Tuesday, February 2, 2010
Just an old-fashioned protection racket
Keep telling 'em "Things would be worse if we hadn't given the banks the money". "Regulations to protect consumers will oblige banks to pass on the extra cost to the consumers". "Taxpayers' money is being used to avoid even bigger losses to taxpayers". "The trickle-down is coming soon". "We saved the system" (the 'system' of course is the bubble economy which caused....). "Let's concentrate on making sure this doesn't happen again" (end on a note of piety and consensus). Fact is, it's a choice between the real economy and the financial 'system' according to Michael Hudson. If we choose the latter, we choose to carry on paying protection money and we choose debt peonage. Also - the fibs behind the AIG bailout. Obama is better than Bush at this stuff because people think he's the good guy.