In 2007, the US taxpayers were told that they were responsible for the negligent actions of several large banking institutions. They were told that in order to prevent “complete and utter chaos” from a banking collapse they must give the banking cartels hundreds of billions of dollars to “bail them out.” Despite an overwhelming majority of the public opposing this action, it was passed with bipartisan support in a matter of hours. The public was furious after being told that they are being personally held liable for the irresponsible acts of megabanks — and there was nothing that they could do about it. As so-called conservatives blast the welfare system for the negative incentives created by these programs, they remain conveniently silent when it’s huge […] Read More
