Web Letters | The Nation

Web Letter

It's nice to have an African-American president (a real accomplishment by the electorate), but once a critical mass of the MSM bought into the bank bailouts, broader economic reform that would benefit working-class people dropped off the political radar. They get the table scraps.

Bernanke and Govt. Inc. will be working behind the scenes to unload toxic assetts from the bailed-out banks.

The pres is either clueless or worse re economic reforms to benefit working people, but nevertheless you have to believe, better than McCain/Palin would have been.

Maybe he'll step down after four years and support someone who can get the job done.

Bud Ilic

Bloomington, IN

Aug 30 2009 - 3:03pm

Web Letter

This is a good article, and I particularly liked the last paragraph. These people think the engine of the economy is Wall Street, and not Main Street. Since 70 percent of the American economy and 60 percent of Western markets are driven by consumer spending, it is the disposable income of ordinary workers that supports these economies.

When you seek to reduce these wages by outsourcing the industries that produce well-paying jobs, you also reduce the purchasing power of those markets. Under the rubric of "productivity," wages and jobs are lost that support the American and Western markets. In other words, you destroy these markets. Jobs are not a lagging indicator of recovery, because they are the engine of recovery. There is no substantial market or development in any country without well-paying jobs.

These people have no brain! They think that they can produce cheap goods overseas for the American market, when they have taken away the jobs and industries that supported that market.

You build markets by producing products and jobs within the countries where you want to sell your products! It is in the interest of of any company, foreign or domestic, to create a vibrant economy in those countries that can afford your products.

Pervis James Casey

Riverside, CA

Aug 26 2009 - 12:21am

Web Letter

"The damaging error that Bernanke--and Treasury Secretary Timothy Geithner--have committed is to hand out all that money without demanding anything in return from the bankers and financiers. This is downright un-American, if you think about it," writes William Greider. It is not only the money, it is the guarantees of debt and the extension of FDIC guarantees on deposits as well. These put the public at monumentally more risk, not less.

FDR broke apart investment banks, brokerages and banks. He helped enact Glass-Steagall to protect the United States Treasury. Bernanke and Geithner have generously given these "too big to fail" institutions even more taxpayer-guaranteed money to play with.

They have enabled and promoted the FDIC guarantees for Goldman Sachs, the merger of Bank of America and Merrill Lynch, the purchase of Downey Savings by USB, the purchase of both Bear Strearns and Washington Mutual by JP Morgan! Where is the talk of putting Glass-Steagall back on the books? Fact is, their leadership is the antithesis of Glass-Steagall.

Geithner and Bernanke now hold America hostage; the ruination of these banks is now the guaranteed bankruptcy of the United States Treasury. Doesn't William Greider see what is going on here?

Michael McKinlay

Hercules, Ca

Aug 25 2009 - 7:49pm

Web Letter

Greider describes the NewsHour perfectly. One is more likely to hear a spokesman for government policy than any serious critic on that program. Articulate alternative voices are never given air time. It's a marvel that Lehrer keeps going, day after day, year after year, with his uninspired hosting of a useless and boring program.

Larry G. McClung

Irving, TX

Aug 25 2009 - 6:57pm

Web Letter

Wall Street tried to take over the government in 1933 during the administration of Franklin Roosevelt. They chose a popular and highly decorated Marine general. Smedley Butler was a patriot and went to Congress and testified against them. This is covered in the book The Plot to Seize the White House, by Jules Archer. This time Wall Street bought the Republicrats.

Steven Langston

Murray , KY

Aug 25 2009 - 6:28pm

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