Lehman Brothers

What The Big Banks Have Done To Your Community

From Democracy Now!, Amy Goodman and her crew takes a look the latest Matt Taibbi piece in Rolling Stone Magazine:

“Looting Main Street”–Matt Taibbi on How the Nation’s Biggest Banks Are Ripping Off American Cities with Predatory Deals

In a new article in Rolling Stone magazine, journalist Matt Taibbi takes an in-depth look at the experience of one small Alabama town and its disastrous dealings with Wall Street. Taibbi writes, “The destruction of Jefferson County reveals the basic battle plan of these modern barbarians, the way that banks like JP Morgan and Goldman Sachs have systematically set out to pillage towns and cities from Pittsburgh to Athens.”

The Democracy Now! video is below the fold while the Rolling Stone piece is at the other end of this link and deals with how it all is hurting your school and your local government. To make matters worse for many of these communities they also have to deal with how their local government has been corrupted by bribes from the bankers.

The Fundamentally Political Nature of the Present Financial Crisis: The Constitutional Moment Arrives

In an extraordinarily important article today The Constitutional Moment Arrives, Stirling Newberry observes that

The key question is this: the American tax payers just bought the banking system. We are going to pay, with interest, upwards of three trillion dollars for it. A relative bargain actually. The question is what we are going to do with it now that we own it.

Let Wall Street Burn

At the cost of your future, the U.S. financial system is being saved. For a half century, the United States has been unable to find a hundred billion or so a year to fund general healthcare, but now that financial powerhouses like Bear Stearns, Freddie Mac, Fannie Mae, and AIG are crumbling, the U.S. Treasury can magically procure trillions of dollars in promises without so much as a nit of resistance in either chamber of the U.S. Congress.