John Bellamy Foster Interviewed by Brian Ashley, Co-Managing Editor of Amandla

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(BIG) WINNERS AND LOSERS UNDER OBAMA / The hidden connections  ////

During this downturn the United States has committed up to $10 trillion in aid to financial institutions, by such means as guarantees of bank debts and asset-backed securities, direct investments, the establishment of currency swap lines with central banks, and programs for the purchase of mortgage-backed securities. In comparison to this, Obama’s total fiscal stimulus is less than $400 billion a year. The annual public works spending for the entire country in the stimulus package is less than what Bank of America by itself has received in financial support commitments from the Federal Reserve and the Treasury in this crisis. What we are seeing therefore is a socialization of private financial losses on a scale never before conceived. [READ ON]

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