Wall Street Socialism

Rothschild, Matthew
November 2008
Progressive;Nov2008, Vol. 72 Issue 11, p8
The article offers information about a bailout package, proposed by Henry Paulson, Secretary of the U.S. Department of the Treasury, during the period of financial crises. His plan was essentially to declare himself king of the economy and to funnel $700 billion to his friends who got us into this mess in the first place. The biggest of all is that the bill established new regulations on the financial industry so this crisis won't happen again. The bill didn't resurrect the Glass-Steagall Act of the New Deal, which divided regular banking from financial banking. Representative Marcy Kaptur, a Democrat from Ohio, says the bailout is the result of high risk misbehavior by distant financial gains.


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