Omid Malekan – Bank Bailouts Explained

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[Omid Malekan - Bank Bailouts Explained]

[Man / Bear] Source: LYBIO.net
Did you hear about the bailouts?

[Woman / Bear]
No. what about the bailouts?

[Man]
The governments have announced the taxpayers will make money on the bailouts.

[Woman]
Should I believe them?

[Man]
Depends. Do you believe the politicians are honest?

[Woman]
No.

[Man]
Do you believe the bankers are fair?

[Woman]
No.

[Man]
Do you believe that the 2 plus 2 equals pink?

[Woman]
No. I definitely do not believe that the 2 plus 2 equals pink.

[Man]
Than you should not believe we’ll make money on the bailouts.

[Woman]
But how could the governments claim such a thing?

[Man]
By conveniently ignoring the backdoor bailouts.

[Woman]
What is a backdoor bailout?

[Man]
A backdoor bailout is like any other bailout, except the governments lie and say it wasn’t a bailout.

[Woman]
But what was the main bailout?

[Man]
The main bailout was the tar-pee program.

[Woman]
What is the tar-pee program?

[Man]
A program where the governments used the taxpayer dollars to buy the shares in the banks.

[Woman]
Why did they buy the shares?

[Man]
Because they said the banks were too big to fail, and if they failed, there would be too many foreclosures and no new mortgages.

[Woman]
So after the governments bought the shares, did the banks stop the foreclosures?

[Man]
No.

[Woman]
Did they give the mortgages?

[Man]
No.

[Woman]
So what did they do with the money?

[Man]
They used it to buy other banks.

[Woman]
But weren’t they already too big to fail?

[Man]
Yes.

[Woman]
So now they are too bigger-er to fail?

[Man]
Exactly.

[Woman]
Which banks are too biggerer to fail?

[Man]
The biggest are the JP Morgan Chase Bear Sterns Washington Mutual, and the Bank of America Countrywide Merill Lynch.

[Woman]
What about the Goldman Sachs. Did they buy another bank?

[Man]
No.

[Woman] Source: LYBIO.net
Why not?

[Man]
Because when you already own the US government, you don’t need to buy any more banks.

[Woman]
After the other banks became too biggerer to fail, did they stop the foreclosures?

[Man]
No

[Woman]
Did they give the mortgages?

[Man]
No

[Woman]
Did they do anything at all?

[Man]
One executive at The Bank of America countrywide Merill Lynch paid the bill on his 70 thousand dollar desk.

[Woman]
My god! Is this a corrupt third world country?

[Man]
Definitely not.

[Woman]
How could you be so sure?

[Man]
Because nobody in a third world country would be stupid enough to spend 70 thousand dollars on a desk.

[Woman]
Is this executive still at The Bank of America Countrywide Merill Lynch?

[Man]
No. He is now the CEO of the C I T.

[Woman]
What is the C I T ?

[Man]
The C I T is a failed lending company.

[Woman]
How could a failed company hire a new CEO?

[Man]
Because they also got billions in the bailouts.

[Woman]
Do these people have no shame?

[Man]
When you constantly get the bailouts, you don’t care about the shame.

[Woman] Source: LYBIO.net
What was the main backdoor bailout?

[Man]
The biggest was the bailout of the AIGs.

[Woman]
Why did they bailout the AIGs?

[Man]
Because the AIGs owed billions to the banks, and if they went under the banks would lose too much money.

[Woman]
And after the bailout, how much did the banks lose?

[Man]
Nothing

[Woman]
How is that possible?

[Man]
Because the governments decided the taxpayers should pay for all the banks mistakes

[Woman]
Which bank did the AIGs owe the most money to?

[Man]
The Goldman Sachs.

[Woman]
So despite its poor decision to do too much business with a failed company, the Goldman Sachs did not lose a penny?

[Man]
Actually, The Goldman Sachs probably profited from the failure of the AIGs.

[Woman]
How could someone profit from the downfall of one of their biggest (clients) business partners?

[Man]
Because while The Goldman Sachs was working with the AIGs, it was also making a secret bet that they would go under.

[Woman]
My God, is this some kind of science fiction movie, like the Star Wars?

[Man]
No.

[Woman]
How do you know?

[Man]
Because the Evil Empire in The Star Wars was fiction. But The Evil Empire that is The Goldman Sachs is very real.

[Woman]
But weren’t the American people outraged by this manipulation of a bailout?

[Man]
At the time, the American people did not know about the structure of this bailout.

[Woman]
How come?

[Man]
Because the governments ordered the AIGs to lie to the people.

[Woman]
Who in the governments gave such an order?

[Man]
The New York Fed.

[Woman]
And who at the time was in charge of the New York Fed?

[Man]
The Timothy Geethner.

[Woman]
And who put the Timothy Geethner in charge?

[Man]
The Timothy Geethner was appointed by the President Bush.

[Woman]
What about the President Obama, and the change. Did the President Obama bring the change to the Timothy Geethner?

[Man]
Yes

[Woman]
So he fired him?

[Man]
No. He promoted him to Treasury Secretary.

[Woman]
That does not sound like the change we can believe in.

[Man]
Definitely not.

[Woman]
Were there any other bailouts?

[Man]
Yes. During the financial crisis, the Ben Bernanke loaned trillions of dollars to companies like the Barclay’s.

[Woman]
What is the Barclay’s?

[Man]
The Barclay’s is a European Bank.

[Woman]
Why would the Ben Bernanke lend money to a European Bank?

[Man]
So they could buy the Lehman after it went bankrupt.

[Woman]
And why did the Lehman go bankrupt?

[Man]
Because the Ben Bernanke refused to lend them any money.

[Woman]
But why would the Fed refuse to lend the American peoples money to an American Bank, but then lend the money to a European Bank?

[Man]
I don’t know, maybe because the Europeans have funny accents.

[Woman]
But me and you also have funny accents. Will the Ben Bernanke lend us money?

[Man]
No

[Woman]
Why not?

[Man]
Because we are not bankers, and to the Ben Bernanke if you are not a banker, then you simply don’t exist.

[Woman]
So after all these bailouts, did the banks stop the foreclosures?

[Man]
No.

[Woman]
Did they give the mortgages?

[Man]
No.

[Woman]
Did they do anything at all?

[Man]
They paid themselves big bonuses.

[Woman]
That does not sound like a prudent use of the American peoples money.

[Man]
When you constantly get the bailouts, you don’t care about the prudence.

[Woman]
Are any of the bailouts going on today?

[Man]
Yes. The Ben Bernanke keeps the short term interest rates at zero.

[Woman]
How is that a bailout?

[Man]
Low rates mean the banks have to pay the American people very little interest in their savings accounts.

[Woman]
That is a very nice gift from the American people to the banks.

[Man]
Yes.

[Woman]
And to show their gratitude. Did the banks stop the foreclosures?

[Man]
No

[Woman]
Did they give the mortgages?

[Man]
No.

[Woman]
Did they do anything at all?

[Man]
Yes. They increased the monthly fees on all bank accounts.

[Woman]
That does not sound like the gratitude. That sounds like the screwing of the American people.

[Man]
Yes.

[Woman]
But isn’t it normally a bad idea to screw your own customers?

[Man]
When you constantly get the bailouts, you don’t care about your customers.

[Woman]
But after all these different bailouts, what did the banks do with the money?

[Man]
They invested a lot of it in the foreign countries.

[Woman]
Why did they invest in the foreign countries?

[Man]
Because they said in America the taxes are too high.

[Woman]
Why are the taxes so high?

[Man]
Because the governments is broke.

[Woman]
And why is the governments broke?

[Man]
Because they spent all their money on the bailouts.

[Woman]
Is this all some kind of a sick joke?

[Man]
Yes, in a way, it is.

[Woman]
What kind of joke is it?

[Man]
Well, do you work for a bank?

[Woman]
No.

[Man]
Did you get any of the bailouts?

[Woman]
No.

[Man]
Do you pay income taxes?

[Woman]
Yes.

[Man] Source: LYBIO.net
Than the joke is on you.

Omid Malekan – Bank Bailouts Explained. [Man - Bear]: Yes. The Ben Bernanke keeps the short term interest rates at zero. [Woman - Bear]: How is that a bailout? [Man]: Low rates mean the banks have to pay the American people very little interest in their savings accounts. [Woman]: That is a very nice gift from the American people to the banks. [Man]: Yes. Complete Full Transcript, Dialogue, Remarks, Saying, Quotes, Words And Text To Bank Bailouts Explained.