Saturday, January 24, 2009

US Banks Functioning as Economic Parasites

Although it hasn't made mainstream news, economist Michael Hudson states that most of the US' top banks (Citibank, Bank of America, JP Morgan Chase, Wells Fargo) are insolvent. Hudson states that the current US bank bailout only prolongs the life of these toxic and parasitic banks. A historical analysis of this situation is at Counterpunch.

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