What started as small corruption mushroomed into widespread corruption within a matter of years… and then the big money got involved.
The government began to bestow favors on select groups, and the big money started to collect its portion. Thus, the system grew until 2008, when we bailed out the biggest and wealthiest banks and insurance firms in the country. TARP money kept storied companies like Goldman Sachs and JP Morgan Chase out of bankruptcy, while the taxpayers and the little guys took it in the chops.
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The billionaires who had their fortunes protected by the government largess in TARP included Warren Buffett, George Soros, and Saudi Prince Alwaleed bin Talal. They’ve all remained billionaires despite being heavily invested in financial firms that took money from TARP. If Goldman Sachs and JP Morgan had been allowed to go bankrupt, the damage to these billionaires’ portfolios would’ve been much worse. These three are not alone, of course, but merely noteworthy examples of how the oligarchs benefit directly from government action.
The bottom line is, until we end the fleecing and the payoffs, the elites will continue to rule America. The reality remains that the money they spend to control Congress and the presidency is chump change when compared to the money they pocket.
This commentary originally appeared at WallStreetDaily.com and is reprinted here with permission.
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