Banks-rupt; Forestalling Foreclosure; Detroit Doom
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It's not a state of the union, but a state of gloom, and Bill Clinton advised Obama to start looking “at the sunny side of the street.” Can he? Should he? What will he say on Tuesday as he gives his first address before a joint session of Congress? Will Bank of America be nationalized? Is closed-door decision making by elites any way to run a democracy? Bob gives us a dissertation on capitalist, socialist and fascist economics. Shall we let the banks go bankrupt but still try to save the auto industry?
Links:
- Stiglitz's (Talking Points Memo) interview on the banks bailout
- White House press briefing on Obama Administration's belief in privately held banks
- Arianna's post on the Philadelphia Rseidential Mortgage Foreclosure Diversion Program
- Krugman's column on the banking crisis, Federal Reserve memo
- Treasury Department on the Emergency Economic Stabilization Act
- Matt's post on "deserving" to be rich
- Huffington Post article on nationalizing banks
- California budget deal, 'Which Way, LA?' on
- HBO's 'Taking Chance'
- Rick Santelli's (CNBC) rant on the mortgage rescue plan
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