Income inequality in the US is growing at an alarming rate as it did prior to the Great Depression precipitated by the Wall Street crash of 1929. Where will it all lead..??
The powerful Financial industry lobby and Wall Street and community bankers argue that the proposed agency will restrict financial innovation and otherwise inhibit economic growth. Despite such mendacity, Alan Greenspan, the highly respected economist and former Fed Chair endorsed President Obama’s far-reaching proposed Consumer Financial Protection Agency (CFPA).
Everyday there is fresh evidence that government spending to stimulate demand was critically necessary to pull the country out of the economic tail spin caused by the reckless risk-taking of essentially unregulated financial markets, easy money policies often championed by Right-wing economists such as CNBC’s Larry Kudlow.
U.S. Treasury Secretary, Timothy Geithner, interviewed by Charlie Rose, says Capitalism will be ‘profoundly different‘ going forward. U.S. Treasury Secretary Timothy Geithner’s comments should come as no surprise. Neither should the fact that a leading global economist recently noted, rather matter-of-fact-ly, that “the Anglo-Saxon model of capitalism has failed.” But more on that point later. For […]
http://www.forbes.com/2009/02/18/depression-financial-crisis-capitalism-opinions-columnists_recession_stimulus.html Nouriel Roubini writing recently in Forbes magazine argues that the the current global financial crisis lays bare the failure and weaknesses of western-style capitalism, or the ‘Laissez-Faire’ paradigm. Traditionally, only emerging markets suffered severe economic shocks from such crises — and still suffer — from such problems. However, as current conditions are indicating, such […]
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