It’s been almost a month now since the bailout was shoved down America’s throat and illegally passed by Congress but the stock market continues steadily falling, unemployment is rising and the global capitalistic system is on the brink of collapse, and more details of the deception and lies from the corrupt political establishment in Washington — as well as more of the usual secretive actions and delusional deceptions being utilized by the Bush administration and the Republican party — are emerging and it appears that we’ve been sold another rotten bill of goods as a result of speculators cashing in on the derivatives that have played a central role in precipitating the current market meltdown, basically an unregulated gambling racket Congress voted to create and legalize.
Despite efforts being made by the news media to spread the myth, our financial crisis is not the result of economic freedom and laissez-faire capitalism. The housing bubble and its crash were purposely created by corrupted Washington politicians, as was the financial crisis we’re facing today. Main Street is losing big and Wall Street is getting away with their fraudulent actions while receiving money from the fraudulent bailout. The constant pursuit of financially struggling American consumers by big finance, as noted by AlterNet, is one of the overlooked causes of the financial meltdown we’re facing today.
Recently, Alan Greenspan admitted he “made a mistake” in believing banks could adequately police themselves. Greenspan didn’t make a mistake. He knew all along what would happen. Deregulation does not work but Wall Street has lobbied for deregulation in Washington for years. Greenspan was a major part of the global recession we’re witnessing today. It’s hard if not impossible to believe that Greenspan is “in a state of shocked disbelief.”
Despite the Wall Street meltdown, the nation’s biggest banks are reportedly preparing to pay their workers as much as last year or more, including bonuses tied to personal and company performance. A review of records by the Associated Press showed that so far this year the total costs for salaries, benefits and bonuses for nine of the largest U.S. banks — which also includes some that cut thousands of jobs — have grown by an average of 3 percent from a year ago. AIG has just about used up the $123 billion its received courtesy of the bailout. Taxpayers are footing the bill for the exorbitant compensations that some CEOs on Wall Street will receive.