Furry Creatures Explain Bank Bailouts: 'The Screwing Of The American People' (VIDEO)
In a video exploration of the bank bailouts, two cute creatures decide the bank bailouts amount to "the screwing of the American people."
In the new video, from Omid Malekan, one character asks why the banks were bailed out, and the other responds "Because they said the banks were too big to fail, and if they failed, there would be too many foreclosures, and no new mortgages." The video goes on to point out that after the bailouts, banks didn't stop foreclosures, or issue new mortgages. But one executive at Bank of America did pay bill on his $70,000 desk. (Scroll down to watch.)
The banks also bought other banks, becoming "too bigger-er to fail." Among the banks too bigger-er to fail: "JP Morgan Chase Bear Stearns Washington Mutual and the Bank of America Countrywide Merill Lynch."
What about Goldman Sachs, did they buy another bank? The character in blue asks.
"No," the other replies. "Because when you already own the US government, you don't need to buy any more banks."
The video follows Malekan's popular explanation of the Federal Reserve's quantitative easing policy, which presented it as a hopelessly misguided effort to save the world economy.