When you survey the landscape of bailouts, political pork, and floods of liquidity from the Fed, it makes your eyes hurt and water. I tried to come up with a phrase and then an acronym to describe it. Since I have no skill at this, the best I could come up with was ISOR (Insane Spending on the Rich)...Eyesore.
One of the most successful Eyesores is Goldman-Sachs. Think about it, they received TARP funds, $20 billion from the AIG bailout, became a bank, and made $1.8 billion last quarter. Now they are raising $5.5 billion is new money to purchase toxic assets(a sweetheart deal for the powerful financial insitutions). If they can just return those TARP funds, the bonuses can flow again.
Since the big financial institutions are major campaign contributors and sweetheart deal generators for our representatives, don't hold your breath until punitive taxes are applied to them. Where is Barney Frank when you need him? On a junket?
The Hedge Tax is designed to put a stop to this madness. It aggregates the voters in a way that they can express displeasure without taking to the streets.
Comments