The New Trough : Rolling Stone

An excellent (and terrifying) profile of the $700 billion Wall Street bailout written by Naomi Klein.

She goes into detail about the parallels between the bailout and private contractors in Iraq, and the intense conflicts of interest of paying those who got us into this mess to get us back out. I was going to do some pull-quotes, but really this article is so good I could probably pull out half or more of it. So here’s one, but really you should just read the article:

This raises an interesting point: Has the Treasury partially nationalized the private banks, as we have been told? Or is it the other way around? Is it Treasury that has been partially privatized by Wall Street, its massive rescue plan now entirely in the hands of a private bank it is directly subsidizing?