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Up Front - February 11, 2013 at 7:00am

Up Front, for February 11, 2013 - 7:00am

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Up Front, February 11, 2013

Alan Blinder ; author of After the Music Stopped: The Financial Crisis, The Response, and the Work Ahead

Massive Climate Protests Planned for 2/17; Michelle Myers , Sierra Club San Francisco Bay Area Chapter Director, as well as Jamie Henn , Communications Director,

Wolinsky on Practical magic;. Berkeley’s Aurora Theater has world-premier production of a new play called “Our Practical Heaven” Richard Wolinsky, has this quick hit.

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Dear Upfront, Alan S. Blinder

Dear Upfront,

Alan S. Blinder is just another apologist for a failed economic system and the greatest transfer of wealth in human history from the US Taxpayer/Federal Reserve to private US and European banks and Corporations - literally pouring trillions of dollars of our money into a derivative "black hole!” And consequently into the pockets of the worlds richest families – the 1%. This is a book for the Middle Class and Upper Middle Class to convince them that the bank bailout was the correct thing to do. At this late date and 5-6 years into the financial disaster, for anyone to argue that bailing out what are essentially bankrupt criminal organizations is outrageous! These banking institutions should have been put through bankruptcy and thousand of individuals prosecuted. What the Alan Blinders of the world never say is that these institutions would have remained in operation during and after bankruptcy following no more than a brief “bank holiday” of a few days. And that their derivative debt would have been wiped out allowing for a recovery. Mr. Blinder neatly sidesteps this by saying that we need a banking system. NO one argues that we don't need a banking system, but do we need one that is run by criminals and prolonging a real recovery for everyone else by perhaps 10-12 years?

Mr. Blinder actually argues that the “too big to fail” banks need to be big or almost as big as they are now to be competitive. He fails to mention that these banks were made bigger after the bailout – BofA absorbs Country Wide, Wells Fargo takes over Wachovia, etc.

Mr. Blinder neatly sidesteps the importance of the repeal of Glass–Steagall Act by never mentioning it. This is the source of the “casino type” activity the banks are engaged in. He admits that he essentially agrees with the notorious Tim Geithner and President Obama for bailing out the banks and therefore, bailing out the 1%.

One last point. Mr. Blinder says he thinks the Federal Reserve injecting liquidity into the banking system was a success. What Mr. Blinder again neatly sidesteps is that fact the we are now into QE3 and injecting still more liquidity into these “zombie banks” by the purchase of toxic Mortgage Backed Securities off the banks balance sheets - “cash for trash.” So, reasonably intelligent and informed people can see that at this rate we are only half way thorough this deleveraging process via the QE? Process. It should be very clear now that bankruptcy and the breakup of these banks was the way to go!

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