And everyone knows that the White House and Congress – while talking about cracking down on Wall Street with strict regulation – have actually watered down some of the most important protections that were in place.
The [financial] plan’s six most fatal flaws are apparent in its preamble, which lays out a false diagnosis of the financial problem in a way that whitewashes Wall Street (in contrast to Mr. Obama’s nice televised populist speech giving verbal criticism to “culture of irresponsibility”). A false diagnosis must lead to wrong-headed cures – rarely by accident. There invariably is a financial beneficiary who gains from blind spots in a legal “reform” package.
The October 2008 financial meltdown is not the result of a cyclical economic phenomenon. It is the deliberate result of US government policy instrumented through the Treasury and the US Federal Reserve Board.
Filed in Creative-i on Capitalism, Creative-i on the USA
|
Also tagged bailout, banking crisis, Barack Obama, Bear Stearns, Bernanke, Bill Clinton, capitalism, corruption, economic crisis, Federal Reserve Bank, financial manipulation, Glass-Steagall Act, globalization, Goldman Sachs, hedge funds, Henry Paulson, imf, JP Morgan, JPMorgan Chase, Lehman, Lehmann Bros, multinational corporations, Rockefeller, united states, US Treasury, Volcker, wall street, world bank
|
Is it over? This is the question on most people’s minds today. But what does this question mean? The way this question is posed, especially on the left, usually conflates three distinct questions. First, is the Paulson program going to end the crisis? Second, does this crisis, and both the state and the popular reaction to it, spell the end of neoliberalism? Third, are we witnessing the end of US hegemony
Filed in Creative-i on Capitalism
|
Also tagged AIG, bailout, Bear Stearns, Ben Bernanke, bretton woods, capitalism, china, credit, deregulation, Fannie Mae, Freddie Mac, gold, Goldman Sachs, imf, JP Morgan, meltdown, Neoliberalism, new deal, Rockefeller, Savings and Loan, sub-prime mortgages, US Treasury, Volcker, world bank
|
InI RSS
