A Bailout We Don't Need - Galbraith

[Thailandnotes]

http://www.washingtonpost.com/wp-dyn...03033_pf.htmlA Bailout We Don't Need

By James K. Galbraith
Thursday, September 25, 2008; A19

Now that all five big investment banks -- Bear Stearns, Merrill Lynch, Lehman Brothers, Goldman Sachs and Morgan Stanley -- have disappeared or morphed into regular banks, a question arises.

Is this bailout still necessary?

[Chris]

Re: A Bailout We Don't Need - Galbraith

Did he say "lets prepare for the Alt-E bubble"?

Next, let's think about what the next upswing should try to achieve and how it should be powered. If the 1960s were about raising baby boomers and the '90s about technology, what should the '10s and '20s be about? It's obvious: energy and climate change. That's where the present great unmet needs are.
So, let's use the next few years to plan, mapping out a program of energy conservation, reconstruction and renewable power. Let's get the public sector and the universities working on it. And let's prepare the private sector so that when the credit crunch finally ends, we'll have the firms, the labs, the standards and the talent in place, ready to go.
Some will ask if we can afford it. To see the answer, don't look at budget projections. Just look at interest rates. Last week, in the panic, the federal government could fund itself, short term, for free. It could have raised money for 30 years and paid less than 4 percent. That's far less than it cost back in 2000.

[don]

Re: A Bailout We Don't Need - Galbraith

Did he say "lets prepare for the Alt-E bubble"?

Last night Turner Classic Movies aired The Great McGinty (1940), Preston Sturges first directed movie, with Brian Donlevy as crime czar Akim Tarmiroff's puppet politico. A movie for our near future.

(In the film Tarmiroff controls all the candidates that are presumately running against each other, and uses massive public works, many unnecessary, as the conduit to drain the public coffers. A piece of EJ's next bubble in a 1940's milieu.)

[Supercilious]

Re: A Bailout We Don't Need - Galbraith




This is getting surreal !!!

[oddlots]

Re: A Bailout We Don't Need - Galbraith



Has anyone read his book. Looks very similar to the Hudson ? EJ analysis.

[Chris]

Re: A Bailout We Don't Need - Galbraith

I'm reading "A History of Economics" at the moment. Quite an enjoyable book.

I have "The Great Crash, 1929" lined-up next to read during "The Great Crash, 2008".

[D-Mack]

Re: A Bailout We Don't Need - Galbraith

Voter Opposition

Calls to congressional offices are ``running 50 percent `no,' and 50 percent `hell, no,''' Democrat Paul Kanjorski told CNBC today. ``Out of 100 calls, you are lucky if one of them is positive.''

At the White House meeting earlier yesterday, Paulson, on his knee, asked Pelosi not to allow the negotiations to blow up, according to a participant in the meeting.

..

http://www.bloomberg.com/apps/news?p...bvo&refer=home

Never thought Paulson was into foot fetish