TGIF and Weekend Open Thread
Matt Taibbi has a great article about Goldman Sachs.
Last year, when Hank Paulson told us all that the planet would explode if we didn’t fork over a gazillion dollars to Wall Street immediately, the entire rationale not only for TARP but for the whole galaxy of lesser-known state crutches and safety nets quietly ushered in later on was that Wall Street, once rescued, would pump money back into the economy, create jobs, and initiate a widespread recovery. This, we were told, was the reason we needed to pilfer massive amounts of middle-class tax revenue and hand it over to the same guys who had just blown up the financial world. We’d save their asses, they’d save ours. That was the deal. . . .
This is the final evidence that the bailouts were a political decision to use the power of the state to redirect society’s resources upward, on a grand scale. It was a selective rescue of a small group of chortling jerks who must be laughing all the way to the Hamptons every weekend about how they fleeced all of us at the very moment the game should have been up for all of them.
How many times are we going to be taken to the cleaners by someone shouting "The sky is falling!" before we wise up? People who take unwarranted risks and make horribly stupid decisions are not deserving of your tax dollars. We get the behavior we reward.
Glenn Greenwald has a nice timeline of the events, here .
Go ahead and cuss. You know you want to. And according to this , it really does make you feel better.
It's Relay for Life weekend. Have you made your donation?
This is an open thread. What's on your mind?