I was against the Wall Street bailout from the beginning, but hoped to be wrong about what it would achieve.
Unfortunately, it’s turned out like I expected–a huge taxpayer giveaway that has does nothing to get credit flowing or stabilize the banking sector.
Read this piece by bobswern and explain to me why President Obama is letting Treasury Secretary Timothy Geithner and economic adviser Larry Summers steer him in this disastrous direction. Obama is too smart not to be able to figure out what’s wrong with continuing the expensive, accountability-free Bush policy.
More links to commentaries on the corporate bailouts are in this diary by Jerome Armstrong.
Mark my words: later this year, Washington pundits and so-called “centrist Democrats” who claimed we had to “do something” to save the banking sector will warn us that we can’t afford universal health care reform.Continue Reading...