Characterizing the upward transfer of virtually all American wealth to a handful of oligarchs a “recovery,” represents a grotesque insult to the english language as well as common sense.
The writing was on the wall from the very beginning. I knew as soon as TARP passed that we as society would regret the day we bailed out the bankers who destroyed the world economy. It didn’t take long.
Bailed out Wall Street banks went ahead and paid themselves record bonuses less than one year after the bailouts. Then, in early 2013, the financial community’s next scheme to feed off the carcasses of the American public became crystal clear. They wanted to become America’s slumlord by buying millions of foreclosed homes and then renting them back to former homeowners. When I realized what was happening I published the post, America Meet Your New Slumlord: Wall Street. Here’s the opening paragraph:
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Last year Madrid’s city and regional governments sold almost 5,000 rent-controlled flats to private equity investors including Goldman Sachs and Blackstone. At the time, the tenants were told their rental conditions would remain the same.