Letter to the SD Union-Tribune (unpublished):
While the AIG witch hunt continues, the real villains go unnoticed. Why hasn't the government allowed AIG to fail? Where have all the bail-out billions gone anyway? Let's see -- to whom did AIG owe money? Goldman Sachs is top of the list, and Goldman's CEO Lloyd Blankfein was present when the Feds made the decision to save AIG. Rescue Czar Hank Paulson also was once top chief at Goldman. Not surprisingly, a large majority of rescue money has passed straight through AIG to Goldman and other connected financial institutions. The fix was in.
Saturday, March 21, 2009
Wednesday, February 18, 2009
No free market?
Letter to the SD Union-Trib (unpublished):
Almost 20 years ago, Japan entered a deflationary slump. Piously wearing the mantle of capitalism, America sent economic experts to advise them to take the hard medicine, let the bad banks fail, allow the free market to work. How ironic now to see the U.S. government spend hundreds of billions to prop up our own failed lending institutions. Apparently we don't practice what we preach.
Almost 20 years ago, Japan entered a deflationary slump. Piously wearing the mantle of capitalism, America sent economic experts to advise them to take the hard medicine, let the bad banks fail, allow the free market to work. How ironic now to see the U.S. government spend hundreds of billions to prop up our own failed lending institutions. Apparently we don't practice what we preach.
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