Bailing out Wall Street billionaires is not exactly popular with voters, so Hank Paulson, George W's treasury secretary, came up with this cover story: It's not about Wall Street, it's about your street. He lied. There was never any connection between the bailout and credit flow.
Our New Corporate Republic (tags)
James K. Galbraith is a professor of affairs and government at the University of Texas at Austin. A version of this column appeared recently in the Texas Observer.