinite corporate welfare is part of the greatest transfer of wealth in history, which is taking place before our very eyes.

the public might be aghast, if they were to arouse from their media-induced stupor long enough to comprehend what's happening. unfortunately, the art of misdirection is a specialty of the elite media that shapes public opinion, so as soon as someone starts to pay attention, some new distraction erupts to change the subject.

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