Bailing Out the Bailout, by Matt Taibbi

That’s the thing about bailouts. Often times there are one or more repeat performances. From Matt Taibbi at rollingstone.com:

“I’ve never signed anything with a ‘T’ before,” Donald Trump quipped at the signing of the $2 trillion CARES Act. He reportedly wants his signature on coronavirus relief checks, as if they were Trump Plaza casino chips. This might be a fitting metaphor for America’s post-virus economic future.

The new bailout bill, which combined with a series of Federal Reserve interventions is more like a $6 trillion rescue, is a massive double-down on the 2008 rescue efforts. This bailout of the last bailout sets the stage for permanent state sponsorship of America’s overheated financial markets.

Like 2008, only more so, the new mega-rescue is a bipartisan effort. Lawmakers sold this as a good thing.

“This is a 9/11 moment,” said Republican congressman Dan Newhouse of Washington state. “A time to put partisan differences aside.”

“We have our differences, but we also know what is important to us,” saidHouse Speaker Nancy Pelosi. “America’s families are important to us.”

Continue reading→

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.