Sunday, February 22, 2009


Ismael Hossein-Zadeh writes in Counterpunch:- A government “of the people, by the people, for the people” would start from the goal of finding a solution to the financial crisis that is based on national interests, and then would look at the implications of such a solution for the insolvent banks. Instead, the Bush/Obama administrations start from the objective of saving the insolvent banks, and then look for a “solution” that would accommodate this objective!

When asked why he was selecting an economic team of neoliberal economists who played critical roles in bringing about the current financial meltdown, President Obama gave a most bogus, obfuscating and, uncharacteristically stupid, reason: “I have to choose from the pool of experts who know how financial markets work.”

Yes, Mr. President, they certainly know how Wall Street financial giants work. The problem is that they are disguised lobbyists of those financial giants.

The substance of Mr Hossein-Zadeh's essay is that the rescue schemes being forced upon us and willingly approved by our congressional representaties are actually copycats of the Hoover administration.

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