How to Steal Billions in Plain View_ Bernanke_s Robber Banks

I’ve been listening to my readers for months. My readers are sick of the bailouts. They’re sick and tired that tax dollars have — and continue to be — diverted to inefficient banks that should be allowed to fail. Citigroup has received $45 billion in funds. Bank of America received $25 billion (and is rumored to be looking for more (story here)). Other banks have partaken of the Fed’s generosity, too. Michael Rozeff, a writer over at LewRockwell.com, says that the Fed’s attempt to rescue these banks is nothing more than theft. From the column:Let us understand the matter clearly. We have exited a significant boom period. During the boom, the bankers made large and very large profits. The managements took home very large pay and bonuses. The stockholders (including officers and managers of the banks) had, for a time, very large wealth in the stocks they held. The bondholders of the banks had, for a time, very secure debts.But the bankers over-reached for business in several ways. They extended a slew of bad loans during the lately departed boom. The stocks and bonds fell in price, reflecting the lower worth of the bank assets, these bad loans.And now that the boom is over, the bankers, led by Mr. Bernanke, want us to eat their losses.That’s the nice stuff. Wait until Mr. Rozeff really gets going.