Something seems to happen to people once they get to Washington — or is it before?
The financial system is on the brink of collapse after trillions in bad loans were issued by greedy bankers. If you were a U.S. political figure, would you:
A.) Tell everyone to suck a lemon, and (maybe) let the economy implode.
B.) Fire the bankers who made the bad loans, prosecute the guys who broke the law and guarantee a portion of the loans in a grin-and-bear-it show of good faith.
C.) Reward the bankers who made the bad loans with billions of dollars in bonuses and guarantee every loan with U.S. taxpayer money (with interest, because we borrowed the money from China).
If you answered C, then maybe you should run for office, support laws that funnel billions to insolvent companies, retire from politics and start working for one of the companies you helped bail out. Heck, that’s what former Republican-senator Judd Gregg did (newly hired by Goldman Sachs).
But don’t worry, the revolving door between Wall Street and government is just a “myth”, and here are 10 actual myths that politicians want you to believe:
Read the myths here.
- No Recovery (economicnoise.com)
- Divergence From Reality (economicnoise.com)
- “Mr. TARP Judd Gregg Hired By Goldman Sachs As International Advisor” and related posts (nalert.blogspot.com)
- Revolving Door Watch: Former Sen. Judd Gregg to Goldman Sachs (news.firedoglake.com)
- Former GOP Senator Hired By Goldman Sachs (huffingtonpost.com)
- “Are the Banks Short Rare Earth Stocks?” and related posts (thenewspundit.com)
- Goldman Hires Former Senator (dealbook.nytimes.com)
- “Three-Term Senator Judd Gregg Just Got Hired By Goldman Sachs (GS)” and related posts (thenewspundit.com)
- Three-Term Senator Judd Gregg Just Got Hired By Goldman Sachs (GS) (businessinsider.com)