{"id":40056,"date":"2018-11-02T06:40:34","date_gmt":"2018-11-02T11:40:34","guid":{"rendered":"http:\/\/olduvai.ca\/?p=40056"},"modified":"2018-11-02T06:40:34","modified_gmt":"2018-11-02T11:40:34","slug":"rescuing-the-banks-instead-of-the-economy","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=40056","title":{"rendered":"Rescuing the Banks Instead of the Economy"},"content":{"rendered":"<h3 class=\"headline\"><a href=\"https:\/\/www.counterpunch.org\/2018\/11\/02\/rescuing-the-banks-instead-of-the-economy\/\" rel=\"bookmark\">Rescuing the Banks Instead of the Economy<\/a><\/h3>\n<div class=\"post_content\">\n<div id=\"attachment_106753\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-106753\" src=\"https:\/\/uziiw38pmyg1ai60732c4011-wpengine.netdna-ssl.com\/wp-content\/dropzone\/2018\/11\/24699610963_55f36fbdcf_b.jpg\" sizes=\"auto, (max-width: 510px) 100vw, 510px\" srcset=\"https:\/\/uziiw38pmyg1ai60732c4011-wpengine.netdna-ssl.com\/wp-content\/dropzone\/2018\/11\/24699610963_55f36fbdcf_b.jpg 510w, https:\/\/uziiw38pmyg1ai60732c4011-wpengine.netdna-ssl.com\/wp-content\/dropzone\/2018\/11\/24699610963_55f36fbdcf_b-300x185.jpg 300w\" alt=\"\" width=\"510\" height=\"315\" \/><\/p>\n<p class=\"wp-caption-text\">Photo Source Mark Dixon | <a href=\"https:\/\/creativecommons.org\/licenses\/by\/2.0\/\">CC BY 2.0<\/a><\/p>\n<\/div>\n<p><em>You can\u2019t bail out the banks, leave the debts in place, and rescue the economy. It\u2019s a zero-sum game. Somebody has to lose. That\u2019s what happened in 2009 when President Obama came in. He invited the bankers to the White House and he said, \u201cI\u2019m the only guy standing between you and the mob with pitchforks,\u201d by which he meant the voters that he was bamboozling. He reassured the bankers. He said, \u201cLook, my loyalty is to my campaign donors not to the voters. Don\u2019t worry; my loyalty is with you.\u201d<\/em><\/p>\n<p>I\u2019m Bonnie Faulkner. Today on <a href=\"http:\/\/gunsandbutter.org\/blog\/2018\/09\/26\/rescuing-the-banks-instead-of-the-economy\">Guns and Butter<\/a>, Dr. Michael Hudson. Today\u2019s show: Rescuing the Banks Instead of the Economy. Dr. Hudson is a financial economist and historian. He is president of the Institute for the Study of Long-Term Economic Trend, a Wall Street financial analyst and Distinguished Research Professor of Economics at the University of Missouri, Kansas City. His 1972 book Super Imperialism: The Economic Strategy of American Empire is a critique of how the United States exploited foreign economies through the IMF and World Bank. His latest books are \u00a0<a href=\"http:\/\/www.amazon.com\/exec\/obidos\/ASIN\/B014IAV9MK\/counterpunchmaga\"><em>Killing the Host: How Financial Parasites and Debt Bondage to Ensure the Global Economy<\/em><\/a><em>\u00a0<\/em>and <em><a href=\"http:\/\/www.amazon.com\/exec\/obidos\/ASIN\/3981484258\/counterpunchmaga\">J is for Junk Economics<\/a>.<\/em>. Today we discuss how the bank bailouts, not the crash, are killing the economy. Also, the concept of debt deflation, the magic of compound interest, the growth of the financial extraction FIRE sector, quantitative easing, tariffs, economic sanctions and isolationism.<\/p>\n<p>BONNIE FAULKNER: Dr. Michael Hudson, welcome.<\/p>\n<p>MICHAEL HUDSON: It\u2019s good to be back after a few years.<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Rescuing the Banks Instead of the Economy Photo Source Mark Dixon | CC BY 2.0 You can\u2019t bail out the banks, leave the debts in place, and rescue the economy. It\u2019s a zero-sum game. Somebody has to lose. That\u2019s what happened in 2009 when President Obama came in. He invited the bankers to the White [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[1622,63,3306,12503,5493,12502,6279,802],"class_list":["post-40056","post","type-post","status-publish","format-standard","hentry","category-economics","tag-bail-out","tag-banks","tag-barack-obama","tag-bonnie-faulkner","tag-counterpunch","tag-guns-and-butter","tag-michael-hudson","tag-too-big-to-fail"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40056","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=40056"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40056\/revisions"}],"predecessor-version":[{"id":40057,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/40056\/revisions\/40057"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40056"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40056"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40056"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}