WERU SoapBox Special: The “Bail-Out” 9/23/08

Producer/Host: Matt Murphy

Studio Engineer: Amy Browne

A modified “open mic” call in show on the topic of “bail-outs” with one guest (listed below).

Guest:  Max Fraad Wolff
An economist, Wolff just wrote the piece “Cowardly New World,” which states: “Secretary Paulson has attempted to declare himself the most equal of pigs in our animal house economy. The Treasury seeks more than $700 billion for itself under the sole auspices of the Secretary whose management helped bring us right over the brink. I say more because unlike so many commentators, I read the proposal. It only limits Treasury to $700 billion in balances at any one time (Section 6). If they buy $700B and lose 20 percent of the principle ($140B), Treasury will just buy another $140B. That restores market confidence?”

Wolff is an instructor at the Graduate Program in International Affairs at the New School University. He is a frequent contributor to Huffington Post, Asia Times and The Indypendent.  (FMI: mfwolff@aol.com or www.globalmacroscope.com)