Publisher's perceptions per Palast's probe

Thursday, March 20 2008
3:00 AM to 0:00 AM

Rick Hall
(Based on the article by Greg Palast)

As I was reading Greg Palast's article, there certainly was a ring of truth for me. I worked for many years in the banking industry, including Chase Manhattan Bank and Advanta Mortgage, both Sub Prime lenders. When the sub prime mortgage crisis hit, Bush attempted to demonize the victims while giving 200 billion to the banks to bail them out. Palast asserts that Spitzer was stepping on too many toes in the banking industry and Wall Street insiders and so Spitzer had to be taken down for attempting to stop Bush and Wall Street from screwing the rest of us. Isn't it amazing how history repeats itself? When George H. W. Bush was in the White House, he presided over a housing market bubble burst and a huge bailout of the S & Ls. His own son (GWB's brother) Neil Bush was director of Silverado Savings & Loan which cost taxpayers 1.6 billion when it collapsed in 1988.

Many will remember the trial of Charles Keating and his involvement in the downfall of Lincoln Savings & Loan at that time. When he was convicted I personally fantasized about sending him a gift-wrapped collection of steel plated underwear, but thought better of it.

What you may not remember were the identities of the "Keating five", the group of 5 US Senators who were implicated in influence-peddling and rebuked by the Senate Ethics Committee for exercising "poor judgment" for intervening with the federal regulators on behalf of Keating. Those senators were:

1) Alan Cranston
2) Don Riegle
3) Dennis DeConcini
4) John Glenn

==> 5) John McCain<==

These "Mortgage Bubbles" are used to transfer large amounts of wealth in this country from the middle class to the rich.

And then there was Welfare Reform. Signed into law by Bill Clinton, the US Tax Payers were spared the barbaric travesty of having to PAY for food for the children of lowly unwed mothers. But it turns out the Welfare Reform didn't cover ALL welfare. It spared those who receive Corporate Welfare. Those pathetic corporations who squander their money and then get bailed out by Uncle Sam.

Here's a fun fact: There are roughly 300 million people in the US. 200 Billion in bank bailouts work out to be $666 per every man, women and child in the US. Of course, 666 is the mark of the beast!

Rick Hall
The Progressive Post

See more like this at