Saturday, March 29, 2008

The Fed Offers More Corporate Welfare To Fat Cat Bankers

Just as New York is gearing up to screw the middle class in these hard financial times, the Federal Government is making the rough patch much smoother for those in the upper class corporate world. The $30 billion dollars provided by the Fed to finance the JP Morgan-Bear Stearns deal outraged many this past week (even motivating hundreds to protest their offices), but imagine how much more ticked off average Americans will be when they hear that the $30 billion in corporate welfare was just the start of this financial insanity.

From RawStory:

The Federal Reserve announced Friday it will auction another $100 billion in April to cash-strapped banks as it continues to combat the effects of a credit crisis.

The central bank said it would make $50 billion available at each of two auctions, on April 7 and April 21.

Through the end of March, the Fed has provided $260 billion in short-term loans to commercial banks through the innovative auction process. It also has employed Depression-era provisions to provide money to investment banks.

Billions upon billions are being "loaned" from the government (meaning us, the taxpayers) to giant corporations with CEOs that make millions upon millions. How exactly is this fair? I'm sorry, the Reagan "trickle-down" theory is no longer viable in a reasoned debate, it has long since been discredited. This action is strictly meant to help the rich stay rich while the vast majority of us is kept down.

Never, ever, let a Republican tell you they aren't in favor of a welfare system, ever. They are lying through their teeth.