Wednesday, April 13, 2011

"Free trade" at its most blatant

Taibbi reports that with an initial upfront investment of $15 million, Waterfall TALF received $220 million in cash from the Fed, most of which it used to purchase "student loans and commercial mortgages." He further explains that the loans were set up so that the investors "would keep 100% of any gains on the deal while the Fed and the Treasury (read: the taxpayer) would eat 90% of the losses."

Time to make that psychopathic worm Bernanke, head of the "free market" credit factory, squirm in front of the cameras under questioning by Rep. Bernie Sanders, and then throw him out on the street and let him run home to his Mommy, the City of London. But, oddly enough, there hasn't been a single squeak from the Capitol about Bernanke's colossal bit of largess (which just happens to be an even multiple of 11, the number of Satanism disguised as black magic) to a couple of likely literal witches, who don't suffer from malignant narcissism, because they revel in it.