IMF Chief Jackass Calls for Taxpayer-Funded Bank Recapitalisations to Avoid Painful Deleveraging; Mish Says Fire the Parasites and Disband the IMF Did taxpayers force banks to make stupid loans? If not, why should taxpayers bail out the banks and bondholders? Have the efforts to do that worked so far? Is Greece in better shape? Portugal? Did housing prices in the US recover after US taxpayers bailed out Fannie Mae and Freddie Mac bondholders such as PIMCO? Take a good look at Iceland. It is recovering because Iceland made banks and bondholders take a hit. Instead, the IMF wants to burden already over-burdened taxpayers so the likes of banks and bondholders (the wealthy class) can be made whole.
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