December 18th, 2008
06:36 PM ET

Paulson's double standard threatens the economy

[cnn-photo-caption image=http://i.l.cnn.net/cnn/2008/POLITICS/03/16/economy.paulson/art.paulson.blitzer.cnn.jpg caption="Treasury Secretary Henry Paulson in an interview with CNN in March 2008."]

William R. Hawkins
U.S. Industry Today

In their sweeping history of British Imperialism 1668-2000, P. J. Cain and A. G. Hopkins argue that “captains of industry did not command as much prestige as bankers in the City” and raised the issue of whether “the City’s separation from manufacturing retarded Britain’s industrial progress.” The City in English parlance is the same as Wall Street. The London bankers were the core of a “gentlemanly capitalism” in which “production was held in low repute.” High finance allowed gentlemen to overcome “the problem of living in the world while also rising above its sordid realities.” Cain and Hopkins conclude that the gentlemen bankers were “closer to the centers of power and [were] the dominant influence upon the expression of that power overseas.” This had tragic consequences for the maintenance of Britain’s superpower status, which declined steadily during the 1890-1950 period. The grandest empire in world history never lost a war, yet its economic foundations crumbled so that it could no longer sustain its global leadership.


Filed under: Bailout Turmoil • Economy • Finance
soundoff (One Response)
  1. Cindy

    I think that it is totally ridiculous that congress or Bush won' t bailout the auto industry. They have made demand after demand in which the auto makers have complied yet we are still sitting here with no deal! And now Bush is saying he may let them go through a "controlled" bankruptcy. WHAT!? Are they blind, stupid or both! (I go with the latter!) They give Wall Street a bailout with no conditions yet won't help the auto makers at all. They are really dumb!

    When one or all of the auto makers go under then not only will the people working there lose their jobs but thousands upon thousands of companies who are associated with them will fall. When that happens...and it will...we will think what is happening now is a cake walk! We'll be begging for this time back.


    December 18, 2008 at 7:02 pm |