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Phony Bailouts Fleece America

[ This is something we knew from the last months of the Bush II era…  “Obama” (aka ???) simply took it all to the next level.  Oh, and the numbers are wrong here.  The amount “transferred” really was in the TRILLIONS.  Bush and Obama – Two faces for the same talking head…. ]

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WASHINGTON (AP) – The $700 billion U.S. “bailout program” launched in response to the global economic meltdown had a far greater impact overseas than other countries’ financial rescue plans did on the U.S., according to a new report from a congressional watchdog.

Billions of dollars in U.S. rescue funds wound up in big banks in France, Germany and other nations. That was probably inevitable because of the structure of the Treasury Department’s program, the Congressional Oversight Panel says in a new report issued Thursday.

The U.S. program aimed to stabilize the financial system by injecting money into as many banks as possible, including those with substantial operations overseas. Most other countries, by contrast, focused their efforts more narrowly on banks in their nations that usually lacked major U.S. operations.

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