The Democratic Party might want to tip their toe into the dangerous experiment of having a spine too, as the Irish opposition is doing. As foreign and bizarre as it might seem to Democrats, taking a stand and meaning it can be a bracing experience and lead to increased self-respect as well as respect from others [...]
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Ireland should default on their debt and force the banker thugs to take a haircut on their investments. And that’s precisely what might happen after their craven and corrupt government falls. The new government will be much more militant and should simply repudiate the debt. Krugman These debts were incurred, not to pay for [...] Not after Ireland and Portugal get theirs first. But these bailouts don’t help the populace, only the banksters who made risky loans. If we had actual capitalism, the banks would be allowed to fail rather than being propped up by governments. At last check Irish-Bund spreads were north of 725 bps, meaning Ireland is now effectively insolvent, and joins Greece in the group of bankrupt European countries. If this blow out is not stopped immediately, the contagion will again spread to the periphery first and then to the core shortly thereafter. The only question is [...] http://www.youtube.com/watch?v=lDJc0PZV-Bk&feature=player_embedded Zero Hedge. The real question is why is Ratigan the only person who not only sees this, but has the guts to say it on national television TV. Here’s the transcript of what Ratigan said (also from Zero hedge) The president continues to say in public that banks have almost paid Americans [...] John Robb The rapidity of the slide is due to the Wall Street bailout. Instead of punishment of the perps, we are getting bonuses. Instead of reform to prevent gambling, we get more of the same (even worse, it is being done with an explicit government backstop). Instead of relief for the middle class we [...] Merle Hazard is perhaps best known for his songs about the credit crisis. He is the first and only country singer to write about mortgage-backed securities, derivatives, and physics. MerleHazard.com Citigroup had its original birth with Sanford Weil buying degenerate, bottom-feeding subprime companies in the South that preyed on the poor and illiterate. Far as I can see, they’re still the same old girl they used to be. Now their management is begging Uncle Sam for more help while trying to maintain their power? [...] Because Obama wants you to know where and how the money is being spent. The American Recovery and Reinvestment Act will be carried out with full transparency and accountability — and Recovery.gov is the centerpiece of that effort. The Spectator (UK) wonders, does Britain now own the banks or do the banks own the taxpayers? RBS’s £2 trillion of liabilities dwarfs not only the government reserves but the entire UK economy. Brown hasn’t so much nationalised the banks, he has bank-ised the nation. It really does change how we see government, and [...] |  | ||||
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