CSPAN2: "The Squandering of America" by Robert Kuttner

[HCE SuiGeneris]

Just watched Arianna Huffington's L.A. town hall meeting where Kuttner discusses how deregulation of banking by the pro-corporate policy makers have helped in pillaging the coffers of America. A critical aspect, the repeal of Glass-Steagall, allowed investment banks to merge with commercial banks (e.g. Citigroup) and hire the policy/law makers -- Robert Rubin -- to become their Chairman. http://en.wikipedia.org/wiki/Robert_Rubin

Guess who is the largest culprit in the sub-prime mortgage mess because of reduced banking supervision by the government? Can you say Citigroup?

A N.Y. Times article on Kuttner's new book further defines the subjects that are broached,"Kuttner takes on four pillars of neoliberalism: the preference for balanced budgets and modest-size government; free trade; economic austerity as a condition for development aid; and financial-market deregulation. In each case, the evidence suggests neoliberal policies were either irrelevant or downright disruptive." http://www.nytimes.com/2007/12/16/books/review/Scheiber-t.html

The Times points out flaws in Kuttner's reasoning, but many sound examples in the book illustrate the need for heightened intervention of regulators within the banking industry to protect the taxpayer. The televised CSPAN book review is well worth watching should it air again.