Monthly Archives: September 2008

The Big Bank Job: The Insanity of the $700 Billion Giveaway

September 25, 2008
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Counterpunch The banksters’ plan now is for icing on the cake – to take Mr. Paulson’s $700 billion and run. It’s not a “bailout of the financial system.” It’s as giveaway – to insiders, to sell out all their bad bets. Companies across the board will get rid of their bad mortgages, and also...

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Houses as a Tax Shelter

September 24, 2008
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Houses as a Tax Shelter, interview by Karl Fitzgerald, from the Renegade Economists podcast. Houses as a Tax Shelter

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A Cautionary Tale About Politicos and Financiers: Mr. Paulson and the New Yazoo Land Scandal

September 23, 2008
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Counterpunch Present discussions of the mortgage mess are lapsing into an unreal world. Advocates of the $700 bailout are now rounding up a choir of voices to proclaim that the problem is simply a lack of liquidity. This kind of problem, we are told, can be solved “cleanly” (that is, with no Congressional add-ons...

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The Paulson-Bernanke Bank Bailout: Will the Cure be Worse than the Disease?

September 22, 2008
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Counterpunch Saturday’s $700 billion junk mortgage bailout is the largest and worst giveaway since a corrupt Congress gave land grants to the railroad barons a century and a half ago. If it goes through, it will shape the coming century by giving finance unprecedented power over debtors – homebuyers, industry, state and local government,...

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Financial Bailout: America's Own KleptocracyThe largest transformation of America's Financial System since the Great Depression

September 20, 2008
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Global Research Nobody expected industrial capitalism to end up like this. Nobody even saw it evolving in this direction. Marxists saw industrialists growing into giant trusts and depriving workers of the wages needed to buy their output, and the post-1980 era of corporate raiding has indeed seen downsizing and outsourcing of the labor force....

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US Banking Intervention

September 17, 2008
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Michael Hudson on the highly respected Democracy Now, telling the inside story on the bankers bailouts.

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US Seizes Control of AIG with $85 Billion Bailout

September 17, 2008
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A democracynow interview with Nomi Prins and Michael Hudson. Audio of democracyNow interview. A copy of the video can also be downloaded from here. The US government has seized control of insurance giant American International Group in an unprecedented $85 billion bailout. The Federal Reserve made the deal on Tuesday to save AIG from...

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Bailout for McCain

September 17, 2008
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An interview by Karl Fitzgerald, Renegade Economists podcasts. Bailout for McCain

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The Chicago School's long descent

September 12, 2008
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Asia Times As a graduate of the University of Chicago (1959) and also of its Laboratory School (1955-56), I think my experience there confirms the picture portrayed by Henry Liu in his wonderful essay last week on Milton Friedman and the “Money Matters Controversy”. (See Friedman’s misplaced monument, Sep 5.) My introduction to the...

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The Worsening U.S. Debt Crisis

September 9, 2008
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An interview with Economist Michael Hudson, by Mike Whitney Global Research. Mike Whitney: On Friday afternoon the government announced plans to place the two mortgage giants, Fannie Mae and Freddie Mac, under “conservatorship.” Shareholders will be virtually wiped out (their stock already had plunged by over 90 per cent) but the US Treasury will...

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