These reports about the TARP must be read to be believed. Since you are reading this on a screen, I have highlighted in red where you would scrawl WTF! on printed material. This is best read somewhere you can scream without attracting undue attention. "Thievery Under TARP", Robert Scheer, The Nation, 22 April 2009 Initial … Continue reading It’s official. TARP is just theft.
The Paulson Plan was -- as many suspected at the time -- just the first step in a larger expansion of government power. Now Geithner proposes additional powers, discretionary and open-ended expansion of the government's authority. How many more such steps will be necessary in the next few years? Where will this end? Meanwhile Congress watches as … Continue reading Bush’s bailout plan is now Obama’s. His quiet eloquence guides the sheep into the pen
Opening of "The Paulson Plan will buy assets cheap, just as all good cons offer easy money to the marks" (30 September 2008): “Buy this because it is extraordinarily cheap. The owner must sell right now because…” This is the opening line of a thousand confidence games. Stories told by well-dressed, smooth-talking grifters. Like many of … Continue reading Update: yes, the Paulson Plan was just theft
Even the leftish-economist -- and born-again attack dog for the Democratic Party -- Paul Krugman is disappointed with the Obama Administation's hints that it will continue the Bush team's strategy of feeding our money to Wall Street until it is again fat and happy. He becomes suspicious in "More on the bad bank idea", New York Times, … Continue reading Stand by for action – more theft of our money being planned in Washington
Summary: We are on the brink of an economic disaster like nothing since the 1930's. Here is a sketches (nothing more), of guesses as to what we can look forward to. While the past guesses on this site have proven accurate, these might prove too pessimistic. Or too optimistic. On March 11 "The US economy … Continue reading The US economy must go to Defcon 1