Friday, March 20, 2009

A planned program of U.S. financial concentration

Paul Craig Roberts, a former Asst Secretary of the Treasury , poses the question “Is the whole point of the bailout to supply taxpayer money for a program of financial concentration?”

Roberts agrees that Professor Michael Hudson (CounterPunch, March 18) is correct that the orchestrated outrage over the $165 million AIG bonuses is a diversion from the thousand times greater theft from taxpayers of the approximately $200 billion “bailout” of AIG.

Eliot Spitzer, the former New York Governor who was set-up in a sex scandal to prevent him investigating Wall Street, pointed out that the real scandal is the billions of taxpayer dollars paid to the counter-parties of AIG’s financial deals. These payments, Spitzer writes, are “a way to hide an enormous second round of cash to the same group that had received TARP money already.”

Meanwhile CNN reports that “Veterans Affairs Secretary Eric Shinseki confirmed that the Obama administration is considering a controversial plan to make veterans pay for treatment of service-related injuries with private insurance” . And you may recall that the Washington Post reported that the Obama team has set its sights on downsizing Social Security and Medicare.

So let's watch the plan unveil.

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