Abstract
As I write, Congress is in the midst of considering funding for two massive bailouts of failed and failing banks. The bailout of the Resolution Trust Corporation (RTC) will provide $80 billion to support failed thrifts, on top of the $80 billion which has already been appropriated for that purpose. The bailout of the Federal Deposit Insurance Corporation (FDIC) comes before Congress in the guise of two loans, one of $30 billion for a Treasury line-of-credit to the FDIC, another of $40 billion in "working capital," which is supposed to be paid off by selling the assets of failed commercial banks. Congress, then, will be voting to provide $150 billion in banking bailout money this November.This article can also be found at the Monthly Review website, where most recent articles are published in full.Click here to purchase a PDF version of this article at the Monthly Review website.
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