Michael Hudson: Bankers Shake Down Congress and the G-20

First post hat tip to Counterpunch for this [excerpt] " ... Now that the Fed is doing this, the Treasury can turn to its own form of giveaway: buying bank stocks at far above their market price (that is, the price paid by investors such as Warren Buffett for Goldman Sachs stock), on terms that permit the banks to turn around and use the money to buy other banks, pay out as dividends to shareholders or pay high executive salaries rather than helping mortgage debtors. “I don’t think the government should put money into failing institutions,” Mr. Kashkari assured Congress, explaining that the bailout of A.I.G., Fannie Mae and Freddie Mac would be in vain without yet further government bailouts. Rep. Kucinich’s final remark to Mr. Kashkari was: “That statement that you just made, you will hear about for the rest of your career. ... " Read the latest from Dr.Michael Hudson