Sunday, November 01, 2009

The Beginning of the End of Capitalism?

From Thom Hartman, Black Tuesday:
"80 years ago today, on October 29th, 1929, Wall Street saw the worst day in its history. The shock of “Black Tuesday” came to an end, but the misery of the Republican Great Depression was just beginning. As a result of the disaster that followed three successive Republican administrations – and their cutting regulations and dropping taxes on the most wealthy from over 70 percent to under 30 percent – the Roosevelt administration through most of the 1930s re-regulated the economy and raised taxes on the very rich back up to 91 percent. That led to fifty years of growth and prosperity, which came to an end with Ronald Reagan re-introducing the Harding/Cooledge/Hoover tax cuts and supply-side economics. Hopefully the Obama Administration will soon learn the lesson of the last Republican Great Depression and follow in FDR’s footsteps."

Doesn't look like it Thom!

Thousands Protest Bank Power and Abuse in Chicago

Geithner Defends Collapsing Banking System 115 Banks Fail This Year. "Recovery will be choppy"

Inside the Bank Bailouts

Obama Goes Wobbly Over More Stimulus
Unemployment swelled to 9.8 percent, "with nearly nearly 26 million workers—17 percent of the workforce—unemployed or underemployed," according to economist Mark Zandi. The economy remains extremely weak and is expected to lapse back into recession if the Obama administration fails to provide a second-round of stimulus.

Propping Up a Broken Capitalist System

Mat Taibbi (Rolling Stone), Wall Street's Naked Swindle

Related: McClatchy series on How Goldman Secretly Bet on Housing Crash

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