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What the Protester Should Have Said to CNN's Erin Burnett - 'Seriously!'

In a segment called "Seriously?!" (see the segment below) Erin Burnett goes down to Wall Street & talks to a protester about the purpose of the protests .. Burnett asks the protester if he knows the U.S. government made money on the bailouts, to which the protester says he was not aware .. Burnett claims victory to her CNN viewers by stating the U.S. government made $10 billion on the bailouts ...

FACTS: Link here to view the breakdown of how much the government has spent through April 30, 2011 to support the bailout of the financial system - the government has spent about $2.5 Trillion with commitments of $12.2 Trillion ... & yes the government has made $10 Billion in dividends & fees.

WHAT THE PROTESTER SHOULD HAVE SAID¹: "You should read www.safehaven.com and www.cliffkule.com to understand the way that our financial system works .. don't forget to include the balance sheet of the privately controlled Federal Reserve, a permanent subcontractor to the U.S. government, that can print money out of thin air to expand its balance sheet to as high as it wants .. instead of taking an Austrian School of Economics approach to solving the financial crisis (as the Constitution would require), we are sacrificing the purchasing power of our currency, and we will all suffer from it .. on the bailout of the financial system, the government has spent about $2.5 Trillion & made $10 Billion through the end of April 30, 2011, sort of like spending $250 to make $1, hardy profitable .. Seriously!"

 


References:
¹ Credit and courtesy to Cullen Roche of Pragmatic Capitalism for the style and approach of this suggested response by the protester, http://pragcap.com/seriously-erin-burnett

Cliff Note: Cliff does not take sides .. recommends both Burnett & the protestor read www.cliffkule.com for insight & perspectives into the world & its MONEY

 

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