Sunday, April 26, 2009
Rather than worrying about the government nationalizing banks, the American people would do well to worry more about the banks controlling the government. Thanks to the missteps of the Obama administration in handling the financial industry crisis, the federal government has essentially become “hijacked” by banks, writes author and financial analyst Ann Pettifor. “America is now, effectively, a Bank-Owned State,” argues Pettifor, and “bankers are barely able to conceal their glee.” In addition to walking away with their “heist” of $700 billion in federal bailout funds, banks came away with zero percent interest on borrowed monies from the Federal Reserve and a sweetheart deal that allows them to unload their toxic assets.
Pettifor writes, “The bullies behind the heist weeded out the competition, and the government allowed big banks to become more dominant in lucrative markets.” Treasury Secretary Timothy Geithner found himself taken “hostage” by Goldman Sachs while it swiped $12.9 billion of AIG bailout funds.
The latest move by the “banking outlaws,” according to Pettifor, has resulted in silencing Geithner in his efforts to tests the fitness of banks. “They weren’t putting up with that, and so, it is rumored, Geithner has backed down, and set the bar very low.”
-Noel Brinkerhoff
America - the Bank-owned State (by Ann Pettifor, Huffington Post)
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