Thursday, October 23, 2008

the giveaway of financial assets

oct 23rd, 2008

---------- Forwarded message ----------

Parsing Mr. Paulson's bailout speech: the unprecedented
giveaway of financial wealth

Michael Hudson

22 October 2008


http://www.vijayvaani.com/FrmPublicDisplayArticle.aspx?id=195


Parsing Mr. Paulson's bailout speech: the unprecedented giveaway of financial wealth

Michael Hudson

22 October 2008



Mr. Paulson¹s bailout speech on Monday, October 13 poses some fundamental economic questions: What is the impact on the economy at large of this autumn¹s unprecedented creation and giveaway of financial wealth to the wealthiest layer of the population? How long can the Treasury¹s bailout of Wall Street (but not the rest of the economy!) sustain a debt overhead that is growing exponentially? Is there any limit to the amount of U.S. Treasury debt that the government can create and turn over to its major political campaign contributors?

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