Chelsea Green Publishing

Chelsea Green Blog

Kuttner: Bush’s Financial Rescue (Non-)Strategy

Robert Kuttner, our favorite no-nonsense economic expert and author of Obama’s Challenge: America’s Economic Crisis and the Power of a Transformative Presidency, has an Op-Ed in today’s Boston Globe. He warns that the current financial crisis facing this country calls for “combined government recapitalization with tough regulation,” similar to what Franklin Roosevelt did in the 1930s. “But,” he continues, “the government-loathing Bush administration has pumped in capital only in fits and starts, and remains allergic to regulation.” Good luck, Economy!
Bush’s treasury secretary, Henry Paulson, former CEO of Goldman Sachs, went to Washington in 2006 with a blueprint for even less government involvement with Wall Street, not more. In the improbable role of emergency government financial czar, Paulson ran the rescues in the manner of a private investment banker. He viewed each collapse as an occasion for a merger, acquisition, or restructuring. Flying without a regulatory compass, Paulson and Federal Reserve Chairman Ben Bernanke extended taxpayer money and lines of credit from the Fed to get through each crisis of the day. Their strategy was to find white knights and erect firewalls. If Bear Stearns could be saved from bankruptcy by a shotgun merger with JPMorgan Chase, then all of Bear’s creditors on Wall Street would not take a hit. If Fannie Mae and Freddie Mac could be rescued with $200 billion of taxpayer money, maybe the mortgage crisis would not deepen. If the Fed could advance enough credit to brokerages and investment bankers that were not even part of the Fed system, maybe it would buy time to clean up their balance sheets. The strategy boiled down to allowing Wall Street to privatize the gains while government socialized the losses. After the fact – after more than a decade of letting Wall Street operate like a casino – the government had little choice: If a sufficiently large bank went bust, it could take the whole system down with it.
Read the whole article here.


Why Modern Wheat Is Making Us Sick

Why is modern wheat making us sick?  That’s the question posed by author Eli Rogosa in her new book Restoring Heritage Grains.Wheat is the most widely grown crop on our planet, yet industrial breeders have transformed this ancient staff of life into a commodity of yield and profit—witness the increase in gluten intolerance and ‘wheat […] Read More

A Dictionary to Survive the Future

When British economist David Fleming died unexpectedly in 2010, he left behind his great unpublished work, a masterpiece more than thirty years in the making—an intellectually evocative and inspiring dictionary, Lean Logic: A Dictionary for the Future and How to Survive It. In it, Fleming examined the consequences of an economy that destroys the very foundations—ecological, […] Read More

Michael Ableman’s 15-Point Urban Food Manifesto

What if farms and food production were integrated into every aspect of urban living—from special assessments to create new farms and food businesses to teaching people how to grow fruits and vegetables so farmers can focus on staple crops.That’s the crux of Michael Ableman’s Urban Food Manifesto, which has been ten years in the making […] Read More

Q&A with Michael Ableman: How Urban Farming Can Improve Society

Street Farm is the inspirational account of residents in the notorious Low Track in Vancouver, British Columbia who joined together to create an urban farm as a means of addressing the chronic problems in their neighborhood.Street Farm is a story of recovery, of land and food, of people, and of the power of farming and nourishing […] Read More

Overshoot, Collapse, and Creating a Better Future

In 2016, Earth Overshoot Day happened on August 8—the day when we’ve exhausted the planet’s resources for the year, and are essentially borrowing from future years to maintain our existence today.Perhaps you celebrated this day with a counter-solution: a vegetarian meal, telecommuted, or turned off the air conditioning. There’s a lot more you could be […] Read More
Follow us
Get every new post delivered to your inbox
Join millions of other followers
Powered By WPFruits.com