Aw, gawd. This is absolutely nothing to do with this blog. But I have to get it off my chest.
Pouring $700bn into the US financial system is going to:
- Line the pockets of the greediest, cleverest members of the US society
- Tax the poor
- Be meaningless in a world of derivatives, where the weakness of pouring money into the system will be exploited as the money is syphoned off by greedy bankers faster than aid to a third world dictatorship
- Make sure that Bush’s mates are looked after following his innumerable cock ups in office
In a country that has managed to run up trillions of dollars of debt, this is little more than a rounding error.
In nationalising Fanny Mae, Freddie Mac, AIG and supporting other deals the US has gone from being a capitalist society to, essentially, being a neo-communist state. Wow, Bush Jr, what a great result for your presidency.... You started off as Regan and ended up as Mao!