September 19, 2012

Bailouts The 1% and The 47%

As a result of comments made by Mr. Romney that was recorded and posted on You Tube by Mother Jones, there is much discussion about the 47% of Americans not paying federal income taxes. Much of the talk comes from conservatives stating that this is unfair. I find it interesting that these conservatives are saying nothing about the near trillion dollars spent by our government for the bail out of banks, hedge funds and other corporations resulting from the market collapse in 2008.

What makes it more bizarre is that many of these institutions contributed to the market collapse by profiting from the sub prime housing fiasco throughout much of the last decade. It seems to me that what is most unfair is that none of these institutions have had to pay much of anything in the form of retribution for all the financial carnage that they have caused. Goldman Sachs is a good example of this.
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