The bankers lied.

guardian.co.uk/commentisfree … uppet-city

My view is that these bailouts ultimately go to the owners of property by protecting their wealth. You give the banks a trillion, but you might save/preserve five trillion in private wealth, by preventing a collapse in commercial and residential property values caused by failed banks.

The people who are really burned by these bailouts are non property owners who wind up paying higher taxes to pay for them, just to keep property prices unaffordable and to prevent the free market from operating as intended.