Monday, December 28, 2009

Wonder who is really going to bail out the banks?

This author argues that the deficit "hawks" will be going after Social Security and other entitlements to pay for the insanity of the banksters.  Hard to fault his logic.

When the Economic Crisis Ends, the Political Crisis will Begin
Who Will Pay For the Economic Collapse?
First Iceland, then Ireland, now Greece. Much of Europe is mired in inescapable debt and bankrupt nations, the result of crashing banks, bank bailouts, and soaring unemployment. The U.S. and U.K. watch from a distance, knowing their turn is next.
The European corporate-elite — like their American counterparts — lavished non-stop praise on the “bold yet necessary” decision to bail out the banks; the economy was supposedly saved from “impending collapse.” But every action has an equal but opposite reaction. Bailing out the banks saved the butts of dozens of European bankers, but now millions of workers are about to experience a thundering kick in the ass.

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