• Tips gratefully accepted here. Thanks!:

  • Recent Comments

    CB on Give Democrats a piece of your…
    Sweet Sue on Give Democrats a piece of your…
    r u reddy on Why Ebola spread in Dallas:…
    r u reddy on Give Democrats a piece of your…
    r u reddy on Give Democrats a piece of your…
    r u reddy on Give Democrats a piece of your…
    r u reddy on Give Democrats a piece of your…
    bernard jenkins on Give Democrats a piece of your…
    Baskel on Give Democrats a piece of your…
    abc on Give Democrats a piece of your…
    Propertius on Give Democrats a piece of your…
    Propertius on Give Democrats a piece of your…
    riverdaughter on Give Democrats a piece of your…
    Sweet Sue on Give Democrats a piece of your…
    riverdaughter on Give Democrats a piece of your…
  • Categories


  • Tags

    abortion Add new tag Afghanistan Al Franken Anglachel Atrios bankers Barack Obama big pharma Bill Clinton Chris Christie cocktails Conflucians Say Dailykos Democratic Party Democrats Digby DNC Donna Brazile Economy Elizabeth Warren feminism Florida Fox News General Glenn Beck Glenn Greenwald Goldman Sachs health care Health Care Reform Hillary Clinton Howard Dean Joe Biden John Edwards John McCain Jon Corzine Karl Rove Keith Olbermann Matt Taibbi Media medicare Michelle Obama Michigan misogyny Mitt Romney Morning Edition Morning News Links Nancy Pelosi New Jersey news NO WE WON'T Obama Obamacare occupy wall street OccupyWallStreet Open thread Paul Krugman Politics Presidential Election 2008 PUMA racism Republicans Sarah Palin sexism Single Payer snark Social Security Supreme Court Terry Gross Texas Tim Geithner unemployment Wall Street WikiLeaks women
  • Archives

  • History

    October 2014
    S M T W T F S
    « Sep    
     1234
    567891011
    12131415161718
    19202122232425
    262728293031  
  • RSS Paul Krugman: Conscience of a Liberal

  • The Confluence

    The Confluence

  • RSS Suburban Guerrilla

  • RSS Ian Welsh

    • How Ebola Aerosolized in Pigs Could Kill Millions
      Up until today I’ve been moderately sanguine about Ebola outside of some poverty struck African countries with compromised health care systems (and places like Greece.)  The main danger is incompetence and austerity, as with the CDC and Texas fumbling their Ebola cases. No more. Ebola is aerosolized in pigs.  This may not seem like a [...]
  • Top Posts

Obama’s Choice: Save the Economy or Save the Bankers

With the help of Dakinikat’s and Riverdaughter’s posts and my own reading, I’ve been trying to understand what is happening to our economy and how that is going to affect Americans. I came across an economist and historian named Michael Hudson who used to work on Wall Street and is now a Distinguished Research Professor at the University of Missouri, Kansas City (UMKC).

Hudson is really good at explaining the financial disaster we are going though, and he does it in plain English. In the interview posted below (taped yesterday in London) Hudson argues that governments around the world are deliberately shortchanging their own economies, because the financial sector give so much to politicians. Here’s the money quote (it appears about 4:54):

“…the largest contributor to the political campaigns is the financial sector, and the government has a choice: they can save the economy or or they can save the creditors who made the bad loans. They’ve said, ‘We don’t care about the economy; we’re bailing out the creditors. That’s our constituency.”

Here’s another interview with Hudson by Amy Goodman of Democracy Now. This one is from February 15. In this interview Hudson explains in more detail why Obama’s recovery plan is “awful.” It is the “greatest transfer of wealth in American history,” and it is turning the U.S. into an oligarchy with a whole new class of wealthy financiers.

In the end, says Hudson, the debts will have to be written off; because you simply can’t get blood from a stone. If people don’t have the money to pay their mortgages, they can’t pay them. In the meantime, Obama is pouring trillions of dollars of our tax money into the banks.

What can we do about it? I don’t know, but I agree with RD and Dakinikat that we all have to get up to speed on economics as best we can. This country is in real trouble, and the “vast majority of baby boomers have accumulated little to no wealth.” These people are close to retirement, and their houses have lost value and their 401Ks are in the crapper.

And the combination of falling house and stock values means that the vast majority of people near retirement have accumulated little or no wealth, meaning they will be almost completely reliant on Social Security and Medicare to support them in their retirement years.

These are the findings of “The Wealth of the Baby Boom Cohorts After the Collapse of the Housing Bubble,” a report by the Center for Economic and Policy Research (CEPR), a non-partisan research firm.

We cannot allow the rapidly developing Obamagarchy to destroy social security and medicare just as we are very likely headed into a Depression that could be worse than the Great Depression my parents lived through. And we are more poorly prepared now than people were at the time of the 1929 crash. In those days, people had some savings. We are really going to have to stick together as a people and remind ourselves again and again that this is our country. It doesn’t belong to Obama or to the bankers. This land is our land.

Follow

Get every new post delivered to your Inbox.

Join 470 other followers