Thursday, May 19, 2011

About That Vampire Squid...

From Matt Taibbi's latest blog post:
A lot of people aren't aware of the role Wall Street investment banks had in moving American jobs overseas. Most of the major bailout recipients, in fact, helped finance the wholesale export of the American manufacturing sector by lending money to the Chinese to build the sophisticated industrial infrastructure it needed to take full advantage of its inexhaustible supply of cheap pseudo-slave labor. This has been one of Bernie Sanders's pet peeves for years, that we not only provide financial assistance to companies who lay off American workers, we even spend taxpayer money to help finance the disappearance of American jobs.

As I will urge shortly in a review, everyone should get a copy of Taibbi's book Griftopia, which explains what's really going on with the financial meltdown. (It's probably not what you think.)

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