{"id":6889,"date":"2009-02-24T12:54:30","date_gmt":"2009-02-24T17:54:30","guid":{"rendered":"http:\/\/karmalised.com\/?p=6889"},"modified":"2009-02-24T13:01:24","modified_gmt":"2009-02-24T18:01:24","slug":"michael-hudson-finance-capitalism-hits-a-wall","status":"publish","type":"post","link":"http:\/\/karmalised.com\/?p=6889","title":{"rendered":"Michael Hudson: Finance Capitalism Hits a Wall | Deal Book: U.S. Pressed to Add Billions to Bailouts"},"content":{"rendered":"<p><strong>Prof. Michael Hudson, Global Research, <a href=\"http:\/\/www.globalresearch.ca\/index.php?context=va&#038;aid=12328\">17 February 2009<\/a><\/strong><\/p>\n<p>Mr. Obama\u2019s \u201crecovery\u201d plan based on infrastructure spending will make real estate fortunes for well-situated properties along the new public transport routes, but there is no sign of cities levying a windfall property tax to save their finances. Their mayors would rather keep the cities broke than to tax real estate and finance. The aim is to re-inflate property markets to enable owners to pay the banks, not to help the public sector break even. So state and local pension plans will remain underfunded while more corporate pension plans go broke.<\/p>\n<p>One would think that politicians would be willing to do the math and realize that debts that can\u2019t be paid, won\u2019t be. But the debts are being kept on the books, continuing to extract interest to pay the creditors that have made the bad loans. The resulting debt deflation threatens to keep the economy in depression until a radical shift in policy occurs \u2013 a shift to save the \u201creal\u201d economy, not just the financial sector and the wealthiest 10% of American families.<\/p>\n<p><strong>[<a href=\"http:\/\/www.globalresearch.ca\/index.php?context=va&#038;aid=12328\">Read the article<\/a>]<\/strong><\/p>\n<p><strong>U.S. Pressed to Add Billions to Bailouts<br \/>\nDeal Book | <a href=\"http:\/\/dealbook.blogs.nytimes.com\/2009\/02\/24\/us-pressed-to-add-billions-to-bailouts\/\">24 February 2009<\/a><\/strong><\/p>\n<p>The government faced mounting pressure on Monday to put billions more in some of the nation\u2019s biggest banks, two of the biggest automakers and the biggest insurance company, despite the billions it has already committed to rescuing them, <em>The New York Times<\/em>\u2019s Edmund L. Andrews, Andrew Ross Sorkin and Mary Williams Walsh reported.<\/p>\n<p><strong>[<a href=\"http:\/\/dealbook.blogs.nytimes.com\/2009\/02\/24\/us-pressed-to-add-billions-to-bailouts\/\">Read the report<\/a>]<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Prof. Michael Hudson, Global Research, 17 February 2009 Mr. Obama\u2019s \u201crecovery\u201d plan based on infrastructure spending will make real estate fortunes for well-situated properties along the new public transport routes, but there is no sign of cities levying a windfall &hellip; <a href=\"http:\/\/karmalised.com\/?p=6889\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[],"class_list":["post-6889","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pdXTf-1N7","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/karmalised.com\/index.php?rest_route=\/wp\/v2\/posts\/6889","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/karmalised.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/karmalised.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/karmalised.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/karmalised.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6889"}],"version-history":[{"count":8,"href":"http:\/\/karmalised.com\/index.php?rest_route=\/wp\/v2\/posts\/6889\/revisions"}],"predecessor-version":[{"id":6897,"href":"http:\/\/karmalised.com\/index.php?rest_route=\/wp\/v2\/posts\/6889\/revisions\/6897"}],"wp:attachment":[{"href":"http:\/\/karmalised.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6889"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/karmalised.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6889"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/karmalised.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6889"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}