The Progressive


A project of Common Dreams

For Immediate Release

Taruna Godric, 416-916-5202 ext 436

Once In A Century Rip-Off

Economist Michael Hudson: the bailout is a giveaway that will cause hyperinflation and dollar collapse.


President George Bush pressed for multi-billion dollar Wall St.
bail out plan in a historic meeting attended by the two men fighting to
succeed him. But at the end of the meeting the top republican on the
senate banking committee, Sen. Richard Shelby said that no agreement on
the deal had been made.

In a joint statement from the McCain and Obama campaigns they both
agreed that the Bush administration proposal is flawed but would work
together to find a solution. Germany's finance minister Peer
Steinbrueck said, " The long range effects of this crisis are not
foreseeable at the moment, but one thing seems to be very likely to me;
the US will lost its status as super power in the world financial
system. Not abrupt, but eroding." French President Sarkozy speaking at
a meeting called for capitalism to be more regulated.

The Real News Network spoke to economist and author Dr.Michael
Hudson. Hudson emphasized that there is no need for this bail out at
all. "Its not a bailout, it's a give away and it's a give away that
will create a new Kleptocracy of billionaires. It lets all of the
billionaire who have leveraged their capital cash out, take their cash
and move it all into Euros, Sterling, move it all abroad and that clash
the dollar, so they should just say don't do it. Wait till the
elections take place. Do it over time. You don't have to protect all
this money at the very top of this pyramid, because all this money that
is being protected are other peoples debt"

Watch the full story on The Real News Network: Once In A Century Rip-Off

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