http://www.huffingtonpost.com/elizabeth-warren/america-without-a-middle_b_377829.html
(Elizabeth Warren is the Leo Gottlieb Professor of Law at Harvard and is currently the Chair of the U.S. Congressional Oversight Panel.)
Consumer credit is shrinking, bank lending is down, and one out of four homeowners is upside-down (more mortgage debt than house value). Money is not moving and the economy is on a ventilator. Conclusion: We need more stimulus à ‚¬" for American workers, not for Chinese workers!
But there won't be another round of stimulus because Larry Summers and his sniveling companion Tim Geithner won't allow it. They have other plans. Oh yeah, Wall Street and the banking Goliaths will still get as much monetary stimulus as they need (under the phony moniker of "quantitative easing", liquidity swaps, or excess reserves). But as for the working slob -- zilch.
It seems that Summers' assignment is to bring the broader economy to its knees; to crush big labor by keeping unemployment high, to force state and local and governments to privatize more public assets and services, and to generate as much human misery as possible. In short, Summers is laying the groundwork for structural adjustment within the US, a policy which reflects his ongoing commitment to multinational corporations and neoliberalism. It's the shock doctrine redux. These people are monsters. http://www.counterpunch.com/whitney11272009.html
America's looming banking disaster will dwarf what has transpired thus far
In America the safety net of the FDIC no longer exists. It is virtually broke and that is why a few months ago, unofficially the FDIC asked government for $500 billion. Putting this into perspective, about $700 billion would insure about 1% of all the qualifying deposits in the US.
Not only will the Federal Reserve Transparency Act (HR-1207) pass the House, but also it will pass the Senate. Why? Because a great many citizens are going to write every Senator demanding that they pass it.
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