in the middle of the night

“You don’t need banks and bondholders to make cars,” said [an Obama] administration official. WSJ, 5/11/09

The evidence continues to mount that President Obama and his cadre are intent upon re-making the American economy in their own image. We are entering an era of government industrial policy making unlike anything we have ever seen. Mr. Obama knows very little about business and cares even less. Fasten your seat belts for a very bumpy ride.

The banks and other financial intermediaries have played right into the hands of those who desire a more subservient European style capitalism. It’s the reverse of the old trope “You saved my life and now I owe you” as in

“we (the government) saved your bank and now we own you.”

Stay tuned for continuing episodes of As the World Turns, better known as Capitalism Roasting on a Spit.