Bailouts for Bankers, Austerity for the People

by Betsy Bowman

When the US financial system collapsed in 2008 in a speculative frenzy
by the biggest banks, they were bailed out at taxpayer expense.  Now
the 1% is richer than ever while the people are asked to accept
austerity as social programs are slashed, union rights are gutted, and
elections are being bought.  And all this is happening not only in the
US but in Europe as well even though it perpetuates economic
stagnation and unemployment.  The consequences of this dominance by
financial capital was explored by the Center for Global Justice in an
August 1, 2012 panel discussion “Bailouts for Billionaires, Austerity
for the People.”  The panel featured Betsy Bowman, a Research
Associate at the Center, Arturo Yarish, a former financial analyst for
a major European Wall Street banking consortium, and Cynthia Lynch, a
Professor of Public Administration.

View the video at
and continued at

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