GIVE IT BACK GOLDMAN!

Wall Street Welfare Queen Average
Bonuses $1.0 Million Per Employee

SHIP OF STATE OR SHIP OF FOOLS

The Money Party at Work

We keep doing the same things over and over again and expect different results.

I have a question.   It emerged after reading the two paragraphs below while waiting for French Toast "delux" in a diner.  There was nothing else to do but read the Washington Post  (Apr. 4, 2009)

"The Obama administration is engineering its new bailout initiatives in a way that it believes will allow firms benefiting from the programs to avoid restrictions imposed by Congress, including limits on lavish executive pay, according to government officials.

"Administration officials have concluded that this approach is vital for persuading firms to participate in programs funded by the $700 billion financial rescue package."

So here's my question, when did it become necessary to persuade people to accept a bailout?

Since I've posted this I've come on another major piece on what's happening with the banks. New also a discussion of the implications of the ongoing Oligarchic Coup in the U.S. (with comparisons to Russia after the fall of the Soviet Union.). I am including it at the bottom of this thread. Please also take a look at Kuttner's latest, cited at length in my comment. carol.

Paul Krugman interviewed on This Week with George Stephanopoulis.

The lead story in today's Huffington Post, is a post by  Robert Kuttner White House Confidential, in which he releases to memos, supposedly exchanged between President Obama and Rahm Emanuel regarding the failure of the Adminsitrations policie's dealing with the banking crisis. Taken together they are a damning critique of a policy that threatens to simultaneously sink the economy further and weaken the political clout of the Adminstration.