The Middle Class Is Worse Off Than You Think

[truedelphi]

8. The first fact you need toa ccept is that the Bank Bailouts

Were NOT some 700 billions of dollars, but closer to 4 trillions of dollars.

http://www.nbcnews.com/id/32010841/ns/business-us_business#.VS2ZYvDW1oc

Although the Obama Administration set up HAMP as a program to offer relief and help to those whose mortgages were underwater, only 2 to 5% of all distressed homeowners were able to get help from that 50 billion dollar program.


Enriched beyond belief from the trillions offered as Bailouts, the banks usually sat on a large percentage of those trillions of dollars. And the new bubble in the economy, from mid 2009 on, was the "bank flipping' in which large financial firms bought out other banks


As far as the actual citation, I am forgetting if I read the "48 cents out of every dollar" statistic from something that Neal Barofsky said or wrote, or something that Autorank, a once very active DU member stated, or else maybe Max Keiser. (Or possibly something Octafish wrote, also a DU member.) Don't have the time today to read through so many files on my Hard drive to find it.

On edit - there is a wonderful satirical thing from The New Yorker that I gleaned from the same Max Keiser article that contained the MSNBC link. It is good wholesome fun to read about how the poor bankers at the top were so stifled in their spending after the 2008 Economic Collapse. Why the poor dears had to had to stop injecting gold into their veins!

link is here: http://www.thepeoplesvoice.org/TPV3/Voices.php/2009/07/23/goldman-sachs-is-criminal-scum-max-keise
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