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Thursday, May 13, 2010

Finance 101: Blame the Poor (While Taking Their Money) http://www.informationclearinghouse.info/article25430.htm

That we do know for sure is that the US government has given more than a trillion taxpayer dollars to big banks like Goldman Sachs and Citigroup, to prevent them from going under. This has led to huge deficits, which has brought demands from the wealthy that the government cut back on social security and Medicare.

So while the bank executives continue to reward themselves with multimillion dollar bonuses at the taxpayer’s expense, poor pensioners—who you will see at the grocery store buying marked-down, half-rotten fruit and vegetables—are asked do get by without their medicines and live on bread and water. And what about the “ordinary” people of America? The great middle class of suburbia?

Mom and dad working three or four part-time jobs between them, kids working too, always trying to get ahead, but never quite getting out from under a lifelong load of debt—interest continually piling up. Banks repossessed nearly a million homes last year. Another three million went into foreclosure and the total number of homes repossessed will likely reach over 7 million when all is said and done, say experts.

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