Bailout overseer Elizabeth Warren: banks recklessly gamble knowing US taxpayers will pay losses

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Elizabeth Warren is a Harvard law professor specializing in contract, bankruptcy, and commercial law. She is also chair of the Congressional oversight committee for the so-called "bailout." In the following 6-minute interview, Warren sharply criticizes the political “leadership” of both parties for allowing the big banks to gamble and profit, then be bailed-out when their gambling crashes. She states that the banks were given our money while we were left on our own. She sites the most recent economic data of unemployment officially reported at over 10%, with the more realistic closer to twice that amount (and here).

As an economics teacher, I respectfully inform you that this is not capitalism. We have another name for corporate and political partnership for mutual benefit at public taxpayer expense: fascism. While I'm being academically accurate with the label of fascism (look it up), if that's too harsh for you, a great sound-byte repeated in the interview for this system is “privatized gains and socialized losses.”