Remember that TARP program? That money was supposed to go to buying bank's mortgages. Instead, it goes to the banks, then the banks buy stocks via third party trading firms as leveraged loans to them. It's totally legal and total BS. It's why the banks are still not really loaning any money like they were supposed to using all this government money. The banks are still insolvent. Just not forced to admit it.
But that's what the Fed wanted. Prop the market to prop the retirement accounts and pension funds. Otherwise, the country was totally screwed. I agree with the motives and understand the need, but c'mon, it's time we get back to being responsible for your own actions and having to pay for your mistakes.
Now this new Dodd bill in congress I agree with too. No more bail outs. You go out of biz, the goverment then takes you over, breaks your company apart, and sells off the pieces, just like Wall Street does.
Maybe that will stop these bastards from getting everyone into these messes.
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