Karl Denninger (200
A trip down memory lane...

Here's what Karl said in 2008:

"Henry Paulson is about to be given an $800 BILLION dollar blank check in the form of an increased Federal Debt Ceiling which he can spend on Fannie Mae and Freddie Mac IN ANY WAY HE CHOOSES, INCLUDING BUYING THE CRAPPIEST LOANS THEY HAVE AND STICKING A ONE HUNDRED PERCENT LOSS, $800 BILLION WORTH, ON YOUR TAX BILL.

A huge percentage of the debt issued by Freddie and Fannie - about $1.5 trillion worth - is held by foreign central banks.

Paulson is proposing to bail out the Chinese and Japanese governments with our tax money!

Paulson SAYS he will "protect the taxpayer."

THE BILL ALLOWS HIM TO SCREW YOU WITH ABSOLUTELY NO RECOURSE.

THIS BILL MUST NOT PASS."

Reminder: The PEOPLE of the United States were against this. Many of their elected representatives were. In fact, the US House of Representatives said "no." It was the Senate - AKA 'the millionaire's club" who rammed this down our throats.

Bush the Idiot was fine with it and so was the idiot who followed him and the idiot running for the Republicans is fine with it too.

We've lived in the Age of the
Big Bank Bailout for so long,
it's getting hard to imagine
what life was like before it.

Here's where we were before
the Senate rammed the first
bailout down our collective
throats...

Video:

Banking malfeasance Four years ago

Ken McCarthy
Real Econ TV



Who was screwed??? Who was protected !!!!!