A few days ago, I suggested that men sit down, shut up and listen because what they might hear if they did is the truth. And one of those truth-tellers is Ruth Conniff, writing in the Progressive:
Goldman Sachs reports better-than-expected profits this quarter. Wells Fargo cleared record profits last week. The President, understandably, points to signs of hope and encourages Americans to be optimistic about the economy. But when do we move from healthy confidence to a confidence game? The banks are reporting profits thanks to massive infusions of taxpayer bailout funds. It’s simply silly to be lulled by cheery-sounding reports when the institutions are actually insolvent. At some point we have to take a clear-eyed look at the massive failure of our financial system. Ignoring it won’t make it go away.
Over the last few weeks as the stock market has rebounded, I’ve been having similar thoughts–it just doesn’t make any sense that the economy is magically on the road to better, so what kind of Koolaid are they drinking on Wall Street and the White House. Bailing out the banks without fixing the structural problems makes about as much sense as plugging the New Orleans levees with bubblegum, it isn’t going to hold, a point that I suspect most of the American public understands, which really makes me wonder if we’re being set up for another fall.
Note–Conniff’s piece goes on to talk about Elizabeth Warren’s thoughts on the subject, something we also highlighted in Part 11 of this series.
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[...] In Parts 11 and 12 of The Girls Guide To The Economy we have highlighted the work of Elizabeth Warren, chair of the Congressional Oversight Panel over the TARP. Below are Parts 1 and 2 of her interview with Jon Stewart on the Daily Show on Wednesday. Kudos to Stewart for having her on because clearly she is not getting the airtime she should be getting which will become totally clear to you when you view these videos. It is critical that what she is saying be heard. Listen, cross-post, send to your mother, your boss, your worst enemy and everyone else–let’s insist that the Obama administration and the media pay attention to Elizabeth Warren. [...]