USA – In a rare outbreak of genuine democracy the US congress rejected cronyism and self enrichment by rejecting Paulson and Bush’s $700 Billion
reward bail out for reckless gamblers bankers who want to continue the monumental beano that is wall street.
The $700 Billion Wall Street Junket bill would have saddled the US taxpayer with massive debt for generations to come, and reward People like JPMorgan and Goldman Sachs who have grown rich selling collateralized debt obligations for massive commissions.
Now that the true value of the CDO’s has become common knowledge, there has been carnage on Wall Street in New York and the City in London.
Worse still the crooked bankers have been poisoning the assets of Banks the world over causing serious banking problems in Europe.
Only one congress man has been on the ball about all of this, Republican Ron Paul, who became invisible when he ran for republican candidate for the 2008 presidential election.
Ron Paul has been warning that if you bail out gamblers, then they do not learn from their losses, so bailing out the bankers will just make the situation worse than it already is.
Wall street took the news of the bills rejection badly and fell 770 points or 6.9% by the close of trading. The largest one day fall in history.