Banks Rob People (Jim Crotty)
This is from Jim Crotty of the UMass-Amherst econ department and the Center for Popular Economics (who has written for D&S a number of times over the years). It is from a few days ago, but still timely and interesting.
The Great Switch: Banks Rob People
Professor Jim Crotty
Dept. of Economics, UMass, Amherst and Center for Popular Economics
September 24, 2008
The US government is on the verge of making an unprecedented financial commitment, likely to cost $700 billion, to buy the bad securities held by large US and foreign financial institutions. Having driven our economy to the edge of financial destruction, the Lords of Finance now want the public to put up the money needed to save them and their firms from collapse. Maybe men don’t bite dogs, but banks do rob people.
Read the rest of the article.