It's been pretty busy the past few days in the MSM and on the blogs with regard to commentary about Wall Street and our economic bailout.  Herein, I hope to provide a little clarity for those believing everything they're reading. There's a lot of misinformation being spewn...and from some of the highest levels, too.

But, as the saying goes, "The Truth Is Out There." In fact, it's right here!

So, without fanfare, here are "Nine Bailout/Economy Lies and Deceptions We're Hearing Right Now:"

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This post is about the many ways in which Wall Street is about to do what they've always done to us: game the system for their own advantage.

It's what they do. As the old question goes: "Why do you think they get the big bucks?"

But, first, a little background...

There are a ton of extremely valid reasons why our government is engaging in the biggest giveaway of all time to the status quo (a/k/a Wall Street).

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"Highlights" of this diary:

--Some things you may not know (or that some may not want you to know) about all those AIG counterparty payments.

--An outrageous new proposal by the Financial Accounting Standards Board (FASB) which would impress even  Aesop, himself; nonetheless, a perversely distorted definition of "Net Income" may be in place for all in just days--just in time to spin the U.S. into oblivion.

--The concept of the Wall Street bailout being a public-private deal is little more than an outright lie to the U.S. public. What else can one say about a deal which is 80%-90% funded by the U.S. government and virtually encourages the purchase of all of these cents-on-the-dollar assets at 100 cents on the dollar?

--This morning, we're told to brace ourselves (again) for Geithner's full plan for all those toxic assets; and the TALF, TLGP and the FDIC will all handle piles and piles of toxic trash, expending hundreds of billions (if not trillions) in taxpayer funds, contrary to some bloviations in the blogosphere to the contrary (especially concerning TALF). Remember Paulson's plan for a "bad bank?" With Geithner it's three or four "bad banks," instead.

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The U.S. banking industry is now acknowledging that, for all intents and purposes, they're massively gutting the consumer credit marketplace--making it virtually impossible for at least 2/3 of the population to obtain credit, at all. Meanwhile, efforts--planned and in place--to return credit liquidity to the public domain are being compared to pouring water into a bucket with a hole in the bottom.

Very simply, banks are not cooperating--and they have no intention of cooperatiing either--with the government's plans; yet the government wants to give them (and a totally unregulated "shadow banking system") trillions more in coming days?

It's all right here: "Card Issuers Choke Firms With Rate Hikes, Limit Cuts."

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The true extent of the status quo's looting of U.S. taxpayers is about to be spelled out to the general public in black and white this week.  See: "Fed Program to Spur Loans May Start With Few Deals."

Over the next few days, this is all going to get very, very clear...at least to anyone that bothers to pay attention.

The Treasury Department and the Federal Reserve are "about to announce" (they've been talking about this for many months) a massive Wall Street "bad bank" plan that is, effectively, nothing more than a recycled, $2 trillion-plus, Bush administration taxpayer giveaway to the very entities and individuals that created our economic freak show in the first place. (And, we may have reached a tipping point where even the MSM may no longer be mincing words about these truths.) They are still spinning this like it's new information when little could be farther from the truth. See: "Geithner Says He'll Soon Offer Details on Toxic-Asset Cleanup."

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