Tuesday, February 03, 2009


According to Yves Smith of naked capitalism, and if the WaPo source is correct, the Obama administration is about to flush what's left of US solvency down into the black hole of the 'banks'.
Here's a little quote, but read the whole thing:
So we the taxpayers are going to eat a ton of bank losses that should instead be borne first by stockholders and bondholders This program should be labeled the Pimco bailout plan, since the giant bond fund holds a lot of bank debt. That show what a fiction Obama's populism is. It's mere posturing and empty phrases. Look at where the dough goes, and it is going first and foremost to the big money end of town.
Evidently, Hank Paulson's effort to impoverish the US middle class were not sufficient, our new leader will have to finish the task, change or no change.

One consolation is that if we are laid off here in the US, there might be a future in another land.

As we pointed out in our last post concerning foreign policy, Obama is following the Bush/Cheney administration's policies, both foreign and domestic. But the stalling tactics that have been used in the last few years are not going to work much longer, either in Afghanistan, Iraq, or on the home front. President Obama had better get his act together, and quickly.


Post a Comment

<< Home