The Federal Reserve Bank’s decision last week to address the housing crisis by extending $200 billion of taxpayer-financed credit to Wall Street banks was met with a stunned reaction typical of surprising events. But really, the move was the expression of longstanding isms that routinely package corruption as sound public policy. Some background: During the housing boom, banks doled out… return to article
-
subscribe to print magazine
-
email this article to a friend
-
Reader Comments (3)Page 1 of 1 pagesWe’ve seen this over and over — bipartisanism at its peak performance.
It matters not who is in office. Whenever a free market, hands-off, anti- protectionist scheme goes sour — it’s time to circle the wagons and invoke the “In the best interests of the national economy” cavalry charge.
When City Bank’s Mexican cement company loans were in danger of default they were rescued. (Too bad for Mexicans whose peso was cut by a third.) The savings and loan mess, Russian bonds — all the profits were kept and the cost passed to us and our kids.
This time it is different though. (I know you’ve heard that before.) But this time, due to the wonders of Glorious Globalization, our schemers have infected have infected the whole world’s monetary system. This time they have shaken (not stirred) the faith in the Almighty Dollar as the global standard of exchange.
With no currency backed by anything but pure faith, it’s debatable whether we will morph into hyper-inflation or deflation.When the Fed’s manipulations fail to provide a cure the dollar doctors begin to panic. Now even rate cuts are being by-passed to mainline dollars into big bank circulatory systems.
One long-time Wall Street Journal writer is even calling for the government to bulldoze houses to diminish supply. Shades of the FDR era practice of dumping milk and burying hogs to do the same.
Perhaps the divers will begin to take to the windows before long.
Posted by whattheheck on Mar 22, 2008 at 7:40 AM Thank you, Mr. Sirota. Your the only one to nail how anti-public are the Bush administration decisions on the mortgage crisis. Air America and the Democratic candidates, and the left-of -center columnists should be all over this one for 2 solid weeks, but all I’ve heard besides you so far is one night on Keith Olbermann. This is a prime example of why the American public shoots itself in the foot or worse by voting Republican.
Posted by lauraliberal on Mar 23, 2008 at 12:51 PM You are bang on Mr.Sirota.Now what do we do?I feel powerless against Big Business and Big Government.I write.I vote.I argue,but to what ends?Now I know what it was like to be black in this country.Nobody listens to me and nobody cares.I guess I will have to riot in the streets like black people did.Not much of a riot with just one person though and still no one will listen.
I am not german.I don’t know why there is a german flag included in my comments?
Posted by eddiemyboy1 on Mar 28, 2008 at 10:22 AM Page 1 of 1 pages -
register a new account »Posting Security
Also by David Sirota
Popular Discussions
- The 9/11 Faith Movement
Many Americans believe 9/11 was a conspiracy by the U.S. government
1968 posts since Jul 11 06 - What’s the 411 on 9/11?
891 posts since Dec 21 05 - Democrats: It’s the War
659 posts since Nov 1 05 - Was the Presidential Election Stolen?
459 posts since Jun 19 06 - A Fundamental History Lesson
The rise of National Socialism proved politics and religion don't mix
426 posts since Oct 10 05
© 2008 In These Times | Reprint Policy | Privacy Policy | Powered by Expression Engine | RSS Feeds
