Naomi Klein: Poorest Pay for Bank Bailouts


naomi_klein_in_berlin_20071I saw Naomi Klein on Rachel Maddow’s show night before last and looked for a clip of it yesterday but failed until a moment ago, courtesy of  Raw Story

To summarize, WaPo had published an article stating that soon to be released results of a “stress test” for major banks is most encouraging and that given the support they’ve received, we can expect things to improve.

According to the article, banks “now have enough money to weather the recession,”…an “outcome more positive than many investors had expected.”


Unfortunately, according to Klein, “the poorest and most vulnerable people in the country are being asked to bail out the most wealthy.”

“It really does fit the thesis of The Shock Doctrine,” she said, referring to her book in which she exposes how governments and powerful corporations use disasters and upheavals to gain even more power.

“Here we have just this transfer, this massive transfer of public wealth into private hands,” Klein explained, “and that’s continuing and it’s much, much larger, just on a much larger scale than any of the investments we’re seeing through the stimulus or the budget.”

While almost $12 trillion has been granted the financial institution, a comparatively paltry (in relative terms)  $1 trillion is going to economic stimulus.

“My real concern is — has been my concern from day one — is that the crisis on Wall Street, created by deregulated capitalism, is not actually being solved,” continued Klein. “It’s being moved. A private sector crisis is being turned into a public sector crisis.”

“They are already cutting corners,” she told Maddow. “Now Aids funding in Africa is being cut by $6.6 billion. So who is paying for this? This is where the unfairness of it becomes very clear.”

This video is from MSNBC’s The Rachel Maddow Show, broadcast May 6, 2009.

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2 Responses to Naomi Klein: Poorest Pay for Bank Bailouts

  1. skyewriter says:

    I wonder why the teabaggers weren’t protesting this aspect of “the tax system” more fervently?

    Oh, I’ll bet I know why.

    Klein is an ex-pat living in Canada where her liberal parents moved in protest of the Vietnam War. And as we all know, no progressive has any good ideas… or Canadians for that matter. Their all dying from poor health care and the high rate of gun violence.

    Perhaps progressives should organize a protest to show them how it’s done? You know, with facts, historical accuracy, and stuff.

    Sorry to rant Paul. I’m a little grumpy this morning…

  2. Paul Sonderman says:

    I was out of town and my laptop’s in the shop, so I didn’t check my blog until now.

    Rants are good in the morning. Get them out of your system, before breakfast. then enjoy the rest of your day.

    The teabaggers aren’t impressed by facts, history or data. Their world is revisionist, their concerns, hypothetical. They protest what the GOP and Fox says they must. The only thing progressive protests show them is that the “law and order” crowd is on their side, not ours.

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