The best short characterization of the current banking/foreclosure mess that now threatens us with another episode of “shock doctrine” capitalism is Randy Wray’s. Here it is:
|By: letsgetitdone Wednesday October 13, 2010 6:24 pm|
Mike Konczal is writing a terrific series on the foreclosure crisis. The other day I read Parts 1-3 of it at New Deal 2.0. I recommend it as providing a very clear explanation with some diagrams about what’s behind the crisis, and a discussion of some possible ways in which could represent big trouble for the broader economy. The Administration is responding to the crisis with noises about its concerns that the big banks might again be damaged and also with its hope that the banks can clear up the foreclosure paperwork problems in a fairly brief time.
Tom Hickey, a frequent and excellent commenter at Warren Mosler’s and Bill Mitchell’s blogs offered this comment to Mike: