The real 'socialists' here.
The George W. Bush administration handed 125 billion dollars to nine of Wall Street's richest banks, but this will do little to help the economy that is crumbling around ordinary U.S. citizens, independent experts and activists say.
"There is no way a modern economy can function without good roads, telecommunication, rail transport and an educated labour force," Allan Mendelowitz, a member and former chairman of the Federal Housing Finance Board, told IPS.
Bush's new Office of Financial Stability, led by Neel Kashkari, sealed a deal Tuesday to provide the billions, plus 125 billion dollars more for small banks, to encourage them to start lending to each other and the world's biggest businesses again.
A freeze in lending, related to the banks' risky trading ventures, has slowed the global economy, rocked stock markets around the world, and tightened lending throughout the U.S. economy.
"We're not proud of all the mistakes that were made by many different people, different parties, failures of our regulatory system, failures of market discipline that got us here," said Treasury Secretary Henry Paulson Thursday in an interview on Fox Business Network.
4 comments:
Anyone who believes that any of the car companies were actually broke needs to open their eyes. Banks were not and are not broke, the car companies were not and are not broke. Two years earlier, all these companies were boasting their multi billion dollar a year profits. Ford was the only American auto company to refuse government bailout money, because they are the only ones who are at least honest enough not to steal more taxpayer dollars.
The current economic collapse did not occur because people are too stupid to manage their own affairs, it happened because of the unrelenting greed that large corporation owners and upper management have perpetrated for decades.
Research, folks, knowledge is power.
On bailouts, and the current economic collapse: Since when is it our responsibility to keep large companies in business??? We buy what we need, and we buy what we want. Our government is trying to condition us to think that we should buy, buy, buy, borrow, borrow, borrow. Anybody besides me see something dreadfully wrong with that mentality?
Greed kills, and it's doing a damn fine job of it as we speak.
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