DamnYankee
No Neg Policy
- Apr 2, 2009
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The Extortion Economy
Last fall, as the U.S. economy seemed to be issuing its death rattle, a representative from Credit Suisse received a call from the Federal Reserve. The Fed, the voice on the other end chirped, was calling to congratulate the international financial giant on its prudence, Credit Suisse having admirably avoided becoming enmeshed in the subprime mortgage debacle. Bureaucracies not typically being in the business of issuing gold stars, the call was out of character.
The Fed's representative continued, "Now we'll need you to buy up some of the toxic assets." But why would Credit Suisse do that, their employee asked, when it was one of the few major financial firms wise enough to avoid the investments in the first place? The Fed's response was chilling: "Because someday you'll need us."
Welcome to the extortion economy. With the financial crisis as cover, the federal government has spent the past eight months dictating terms to American business -- terms that defy common sense, economic logic and moral justification. And the government has been doing it with brass knuckles.
Read more now.
The Extortion Economy
Hmmm... Extortion is illegal, a crime, isn't it? Now, who should be indicted and prosecuted for that?
Last fall, as the U.S. economy seemed to be issuing its death rattle, a representative from Credit Suisse received a call from the Federal Reserve. The Fed, the voice on the other end chirped, was calling to congratulate the international financial giant on its prudence, Credit Suisse having admirably avoided becoming enmeshed in the subprime mortgage debacle. Bureaucracies not typically being in the business of issuing gold stars, the call was out of character.
The Fed's representative continued, "Now we'll need you to buy up some of the toxic assets." But why would Credit Suisse do that, their employee asked, when it was one of the few major financial firms wise enough to avoid the investments in the first place? The Fed's response was chilling: "Because someday you'll need us."
Welcome to the extortion economy. With the financial crisis as cover, the federal government has spent the past eight months dictating terms to American business -- terms that defy common sense, economic logic and moral justification. And the government has been doing it with brass knuckles.
Read more now.
The Extortion Economy
Hmmm... Extortion is illegal, a crime, isn't it? Now, who should be indicted and prosecuted for that?
