Remember when Doris Kearns Goodwin and the rest of the elite media socialites took to the studios of Charlie Rose's show to portray the opponents of the bailout as wild-eyed leftists? more »
There's a lot of discussion about what to do about the auto companies and none of the options are very palatable. In today's New York Times there is an article analyzing the bailout vs bankruptcy talk that's starting to emerge. I don't have an opinion on that except to the extent this is used as an excuse to destroy the unions. And that is certainly the theme that's emerging from the right. more »
vanityfair.com — It took a unique combination of ideology, special-interest pressure, populist politics, bad economics and sheer incompetence to bring us to our present economic mess. To get us out, there is no quick and easy fix. But there are some common-sense actions that we can take that will shorten the length of the downturn and reduce its magnitude.
vanityfair.com — It took a unique combination of ideology, special-interest pressure, populist politics, bad economics and sheer incompetence to bring us to our present economic mess. To get us out, there is no quick and easy fix. But there are some common-sense actions that we can take that will shorten the length of the downturn and reduce its magnitude.
The Innocent Bystander Fable is making its debut on the issue of the Wall Street bailout. The Bush administration is handing over taxpayer cash to banks, and banks are subsequently refusing to lend more money, instead either using the money to pay out executive bonuses or to buy up smaller banks. That's utterly outrageous, yet we see Democrats already claiming they can do nothing about it:
Naomi Klein's latest column in The Nation theorizes that the Wall Street bailout bill was not just a one-time giveaway of $700 billion to financial firms, but the creation of a never-ending river of corporate welfare to banks. She makes a compelling case. more »
guardian.co.uk — The U.S. bailout amounts to a no-strings-attached, taxpayer-funded windfall for big business. Brace yourself for a final, frantic stripping of public wealth as the Bush regime goes out the door.
thenation.com — Who rigged Wall Street? The financial crisis that has swept away great wealth and important banking firms was not an accident of nature. The ingredients for disaster were engineered by human architects seeking greater fortunes and authorized by political actors in both parties. The economy will not be truly healed until the causes are identified and the financial system is reconstructed on sound public principles. The names of key players in both parties must be identified, not for vengeance but because many of them still exercise enormous influence and hope to supervise the repair work, protecting their interests and papering over their past errors.
sojo.net — After three decades of “concentrate the wealth,” we could really use some “spreading the wealth.” But the conversation about “spreading the wealth” goes to the heart of several ethical questions: What kind of society are we becoming? How much inequality can we handle? And have we completely forgotten the lessons of the last 70 years?
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