Thanks to a worldview that says, essentially, protect the banks, and let nature take its course, we have banks making record profits during this major economic recession — nature has been cruel to everyone without a Wall Street address. And the Robert Rubins of the world don’t have the imagination, or the desire, to think of what to do in that situation.
|By: David Dayen Monday August 9, 2010 6:55 am|
|By: David Dayen Monday June 28, 2010 6:25 am|
In an announcement that portends misery for much of the world’s citizens (and I’m only slightly exaggerating), the G20 communique will include a pledge from the largest nations on Earth to halve their budget deficits by 2013. Coming at a fragile time for the global economy, this descent into austerity could lead to a return to recession or worse.
|By: David Dayen Monday June 7, 2010 7:40 am|
The G-20 nations over the weekend basically held up a “Let Them Eat Cake” sign for the rest of the planet’s citizens to read. And a white flag to the bond market vigilantes, to boot. Not in this country or abroad has the private sector stepped up to drive the recovery. And yet, the deficit scolds have won. There will be no more fiscal stimulus, generally speaking, for most of the world. And that’s true despite mass unemployment in America and rising joblessness in Europe. This is precisely the kind of thinking that turned a jarring stock market crash into a worldwide depression in the 1930s.