Bank Bailout A Boondoggle of Billions

An excerpt from Bob Chapman's weekly publication.

December 18 2010: A stimulus of pork, anger and hostility over economy brewing, disclosing the bailouts brings discomfort, Europe on life support, Europe in turmoil like in the 1960s, Ron Paul starts in on the Fed.

What the tax package proves conclusively is that the President, the House and the Senate have absolutely no intention of getting their fiscal house in order. We will address the lurid details later. There is no change in the policies of borrowing continuously in order to sustain current consumption and to keep the economy from collapsing. As far as we are concerned the hold up in the package was to load it up with pork and stimulus. Some call it bells and whistles – we call it irresponsible. The Fed and all the players are buying time and 70% of the public knows that and they are going along with it. Very few want to face the music.

The Fed, via the “President’s Working Group on Financial marketsâ€