"Socializing the debt and privatizing the profit" (Democracy Now)

AMY GOODMAN: Matt Taibbi, our guest, contributing editor to Rolling Stone Magazine, latest article, “The Big Takeover.” I’m Amy Goodman, as we continue on this piece, where Matt Taibbi says, “The global economic crisis isn’t about money—it’s about power. How Wall Street insiders are using the bailout to stage a revolution.” What do you mean?

MATT TAIBBI: Well, you know, one of the things that happened when this whole mess exploded is that the financial community basically said to the government, “Look, we’re the only people who understand this stuff. You have to let us kind of work this out.” And so, the bailout was really just a conversation between Wall Street and a few very connected ex-Wall Street figures, like Hank Paulson and Timothy Geithner, and a lot of this was sort of done in secret, because the bailout facilities in the Federal Reserve are—you can’t audit—Congress is not allowed to audit any of these programs. So it’s really sort of—the bailout is just a giant dictatorially administered program by the Federal Reserve and partially by the Treasury, and it’s all done by ex-Wall Street people and current Wall Street people, and, you know, the ordinary people really don’t have any input into any of this.

And a great example of how Wall Street has actually risen in influence is this new program that Timothy Geithner introduced the other day, which is really just state-subsidized hedge fund profiteering. They’re actually—the government is actually going to be lending a trillion dollars to hedge funds so that they can invest in these securities, and they’re going to basically guarantee that they can’t really lose any money in these investments. It’s sort of a, you know, “heads, I win; tails, the taxpayer loses” situation. And, you know, it’s a really bad situation for ordinary people.

AMY GOODMAN: Socializing the debt and privatizing the profit.
MATT TAIBBI: Exactly, exactly.

more:
http://www.democracynow.org/2009/3/25/aig_and_the_big_takeover_matt

and privatizing profit" was from RANDI RHODES.

Where is my Queen? :-(

I mean how dare she have segments that question whether or not a by-wallstreet for wallstreet bailout plan with little accountability is really the best way for us to go?

That's traitor talk, yes?

This needs to be kicked, because this is exactly what is going on!!!! The taxpayers are getting stuck with the losses and the Corporations are taking the profits. In fact the public will loan the Corporations money so they can make more $$$$.

The Powers that Be are just playing the American masses...figuring they're too stupid to do, or say anything about it.

Democrats have a tendency to go back to doing nothing after they get a Dem in the WH. We have to hold the Admin's feet to the fire.

This entire bailout is the biggest HEIST EVER!!! And the American people are just letting it happen. No wonder I want to be a damn hermit.