Yesterday I wrote Essence of the “Rescue” Plan. Here once again is the pertinent snip.
To stimulate lending, the bailout plan will attempt to recapitalize banks. The method of recapitalization is best described as robbing Taxpayer Pete to pay Wall Street Paul. In essence, money is taken from the poor (via taxes, printing, and weakening of the dollar) and given to the wealthy so the wealthy supposedly will have enough money to lend back (at interest) to those who have just been robbed.
Sinfest has captured the very essence of this robbery in comic form.
Mike “Mish” Shedlock
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