Here is a great story on the PPIP program that was again another attempt to relieve the TARP banks from their toxic assets. The program was just another effort to help the banks but the banks decided to just sit on all their toxic assets because they knew they were running the government. The only way Tarp or PPIP would have worked is if the government made it mandatory that they banks clear their books. But of course they didn't want to upset the banks or offend anyone running the banks so the banks still are sitting on trillions of dollars in toxic assets, laughing out loud, and trying to milk every last penny out of homeowners and the government.
Both programs were a complete scam. They even border on the absurd. Remember way back when the Tarp was created as a gun was held to the head of congress. Congress caved and gave the banks whatever they wanted just like a crying kid in a candy store. Easier to Stuff him full of chocolate then listen to his wah wah wah for an hour. The government is acting like a cowardly parent that does not have the stones to stand up to their spoiled brat kid in public.
The banks are the spoiled, maniuplutive brat and the government has taken role of the cowardly parent. The problem that the banks are not going to grow up or change. They have conquered the wimpy souls in the government. The government and our politicians do not have the will to make real change to your banking oligapoloy. It is a sad tale.
The banks have taken so much that minutia of resistence is being crushed by the newly elected, go get the banks politicians, who are relizing they won't get re elected if the enconomy shows any improvement only to be stalled by the proper criminal preceedings agains the Too Big to Fail Banks.
the new blood to the rescue, preaching fairness and equality on the election train all the way to Washington but they jump off fast so they can forget about the people and their campaign promises and get right to work on figuring out how they can get re elected.
Read the story below regarding PPIP
Richard Alford: Why Has the PPIP Scandal Been Swept Under the Rug? « naked capitalism
