IMF: The cost of a second bailout may be democracy

Wall Street CEO's are deaf to Main Street while awarding themselves record bonuses from taxpayer bailout money. Democrats in Congress, in the White House, and regulators in the Federal Reserve who propose a permanent TARP bailout program are also deaf to Main Street.

But even the IMF has heard the increasingly angry rumble of Main Street, and they are warning the plutocrats that their insatiable greed will only be tolerated for so long.

The public will not bail out the financial services sector for a second time if another global crisis blows up in four or five years time, the managing-director of the International Monetary Fund warned this morning.
Dominique Strauss-Kahn told the CBI annual conference of business leaders that another huge call on public finances by the financial services sector would not be tolerated by the “man in the street” and could even threaten democracy.
"Most advanced economies will not accept any more [bailouts]...The political reaction will be very strong, putting some democracies at risk," he told delegates.

It wasn't just America that the IMF was warning. Britain is in even greater danger of a popular revolt.

In September, George Osborne, the Shadow Chancellor, sided with Germany and France, accusing Gordon Brown of being in "complete denial" over the mounting bill of the financial rescue packages and agreed with Britain's neighbours that it was time to look for an exit strategy.

Will the politicians listen to these warnings? I doubt it. Wall Street wouldn't be acting so arrogant if they had anything to worry about from Washington.

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What Democracy?

Seriously. The American people are completely outraged over the first Wall Street Bail out.

Notice how they spin the topic to imply all deficit spending...

now that Congress is waking up, realizing they are probably going to be booted from office due to the unemployment rate and thus mulling a few more token crumbs to the general public in a 2nd "Stimulus" package?

If we had a Democracy the first TARP would have never passed.

I am beginning to think the IMF is just itching to get into America to demand their draconian "reduce your deficit" measures like we're a .....Argentina. Oops....I guess we're well on our way there!

Democracy. God, too funny.

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Do you think the IMF is

Do you think the IMF is warning that there will be a popular revolt if the financial sector is bailed out a second time, or that the financial sector will do away with democracy to ensure itself a second bailout?

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LOL Dr. Luny

Nice subtly! I hope you create an account and join in the discussion, we need more of this!

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