" Just two months before the Macks bought their fancy carriage house in Manhattan, Christy and her pal Susan launched their investment initiative called Waterfall TALF. Neither seems to have any experience whatsoever in finance, beyond Susan's penchant for dabbling in thoroughbred racehorses. But with an upfront investment of $15 million, they quickly received $220 million in cash from the Fed, most of which they used to purchase student loans and commercial mortgages. The loans were set up so that Christy and Susan would keep 100 percent of any gains on the deals, while the Fed and the Treasury (read: the taxpayer) would eat 90 percent of the losses. Given out as part of a bailout program ostensibly designed to help ordinary people by kick-starting consumer lending, the deals were a classic heads-I-win, tails-you-lose investment."(Rolling Stones Magazine)
Almost every American is complicit in the continued pillaging of our public coffers. Each and every one of us who goes about our daily business without so much as a peep is reaping the bounty we are sewing for ourselves and our posterity. The pain and suffering from deals like those above is not even being felt yet. Rest assured, it will be felt and it will hurt.
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