In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘the bailout’

Debt bondage: A Christian Perspective on the Paulson Bank Bailout

Posted by seumasach on October 5, 2008

 

Dr Michael Hudson

Global Research

5th October, 2008

An unprecedented popular protest led Congress to reject the Treasury’s initial bailout plan on Monday, September 29. Most commentators have noted how ironic and seemingly out-of-character it was that the bailout was defeated mainly by Republicans, and indeed by the party’s right-wing Bible Belt Conservatives. But would it be too much to hope that these Congressmen bore in mind the Christian ethic embodied in Matthew 18 – almost literally a Biblical condemnation of the bailout’s terms?

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Thinking the Unthinkable: A Debt Write Down, and Jubilee Year Clean Slate

Posted by seumasach on September 24, 2008

“Here’s why the government giveaway logic is fallacious: It’s a giveaway, not a bailout. A bailout is designed to keep the boat afloat. But the existing Wall Street boat crafted by the investment bankers seeking to unload their junk must sink. The question as it sinks is simply who will be able to grab the lifeboats, and who drowns.”

 

Michael Hudson

Global Research

24th September, 2008

We have reached the point where it may finally be able to break through the membrane of cognitive dissonance that has been blinded people. The very first course in economics –starting in high school, followed up in college and then refined in graduate school – should explain to students why it is false to believe the advertisement that Wall Street has been trying to sell for the past half century: The deceptive promise that an economy can get rich off the mathematical “magic of compound interest.”

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Democrats signal support for Wall Street bailout at Senate hearing

Posted by seumasach on September 24, 2008

 

By Barry Grey

WSWS
24 September 2008

At a hearing Tuesday, Democratic members of the Senate Banking Committee assured Treasury Secretary Henry Paulson and Federal Reserve Board Chairman Ben Bernanke that they would move quickly to pass legislation authorizing the Bush administration to launch a trillion-dollar-plus bailout of Wall Street.

While a number of senators from both parties sought political cover in the face of growing popular opposition to the taxpayer-funded bailout by making populist-sounding declarations, the basic tone was set by Charles Schumer, the Democratic senator from New York who heads the Joint Economic Committee of Congress.

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