Tuesday, February 2, 2010

Just an old-fashioned protection racket

Obama's junk economics

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.

Posted by icarus @ 02:42 PM (728 views)
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3 thoughts on “Just an old-fashioned protection racket

  • “Obama is better than Bush at this stuff because people think he’s the good guy.”

    They’re learning.

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  • Obama has the worse rating in American history. I wished poor old Gardenet was still here. How he didn’t see it coming beats me!

    What’s new?

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  • mark wadsworth says:

    Obama is either corrupt or an idiot. He justified the bank bail out by saying that $1 more in the bank means they can lend out another $10. Even if this were true, all it means is that he wants to keep the debt bubble inflated. As it happens it isn’t true. To lend another $10 the bank needs $1 in capital and another $9 in deposits. Those deposits can only get there if they are taken away from somewhere else. Ergo, once the dust has settled it makes very little difference.

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