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Crisis Opportunism: Bail Outs And E-Scads In The Gfc, Judy Johnston, Alexander Kouzmin, Kym Thorne, Stephen Kelly

Adjunct Professor Stephen J Kelly

As a response to the “junk-debt”- inspired, global, economic crisis, governments, with supra-national organizational approval, have appropriated billions of taxpayers’ dollars for bail-outs, have set-up special funds and under-written depositors’ savings in the desperate hope of alleviating the threat of rapid, economic decline and systemic destruction of value. Whether these governments have a democratic mandate for such unprecedented action is debatable. More importantly, though, is whether such decisions amount to good re-regulatory policy.

First, it is known that some of the bail-out money to large corporations has been squandered by oligarchic recipients and appropriated by them in their own interests. …