Category Archives: bailout
Other People’s Money in Cyprus
The EU tried to tax Cypriot savings accounts up to 10% in exchange for a bail-out of the banking system. The attempted heist was broken up by the Cyprus parliament with 36-0 vote. So now the Cyprus banks are closed until Tuesday awaiting plan B.
Arnold Ahlert says the world banking system is running out of other people’s money -”we’re all Cypriots now”.
In return f
Those Whacky Puritans
While the Mayor and Michelle go Carrie Nation on the sugar industry, the rest of us are bailing it out with price supports. Got the idea for this one from this Steve Chapman column.
Eric Holder’s Wars
Eric Holder’s Justice Department sued Standard and Poor’s for giving bad advice. That bad advice consisted of high ratings the company gave for mortgage backed securities leading to the 2008 meltdown.
Jack Lew, the president’s nominee for Treasury Secretary, worked for Citigroup’s subprime department during the time leading up to the 2008 meltdown. Lew was rewarded with a nearly million dollar bonus following Citigroup’s government bail-out.
In an effort to divert attention from Lew (okay I made that up), the White House released Justice Department documents justifying the killing U.S. citizens without judicial review. I didn’t make that up.
Location Location
U.S. taxpayers live in a bad neighborhood. Now the good neighbor, FHA, may be headed for a bail-out. FHA is $16 billion in the hole – we’re $16 trillion in the hole. How does that work?
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