Re: [Pen-l] Wall Street awaits the new RTC

[Marvin Gandall <marvgandall@xxxxxxxxxxxx>]

Robert Naiman wrote:

> I'm all for it, if we tax the rich to pay for it.
=================================
I expect the main policy thrust to be higher interest rates and cuts in
social spending to contain the mounting bailout-related fiscal deficit,
which translates into austerity for the working class rather than the rich.
Who better than Obama in this context to preside over rollbacks to social
security? Of course, if things get bad enough, the state would then have to
redirect some spending at job creation and the restoration of mass
purchasing power, requiring some realignment of the tax structure, but
certainly not enough to compensate for the nationalization of losses at the
top.

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