Michael Lewis: Socialism for Bankers and Capitalism for Everyone Else.

[Karmadillo]

He was on Morning Joe this AM pushing his new book on fatherhood so he didn't talk about the economy at any length. He did say he was surprised there was so little systemic change over the past 10 months and noted the similarities of the policies of the Bush and Obama Administration regarding the economy. He said we were basically "gifting" money to bankers with little accountability. I think Joseph Stiglitz described it better when he called it theft, but the two seem pretty much in the same ballpark.

Although Obama ran as a change candidate and although we certainly had the conditions for FDR style change for any President who wanted to give it a try, it sadly seems as though what we're getting is an attempt to preserve an unjust status quo both at home and abroad.

[JHB]

1. Pass the butter

:popcorn:

[dkf]

2. ITS A FREAKING LOAN!!!

Jeez.

Most banks are going to pay the funds back with interest. The issuance of bonds with FDIC backing is done by charging a fee.

There are probably 2 entities that won't pay it back. Those are the ONLY 2 that people should be griping about as they should have been dismantled and sold.

[YOY]

3. Then it's not really "socialism" now is it Joe?

It's more like "Corporatism"...but fuck all if Joey knows the difference...and that he looked at the terms of them getting the money.