CNBC Had A Good Moment This Week

Too bad Dylan Ratigan quit this week. He has a good grasp on how effed up this bail-out is. Why is it so hard for a finance channel like CNBC to explain this mess? Why are they not asking why the US taxpayer is giving Goldman Sachs and European banks 100 cents on the dollar for these obviously bad deals.

Via AmericaBlog:

"This is a really important exchange because it cuts to the heart of what is wrong both on Wall Street and in US politics. The US is being fleeced by Goldman (and AIG) who are getting an amazingly good deal for the trash that they had insured by AIG. No matter how you slice it, paying our $50 billion for absolute trash is only good for Goldman. Cuomo should not be the only one chasing this and if we had a real leader at Treasury, this would not be happening. If Obama wants to help the country move past this debacle, Geithner and Summers have to go now. There's no reason why taxpayers should cover full payments for this and let the likes of Goldman walk away unscathed for their past actions."

Source: AmericaBlog