Tuesday, October 28, 2008
Government Saying One Thing on Bailout, Doing Another
In an act of superficial political theater today, Bush told banks to "stop hoarding money".
However, Bush's Treasury Department is encouraging banks to use the bailout money to buy their competitors, and has pushed through an amendment to the tax laws which rewards mergers in the banking industry.
Moreover, Bush's government bucked tradition and insisted that it only take non-voting shares in banks it bails out, ensuring that it has no power to require them to lend out money.
The government is saying one thing, while doing the exact opposite.
4 comments:
→ Thank you for contributing to the conversation by commenting. We try to read all of the comments (but don't always have the time).
→ If you write a long comment, please use paragraph breaks. Otherwise, no one will read it. Many people still won't read it, so shorter is usually better (but it's your choice).
→ The following types of comments will be deleted if we happen to see them:
-- Comments that criticize any class of people as a whole, especially when based on an attribute they don't have control over
-- Comments that explicitly call for violence
→ Because we do not read all of the comments, I am not responsible for any unlawful or distasteful comments.
Posts
Has anyone see this information about the new world order? Seems very current.
ReplyDeletehttp://absolute.corruptpower.com/index.php?id=1
George I just wanted to let you know you are a credit to your country and your work is commendable. Even if it is frightening...
ReplyDeleteI do my part by subjecting "them" to ridicule:)
Lovely post
ReplyDeleteGood post
ReplyDelete