Politics
Out of context: Reply #865
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- TheBlueOne0
Also an excellent, but lengthy, article here:
http://firedoglake.com/2008/09/2…
Good dénouement:
" All that is left is the threat of a financial meltdown, which will probably be found right next to Saddam's mushroom cloud, and a few doors down from the group at the Pentagon that has a secret plan to capture Osama bin Laden.
In short, the best thing the public can do, is tell Congress to shoot this turkey and start from scratch. The markets have not collapsed, nor are they in danger of taking down the economy with them. There is a recession coming anyway, one that has been predicted by almost every major source of economic analysis. And there will be plenty of time to provide monetary or fiscal stimulus in the event of a deepening down turn. However, this effort to prevent the Crash of 1929, is quixotic, ill founded, and unsupported by theory or practice. In 2002 Bush told us there were WMD in Iraq, when there was no credible evidence of anything resembling credible evidence of an advance WMD program. Tonight he will ask America for more money than funds the Department of Defense in order to engage in a project equally questionable.
Today's crisis is the interbank lending, the solution is not a massive bailout, but to break the liquidity oil linkage, and to put a wider umbrella over the financial system."