Welcome to the new Capitalism

Fred Garvin's picture

Welcome to the new capitalism

So taxpayers will subsidize banks to refinance the bad loans they originated but no longer own, homeowners who borrowed beyond their means get bailed out, and investors -- the bondholders -- are left to bear the costs. On top of this, many of these same banks originated second mortgages on these same homes. The second mortgages, which the banks still own, bear even higher interest rates because they are allegedly more risky. Yet, they will be left secure and undisturbed.

Fred Garvin's blog | login to post comments

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
A different "ism"
Submitted by curmudgeon on Wed, 05/06/2009 - 1:13pm.

This is an "ism" just not Capitalism. Honestly, I believe Facism best fits. Here is Merriam-Websters go at the definition.

1. often capitalized : a political philosophy, movement, or regime (as that of the Fascisti) that exalts nation and often race above the individual and that stands for a centralized autocratic government headed by a dictatorial leader, severe economic and social regimentation, and forcible suppression of opposition
2: a tendency toward or actual exercise of strong autocratic or dictatorial control.

login to post comments

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.