Geithner says pickpocketing trillions from the people to give to the oligarchy was “deeply unfair”, but we … um … had to
It is not like their approach fell on them and they couldn’t do anything about it. Geithner, Summers, Bernanke and the boys made a conscious decision to side with the oligarchy at the expense of the people.
So has Obama. Continually and always.
Former Sec. of Labor Robert Reich also calls bullshit on this, using the Bear Stearns bailout as an example. Emphasis added.
The Fed has finally came clean. It now admits it bailed out Bear Stearns – taking on tens of billions of dollars of the bank’s bad loans – in order to smooth Bear Stearns’ takeover by JPMorgan Chase. The secret Fed bailout came months before Congress authorized the government to spend up to $700 billion of taxpayer dollars bailing out the banks, even months before Lehman Brothers collapsed. The Fed also took on billions of dollars worth of AIG securities, also before the official government-sanctioned bailout.
The losses from those deals still total tens of billions, and taxpayers are ultimately on the hook. But the public never knew. There was no congressional oversight. It was all done behind closed doors. And the New York Fed – then run by Tim Geithner – was very much in the center of the action.
Geithner probably belongs in prison, as do most of the top financial “advisers” in the Obama Administration. Arrogant thugs, all of them.