By Chris Rossini
The irony is so thick in this story, you may not be able to handle it. Let's go back to the financial crisis of 2008. Easily, one of the biggest heists in world history went by the name of TARP, and it bailed out the crony banks. For those who don't remember, the U.S. Treasury Secretary at the time was Henry "Hank" Paulson.
In 2007, before the Fed's centrally-planned economy hit the fan, Paulson was whistling past the graveyard. He was saying things like:
"This is far and away the strongest global economy I've seen in my business lifetime."
In March of 2008, Paulson kept whistling:
"We've got strong financial institutions . . . Our markets are the envy of the world. They're resilient, they're...innovative, they're flexible. I think we move very quickly to address situations in this country, and, as I said, our financial institutions are strong."
However, once the Fed's kaleidoscope economy went into a free fall, Paulson's story changed and the pilfering of the American taxpayer was set in motion. Paulson nationalized Fannie Mae & Freddie Mac, transferring $5 TRILLION of mortgage liabilities to the federal government.
There was also TARP, the big bailout of the banks. Americans were so strongly against it, but it mattered not. The banks would get their $700 BILLION bailout no matter what the taxpayers thought. Paulson would say on Sept. 19, 2008:
"We're talking hundreds of billions of dollars - this needs to be big enough to make a real difference and get at the heart of the problem. This is the way we stabilize the system."
On the bailout of AIG, Paulson said:
"If AIG collapsed, it would have buckled our financial system and wrought economic havoc on the lives of millions of our citizens."
Interesting that Paulson would project such fear about a nation whose markets were supposedly "the envy of the world" and "resilient" and "flexible"...etc. Nevertheless, Americans were mugged for the benefit of the crony banks and that was that.
Now for the irony....
Today, CNBC has a headline that says: Hank Paulson: China needs to let ‘failing companies fail’.
No further comment.
Ok, maybe just one...End The Fed.