On Wednesday, October 1, 2008 at 13:32:07 (-0400) Shane Mage writes: > >On Oct 1, 2008, at 11:57 AM, Doug Henwood wrote: > >> >> On Oct 1, 2008, at 11:45 AM, Jim Devine quoted Dean Baker: >> >>> The weakness of the banks contributes to the downturn, but they are >>> not the core of the problem. We would still be facing a recession >>> even >>> if all our banks were flush with cash. Hence the hype about the >>> urgency of the bailout was an invention. >> >> This really gives me pause. The financial system is imploding, and >> is in desperate need of recapitalization. One of the things that >> turns a recession into a depression is a cascading wave of bank >> failures and a contraction of credit. (This is something that >> Bernanke knows a lot about.) Intervention has to be quick or it will >> be too late. > >How odd that Doug Henwood parrots the Bush-Bernanke-Paulson-Obama >hysteria about how a huge giveaway to finance capital is needed to >avert a "depression"--when a depression is inevitable, and will be >much worse (maybe a little later) as a result of this vast >inflationary credit expansion.
How does this insult show Doug is wrong? Even the criminal idiots who are running our country are right some of the time. Bill _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
