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Jason Rines (iThinkBig)'s
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One of the best pieces here on SA I have ever read! Thank you Ricardo. Another SA poster sent me this link. It appears the bank liabilities (largest are being bundled into the Federal Deficit. To repay the deficit will of course be paid by the taxpayer. Interesting that the American Revolution started because of 'taxation without representation'.
Sep 11 19:13 pm
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All Comments by Jason Rines (iThinkBig) »Regulators Share Blame for the Financial Crisis [View article]
At this point, Congress must approve of moving whatever the liabilities are onto the Federal Deficit. I suppose Americans get the representation for this taxation but it was done after the fact by a non-elected official. That is I suppose why Mr Paulson is going to Congress to make the guarantee of Fannie and Freddie's debts 'explicit' guarantee. Again, well done on this article!