a curious Yankee in Europe's court

blog about living in Europe, and Italy

Best, easiest to understand article I’ve seen on bail-out

Posted on the September 25th, 2008

Definitely check out this article yesterday from David Leonhardt at the New York Times about some of the stinkier aspects of Treasury Secretary Paulson’s bailout proposal (“Could Warren Buffett Negotiate a Better Deal for Taxpayers?” Sept 24, 2008).

One of the article’s insights:

Now, what would Mr. Buffett have said if Goldman asked for his money and wouldn’t let him share in the upside? “He would have said ‘no deal!’ ” said Daniel Alpert, of Westwood Capital, an investment firm. “And that is what Congress must say as well in defense of the American people.”

The article’s closing paragraph is especially a heartwarmer.

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Naomi Klein isn’t wearing rose-colored glasses

Posted on the September 23rd, 2008

And she’s advising the American people also to avoid seeing things through a naively pink glow, especially now. The widely-praised writer of The Shock Doctrine — a book that reveals how the rich and powerful exploit natural and manmade disasters for profit — is warning that the ongoing Wall Street meltdown is a demonstration of more of this ruthless greed in action.

From her blog yesterday: (“Now is the Time to Resist Wall Street’s Shock Doctrine” Sept 22, 2008):

I wrote “The Shock Doctrine” in the hopes that it would make us all better prepared for the next big shock. Well, that shock has certainly arrived, along with gloves-off attempts to use it to push through radical pro-corporate policies (which of course will further enrich the very players who created the market crisis in the first place…

Summing up the current highway robbery scenario now being staged in the U.S. Congress, Klein warns that there are no saviors who are going to look out for us in this crisis. Certainly not Henry Paulson, former CEO of Goldman Sachs, one of the companies that will benefit most from his proposed bailout (which is actually a stick up). Loud, organized grassroots pressure on both political parties is our only hope, she says.

Here is a video of Klein last week on the popular political affairs talk show Real Time with Bill Maher, debating the current crisis.

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