Monday, February 9, 2009
Leading Economist Says True Purpose of Bank Rescue Plans is "A Massive Redistribution of Wealth to the Bank Shareholders and Their Top Executives"
Leading PhD economist Dean Baker minces no words in slamming the bailouts, the "bad bank" proposal, and the mainstream media's dishonest reporting on the financial crisis.
As Baker says in a new article:
Mr. Geithner wants to use taxpayer dollars to keep bankrupt banks in business. In effect, he wants to tax teachers, fire fighters, and Joe the Plumber to protect the wealth of the banks' shareholders and to pay high salaries to their top executives.***Is this how government is supposed to work?
The point of buying the bad assets is to pay too much, so that the banks can get enough money to stay solvent. ***
It would be nice if the [Washington] Post and the rest of the media would report honestly on the bank bailout and stop trying to conceal plans for a massive redistribution of wealth to the bank shareholders and their top executives.