Though much of it is in error.
http://www.counterpunch.org/nader08182007.html
Greed and Folly on Wall Street
By RALPH NADER
The corporate capitalists' knees are shaking a bit. Their manipulation of the sub-prime housing market has led to a spreading credit crunch and liquidity crisis. So it is time for them to call on Uncle Sam--the all purpose bailout man.
Only don't call it a bailout yet. It is just an injection of over $200 billion in the past week to stabilize the heaving financial markets by the European Central Bank and our Federal Reserve. Governments to the rescue--again.
My father many years ago asked his children during dinner table conversation: "Why will capitalism always survive?" His answer: "Because socialism will always be used to save it." As a small businessman himself (a restaurateur), he was not referring to the little guys on Main Street. He was talking about the Big Boys. Today, we call these self-paying CEOs "corporate capitalists."
Central Banks are government regulators after all. Among other impacts, they regulate interest rates. But they are so saturated with banking executives or former banking officials on their Boards, Committees and at the helms, that they see themselves as part and parcel saviors of their banking brethren.
Brother Henry M. Paulson, formerly with the Goldman-Sachs investment giant and now U.S. Treasury Secretary just said: "The markets are resilient. They can absorb those losses. We've gone through challenging times in the markets, and we will rise to the challenge."
http://www.counterpunch.org/nader08182007.html
Greed and Folly on Wall Street
By RALPH NADER
The corporate capitalists' knees are shaking a bit. Their manipulation of the sub-prime housing market has led to a spreading credit crunch and liquidity crisis. So it is time for them to call on Uncle Sam--the all purpose bailout man.
Only don't call it a bailout yet. It is just an injection of over $200 billion in the past week to stabilize the heaving financial markets by the European Central Bank and our Federal Reserve. Governments to the rescue--again.
My father many years ago asked his children during dinner table conversation: "Why will capitalism always survive?" His answer: "Because socialism will always be used to save it." As a small businessman himself (a restaurateur), he was not referring to the little guys on Main Street. He was talking about the Big Boys. Today, we call these self-paying CEOs "corporate capitalists."
Central Banks are government regulators after all. Among other impacts, they regulate interest rates. But they are so saturated with banking executives or former banking officials on their Boards, Committees and at the helms, that they see themselves as part and parcel saviors of their banking brethren.
Brother Henry M. Paulson, formerly with the Goldman-Sachs investment giant and now U.S. Treasury Secretary just said: "The markets are resilient. They can absorb those losses. We've gone through challenging times in the markets, and we will rise to the challenge."
