Bankrupting the world | WHAT REALLY HAPPENED

Bankrupting the world

The so-called Public Private Partnership Investment Program (PPPIP) introduced last Monday, by Treasury Secretary Timothy Geithner not only stands to bankrupt America but the global financial system as well. This is the worst yet of the bailouts, a swindle if ever there was one, which will cause President Obama’s approval rating to plummet. In fact, count me among those coming to the president’s aid. I really don’t think he understands what this means.

Webmaster's Commentary: 

The PPPIP plan, coupled with the switch back to mark-to-market accounting, is an engraved invitation for Wall Street to become hideously wealthy without having to actually provide any products or services for the cash. They just take (or buy) toxic assets, revise their value upwards (as is allowed under mark-to-market), dump them for pennies, and go to the PPPIP for an 85% reimbursement of their "losses" and all on the backs of the US taxpayers.

I call it the "Mother of all Fuckings!"

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