Saturday March 28, 2009
How the Scam Works
Michael Hudson
Counterpunch
The Free Market, Financial Style
Newspaper reports seem surprised at how high banks are bidding for the junk mortgages that Treasury Secretary Geithner is now bidding for, having mobilized the FDIC and Fed to transfer yet more public funds to the banks. Bank stocks are soaring – thereby bidding up the Dow Jones Industrial Average, as if the “financial industry” really were part of the industrial economy.
Why are the very worst offenders – Bank of America (now owner of the Countrywide crooks) and Citibank the largest buyers?
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Posted in: by bubblejam at 09:12 PM | Comments (0) | Email This Entry