The stock market has rallied over 60% from its early March lows, enabling the wounded banks to sell new equity to the public and avoid further contentious taxpayer-funded rescue measures. But the justification for the soft glove treatment of the banking classes, that what was good for them would prove to be good for everyone else, has proven to be wildly false. When the Dow levitated over 10,000, mainstream news outlets celebrated the event, with nary a mention of the continued train wreck in the real economy. As Matt Taibbi observed, “the dichotomy between the economic health of ordinary people and the traditional ‘market indicators’ is not merely a non-story, it is a sort of taboo — unmentionable in major news coverage.”
From warblog to lonely internet island. Yet in all things we remain insolvent. E-mail: justin_slotman at yahoo dot com
Wednesday, March 10, 2010
NOT TO TURN THIS BLOG INTO A SERIES OF LINKS TO NAKED CAPITALISM: But Yves is on fire here. It's re: the appreciations of Geithner that were noted here yesterday. Sample:
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