Economic Glance
It is now a mantra in the corporate media — the only way to fix the banking system is to “nationalize” the banks. “A touchy word has entered the public debate about the future of America’s economy.
“Simply put: Nationalizing ailing banks means the government would tell bank execs to take a hike, and then oversee taxpayer dollars as they course through the banking sector’s veins,” writes Kelley. “When all is well, perhaps after selling assets and operations to new private investors, the government then steps back and lets a newly regulated bank sector float on its way.”
As the government's authority in the banking industry continues to grow, the hottest debate is over how banks are spending federal funds.
It may seem like the country that used to make everything is on the brink of making nothing.
The crass behaviour of Britain’s financial aristocracy rivals the last of the Bourbons. Marie Antoinette famously patronised the Parisian mob with her ‘let them eat cake’, while dining in luxury in the Tuileries.
A new report shows just how ugly — and expensive — New York City can be, especially for the middle class, squeezed by skyrocketing living costs and stagnant wages.
