Please see our video interview with Prof. Noam Chomsky of MIT. Feel free to post this video on your site.
The Real News Network team
Geithner’s Plan is a Recycled Version of Bush/Paulson Program
“The plan is a win-win situation for investors and a lose-lose situation for American taxpayers”
With Timothy Geithner firing his opening salvos aimed at restoring America’s badly broken financial system and turning it into what he calls a ābetter, smarter, tougher regulationā, lobbyists and interest groups in Washington have already begun their efforts to modify and block certain sections of the new regulations that they see contrary to their interests.
Today, the Real News Network, starts the first segment of a multi-segment interview with Prof. Noam Chomsky on Timothy Geithner’s recently announced plans for the banks and clearing of their toxic assets. In this interview Prof. Chomsky mainly argues that the plan keeps the institutional structure intact without any meaningful reforms in it. Geithner’s plan, based on Chomsky’s assertion, essentially bribes investors and bankers in return for opening the credit markets to consumers and businesses.
Prof. Chomsky also states that Geithner’s plan avoids the measures that might get to the heart of the problem, therefore avoiding the costs of changing the institutional structure. In the course of the interview Chomsky points out to the sense of contempt and ridicule that bankers and financial managers have had for the public even in the face of receiving the TARP money. He then calls for a serious commitment by financial institutions and corporations to be responsible to their stakeholders with direct public engagement on how these institutions distribute their money.
Watch the first segment of this interview on The Real News Networkand stay tuned for the following segments:
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The Real News Network – Chomsky on Geithner
Reza Akhlaghi
The Real News Network
