The Unz Review: An Alternative Media Selection
A Collection of Interesting, Important, and Controversial Perspectives Largely Excluded from the American Mainstream Media
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 Entire ArchiveFinancial Bailout Items

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To most people, if they are familiar with it at all, BlackRock is an asset manager that helps pension funds and retirees manage their savings through “passive” investments that track the stock market. But working behind the scenes, it is much more than that. BlackRock has been called “the most powerful institution in the financial... Read More
The Federal Reserve is directly buying stocks, bonds, junk bonds, mortgages, junk mortgages, all to prop up the value of assets owned by the top 5%. This does not spur much new production or create jobs. Michael Hudson joins Paul Jay on theAnalysis.news podcast
mikewhitneylockdown
Can we admit that we were wrong? Can we admit that the coronavirus is not going to kill "hundreds of thousands or even millions" of Americans? Can we admit that the public health system is not going to buckle and collapse? Can we admit that we fashioned our public policy on flawed computer models that... Read More
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Facing the Covid-19 pandemic, the US Congress rammed through the CARES Act — which economist Michael Hudson explains is not a “bailout” but a massive, $6 trillion giveaway to Wall Street, banks, large corporations, and stockholders. Max Blumenthal and Ben Norton discuss the enormous financial scam with Hudson, who reveals how the economy actually works,... Read More
The answer to the question is “YES.” The large bailed-out creditors will end up with the property of the non-bailed-out debtors who are being pushed deeper into debt with “bail-out loans” and fees and penalties for missed debt payments. Write-offs for the One Percent, and more indebtedness for everyone else. Turn your mind to the... Read More
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There's no doubt that the Coronavirus is a serious infection that can lead to severe illness or death. There's also no doubt that 'virus hysteria' has been used for other purposes. Wall Street, for example, has used virus-panic to advance its own agenda and get another round of trillion dollar bailouts. In fact, it took... Read More
Vladimir Putin has decided how Russia is going to pay for the corona-virus. He's going to tax the rich. It's a remedy that most Americans would support if they were given the choice, but they weren't asked. Instead, Congress passed a $2 trillion stimulus package for which the American taxpayer will be held entirely responsible.... Read More
To fight the coronavirus at home, France is removing all military forces from Iraq. When NATO scaled back its war games in Europe because of the pandemic, Russia reciprocated. Moscow announced it would cancel its war games along NATO's border. Nations seem to be recognizing and responding to the grim new geostrategic reality of March... Read More
The Senate's $2 Trillion Coronavirus Relief Package is not fiscal stimulus and it's not a lifeline for the tens of millions of working people who have suddenly lost their jobs. It's a fundamental restructuring of the US economy designed to strengthen the grip of the corrupt corporate-banking oligarchy while creating a permanent underclass that will... Read More
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Even before the Covid-19 crisis had slashed stock prices nearly in half since it erupted in January, financial markets were in an inherently unstable condition. Years of quantitative easing had loaded so much money into stock and bond prices that stock price/earnings multiples and bond prices were far too high by any normal and reasonable... Read More
You can almost smell the fear-laden sweat oozing from the pores of television broadcasts and social media posts as it finally dawns on our political and media establishments what the coronavirus actually means. And I am not talking about the threat posed to our health. A worldview that has crowded out all other thinking for... Read More
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The next bailout will be our last
Imagine if the congress approved a measure to form a public-private partnership between the US Treasury and the Federal Reserve. Can you imagine that? Now imagine if a panicky and ill-informed Congress gave the Fed a blank check to bail out all of its crooked crony corporate and Wall Street friends, allowing the Fed to... Read More
It's the end of the world as we know it, and the banks and airlines feel fine because even in the midst of economic collapse, CEOs can sleep soundly at night, secure in the knowledge that the American taxpayer will bail them out. Again. All they have to do is wait a respectable six to... Read More
The Fed is reopening its most controversial and despised crisis-era bailout facility, the Primary Dealer Credit Facility. The Wall Street Journal describes the PDCF as "an overnight loan facility for primary dealers (that) provides round-the-clock backup source of funding to banks." The WSJ's description grossly understates the facility's real purpose which is to transfer the... Read More
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I’m Bonnie Faulkner. Today on Guns and Butter, Dr. Michael Hudson. Today’s show: Rescuing the Banks Instead of the Economy. Dr. Hudson is a financial economist and historian. He is president of the Institute for the Study of Long-Term Economic Trend, a Wall Street financial analyst and Distinguished Research Professor of Economics at the University... Read More
MARC STEINER: Welcome to The Real News Network. I’m Marc Steiner. Great to have you with us once again. On September 15, 2008, the financial meltdown began with the bankruptcy of the Lehman Brothers. That was 10 years ago. The shock waves that hit the economy threw 9 million families out of their homes who... Read More
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Today’s financial malaise for pension funds, state and local budgets and underemployment is largely a result of the 2008 bailout, not the crash. What was saved was not only the banks – or more to the point, as Sheila Bair pointed out, their bondholders – but the financial overhead that continues to burden today’s economy.... Read More
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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
I believe that Usama bin Laden said at one point that the way to destroy the Great Satan was to attack its economy. Does anyone seriously believe the currently more than $1.3 trillion bailout(s) are going to accomplish anything more than putting the US deeper in debt at a time when the country is fighting... Read More
It is easy to indict the American people for conniving at fast and loose behavior on Wall Street, but there is a danger that blaming everyone means no one is to blame. According to the "blame everyone" line of reasoning, Americans became addicted to the easy credit from Wall Street, becoming so greedy in the... Read More
WASHINGTON and SAO PAULO - The George W Bush administration's US$700 billion no-accountability scheme, globally, informally dubbed "cash for trash", is making all the headlines. Simultaneously, there's the small matter of the United Nations General Assembly sanctioning the troubled birth of a new, multipolar world. As a 21st-century counterpart to the Dadaist Manifesto, this chain... 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
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
Michael Hudson on the highly respected Democracy Now, telling the inside story on the bankers bailouts.
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
PastClassics
The unspoken statistical reality of urban crime over the last quarter century.
Talk TV sensationalists and axe-grinding ideologues have fallen for a myth of immigrant lawlessness.
Which superpower is more threatened by its “extractive elites”?
How a Young Syndicate Lawyer from Chicago Earned a Fortune Looting the Property of the Japanese-Americans, then Lived...