Didn’t know you live in a socialistic country, did you? Just like the right-wingers have claimed all along. Well, as an American taxpayer you now own a piece of AIG (American International Group), the insurance giant seized by the U.S. government in an unprecedented $85 billion bailout. But you have to understand: the Fed did this to reassure the markets. And boy were they ever reassured–the Dow plummeted 450 points upon receipt of the soothing news.

On Democracy Now this morning, Amy Goodman conducted the best interview I’ve heard on this week’s truly frightening developments. Two fine interviewees who don’t mince words (things are worse than you thought and could get even uglier)–Nomi Prins, an investment banker (Bear Stearns) turned journalist, and Michael Hudson, author of Super-Imperialism: The Economic Strategy of American Empire and economic adviser to Dennis Kucinich. You can either watch it (about 11 minutes into the program) or download a transcript. If you’re concerned, you’ll want to take this in.

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transcript

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