IMF: The cost of a second bailout may be democracy

( – promoted by buhdydharma )

  Wall Street CEO’s are deaf to Main Street while awarding themselves record bonuses from taxpayer bailout money.

  Democrats in Congress, in the White House, and regulators in the Federal Reserve who propose a permanent TARP bailout program are also deaf to Main Street.

   But even the IMF has heard the increasingly angry rumble of Main Street, and they are warning the plutocrats that their insatiable greed will only be tolerated for so long.

 The public will not bail out the financial services sector for a second time if another global crisis blows up in four or five years time, the managing-director of the International Monetary Fund warned this morning.

  Dominique Strauss-Kahn told the CBI annual conference of business leaders that another huge call on public finances by the financial services sector would not be tolerated by the “man in the street” and could even threaten democracy.

  “Most advanced economies will not accept any more [bailouts]…The political reaction will be very strong, putting some democracies at risk,” he told delegates.

 It wasn’t just America that the IMF was warning. Britain is in even greater danger of a popular revolt.

 In September, George Osborne, the Shadow Chancellor, sided with Germany and France, accusing Gordon Brown of being in “complete denial” over the mounting bill of the financial rescue packages and agreed with Britain’s neighbours that it was time to look for an exit strategy.

 Will the politicians listen to these warnings? I doubt it. Wall Street wouldn’t be acting so arrogant if they had anything to worry about from Washington.

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2 comments

    • gjohnsit on November 23, 2009 at 10:52 pm
      Author

    Cash for pitchforks and torches

  1. RadiosPeople of the world are tuning in tonight,

    Are you on the dial, are you tuned in right?

    One of our D.J.’s Democracy is missing.

    Are you listening?

    Are you listening to me?

    Can you hear me?

    Can you hear me clearly?

    Around the dial.

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