There are a lot of people who don’t understand the “credit crisis” that helped to bring the US economy grinding to a halt. This short animated version by Jonathan Jarvis gives a very simplified view that many are more likely to understand.
The goal of giving form to a complex situation like the credit crisis is to quickly supply the essence of the situation to those unfamiliar and uninitiated.
Part 1
Part 2
Earlier this month, a provision requiring the recipients of TARP funds to give up their corporate jets was stripped from the legislation.
Does this surprise anyone? The audacity of large corporations and the government has no bounds. Your tax dollars have been paying for luxury spa vacations, luxury corporate jets, luxury office make-overs, etc. for a long time now.
The tax payer is responsible for losses, but will see no profits. You are a worker bee and that is it. That is the role that has been assigned to you. If you do not participate in your role, you will be destitute of everything.
The government says these corporations need our tax dollars or our economy will grind itself into ash. But since there is no real over-sight on how these bailout funds are spent, we get to watch companies like Citigroup purchase new $50 million dollar luxury jets. This does not help the average tax payer, it does not stimulate job growth, it does not stimulate the economy, etc. It does nothing but show you exactly where you stand in the grand scheme of things. They are here to take your money and profit off you and your gains or losses – that is it.
Update: Obama officials called Citigroup and told them to “fix it”. Citigroup released a new statement saying, “We have no intent to take delivery of any new aircraft.”
[via: New York Post]
[update via: ABC News]