Friday, February 10, 2012

The Guardian: Mortgage Deal No Bailout for Main Street America


by Richard Wolff
http://www.guardian.co.uk/commentisfree/cifamerica/2012/feb/09/bailout-main-street-america

[excerpted] "In reality, a $25bn mortgage deal with banks is a drop in the ocean – given US homeowners' $700bn of negative equity...
 
...It turns out that bailouts for the top of the economic pyramid, which never trickle down, leave an economically depressed mass at the bottom. Governments that also try to pay for trickle-down policies by imposing "austerity programs" on the bottom only make matters worse. Sustained depression at the bottom eventually threatens the top: first economically and then also politically...."

read the entire article linked above

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