Yo hip hop wake up !!! What do you know about politics? I just read this below about your tax loot..whatdadeal?
Newspapers are fixated upon $160 million in bonuses given to American International Group (AIG) executives. And it’s nice to know where the millions are going (note: the bonuses could have been cancelled had the federal government let the company go bankrupt, as officials should have). But where are the trillions in TARP, TALC and Federal Reserve Bank bailout funds going?
The man in charge of administering the bailouts is Treasury Secretary Timothy Geithner, who served as a staff member of the New York City-based Council on Foreign Relations before being hired in 2003 to head the New York City branch of the Federal Reserve Bank (Fed). As the vice chairman of the Fed’s Open Market Committee, Geithner is probably a poor choice to get the nation out of it’s current economic mess. He served as Alan Greenspan’s number two man at the Fed, so Geithner is as responsible as anyone for facilitating the severity of the real estate and financial bubble and its subsequent collapse. After all, the Fed was the driving force behind the asset bubble, inflating the bubble larger and larger through artificially low interest rates and an inflationary easy-money policy.
Under Geithner and his predecessor (former Goldman Sachs CEO Henry “Hank” Paulson), the majority of bailout funds have been awarded to high-level donors to Geithner's former employer: the Council on Foreign Relations (CFR).
Here’s a survey of TARP bailout awards to the CFR’s corporate members (there are a total of only a little more than 200 corporate members at all levels):
Among the “Founders,” those who give $100,000 or more to the CFR, can be found:
•American Express Company: $3.389 billion TARP
•Goldman Sachs: $10 billion TARP, plus a separate Federal Reserve bailout and more than $13 billion of the allotment to AIG (below)
•Merrill Lynch: $45 billion through its corporate parent, Bank of America, which is also a CFR Premium corporate member, plus $6.8 billion of AIG’s bailout funds
“President’s Circle” CFR members ($60,000 or more) received the following bailout funds:
•American International Group (AIG): $182 billion in total TARP/TALF funds to date
•Citibank: $50 billion TARP
•Morgan Stanley: $10 billion TARP
Premium members ($30,000 or more to CFR):
•Bank of New York/Mellon Corporation: $3 billion TARP
•Freddie Mac: Sharing with Fannie Mae $1.25 trillion — that’s $1,250 billion — in mortgage securities being purchased from the Federal Reserve Bank
•Chrysler: $4 billion TARP, plus $1.5 billion TARP for Chrysler Financial
•JP Morgan Chase: $25 billion TARP
•CIT Group: $2.33 billion TARP
That’s a total of more than $1 trillion in bailout funds for CFR corporate members, easily the lion’s share of the total bailout funds awarded to date. CFR Membership seems to have its benefits, and then some.
So why is no one asking questions about why most of the funds are going to the former employers of our Treasury secretaries? Perhaps because many of the entities who should ask "why" are also CFR corporate members. Among the financial press, the CFR counts among its members Bloomberg, General Electric (NBC, CNBC, MSNBC), News Corporation (Fox, Fox Business), Standard and Poor's, ABC News, Time Warner (CNN, Time magazine, etc.), Moody's, and McGraw Hill (book publishers).
Somebody should ask the question why the same people who brought us this financial crisis are now bringing us the "cure," and why that cure necessarily involves financing former employers of the people making the decisions.
- 1 decade agoFavorite Answer
who has time to waste, reading all that?!
- 1 decade ago
After all, the Fed was the driving force behind the asset bubble, inflating the bubble larger and larger through artificially low interest rates and an inflationary easy-money policy.
Anyway, lets first realize that basically every company that donates to the Council on foreign relations is a very large company, that's basically a given. The massive bailout was basically built for these type of companies, there will be some number of companies that fit the profile of both contributing to the CFR and getting a bailout. This is an overly critical piece, more evidence is needed to come to a conclusion upon the correlation between the CFR and the bailouts.. While it may seem suspicious, only a large scale research project could truly determine whether or not these companies were specifically picked for bailout money.
On the remark implying that the entire housing bubble was created to finance these companies is just illogical. All these companies were, first off approaching bankruptcy sometime in the near future. Furthermore, this idea somehow these companies are profiting off of this seems illogical as well, let's not pretend that the sheer operating costs of a company like say, citibank are much under 50 billion a year.
Even if that is enough to keep them around a year, they still must become profitable, look, they lost 10B dollars in one quarter last year, they're just not making money off this.
- 1 decade ago
Even though I am 14 I deeply care about this. I think politics is a mess right now and Obama is screwing it from behind by pumping in more and more money into the system. I think this thing will get us into a too deep of a hole than we can get out of and digging the hole deeper is gonna do nothing but delay the depression. And when It will hit, its gonna hit harder than before. Also politics/economy is really a being used because people in this country are dumb as hell. Also when bush was in the office every single mistake was causing a stirr, however now Obama is doing worse than Bush but he is so smart he gets away with it.
- mcanawLv 43 years ago
guy, Dixie Normous is a f*ckin' moron. besides, to respond to the question. KRS-ONE- who has committed his life to hip-hop Rakim- The God MC(he's each considered one in all of your in call for rapper's in call for rapper) 2pac- at his ideal, replaced into each and each problem precise with hip-hop. At his worst, each and each problem incorrect with hip-hop Ice dice- the right political/gangsta rapper ever Run-DMC- without them, hip-hop might want to've replace into disco by potential of now.
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- Anonymous1 decade ago
actually i read the last paragraph. interesting q, tho id know nothing about it. still a kid. about to turn 17 on thursday
- Anonymous1 decade ago
i know nothin about politics but i really don't care about it
- 1 decade ago
yea i know...