Patrick Wood - September 10, 2008

There’s going to be no end of controversy over the bailout of Fannie Mae and Freddie Mac.

On September 9, 2008, CNBC’s popular financial show “Squawk Box Europe” interviewed Jim Rogers (CEO of Rogers Holding) on his view of the government takeover of Fannie and Freddie:

“You can see that this is welfare for the rich. This is socialism for the rich. It’s bailing out the financiers, the banks, the Wall Streeters… This is outrageous. Who are these people who are taking our money and doing this and ruining America?”

Who, indeed!

On March 21, 2008, The August Review wrote,

“As the global financial crisis unfolds, one thing is certain: The major investment and commercial banks who have wrecked our economy and financial system are now successfully sucking unlimited amounts of money from the people’s Treasury to bail themselves out.”

The August Review has demonstrated repeatedly that the net effect of the New International Economic Order (term coined by the Trilateral Commission in 1973) was to devise new and more effective ways to divert money from the public sector into certain private hands.

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Squawk Box Europe: American Socialism