Swagel, Former Assistant Treasury Secretary, Accused Bush Admin. Of Inciting Financial Panic

tinyrevolution.com:

Back in March Phillip Swagel, who'd been Assistant Treasury Secretary under Hank Paulson, wrote a long article about the TARP bailout called "The Financial Crisis: An Inside View" (pdf).

Would you think it would be news if Swagel had stated that Paulson, Bernanke and Bush's attempts to foment panic to pass the bailout have "surely" contributed to the current recession? Because he did:

Read the whole story: tinyrevolution.com

Comments

[ReedYoung]

I knew it!

The fundamentals of the economy have been trash since the dot-com bubble started inflating, or even before that, since NAFTA or Reagan. Anyway, for more than 10 years at least the fundamental of economics, production, has been shrinking in the United States while "productivity," the return on investment for the over-privileged,* has increased. There was no good reason for Bernanke and Paulson to pitch their fits last March and September, respectively, except that their puppeteers saw a popular demand for change that is so overwhelming that even stealing Florida or Ohio wouldn't work this time. So, they sabotaged something that they assumed the "populists" or "unwashed masses" would never comprehend, high finance.

Surprise! We have you surrounded, come out slowly with your hands in the air.

* Nothing against the rich per se, but rigging the system to fail upward is not success, thus the term over-privileged. The over-privileged measure "productivity" in economic "production" per labor-hour, but here "production" has to go in sarcastic quote marks. Above, it didn't, because real production of real things in the United States has really decreased.