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Financial Bailout

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America has the greatest inequalities, highest mortality rate, most regressive taxes, and largest public subsidies for bankers and billionaires of any developed capitalist country. In this essay we will discuss the socio-economic roots of inequalities and the relation between the concentration of wealth and the downward mobility of the working and salaried classes. How the... Read More
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CHRIS HEDGES: Hi, I’m Chris Hedges. Welcome to Days of Revolt. Today we’re going to carry out part two of my discussion about where we’re headed economically, with economist Michael Hudson. He’s worked on Wall Street, taught economics, and is the author of Killing the Host: How Financial Parasites and Debt Destroy the Global Economy.... Read More
The bailouts of banks, speculators and manufacturers served their real purposes: the multi-millionaires became billionaires and the later became multi-billionaires. Introduction According to the annual report of the business magazine Forbes there are 1,210 individuals – and in many cases family clans – with a net value of $1 billion dollars (or more). There total... Read More
The wealthy won’t pay their taxes, so labor must do so.
As published in Counterpunch The “Greek bailout” should have been called what it is: a TARP for German and other European bankers and global currency speculators. The money is being provided by other governments (mainly the German Treasury, cutting back its domestic spending) into a kind of escrow account for the Greek government to pay... Read More
According to The New York Times “When a 1991 survey by the Library of Congress and the Book-of-the-Month Club asked what the most influential book in the respondent's life was, Rand's Atlas Shrugged was the second most popular choice, after the Bible.” Is this a good thing? It is certainly a very American phenomenon. Americans... Read More
CounterPunch Diary
Since last September Barack Obama has been trying to pull off the tricky shot of backing bailout schemes at taxpayers’ expense for the Wall Street operators who have brought the economy to its knees, while simultaneously presenting himself as a populist crusader battling for economic justice and the regular folks on Main Street. Right now,... Read More
Interview for DemocracyNow. Audio copy of interview. Transcript Both the House and Senate are set to vote today on the $789 billion economic stimulus package. The vote follows weeks of political wrangling that culminated in compromise legislation struck on Wednesday. The final size of the package is less than what both the House and Senate... Read More
Obama’s new bank giveaway
Counterpunch Is this administration’s bank policy Bush-3 – or Clinton-5 or Reagan 8? After (1) threatening for eight years that the prospect of a trillion-dollar deficit spread over a generation or so is sufficient reason to stiff Social Security recipients and abolish debts to the nation’s retirees, and (2) after the Bush administration provided $8... Read More
For the first time in my life (and I trust it will be the last), I find myself siding with the otherwise abhorrent neocons against a young, courageous giant of the Right, Tom Piatak. Equally surprising, I differ from Tom on the kind of issue that I would usually agree with him about. Now I’m... Read More
The Unprecedented Giveaway of Financial Wealth Story
Global Research Mr. Paulson’s bailout speech on Monday, October 13 poses some fundamental economic questions: What is the impact on the economy at large of this autumn’s unprecedented creation and giveaway of financial wealth to the wealthiest layer of the population? How long can the Treasury’s bailout of Wall Street (but not the rest of... Read More
Guns and Butter Interview on KPFA radio. For part one of this interview click here. I’m Bonnie Faulkner (BF): Today on Guns and Butter, Dr. Michael Hudson. Today’s show: “The Bailout’s New Financial Oligarchy.” Dr. Hudson is a Financial Economist and Historian. He is President of the Institute for the Study of Long-Term Economic Trend,... Read More
Guns and Butter Interviews on KPFA radio. You can read part two of this interview, The Bailouts New Financial Oligarchy, here. I’m Bonnie Faulkner (BF): Today on Guns and Butter, Dr. Michael Hudson. Today’s show: “The New Kleptocracy”. Dr. Hudson is a Financial Economist and Historian. He is President of the Institute for the Study... Read More
Counterpunch The banksters’ plan now is for icing on the cake – to take Mr. Paulson’s $700 billion and run. It’s not a “bailout of the financial system.” It’s as giveaway – to insiders, to sell out all their bad bets. Companies across the board will get rid of their bad mortgages, and also their... Read More
Will the Cure be Worse than the Disease?
Counterpunch Saturday’s $700 billion junk mortgage bailout is the largest and worst giveaway since a corrupt Congress gave land grants to the railroad barons a century and a half ago. If it goes through, it will shape the coming century by giving finance unprecedented power over debtors – homebuyers, industry, state and local government, and... Read More
The largest transformation of America's Financial System since the Great Depression
Global Research Nobody expected industrial capitalism to end up like this. Nobody even saw it evolving in this direction. Marxists saw industrialists growing into giant trusts and depriving workers of the wages needed to buy their output, and the post-1980 era of corporate raiding has indeed seen downsizing and outsourcing of the labor force. But... Read More
Michael Hudson on the highly respected Democracy Now, telling the inside story on the bankers bailouts.
A democracynow interview with Nomi Prins and Michael Hudson. Audio of democracyNow interview. A copy of the video can also be downloaded from here. The US government has seized control of insurance giant American International Group in an unprecedented $85 billion bailout. The Federal Reserve made the deal on Tuesday to save AIG from collapse... Read More
Counterpunch Early on the morning of July 30, President Bush signed the act that the Senate had passed at a special session the previous Saturday. The new “housing act” (a more honest title would have been the “Financial Bailout Act of 2008”) authorizes the Treasury and Federal Reserve Board to provide unlimited credit to the... Read More
A Counterpunch Special Report I am writing this article about Fannie Mae and Freddie Mac while sitting in the Queens Botanical Garden. This was not my plan today. The central air conditioning in my apartment broke down six weeks ago and still has not been fixed. (It’s a nice condominium building, but accidents happen.) It... Read More
Counterpunch If the move to a Unitary Executive of unfettered presidential power frightens you, America’s radical right turn to Unitary Finance should compound your fears – and your debts as well. The financial events of the last two weeks of March 2008 demonstrate that the “economic royalists”[1] and “money changers”[2] whom Franklin Delano Roosevelt (FDR)... Read More
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