“The panic and bailouts that followed were really about protecting the bonuses and incomes of very wealthy and politically well-connected managers at banks and other heavily leveraged businesses that were eventually deemed too big to fail. What followed was a massive transfer of wealth from the taxpayers and middle-class savers, in the form of bailouts and zero interest rates on bank deposits imposed by the Fed, to the so-called One Percent. As I show in my book, none of this was necessary to save the larger economy, since the losses that would have taken place as a result of the collapse would have been largely limited to Wall Street.”
http://www.mises.org/daily/6521/David-Stockman-on-his-Book-and-the-Bailouts
Related posts:
Wendy McElroy: First They Came For The Porn Stars...
Washington’s Pax Americana Cartel
David Galland: How to Tell if You Live in a Police State
Expatriation Can Save You From the Not-So-Free America
Got grandparents? Four places where you can become a citizen.
The Echo Boom in Housing-Recovery Stocks
How Bitcoin solved my startup's international banking problem
Oil and Water: An Armed Citizenry and a Police State
Paul Rosenberg: 'Production Versus Plunder', Part 2
With Enemies Like This, Who Needs Friends?
Ten Ways to Reduce Terrorism - Can We Admit The War On Terror Has Failed?
A Thanksgiving for JFK
Charting Insolvency: Social Security and Wages
Rebuilding Mogadishu with Local Knowledge
The FBI: An American Cheka