The ‘Bailouts’ were Frauds and Shakedowns #p2 #tcot #gop

Len Hart, :

The wrong people got the bailouts. One can find daily confirmation of that. Most recently, according to the L.A. Times, the Fed predicted that higher jobless rates, may become a long-term fixture, perhaps a permanent characteristic of the U.S. economy. This bad news follows the Commerce Department's revised estimate of third-quarter growth, up half a percentage point from 2 percent –nothing to write home about.

In fact, some Fed policymakers on Tuesday raised the specter of a permanently higher jobless rate for the U.S. economy, suggesting that many more workers will struggle to get back on their feet even as the economy continues to grow.

The Fed's forecast is an acknowledgment that the "healing process in the economy has slowed to a crawl," said Ethan Harris, an economist at Bank of America Merrill Lynch.

The central bank's predictions were released Tuesday as part of the minutes of its early November meeting, when the institution also approved its controversial bond-buying program to spur economic growth.

The nation's unemployment rate has been stuck at 9.6% since August.

Just a few months ago, Fed officials were more optimistic about the road ahead — for jobs and the overall economy. But now they see the economy growing by about 2.5% this year, not enough to make a dent in unemployment.

--Gloomy Fed employment forecast overshadows upbeat GDP dataTo be expected, consumer spending will drop. People who have less money or, worse, no job at all, will cut spending. They have no choice. The very, very rich i.e, the ruling 1 percent, are just fine, thank you for asking! You made it possible. But --the party is over.

The wrong people got the bailouts! By 'wrong people' I mean the big banks, insiders, fat cats and leeches. By wrong people, I mean those who game the system, make a living by moving funny money around or --even worse --your money! In passing, I must ask: do you really think it a good idea to literally 'give' these shysters the monies that you have paid in to the Social Security Trust Fund? My quick response: not a chance!

An effective bailout would have put money into the hands of real people --not legal abstractions or Wall Street insiders. An effective bailout would have increased the supply of real money in circulation. A real bailout would have created jobs and stimulated real industries --not money changers, Wall Street shysters, insiders or funny money men!

rest here http://existentialistcowboy.blogspot.com/2010/12/bailouts-were-frauds-and-shakedowns.html