OPINION: Turns Out, TARP Was Just The Tip Of The Iceberg

Homeowners in America are still screwed. 

As more records from the Federal Reserve go public – we’re learning that the 2008 bailout of Wall Street – known as “TARP” – was just the tip of the iceberg in public funds going to the banksters. 

In December of 2008 – the Fed secretly gave more than $1.2 trillion in virtually interest-free loans to big banks like Morgan Stanley – Citigroup – and Bank of America. That’s $1.2 trillion! Coincidentally – that’s about how much it would cost to save 6.5 million homeowners who are delinquent on their mortgages and facing foreclosure.

In other words – a clear choice was made in 2008 to help banksters or help bilk homeowners – and the Fed chose the banksters. 

So today – it’s no wonder that banksters are seeing record profits again – while millions of Americans are still being kicked out of their homes. Yet another example of how the banksters in an out of government are taking care of their own. Given the choice between working people’s homes or banksters’ million-dollar penthouses, the Fed chose the Banksters. Meanwhile, George Bush and Congress agreed and threw another $800 billion to the banksters. 

Now President Obama wants to help working people, and it’s time for Republicans to drop their opposition and pass a new jobs and stimulus package ASAP.