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He may be over 80, but Noam Chomsky's intellectual powers haven't dimmed a bit. In a brand-new interview over at The Real News, he calls out Geithner's "toxic asset" plan for what it is: essentially no different from Paulson's impulsive and ineffectual efforts.
Fact of the matter is, it’s almost always public money….The public pays the cost and takes the risk and the profit is privatized…
They're simply recycling the Bush-Paulson measures and changing them a little, but essentially the same idea: keep the institutional structure the same, try to kind of pass things up, bribe the banks and investors to help out, but avoid the measures that might get to the heart of the problem.
Ten minutes into the video, Chomsky names the "most democratic nation" in the western hemisphere – bet you can't guess what its name is. Here's a hint: It's not the United States.
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Jeremy Gantz is an In These Times contributing editor working at Time magazine.
