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Saturday, April 16, 2011

Matt Taibbi Explains How Wall Street Works

This is why people have an issue with paying more taxes or getting benefits cut to reduce the debt. The nations wealthy are getting money from the FED through non-recourse loans (don't have to be paid back) and they use the money to make more money or money is being given to their wives and such. Now that money, which went to the wealthy (through bailouts, loans and such), has to be paid back by the tax payers in the form of taxes, reduced medicare and Social Security benefits and such. Maybe if all that money was taken back and used to pay the debt down, we wouldn't have to pay so much in taxes and benefit cuts to decrease the debt.  The bailed out entities say they paid money back and the Government says we are making money on it, well then why hasn't the debt decreased. The money surely doesn't seem to have made its way back and the American tax payer will pay the price. 

In this interview Matt Taibbi explains where this money went and makes several points supporting the above stated.

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