I was sent the links to two articles regarding the current financial crisis in the United States and more recently, the bailout that treasury secretary Henry Paulson is proposing.
The first article called “The Fruit of Hypocrisy” is written by Joseph Stiglitz, a university professor at Columbia University, regarding the financial crisis. He blames the current financial crisis on lack of confidence, and lack of trust in the banking sector. How about some mismanagement to go along with it?
Moreover, it is difficult to have faith in the policy wherewithal of a government that oversaw the utter mismanagement of the war in Iraq and the response to Hurricane Katrina. If any administration can turn this crisis into another depression, it is the Bush administration.
The second article called “Paulson Bailout Plan a Historic Swindle” is written by William Greider from The Nation. Essentially, his assessment is that if this plan goes through, it’s akin to letting the Wall Street fat cats off the hook for their avarice at the expense of the taxpayers’ dollars.