Wednesday, September 24, 2008
“It’s the ultimate nightmare to have a run on the money markets—that is truly Armageddon
US government to bail out Wall Street
“It’s the ultimate nightmare to have a run on the money markets—that is truly Armageddon—and they’re not going to allow that to happen,” When it comes to the social needs of the people, the universal cry from corporate America and the two parties is, “There is no money,” but when the fortunes of the financial elite are threatened, the full power of the government and unlimited resources are marshaled virtually at a moment’s notice. There was no suggestion in the statements of Bush and Paulson of any relief for the working class—nothing to stop home foreclosures or help those who have already lost their homes. Rather, hundreds of billions—and more likely trillions—of dollars in public funds will be used to prop up the banks.
Posted by malct @ 12:09 PM (671 views)
2 thoughts on ““It’s the ultimate nightmare to have a run on the money markets—that is truly Armageddon”
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Cr4shw4tcher says:
http://biz.yahoo.com/ap/080924/financial_meltdown.html
I like the idea proposed by Barney Frank, require equity for bailouts.
alan says:
There are at least 5 blogs covering this point. Its in a lot of US papers too, right now.
I guess the US taxpayer has been suckered!
The question is ” what to do about it”?