You say "huh?"
One of the rhetorical purposes here at Midknight Review is to remind the readership of the single most important factor influencing the financial collapse of three years ago. It wasn't derivatives trading. It wasn't Big Banking and the lavish CEO bonuses. It wasn't monetary easing. Not at all.
Rather, the recent recession was the result of a sub-prime lending disaster and a Federalized policy known as "Affordable Housing." Pressure was put on banking institutions, ala this video, SEIU and ACORN, and congressional pressure, forcing lending institutions to offer loans at little or no initial cost to those wanting to be home owners; loans that eventually required monthly payments these folks could not make. The result? Among other things, we were given TARP, or should I say, "The banking industry was given TARP." "Toxic Asset Repair" is what TARP was all about or so we were told; $700 billion as a set-aside to cover or off-set the toxic mortgage contracts produced by hundreds of thousands of loans given to folks who had no business getting those loans. The problem with TARP was two fold: first, not a single dime of that $700 billion went to "toxic mortgage assets," and, two, more than 24 trillion (with a "t") was funneled through TARP to the banking industry. Who knows, maybe that total is closer to 30 trillion as we write this post.
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As you can see, those involved in creating the recession have not learned their lesson. Understand that the SEIU demonstrators in this video are not grassroots folks but union members told to "get off your lazy butts and get down to the bank and cause as much trouble as you can." That is what you are seeing in this video. The charge to "demonstrate !!" comes from union leaders and those union leaders are in attendance with Obama more than any other single civilian force. Richard Trumpka, the President of the AFL-CIO, brags that he visits or talks with the White House every single day. Second to his attendance is SEIU leadership and members of ACORN.
Point of post: to let the reader know that there are forces out there in Lala Land that want to return to the failed lending policies of the past.
End notes:
Midknight Review and Judicial Watch were two of a small number of blogs reporting this extravagance. In fact, this editor (that would be me) believes he is the first to write about this developing circumstance back in March of 2009, when it was first revealed that 3 trillion had passed through this piece of legislation.
Financial Crisis Investigation | Judicial Watch
... and reach of the government through its use of $24 trillion for "TARP" (Troubled Asset ....Run the Economy? ...2009; What Happens When Politicians Try to
Midknight Review - new and revised: Obama Administration caught in ...
The latest totals regarding the TARP slush fund reveals nearly 24 trillion with a "t" having been run through the TARP - a circumstance reported by CBS News ...The reader might find these comments from Rush important information, as well:
>>RUSH ARCHIVE: The TARP money was not used for its original purpose. There's something else out there, Jordan, you need to know. The Federal Reserve, before the TARP bailout, made loans totaling $2 trillion and they will not tell us to whom. We don't know who got the money. Whether the Fed loans it or the government prints it, it's our money. So you can talk about the $700 billion TARP. You can talk about the $787 billion stimulus. That's nothing compared to the amount of money that the Federal Reserve lent people at the same time: $2 trillion. We don't know where it went and they will not tell us.
RUSH: Well, we now know that it wasn't $2 trillion. We know it was a little over $3 trillion and we know where it went now. Finally we know where some of it went. "The Federal Reserve revealed details yesterday of trillions of dollars in emergency aid that it gave to US and foreign banks and to nonbank companies ranging from General Electric to Harley-Davidson during the financial crisis." So let me pause for just a second. We go to California and we look at all of the unfunded pension liabilities for the teachers, public employees unions, Teamsters, and the same thing in Illinois and in New York. We have people who have been living on federal dollars, people who have been living well on the public dole.
Source: Rush Limbaugh
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