Economist and historian, Michael Hudson, worked on Wall Street and is now a Research Professor at the University of Missouri, Kansas City (UMKC).
Hudson explains the financial disaster we are going though in plain English. He argues that governments around the world are deliberately shortchanging their own economies, because the financial sector give so much to politicians. Here's the money quote: "the largest contributor to the political campaigns is the financial sector, and the government has a choice: they can save the economy or or they can save the creditors who made the bad loans. They've said, `We don't care about the economy; we're bailing out the creditors. That's our constituency.'" Youtube: Michael Hudson with Renegade Economist http://tinyurl.com/an379e In an interview with Amy Goodman, Hudson explains in more detail why Obama's recovery plan is "awful." It is the "greatest transfer of wealth in American history," and it is turning the U.S. into an oligarchy with a whole new class of wealthy financiers. In the end, says Hudson, the debts will have to be written off; because you simply can't get blood from a stone. If people don't have the money to pay their mortgages, they can't pay them. In the meantime, Obama is pouring trillions of dollars of our tax money into the banks. Youtube: Michael Hudson with Amy Goodman http://tinyurl.com/cyxzap Source: The Confluence http://tinyurl.com/akabno
