Wall Street steals $700 Billion from US taxpayers. This money was taken from taxpayers who now have the burden of this debt placed upon them - and its not actually $700 billion - when you look at the total amount of lending that's involved it runs into tens of trillions. The $700 billion figure was arbitrarily chosen and does not even come close to the real extent of the crisis.
In short, the banks are not lending to each other, so they are hoarding their money out of fear. They won't start lending until confidence builds again. So they don't want to lend out their own money. They want the US taxpayer to pay for the injection of billions which they can then use to enable the movement of credit. In other words "socialism for the rich" as it has been said. They don't want to use their own money. They want to use yours.
I wanted to make a note about this because I believe people should really educate themselves about how money actually works.
I suggest as a starting point you watch "Money as Debt" on Google Video. This explains what's really going on. It's a little long but a must see. See below.
Another decent video is The Money Masters. This is OK for some good historical information. This, along with "Money As Debt" will give you a great insight into the origin of money, of booms and busts, of recessions and so on.
The bailout bill has passed .... Taxpayers have been fleeced and the bailout is not actually a solution
it's at most "a step in the right direction". What's to come? You need to google "amero currency", "north american union" and you can also search for these phrases in Youtube as well. Youtube "Max Keiser" and listen to this guy on this particular issue.
