Wall Street and Washington: How the Rules of the Game Have Changed

Steve Fraser, TomDispatch.com: "What is Washington to do as the financial system collapses? Clearly, stark differences in approach as well as in public policy have already emerged. Bail-out Bear Stearns and pump up the brokerage and investment business with new lines of credit. Nationalize Fannie Mae and Freddie Mac on the backs of the taxpayer -- but let Lehman drown. Tell the financial community to save itself, after which Bank of America salutes and buys Merrill Lynch. Then, the Fed gets cold feet and decides it can't let an institution the size of the insurance giant AIG go under as well. Washington is left staring into the abyss. The old rules no longer apply. And that's the point. At moments of crisis since the mid-1980s, the relationship between Washington and Wall Street has changed fundamentally, at least when compared to anything that would have been recognizable in the previous century. As a result, the road ahead is dark and unknown."

http://www.truthout.org/article/wall-street-and-washington-how-rules-game-have-changed

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Wall Street Socialists
http://www.commondreams.org/view/2008/09/18-5

Hang Onto Your Wallet! The Government Is About to Rescue Us
http://www.commondreams.org/view/2008/09/19-4



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