Tuesday, August 23, 2011

The Bankster Plan to Scam Obama's Infrastructure Bank

The WSJ Political Diary is reporting on Obama's coming infrastructure push after Labor Day:
President Obama is ginning up an autumn marketing push to persuade Congress to approve new infrastructure spending. But this latest effort at Keynesian stimulus may be even less successful than its 2009 predecessor. That's because the same factors preventing earlier projects from being "shovel-ready" remain, while new funding terms will make big digs less attractive to state and local governments.
A D.C. friend familiar with the bankster thinking emails:
Wall Street Journal misses big point on Obama's upcoming proposal...The bigger point is that Obama WH apparently doesn’t probe the motives of the bankers who are pushing the infrastructure bank on them. I'm guessing that UBS and others are spinning it as “Hey, you’ll be releasing the efficiencies of the private markets and you’ll get more projects underway and faster.”
They probably leave out the part about why the U.S. government — the most efficient, lowest cost borrower in human history — needs Wall Street banks to step in the middle with a fat margin to finance public works.

On the other hand, it’s entirely possible the WH knows all this but simply is looking to make big donors happy.

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