Anyone deeply interested in the nuts and bolts of the financial crisis, including a pretty lucid explanation of the ways in which we have gotten ourselves into one helluva jam, would be well-advised to read the always entertaining Matt Taiibi's takedown of the Wall Street bailouts in Rolling Stone, the URL for which is: http://www.rollingstone.com/politics/story/26793903/the_big_takeover.
March 23, 2009
March 22, 2009
I've been perplexed (and bored) by the torrent of uninformed commentary concerning the "financial crisis" in the United States, so much so that I've been unable to formulate any sort of coherent comments of my own. I was finally moved today to say something by the truly dazzling display of stupidity offered up by Maureen Dowd in her New York Times column of even date. In effect, Dowd accuses the Obama Administration of allowing AIG, that nefarious financial craps table, to shovel money out the 'back door" to Goldman Sachs, other Wall Street "counterparties" and even (gasp!) European banks, such as the Deutsche Bank. Thus, bailout money "intended" for AIG winds up in the hands of outfits with "insider connections" to the Obama Administration or with foreigners.