Archive for September, 2008
A Bailout We Don't Need–Jamie Galbraith
By James K. Galbraith, in today’s Washington Post: Now that all five big investment banks — Bear Stearns, Merrill Lynch, Lehman Brothers, Goldman Sachs and Morgan Stanley — have disappeared or morphed into regular banks, a question arises. Is this bailout still necessary? The point of the bailout is to buy assets that are illiquid ...Read more.
McCain hasn't "had a chance" to read bailout
Hat-tip to Doug Henwood of the Left Business Observer for this gem: SENATOR MCCAIN SAID TUESDAY THAT HE HADN’T READ THE BAILOUT PROPOSAL, according to Cleveland NBC station WKYC: ‘In an exclusive interview he told Tom Beres, ‘I have not had a chance to see it in writing. I have to examine it.’ But note: ...Read more.
More Resources on the Bailout–from IPS
This is from Chuck Collins, of the Institute for Policy Studies, and a D&S Associate: Handing Wall Street speculators an unconditional check for a $1 trillion should not happen. Any assistance should be tied to placing conditions on runaway CEO pay and on a bailout for Main Street communities. The messed up CEO pay incentive ...Read more.
The Magnitude and Meaning of the Proposed Bailout
A press release from the excellent National Priorities Project. What $700 Billion for Wall Street means on Main Street Northampton, MA – September 23, 2008 – The plan proposed by President Bush and Secretary Paulson for a $700 billion bailout of Wall Street is difficult for most people to comprehend. National Priorities Project, a non-partisan ...Read more.
Jobs with Justice Letter Campaign
This is from Jobs with Justice; hat-tip, again, to John Miller. What’s At Stake?Tell Congress: No Wall Street Bail-out! We need you to STEP UP! Tell Congress: Stop the Bail-out; Pass a recovery plan, instead. Now that they’ve made so much money, they say that the huge Wall Street firms, paying grotesque salaries, are “too ...Read more.
Resources for Action on the Bailout
Hat-tip to D&S collective member and columnist John Miller for these links. First, long-time D&S author and supporter Jim Campen is now the executive director of Americans for Fairness in Lending. This Boston-based activist group working to reform the lending industry is conducting a campaign to have the Senate include the The Credit Holder’s Bill ...Read more.
Just Another Wacky Day In Finance
This posting is from D&S collective member and frequent blogger Larry Peterson. To see more of his posts, click here. Stock markets worldwide fell again Tuesday as attempts by Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke encountered considerable resistance in Congress. The gains from the announcement of the bailout plan late last ...Read more.
Bright Greetings Dear American- -Paulson's Scam
- – – – – – – – – – – – – – – – – From: Henry PaulsonDate: 9/23/2008Subject: Supper secret transaction Need you’re help Bright Greetings Dear American: I need to ask you to support an urgent secret business relationship with a transfer of funds of great magnitude. I am Ministry of ...Read more.
Jim Crotty on Market Meltdown
Hat-tip to Emily Kawano of the Center for Popular Economics for this item: “Market Meltdown”: Listen to an interview with Professor Jim Crotty, Center for Popular Economics and Econ. Dept., UMass. Amherst. Great interview with Jim on the financial meltdown, what caused it, a historical perspective, and what should be done. Short and extended versions ...Read more.
Is the Bailout Justified?
This is a Q&A session with Mason Gaffney, professor of economics at the University of California at Riverside. (Visit his website.) Gaffney points out that banks are in their very nature highly leveraged. Bernanke and Paulson must intervene, not to save the bad guys, but to keep the whole banking system from shutting down as ...Read more.
