Wednesday, November 19, 2008
Who Could Have Known This Would Happen?
Read Dean Baker's commentary this morning for a very short, very accurate, and very complete description of how Wall Street and the Bush administration cooperated in producing the biggest economic crisis and bottomless pit of debt and insolvency the world has seen in the last 79 years.
Baker also ridicules the disaster's major players and their flunkies in portions of the corporate media for treating the meltdown as if it was an act of God, like a tornado or eathquake, rather than result of stupid, reckless, and blatantly criminal policies.
For example, the New York Post compares Hank Paulson's current predicament to the troubles of one caught in "a storm."
This kind of excuse making won't work, and Hank Paulson needs to be behind bars. He was one of the primary movers and shakers who created the degrees of leverage which made a disaster of this magnitude possible, and he personally made hundreds of millions by doing so.
This is not going to be over till we see some of these robbers in prison.