Connecticut Commentary: Red Notes from a Blue State

Just as in the modern world the opposite of “bankruptcy” is “bailout," so the opposite of “democracy” is not "dictatorship" but “technoautocracy.” During the great financial blow-out that occurred at the end of the Bush regime, continuing into the Obama years, while the U.S. Congress was debating whether or not to bail out too big to fail banks with a $700 billion blank check, financial technocrats were slipping $7.7 trillion to Wall Street under the table. Since none of the technocrats were elected to office, none of them had to worry overmuch about angry constituents, and no explanations were forthcoming – or even necessary. In 2009, according to documents obtained by Bloomberg news, members of the Federal Reserve Board of Governors, unelected technoautocrats authorized to dictate monetary policy in the United States, passed along to Wall Street’s biggest players $7.7 trillon in no-strings-attached, super low interest loans. In a stunning commentary, Tom Hartman ...