Available Now! (click cover)

America's Counter-Revolution
The Constitution Revisited

From the back cover:

This book challenges the assumption that the Constitution was a landmark in the struggle for liberty. Instead, Sheldon Richman argues, it was the product of a counter-revolution, a setback for the radicalism represented by America’s break with the British empire. Drawing on careful, credible historical scholarship and contemporary political analysis, Richman suggests that this counter-revolution was the work of conservatives who sought a nation of “power, consequence, and grandeur.” America’s Counter-Revolution makes a persuasive case that the Constitution was a victory not for liberty but for the agendas and interests of a militaristic, aristocratic, privilege-seeking ruling class.

Friday, March 28, 2008

Bailout Hypocrisy

Thud. That was the sound of the other shoe dropping. In response to severe problems in the credit markets, thanks to years of government intervention, the Federal Reserve, the government's counterfeiter and chief culprit in the current crisis, has opened its discount window to the investment banks. Interest rate: 2.5 percent. Until recently, only commercial banks could borrow money from the Fed. But now investment banks may also -- and here's the kicker: They can put up shaky mortgage-backed securities as collateral. Which means the American people are potentially on the hook for those loans. Should they go bad, we Americans will pay either in inflation-induced higher prices or higher taxes. Investment banks that may have invested in bad mortgages are already taking advantage of the new opportunity. Is this a great country or what?
The rest of this week's TGIF, "Bailout Hypocrisy," is at the Foundation for Economic Foundation website.

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