Monday, September 15, 2008

Are two century-old financial institutions supposed to disappear?

I'm watching Hank Paulson on CNBC right now... I don't know. I've got nothing really well informed to say about today's event in New York, except that I still don't think this is over.

Also, how many billions of taxpayer dollars has the US government committed to rescuing automakers who can't make cars people want, or financiers who can't maintain solvent institutions? Now, how many billions have they committed to workers who are out of their jobs because of these various incompetencies at the top?

Canadian banks are saying they have limited exposure to the direct events of the day, but reality is that nobody but nobody has "limited exposure" to the possibility of the US economy coming off the rails. Especially not Canada, for God's sake.

4 comments:

noamzs said...

Canada is also guilty of handing out huge sums of money to incompetent corporations, while doing little or nothing to help their ripped off employees.

Mike said...

Amazing how some folks blather on about how bad 'welfare' is when its about poor people or unemployed workers by have no problem with the Government bailing out banks and financial institutions.

I hate it when Dean Baker is right, but he is...the Conservative Nanny State.

I wonder if Obama has the guts to run with that meme?

Anonymous said...

http://www.greenparty.ca/en/releases/15.09.2008

At least someone is holding Neo-Conservative economics accountable.

Flocons said...

Watching the financial crisis in the United States reminds me that of Adam Smith's "invisible hand" theory... and sometimes that invisible hand can give greedy bastards a severe bitch slapping.