Free Mike!

Yoshie Furuhashi furuhashi.1 at osu.edu
Wed Jan 24 20:14:47 PST 2001


Michael Pollak wrote:


>So that in
>the end, if we roughly estimate the cost to the taxpayers of the S&L
>bailout at $150 billion, and the population of the US at 300 million, he
>basically stole $500 from every man woman and child in the US.

Wasn't the problem the Garn-St. Germain Depository Institutions Act of 1982, which made it possible for the Savings & Loan industry to make risky investments? A problem of deregulation, the impetus toward which came from higher interest rates, which in turn were caused by inflation?

In other words, wasn't Milken one of the evil spawns given birth by the neoliberal solution to the exhaustion of the era of post-WW2 boom & military-Keynesian Social Democracy (such as it was in America) which was signaled by stagflation?

Yoshie



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