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Web Letter

I have a question rather than a comment. I have the distinct impression that for the large banks that failed it was because they were heavily invested in oil and when the oil futures went south they became insolvent. Is this part of what Geithner means when he says that fog is useful? Are the failures and the consolidation process part of the plan to make banks larger and larger and is there an umbilical cord directly to the Congress of the United States?

Thanks for supporting the domestic auto industry. It is a myth that foreign car companies are not subsidized, and they are not really produced here just assembled here by non-union labor, with very few legacy costs. Also, domestics spend their profits here, generally.


Caribou, ME

Nov 23 2008 - 8:03pm

Web Letter

I agree! I do think we are facing the beginnings of a major crash, and Obama will have only one term unless he starts acting like a New Deal Democrat. The House could be tossed out in two years, and the Senate whenever they come up for election. By its programs, the Obama administration will be known, and we will have some measure of their chances of success. If they carry on with their Neoliberal BS such as "free trade," they will be toast because they will fail. While I think it may be hard to start some new political parties. it might be possible to split the Democratic Party with one branch upholding "New Deal" economic policies and other Democratic "traditions." Maybe Obama will get his act together. But with all these Clinton people hanging on his coattails, we are more likely to see an economic disaster.

Pervis James Casey

Riverside, CA

Nov 21 2008 - 3:48pm