Tuesday, December 29, 2009

Progress or catastrophe

We are looking at a very bleak future.  Fortunately, we actually have some alternatives.

The New Decade: Billionaire Bailouts or Progressive Resurgence? 
Les Leopold Author, "The Looting of America"
We just got a glimpse of the future and it ain't pretty.
Over the past decade Wall Street went on a reckless betting spree that nearly ruined us. First, they gambled their way into enormous riches based on absurd financial instruments that turned toxic, They paid themselves lavishly, went bust, and then forced the taxpayers to cover all their bad bets. After begging for and receiving the largest welfare package in history, their record profits and bonuses are miraculously returning, while the (BLS U6) jobless rate hovers over 17 percent. Thankfully, that's over and done with.
Or is it? Too-big to fail is now our official policy: The nineteen largest financial institutions that comprise two-thirds of our banking system have been declared permanent fixtures. Our leaders talk of reining them in and of collecting fees to help pay the cost of future bailouts. But, talk is cheap and campaign contributions are always welcomed.

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