Futher Exploration of the Financial Bailout

People keep asking how and why the financial is happening.  With running commentary from progressive Democrat Dennis Kucinich, Chris Hedges explores the financial crisis in layman’s detail .

Basically, Americans got screwed.  The bailout package represents the greatest shift of wealth upwards that the world will ever see and few, if any, pennies will be spent on the 10 or so million Americans that are walking away from their homes.

As I’m going through some of the links, I also came across this piece by Paul Craig Roberts (scroll past the bit on McCain), who was Asst Secretary of the Treasury during the Reagan years.

His main point is that the financial crisis began in 1999, with the repeal of the Glass-Steagall Act, which separated commercial from investment banking.

He also predicts that we’re not finished because the bailout doesn’t address the core issue, debt issues for the average American.  Credit card debt could become the next wick to light the next big pile of dynamite because the $700 billion doesn’t address job creation and stability for the working middle class in America.

It’s all good reading and very, very informative.