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To: Nihontochicken who wrote (96868)	4/22/2009 6:13:12 PM
From: Sr K	Respond to of 116555

on Bill Seidman's statement >>This program is made for fraud. And it's just too big to control<< Some things happen too fast for the public or even Congress to know what is happening. In the big Bank of America 10/90 guarantee, it wasn't even split into Countrywide and Merrill Lynch categories. The Countrywide "portion" was just swept under the "rug". AFAIK.

To: Nihontochicken who wrote (96868)	4/22/2009 8:39:13 PM
From: Nihontochicken	Respond to of 116555

If you care about TARP and the like and aren't yet worked up enough, here are links to a couple of The Nation articles. "Thievery Under TARP" by Robert Scheer: thenation.com "As with the entire banking bailout, the new plan of Obama's treasury secretary, Timothy Geithner, is likely to enrich the very folks who impoverished the rest of us, as the report notes: 'The significant government-financed leverage presents a great incentive for collusion between the buyer and seller of the asset, or the buyer and other buyers, whereby, once again, the taxpayer takes a significant loss while others profit.'" (Yup, this is as simple as "you buy my toxic stuff, and I buy yours, and the risk is all transferred to the Government and taxpayers.") "Testicular Politics: Obama and the Big Dogs" by William Greider: thenation.com "I do not doubt the president's good intentions, but if he is not vigilant, the 'Obama precedent' could prove to be an ugly legacy. His name might someday be linked to wilful evasion of misdeeds and the degradation of law and moral principle. When great crimes are committed in the future by government or by powerful private interests, people in authority might decide to let them go by, citing the national interest and recalling how Barack Obama dealt with similar events." Ah, yup, expediency versus moral hazard. Wonder which one will win in the world of politics? Though I tend to think Obama is in the bankers' pocket, not opposing them. Long live crony capitalism! NC