OLD PROBLEMS REMAIN IN NEW YEAR: NO, VIRGINIA, THE ECONOMY IS NOT GETTING BETTER AS BANKS STILL RULE
Financial Reforms Are Being Watered Down As Bailouts Are Up
By Danny Schechter, author The Crime of Our Time
New York, January 4th: It's a new week, a new year, and some, erroneously believe a new decade. What's not new is the stranglehold the banks have on our economy quietly stashing more billions for more bonuses while still restricting the flow of credit. Bad loans have been supplanted by no loans.
Writers on the left continue to go after one bankster--the one we love to hate: Goldman Sachs which has become the poster boy for profiteering and even bad coffee served in their cafeterias. Most ignore the rest of the avaricious industry which is still volatile with big pockets of insolvency and dependence of government bailout funds.
While the media focused on the terror threat over Detroit, the terrifying reality in Detroit is ignored. AP reports, "DETROIT - One measure of how tough times are in the Motor City: Some of the offenders in jail don't want to be released; some who do get out promptly re-offend to head back where there's heat, health care and three meals a day.
"For the first time, I'm seeing guys make a conscious decision they'll be better off in prison than in the community, homeless and hungry," said Joseph Williams of New Creations Community Outreach, which assists ex-offenders."
With TV pumping out a steady diet of football, foolishness and constantly shifting breaking news, the people broken by the economic crisis are largely ignored.