In fact, there has been no nationalisation, partial or otherwise. American taxpayers have gained no meaningful control over the banks, which is why the banks are free to spend the new money as they wish. At Morgan Stanley, it looks as if much of the windfall will cover this year's bonuses. Citigroup has been hinting it will use its $25bn buying other banks, while John Thain, the chief executive of Merrill Lynch, told analysts: "At least for the next quarter, it's just going to be a cushion." The US government, meanwhile, is reduced to pleading with the banks that they at least spend a portion of the taxpayer windfall for loans - officially, the reason for the entire programme.
I believe Ms. Klein has missed one major item in her hit piece...the minor fact that the Congress that wrote this bill, with all it's faults, is NOT Bush's gang, but the
majority-Democrats...those Dims that are large
and in charge...and now begging the banks to do what they didn't write into the bill. I heard poor old Barney Frank whining about it on NPR this afternoon. Blaming Bush for the Congressional idiocy is just one more symptom of BDS.
undergroundpanther (1000+ posts) Thu Oct-30-08 10:46 PM
Response to Reply #2
5. Ditto that ditto
Resentful thugs. I hope the Democratic president and congress can TAKE BACK the money they have STOLEN from US!!!
Poor UP...the Dims are the ones that stole it.
