The Obama Administration has led a faux populist charge against Wall Street, and their newest proposed method to allow them to con you out of more of your money confirms it.
The New York Times reports that the administration is encouraging the creation of new investment vehicles known as "bailout funds":
The idea is that these investments, akin to mutual funds that buy stocks and bonds, would give ordinary Americans a chance to profit from the bailouts that are being financed by their tax dollars.
Treasury Secretary Geithner has clearly run out of ideas.
He can not get the big money to play along unless he creates avoidance from strict impositions from Congress for banking institutions participating in government programs and guarantees that their investments in these toxic assets are risk free. The Congressional Oversight Panel recently reported that the economic crisis is "far from over".
Trillions of dollars have been pumped into financial institutions here and abroad, borrowed from our sworn enemies, and printed by the Fed, and we are still not out of the woods?
How are "ordinary Americans" going to make money from bailouts that have not worked?
Once again we have stubborn liberals who refuse to admit that their strategy is wrong and will not work, and instead not only give credence to their agenda with this scheme, but do so under the guise of "fairness".
Massachusetts Democrats recently advocated voting rights for illegal immigrants because it is an issue of "fairness".
President Obama aims to change the social fabric of this country because as is the system lacks "fairness".
Now they want people to sacrifice more of their hard earned money, not only playing on people's levels of greed, but asserting that they, the philanthropists they are, want you to be able to make money because this "vast profit" should not just go to the rich.
The Treasury Department continues to conceal details about TARP and TALF, and they have decided to withhold the results of the bank stress tests, which were recently called a "Potemkin model" by University of Missouri-Kansas City Economics and Law Professor William K. Black.
Bernie Madoff's crime does not compare to the felony being perpetrated by the Federal Reserve, U.S. government, and large financial institutions.
Even if this proposal were legit, how can anyone make an informed decision when all the information is being kept away from them?
The less you know, the better -- for them.
It is the government; you can trust them, they're looking out for you, your money, and your best interests.
They always have, and once this nation becomes the largest nanny state in the history of the world, they always will.