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Too Bad to Fail





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During the banking crises, the billion dollars bailout was given to those reckless, behemoth banks that were called too big to fail; the argument was that they would bring down the entire American economy if they were allowed to suffer the consequences of their greed-driven gambles. We learned of that shadow world of devious derivatives, short sales, and swinish swaps, etc. none of which meant a damned thing to me, but meant mega fortunes for Goldman Sachs and their brothers in that high stakes gambling casino called American banking; a casino in which the house always won, because the people would cover the losses. We were essentially held hostage to these banks, not daring to risk their failure which then might spread across the nation and the world and transform a horrible recession into a devastating depression.

Thus we had the Obama policy of bailout before they destroyed the entire world economy; note that both the scheme for bailout and the destruction had been in place before Obama came into office. And still, months later, the jobs situation is critical for millions despite the assurances of Timothy Geithner and Larry Summers. A situation made more critical by the stone-hearted Republicans who refuse to extend the unemployed benefits for the long term unemployed. Lionel Barrymore and Edward Arnold played these guys in the old thirties movies, political friends of the millionaires, and the enemies of the downtrodden, but Jimmy Stewart always saved the day. Where is Jimmy now that we need him? Can Obama find his inner Jimmy Stewart? We can only hope so. If this is class warfare it is unique, because it is a revolution started by the super-rich. 




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