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April 8, 2009

Understanding the Global Economic Crisis

From an entry in the Dollars and Sense blog, I found this article by James Galbraith, "Policy and Security Implications of the Financial Crisis, A Plan for America" (pdf)

This paper gives me hope for the future. My doubt lingers because the Obama administration has largely ignored its suggestions.

Instead of tightening the regulation of financial and credit markets, the administration has poured more money into unstable and useless institutions like AIG. Instead of forcing hedge funds to acknowledge their losses, the USG wants to prop them up - using tax payer money to create private profit.

At what point will the American people rise up and denounce their government's monetary policy? Welfare for the rich, home losses for the poor is not the path to peace and security.

How do we expose the reality of the crimes perpetuated by financial institutions in collusion with the federal government? At what point will US residents wake up from their consumer stupor and realize they're being screwed? A few billion for infrastructure spending is pointless if the government continues to refuse to regulate and hold accountable the pariahs who created the mess. Forget AIG bonuses; the real crime is the USG bailout of AIG.

Posted by cj at 6:43 AM | Comments (0)