« Is This The Daily Kos Or Is It The Associated Press? | Why Obama Has The Punky Hubris To Run »

October 7th 2008     

Fast-Forwarding Toward Socialism

Posted by: Laer at 05:42 am

H

ere I thought the bailout was a creeping, or maybe a sauntering, toward government control of the economy, but Andrew Leonard at Salon find evidence that it’s more like an NFL halfback crashing through a high school line.

Leonard found a passing reference in an NYT article to new Bernake/Fed plans to issue short-term commercial paper, i.e., large, short-term loans to businesses (and maybe California), which would make government “a major player in the provision of short-term lending to American businesses.” How much lending? Says the NYT:

But the possibility of propping up the vast market for commercial paper could represent an undertaking even broader than the Treasury Department’s plan to buy as much as $700 billion in mortgage-backed securities.

What’s next, trading the Star Spangled Banner for L’Internationale?

Share this Logic Bomb with others: These icons link to social bookmarking sites where readers can share and discover new web pages.
  • bodytext
  • Sphinn
  • del.icio.us
  • Mixx
  • Google
  • De.lirio.us
  • Reddit
  • SphereIt
  • Technorati
  • YahooMyWeb
  • StumbleUpon
  • Facebook
Tags:

Posted in Economic Policy | No Comments yet » | Print This Post Print This Post | Email This Post Email This Post

Recent Posts:

Post URITrackback URI

Leave a Reply

[The "Comment Box" is WYSIWYG except that you have to double space between paragraphs!
Type it the way you want it to look -- Just remember to double up those line spaces.]

Tags:
Separate individual tags by commas

« Is This The Daily Kos Or Is It The Associated Press? | Why Obama Has The Punky Hubris To Run »

With Obama winning the presidency by seven percent, we can't blame the media. Their laudatory coverage and refusal to extensively probe into Obama's background and [lack of] experience was at best responsible for five percent of his vote, the pundits tell us. Here is a compilation of over 100 significant instances of pro-Obama/anti-McCain bias during the 2008 campaign.

For all 'Media Bias 2008' – Click Here