Thursday, March 11, 2010

Another Billion Dollar Gift to Wall Street ?

A recent article in the Wall Street Journal reports that the brokerage firms (Goldman Sachs etc.) are earning over $1 Billion in fees thus far for selling President Barack Obama’s “Build America Bonds”, one of the many items included in the Stimulus Bill.

The amount of bonds that may be issued under the The American Recovery and Reinvestment Act of 2009 is unlimited, and roughly $78 Billion of them have been sold to date. Interestingly, government bonds are typically sold at public auction, rather than through brokers.

If, as many of us believe, President Obama is intentionally trying to crash our economy, it appears these bonds will become just another in a long series of steps that he’s taken to date to screw punish the rich, while at the same time enriching his friends on Wall Street.

Read the entire article here.

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