Friday, May 7, 2010

Today's Links

1--A Money Too Far Paul Krugman NY Times

2--Bloodbath Ahead for State Budgets CNN

3--It's Getting Worse: CDS Report

4--Bankers trot out tired, old arguments against financial overhaul LA Times

5--Market Plunge: What really happened Naked Capitalism

6--Deficit hawkery's harsh impact on education Wa Post

7--"What is Responsible Fiscal Policy" New economic Perspectives
Quote: A responsible government spending policy is not measured by some arbitrary accounting result called the deficit, but by the impact it has had on the real economy.

8--"A long and persistent middle-class squeeze" EPI

9--Are Freddie's Losses on Loans Purchased Since September 2008? Dean Baker blog

Quote: "... when Fannie and Freddie lose money, it means that they paid banks too much for the loans they purchased. If they paid too much for loans before they were taken over then this was preumably the result of bad business decisions. However, if they lose money on loans purchased after September of 2008, then the government is effectively subsidizing banks by paying too much money for their loans. This was the original intention of the TARP program.

Taxpayers have a right to know if Fannie and Freddie are bing used to subsidize banks by overpaying for their loans. The Post and other news outlets should be trying to answer this question." Dean Baker

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