Sunday, 15 April 2012
United States Treasury Turns A Profit On Banking Bailout.
While the British government seems only capable of returning banks into private hands at a huge loss the United States Treasury Department has actually made a profit. The Troubled Asset Relief Program, widely criticised at the time by the braindead neoliberal economic lobby despite providing money to more than 700 banks, has already realised a $19bn profit alone. Better yet they have also managed to save General Motors from bankruptcy and increased jobs in the US motoring industry by a staggering 230,000. The Obama administration is quite right to say that the crisis is far from over, but the President is rightly proud that he has managed to save his country despite all the naysayers who got us into this mess in the first place. The comparison with Britain, where this moronic government has embraced the neoliberal lunacy with enthusiasm, couldn't be more stark. With our economy bumping along the bottom, unemployment continuing to rocket and our society in crisis, the only Tory answer seems to consist of pauperising as many people as possible and selling off our NHS to their corporate mates. Their economic strategy is nothing less than treasonous and, with the example of the United States before them, is little better than criminal negligence. We should take a leaf out of Iceland's book, where they have now wiped out all mortgage debt in their country in order to bring the property market back to sanity, and put these people on trial when the opportunity arises along with their banking pals.