Now that Fannie Mae has asked for more bailout money just after they issued nice large bonus’s to their good old buddies, it really does seem like business as usual in Washington. Or should I say Wall Street.
While many huge Banks (some new to being banks, only recently being classified Bank Holding Companys in order to obtain Federal Bailout funds) have taken huge bailout (some the public knows about, most the public does not have any idea of) while at the same time offering massive bonuses to the top executives under all sorts of interesting names and classifications. All this while now Federal regulators and the FBI search for 593 million dollars in missing MF Global investor money, just after large bonuses were paid out to their former ex-governor, ex-politician, ex-CEO.
One may begin to wonder the ultimate wisdom of the Bi-partisan effort (initiated by GOP Wall Street financed House members, then signed into law by then President Clinton) that culminated in the 1999 repeal of the Glass-Steagall Act, which many experts and independent economists say was the true cause of the economic crisis of the last 5 years. One may wonder if they made enough already, or is there another “crash” coming soon.
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| A Classic Large and Very Expensive Bank Building, this one in Green Bay, WI Photo; Marcel Kuemmet Photography |
One may begin to wonder the ultimate wisdom of the Bi-partisan effort (initiated by GOP Wall Street financed House members, then signed into law by then President Clinton) that culminated in the 1999 repeal of the Glass-Steagall Act, which many experts and independent economists say was the true cause of the economic crisis of the last 5 years. One may wonder if they made enough already, or is there another “crash” coming soon.
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