Here are some excellent links for your weekend reading pleasure:
Doomed by the Myth of Free Trade by Paul Craig Roberts
Best synopsis I’ve read lately detailing the Green-spanning of America. Essentially, a linear treatise on globalization, the decline of the industrial economy and the rise of predatory speculative finance. A must read by the former Reagan Assistant Treasury Secretary.
The Deflating Economy by Mike Whitney
Very Insightful. One side comment thought- I don’t think public opinion is turning against a second stimulus as much due to the overal partisan drum banging to derail Obama’s recovery plan, as due to an overall sense of mistrust based on the first stimulus turning into a mega-bailout.
What Economy? – There’s Nothing Left by Paul Craig Roberts
Another concise read on the New American Economy by the Assistant Treasury Secretary during the S&L Crisis (back when we actually prosecuted securities fraud instead of bailing it out).
The Good News: With the DOW topping 9000, our investor con(fidence) is back. Profits in the predatory speculative finance industry – which we’ve pinned the fate of our country to – are record breaking, thanks in part due to the recent bailout windfall and accounting rule changes. TARP is being paid back (though how it goes back into our economy remains a mystery), JP Morgan and Goldman are raising executive compensation levels, AIG is paying out it’s bonuses and the 1% of earners in America who are running our political system using 85% of the nation’s wealth for their lobbying war chest are doing better than ever, with the average Goldman employee stealing earning around $700,000 per year.
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My comment is not for this particular post. It’s the way I view not only this post but your entire site. KEEP UP THE GREAT WORK!!! Our tax dollars has already made these white collar criminals too wealthy already!
But why should they think any different? We’ve bailed out these people several times over the past century. They knew the taxpayers money would come to the rescue when they entered their ‘den of theives’.