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Episode 162: IOU



KMO reads a passage from Life, Inc about the feedbacks between the real economy and the speculative economy before playing a conversation with Web of Debt author Ellen H. Brown about the refusal of Citigroup, Wells Fargo, and JPMorgan Chase (which each got $25 billion in bailout money from the taxpayers) and Bank of America (which received $15 billion) to accept IOUs from the state of California to help overcome its budget shortfall. The discussion touches on the performance to date and possible motives of US President Barak Obama.

Music by Tibet2Timbuk2

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( 1 comment — Leave a comment )
coremarc
Jul. 17th, 2009 05:45 am (UTC)
FYI: Congressional budget office admission of unsustainable financial path.
In Regard to "The Long-Term Budget Outlook," the Director of the Congressional Budget Office blogs that:

"Under current law, the federal budget is on an unsustainable path, because federal debt will continue to grow much faster than the economy over the long run."

http://cboblog.cbo.gov/?p=328
( 1 comment — Leave a comment )

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