Thom Hartmann: Tarp was the tip of the iceberg for the Banksters

[thomhartmann]

Run time: 07:07 https://www.youtube.com/watch?v=jSGk-V7OK5A   Posted on YouTube: August 23, 2011 By YouTube Member: TheBigPictureRT Views on YouTube: 51   Posted on DU: August 23, 2011 By DU Member: thomhartmann Views on DU: 621

 
Richard J. Eskow, Campaign for America's Future, joins Thom Hartmann. Turning our attention now to the ongoing bankster-fueled housing crisis. In the second quarter of this year - mortgage delinquencies increased - as now close to 10% of all homeowners are on the verge of being foreclosed on - a sign that the housing crisis beginning in 2007 is nowhere near resolved after four years. What has been resolved though? The Wall Street money-making machine. As more records from the Federal Reserve go public - we’re learning that the 2008 bailout of Wall Street - known as “TARP” - was just the tip of the iceberg in public funds going to the banksters. In December of 2008 - the Fed secretly gave more than $1.2 trillion in virtually interest-free loans to big banks like Morgan Stanley - Citigroup - and Bank of America.

That’s $1.2 trillion!

Which - coincidentally - is about how much it would cost to save 6-and-a-half million homeowners who are delinquent on their mortgages and facing foreclosure. In other words - a clear choice was made in 2008 to help banksters or help bilked homeowners - and the Fed chose the banksters. So today - it’s no wonder that banksters are doing just fine again - with 5 of the six largest banks in America reporting soaring profits - like JP Morgan Chase's 13% profit increase - and Wells Fargo's 29% profit increase. Meanwhile - millions of Americans are still being kicked out of their homes - and Republicans refuse to sign on to any sort of relief to help them. So what do we the people need to do now to make sure we see the same sort of recovery that Wall Street saw?

The Big Picture with Thom Hartmann on RT TV & FSTV "live" 9pm and 11pm check www.thomhartmann.com/tv for local listings

[truedelphi]

1. And then there was a package that Obama pushed through

Some fifty billion dollars that would help people about to lose their homes.

Problem is, the bankers found it easier and more lucrative to avoid working with that program, and to still go ahead and foreclose against the home owners.

Only a fraction of the money ever helped Aemrican home owners.

Whcih goes to show: writing legislation and creating programs that have NO PENALTIES for the bankers is never going to help the average Americans. And it is We Averge Americans who are fianncially on th ehook for the Bailout Trillions and the Big Trillion dollar "loans" to the Biggest of Financial Players.

And these loans are often paid back with "securities" and derivatives of dubnoious value, if they are paid back at all.