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Foreclosure Watch: Palast on Bailouts

Investigative reporter Greg Palast (BBC News Night, UK Guardian) tells it like it is. For those still laboring under the delusion that it was "all the borrower's fault," read on. 

—MONKFRAME

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The $200 billion bailout for predator banks and Spitzer charges are intimately linked.

By Greg Palast
Reporting for Air America Radio’s Clout
Listen to GREG PALAST ON CLOUT

While New York Governor Eliot Spitzer was paying an ‘escort’ $4,300 in a hotel room in Washington, just down the road, George Bush’s new Federal Reserve Board Chairman, Ben Bernanke, was secretly handing over $200 billion in a tryst with mortgage bank industry speculators. Both acts were wanton, wicked and lewd. But there’s a BIG difference. The Governor was using his own checkbook. Bush’s man Bernanke was using ours.

Download palast.doc to read the rest of his story.

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It was reported tonight on ABC News that homeowners facing foreclosure and auto repossessions are now torching their homes and autos/boats/campers to make claims against their insurance as a form of financial bailout. It is a crime, and insurance companies are relentless investigators of fraud.

It's a shame the real estate/financial/unemployment crisis is breeding this kind of desperation.

If Greg Palast could ever get a job in established American media again it would be a very significant step toward our media becoming what it presently (and falsely) pretends to be.

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