Free money creation to bail out financial speculators, but not Social Security or Medicare: Only the “Crazies” Get the Bank Giveaway Right
In the case of bailing out Wall Street – and thereby the wealthiest 1% of Americans – while saying there is no money for Social Security, Medicare or long-term public social spending and infrastructure investment, the beneficiaries are obvious. So are the losers. High finance means low wages, low employment, low industry and a shrinking economy under conditions where policy planning is centralized in hands of Wall Street and its political nominees rather than in more objective administrators.
Michael Hudson mentions MMT in this post, although he is out of paradigm when he speaks of losses being born by taxpayers or Treasury bonds paid out of future revenues.
Most scathing in this acerbic critique is his showing how Michelle Bachman gets the truth of the bailout, whereas the political class either doesn't or is returning the favor to big donors in the financial sector.