News from Wall Street and Capitol Hill–The Mother Of All Bailouts Begins to Grow
Last week, the mainstream media described the latest expansion of the Mother of All Bailouts (MOAB), but they politely refrained from calling this what it is: socialism, plain and simple. The grand plan, as it stands now, is to bail out not just consumer banks, but also investment banks, with taxpayer dollars. They are effectively making our life savings and our future earnings surety for a bunch of idiotic contrapreneurs‘ loans on everything from flat top duplexes to McMansions. These were houses that the contrapreneurs bought, that they could never really afford unless the market continued to rise at an …