Warren Buffet recently stated in a New York Times article that the bank bailout “was good for the taxpayers” and our financial system would have come to a screaching halt had the Fed and Treasury Dept not come to the aid of wall street and the banks with the TARP bailouts and Quantitative Easing.
I always thought this was untrue. It sounded bad and it felt bad. It didn’t make sense. Low and Behold An astute person, David Stockman, recently posted an explanation of Mr Buffet’s fallacious and self serving statements. The original article can be read at the link below.
http://www.minyanville.com/library/search.htm?search=1&send=1&oid=0&q=&title=&mo=&day=&year=&contrib_id=283
It’s anything but good for the taxpayers. We are being put on the hook for the bailout monies and we will pay more in the form of higher prices through inflation. (the hidden tax) to save the *sses who speculated and played roulette with the financial system and made billions of dollars. Why in the heck are we rewarding these clowns instead of throwing them in jail where they belong? The answer: they have friends in high places. The Paulson, Bernanke and Geitner team of uninformed, illiterate, academics ( who are beholden to the banks and Wall Street boys and think they know everything) who sold out the country at the expense of the taxpayers.
PS Mr Buffet profited handsomely from the bailout.
More on this later with references to Mr Stockman’s article
Paulix
