Tuesday, October 14, 2008
Mr. Mortgage again questions whether the $700 billion bailout is anywhere near enough to deal with the insolvency of the US financial system, a subject that motivated me to perceive more sinister motivations inherent within a capitalist financial system. He also notes that the frightening fact that the US system may be among the better capitalized ones when compared to the EU and Turkey. One suspects that even an initially mild recession would provoke serious defaults among these financial instruments, a subject that has been heretofore ignored. After reading these two posts, all I can say is . . . . Yikes! I try to resist a survivalist mentality about the future, but it can sometimes be difficult.
Labels: American Empire, Bailout of Finance Capitalists, Credit Crunch, Housing Bubble, Neoliberalism
