The bailout helps just the main culprits of the situation, without any impact on the real economy (since it seems that banks tend to buy treasuries instead than doing new loans). It's like pushing on a string. Ineffective and wrong.
Now it's the time of the keynesians (but I suspect even marxists/radicals, who seems strangely quiet on the issue) to advocate for more state, but is ever more evident that it is the state in its current form (especially in its relation with "central" banks) at the origin of the crisis.
Doug Henwood wrote:
> ...My guess is that as tight as things are, they would have been a lot
> worse if it weren't for the aggressiveness of the Fed and, belatedly,
> the Treasury (though the Treasury could be doing a lot better).
>
> Doug
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> http://mailman.lbo-talk.org/mailman/listinfo/lbo-talk
>
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