Barofsky Slams Counterfeiter Geithner On Failure Of TARP Bailouts

If there’s one thing criminal statists love, it’s your money.  Of course, there’s only one thing statists love more than taking your money, and that’s it spending on themselves.

Here we can see a nice example of all that is wrong with government – it is basically owned by commercial banks.  Most people blame the banks for our criminal government, I take a different tack.  The banks are only doing what is in their best interest.  They would never be able to get away with looting the public at gun point, so they have their criminal statist cronies in office do it for them.

The problem isn’t the banks, the problem is the government.  The public allows the government to act as the banks “gunman” in a robbery.  Without the government, we wouldn’t be getting robbed blind by Wall Street tycoons.

It is through the Federal Reserve counterfeiting system of phony money that government is able to transfer vast sums of wealth from the productive middle class to the shysters on Wall Street.  The entire purpose of the central bank is to make inflation of the money supply (which is nothing more than debt) even throughout the economy so that banks don’t have to worry about insolvency when their ponzi scheme ultimately comes to an end.

Zero Hedge brings us a clear example of how government loots you at the behest of commercial banks.

Zero Hedge reports:

As these quarterly reports to congress have well chronicled and as Treasury itself recently conceded in its acknowledgement that “banks continue to report falling loan balances,” TARP has failed to “increase lending” with small businesses in particular unable to secured badly needed credit. Indeed, even now, overall lending continues to contract, despite the hundreds of billions of TARP dollars provided to banks with the express purpose to increase lending.

While large bonuses are returning to Wall Street, the nation’s poverty rate increased from 13.2% in 2008 to 14.3% in 2009, and for far too many, the recession has ended in name only.

Finally the most specific of TARP’s Main Street goals, “preserving homeownership” has so far fallen woefully short, with TARP’s portion of the Administration’s mortgage modification program yielding only approximately 207,000 ongoing permanent modifications since TARP’s inception, a number that stands in stark contrast to the 5.5 million homes receiving foreclosure filings and more than 1.7 million homes that have been lost to foreclosure since January 2009

Of course, people SHOULD NOT be taking out more loans; however, in our corrupt criminal system of currency, the only way for businesses to get the cash necessary to function is for them to go into debt.  Home owners getting mortgage mods would be great, but what really needs to happen is for all that excess debt to be wiped out of the system.

The banks should all be bankrupt right now.  If the banks were forced into bankruptcy, they would have to liquidate their assets.  The banks should be forced to take back all the bad mortgage debt the shoved on the public.  Thus, the market could liquidate the bad debt through their bankruptcy rather than forcing it on to the tax payer and allow home prices to fall back down to reasonable levels again so people can actually afford a house without signing away their entire future.

As it stands now, Wall Street is making out like a bandit by pushing all their bad bets on to the tax payer.

Peter Schiff talks about the G20 and explains how government destroys small businesses who don’t have access to TARP bailouts and crony politicians.