The #Occupy Finance Book – Chapter 2: “The bailout: it didn’t work, it’s still going on, and it’s making things worse” “We’re not that fussed about safety because, if we have an accident, it’s you who pays” ~ John Lanchester The $700 billion bailout of the banks in 2008 is the most grotesque example of the how the financial system has been consistently shielded from its mistakes while citizens have paid the price of those same mistakes. Despite the narrative we all hear from the Obama Administration about how successful the bailout was and how it will never need to happen again, the truth is different: the bailout didn’t work, it’s still going on, and it’s making things worse. In this chapter we’ll investigate how the bailout was intended to work, why the outcome wasn’t even close to what was promised, and how the bailout morphed into our current system: the continual drip-feed of taxpayer money and obligation to an increasingly unstable financial system, a system that is, in many ways, more dysfunctional than it was before the financial crisis. Video interview with Cathy ONeil from Alternative Banking + transcription of the interview + complete second chapter in link: revolution-news/occupy-finance-book-chapter-2-bailout-didnt-work-still-going-making-things-worse/
Posted on: Sun, 02 Feb 2014 18:27:54 +0000
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