Young people the world over demonstrating against economic injustice are met with state-sanctioned violence and insults in the mainstream media, rather than informed dialogue, critical engagement and reformed policies.
“Pity the Billionaire,” the new book by Harper’s Magazine columnist Thomas Frank, surveys the politics of the last three years to determine why the American right survived and thrived after an economic crash caused by a 30-year love affair with the so-called free-market that it procured. Salon speaks to Frank by phone.
Economist and New York University professor Nouriel Roubini explains that globalization, reckless lending and borrowing, and the redirection of income and wealth from industries dependent upon human labor and well-being to those composed mainly of capital ... (more)
The rationale of the TARP bailout’s “capital-injection program”—providing banks with capital that will increase loans to consumers and businesses—has apparently been forgotten by the 20 largest banks that received TARP money. A Treasury Department survey has found that lending in the last quarter of 2008 was stagnant, or even slightly declined, despite $250 billion in capital-injection funds.