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Tuesday, February 17, 2009

National Solidarity Fund?

Zbigniew Brzezinski was the National Security Advisor during the Jimmy Carter administration.

http://en.wikipedia.org/wiki/Zbigniew_Brzezinski

According to him, some $300 billion was transferred to Wall Street finance professionals during the Clinton and Bush administrations. Most of this was in the form of $1 million plus bonuses. Remember, the basis for these bonuses was the inflated stock market that was caused first by the dotcom bubble and then by the housing bubble. Some like Paulson and Rubin made 100s of millions during this time frame. Given the crisis that the US economy is in, Brzezinski thinks that these folks could form a National Solidarity Fund and give back.

I don't hear much from such folks these days. Are they waiting for someone else to solve the crisis before they start investing their money?

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