I am putting this show up because we might just get lucky and one of the Glenn’s minions may do a flyby and actually take this free tip and schedule Eric Janszen on the show to explain the two different economies that are operating and how the financial economy (F.I.R.E.) is a parasite on the real productive economy. The important economic segment starts at the 11:48 mark with a 4.19.2011 Huffington Post story titled ‘Financial System Riskier, Next Bailout Will Be Costlier, S&P Says’.
The financial system poses an even greater risk to taxpayers than before the crisis, according to analysts at Standard & Poor’s. The next rescue could be about a trillion dollars costlier, the credit rating agency warned.
Glenn speaks to the current 26% of GDP that went to bailout the financial institutions, the financial regulation bill that is supposed to get the American taxpayer off the hook (nobody believes that…), and how the next bailout round will cost another 34% of our GDP. The point that he makes that I take issue with is the $50 billion that went to GM to ‘save the unions‘. Wrong Glenn, saving the unions was just killing another bird with the same stone. GM and Chrysler took bailout money because they garner most of their profits from their finance divisions, not automobiles…and those financial arms are part and parcel of the F.I.R.E. economy that collapsed in 2008 and the government has forever since been trying to save whilst trashing the real economy (the average American taxpayer who actually works with their hands to make a living versus making money off debt). This is where Eric Janszen comes in…you should schedule him – that’s if he’ll agree to it.
(H/T MT for the book!!!)