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Galbraith: A bailout we don't need |
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Written by Stumo
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Thursday, 25 September 2008 |
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James K. Galbraith, an economist, says:
Now that all five big investment banks -- Bear Stearns, Merrill Lynch, Lehman Brothers, Goldman Sachs and Morgan Stanley -- have disappeared or morphed into regular banks, a question arises. Is this bailout still necessary?
Galbreith points out other financial problems coming down the pike, the point being that we don't want to blow it all here and be defenseless later.
Meanwhile:
Federal investigators have been scrutinizing American International Group since March, focusing on whether the insurance giant knowingly concealed mammoth losses that helped lead to the company's $85 billion federal bailout this month.
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In the news
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The following article was written by Peter Morici, a professor at the University of Maryland School of Business and former Chief Economist at the U.S. International Trade Commission.
The Treasury is injecting another $27 billion into AIG and raising the
taxpayers’ investment to $150 billon. Secretary Paulson appears more
intent on helping his pals on Wall Street than protecting taxpayer
interests.
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