I am still on the road in the United States living off a suitcase with just time and energy to do emails. I try to keep up with the news but cannot blog as often as I would like. Very sorry.
However, one thing caught my eyes. Michael Lewis, one of best writers about Wall Street, is angry at the same thing I was sometime ago regarding how Obama, as advised by his two chief economic lieutenants, had cratered to Wall Street tycoons. The biggest of them all on Wall Street are those who run Goldman Sachs. Read here.
There are two fundamental issues in the financial rescue operation: systemic stability and economic justice. They are not mutually exclusive especially in this particular financial meltdown when the victims, the majority of taxpayers, are also footing the bill to rescue Wall Street.
It is simply wrong to save Wall Street in the name of restoring systemic stability at further disadvantage against the working stiffs who in California are experiecing a growing unemployment rate now at over 12% and rising.
Paul Krugman just came out with a short but punchy analysis of what was so lacking in Obama's new policy on regulating Wall Street.
The package is yet again an example of saving the backsides of the tycoons while plugging some holes related to systemic risks. Read here.