Wednesday, June 1, 2011

How the Federal Reserve Enabled the Great Recession

Here is an interview with the authors of a new book on the crash of 2008:

More detail at the Yahoo Daily Ticker site.

Notice how these authors, Gretchen Morgenson and Josh Rosner, point out that "nothing has changed". The regulation is still too loose and now the "too big to fail" banks are even bigger!

Sure the Republicans are to blame for being obstructionists and clueless, but Obama has to shoulder blame for failing to act. He has had the reins of power for 29 months and he has shown little real initiative to get on top of the crisis, reboot the economy, and solve the immense social suffering among the victims of unemployment and home foreclosure. Sure he's helped the billionaires and millionaires, but where's the help for the bottom 90% of the population, the innocent victims of greed at the top? Obama is "missing in action". He is relying on the same corrupt insiders as the Republicans used.

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