Entering text into the input field will update the search result below

Roubini Attacks Bailout, But Misses Boat on Regulation

Sep. 10, 2008 1:41 AM ETC, LEH, FMCC, FNMA20 Comments
Michael Shedlock profile picture
Michael Shedlock
971 Followers

Before we get to addressing Roubini's blaming of the mess we are in on "free-market laissez-faire" philosophy, let's take a look at calls for Paulson and Bernanke to resign, and one other post on "Socialism For The Rich".

Inquiring minds should consider Senator Bunning Says Paulson Acts Like Socialist, Should Resign:

Senator Jim Bunning said Treasury Secretary Henry Paulson, by rescuing Fannie Mae and Freddie Mac, is acting like China's finance minister and both Paulson and Federal Reserve Chairman Ben S. Bernanke should step down.

"I sincerely believe that Henry Paulson and Ben Bernanke should resign," said Bunning, a Republican from Kentucky on the Senate Banking Committee. "They have taken the free market out of the free market."

"We no longer have a free market in the United States, we have a government controlled free market," Bunning said in an interview. Paulson, a former chief executive officer of Goldman Sachs Group Inc., "is acting like the minister of finance in China."

"No company fails in communist China, because they're all partly owned by the government."

Socialism For The Rich

Nouriel Roubini launched a scathing and well deserved attack on Paulson today: Comrades Bush, Paulson and Bernanke Welcome You to the USSRA (United Socialist State Republic of America).

The now inevitable nationalization of Fannie and Freddie is the most radical regime change in global economic and financial affairs in decades. For the last twenty years after the collapse of the USSR, the fall of the Iron Curtain and the economic reforms in China and other emerging market economies, the world economy has moved away from state ownership of the economy and towards privatization of previously stated owned enterprises. This trends was aggressively supported the United States that preached right and left the benefits of free markets and free private enterprise.

Today instead, the US has performed

This article was written by

Michael Shedlock profile picture
971 Followers
Mike Shedlock (Mish) is a registered investment advisor representative for SitkaPacific Capital Management (http://www.sitkapacific.com/). Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit Sitka Pacific's Account Management Page (http://www.sitkapacific.com/account_management.html) to learn more about wealth management and capital preservation strategies of Sitka Pacific. I blog at Mish's Global Economic Trend Analysis (http://globaleconomicanalysis.blogspot.com/) which typically has commentary every day of the week. I am also a contributing "professor" on Minyanville (http://www.minyanville.com/), a community site focused on economic and financial education. I do weekly podcasts every Thursday on HoweStreet (http://www.howestreet.com/audiovideo/) and a brief 7 minute segment on Saturday on CKNW AM 980 (http://cknw.com/%20) in Vancouver. When not writing about stocks or the economy I spend a great deal of time on photography and in the garden. I have over 80 magazine and book cover credits. Some of my Wisconsin and gardening images can be seen at MichaelShedlock.com (http://www.michaelshedlock.com/BestImages/index.html).

Recommended For You

Related Stocks

SymbolLast Price% Chg
C--
Citigroup Inc.
LEH--
Lehman Brothers Holdings Inc.
FMCC--
Federal Home Loan Mortgage Corporation
FNMA--
Federal National Mortgage Association

Related Analysis