Wednesday, October 8, 2008

The 1.4 TRILLION Dollar Savings and Loan Rip off and a Racehorse w/syphilis

(Thankfully, this time around, no syphilitic horsies will be seized, instead, thanks to a corrupt Congress, the only STD's will be the ones the American public gets after this massive anal raping of the taxpayer.
Don't bother to go see you doctor to get treated, your HMO won't cover it)

*The 1980's Savings and Loan scandal is the largest theft in the history of the world..... until now.

*Deregulation eased restrictions so much that S&L owners could lend themselves money.

(Sweet. How do I lend myself money? Take it from one pocket and stick it in another? Guess you need one of those Harvard MBA degrees like Junior has to understand these complexities)

*The Garn Institute of Finance, named after Senator Jake Garn, co-authored the deregulation of the industry and received $2.2 million from industry executives.

*Neil Bush, George Bush's son, never servered time in jail for his part in running an S&L into the ground.

(The Bush Family could give Tony Soprano some pointers when it comes to shaking down taxpayers, with the Godfather "Poppy" Bush and his sons Neil and Jeb acting as the muscle when raking off the gravy...and Junior. Why bother to loan money to yourself when you can loan it to front companies controlled by your buds who you KNOW aren't going to pay back those loans?
They in turn "finance" your latest business enterprise, like buying a MLB team and bankroll your run to the presidency. The Italian Mafia were chumps compared to this gang.)

*Represenative Fernard St. Germain, who was head of the House of Representatives banking, co-authored the deregulation and was voted out of office after other questionable dealings and was sent back to D.C. as an S&L lobbiest.

*Charles Keating, when asked if massive lobbying efforts had influenced the government officials, he replies "I certainly hope so."

*The rip-off began in 1980 when the government raised the federal insurance on S&L's from $40,000 to $100,000 even though the typical savings account was only around $6000.

Some of the seized assets were a buffalo sperm bank, a racehorse with syphilis, and a kitty litter mine.

*The goverment [S & L] bail out will cost the taxpayers around $1.4 trillion dollars when it is over.

*If the White House had stepped in and bailed out the S&L's in 1986 instead of delaying until after the 1988 elections, the cost might have been only $20 billion.

*With the money lost from the S&L scandals, the government could have provided prenatal care for every American child for the next 2,300 years.

*With the money lost from the S&L scandals, the government could have purchased 5 million average homes.

Of course, one would be paranoid to think there are parallels between raising the S & L's FDIC insurance on deposits back then and Congress raising the FDIC insurance on checking accounts now.

Or to wonder why Congress is raising that limit when the Fed only has 52 BILLION on hand to back up over FOUR TRILLION in deposits.

No mention of the TRILLION dollar S & L rip off would be complete without giving credit where credit is due for his part, the Honorable Senator John McCain:

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