BushCo Bailout Bonanza!
So I woke up this morning, flipped on the tube, and there was our NeoCon-in-chief, trying to restore confidence in the markets. Flanked by his E-Con team of Bernanke, Paulson and Cox, he announced a new episode in the Wall Street soap opera. The plan is kinda fuzzy, but the bottom line isn’t: the federal government will assume responsibility for all the bad mortgages in our financial system, relieving a galaxy of irresponsible financial institutions of the knotty problems they created while the Republicans promoted their no-regulation no-enforcement policies the last 7+ years.
He lectured me that this is not the time to talk about how we got into this mess. But if we don’t look at the causes, then the workout plan will be based on the same philosophies and principles (sic) that led to the meltdown; likewise, I’ve heard no accurate estimate of the extent of the losses–so how prudent is it to write a blank check that could go as high as a trillion dollars. Bush also warned that this unlimited corporate bailout should be fast-tracked through Congress without amendments–so taxpayers will be soaked to protect fat cats while Democratic efforts to throw a few bones to working families (unemployment extensions, food stamps, relief for high gas and heating oil prices) will be thwarted.
Well, there goes health care reform and universal coverage. It’s pretty clear that wars and Wall Street will choke the budgets for years to come, and if Obama wins, the Bush legacy will preclude the domestic initiatives that the campaign was about until a month ago. As Naomi Klein has eloquently explained in Shock Doctrine, this is Disaster Capitalism in all its glory. Can we get some of that great advice from the Chicago School, coupled with loans from the World Bank that require that we bust unions and open our markets? I guess we already took care of those last two points. Once again, while Tom Frank would argue that the “wrecking crew” has demolished the surplus and healthy economy Bush inherited, this is all consistent with the Grover Norquist plan to reduce the size of government and structurally prevent social spending by lowering taxes and and running it into the ground.
As Bono once said, “Fucking brilliant”.
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The transferring on wealth from poor to rich has been going on for a long time. I see this as a real potential for teaching and learning how the system works. The majority has little or no say in the big decision making. I have a quiver full of cliches, so I will stop.
Ben makes sense, but good luck in bringing about his demands.
Drum Major: Call and right our representatives.,,
Also take it to the streets and demand redistribution of wealth. No change without popular participation.
from a historical standpoint it’s hard to object to the government’s mass bailouts since similar debt-producing methods were put into action to save the U.S. from the Depression; it’s like we’ve been headed for socialism this entire time…
[...] a galaxy of irresponsible financial institutions of the knotty problems they created while http://www.peterbcollins.com/bushco-bailout-bonanza/Read “Naomi Klein: Bush Sees Crises in Fuel, Food, Housing and Banking as Chance to Exploit Us More” [...]
It is obvious that the general public has no idea what “deregulation” means.
We must insist that Congress at the very least insists that there is no bailout for a company, bank, hedge fund, investment bank etc.unless they renegotiate all the bad loans that they so blithly allowed. That is the very minimum. Bush threatens to veto. Tough titty!!! Congress better override veto. What we need is a threat to not vote in November unless we have a say in this socialism for the rich, democracy for the poor scheme.
Naomi Wolf. She comes across as phony to me. She acts like she is the lone prophet, warning the nation of impending doom.
Free market is a myth, Naomi. She needs to go on George Noori’s show.
When they close down places like CounterPunch and ZNET, then I will worry. Naomi is scaring the crap out of people, and selling lots of books in the process.
Rove/Cheney cabal! HAHAHA. Call her on this, Peter B.
Listen to Ron Kuby.
AAR is horrible! I wonder why that caller from NY said that the local AAR was horrible? OK. they are not revolutionary–or overly conspiratorial–but progressive still. Like Peter B.
You have to take an “F”, Scott.
Peter, Listen to last night’s show on Coasttocoastam.com as they had round table discussion with Catherine Austin Fitts, Bill Murphy, and Andy Gause re the bail out which they stated was a coup de ta. It’s a lot worse than people think as power is transferred from Treasury Dept to Federal Reserve and no strings on Paulsen. Also, it is another scheme to destory all the records so we can’t find out what happened or prosecute these crooks (and they will do this again. I hope you can listen to this in quiet because it is so important. The Federal Reserve of New York is the huge problem handing off the bets from company to company that loans will default (that’s what the trillion dollars will buy us; nothing and they end up robbing us, and we pay them back with the money we borrow from them at the rates that Paulsen determines. These bad guys are knocking off our good companies and if this passes will rule the U.S. This is part of the New World Order accomplishing their goal to rule the whole world; and our Congress is helping them. Ain’t that sick. I’m calling Democrats and telling them I’m voting for Nader because Obama has gone the wrong way too many times. I told everybody Rove, et al was running this whole election and got their man running in both camps when Obama popped out of nowhere. I’m convinced of it now. Think about his major decisions and everybody hoping it’s just cause he’s trying to win. Sad, Sad, Sad.
Both candidates support the medicine as commodity system. It will take a colossal effort to change the system. Shall we…
Draft George Bush
Draft Dan Quayle
Draft Neil Bush when
he gets out of jail.
Anti-War Chant circa
January 1991
Why not? Why are there not multiple progressive radio stations in several cities? I have heard that advertisers have sabotaged some efforts to create more progressive stations. Eugene, Oregon. What happened there? Other relatively progressive places?
Don’t quit. We’ll find away.
A way. We will find a way. Away with away.
A Democratic Party sweep in 1974. What happened? Why can’t progressives hold ground? The right wing has the ability to get people to vote against their own interests. That’s part of the answer. Another is that Democrats do not seriously challenge corporate rule. Will the big Democrat pickup in 2008 go the same way as those of the past? I am going to work with Nader people this weekend.
Great American Opera? How about Einstein on the Beach?
“Paging Mr. Bojangles…”
The stream kicked on for me at around 4pm pst. One hour after I tuned in.
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Personally, I find it hard to believe that the feds would go after Mark Cuban for funding “Loose Change”. I thought the government wanted us to chase after will o’ the wisps while tend to the real dirty work.
In Humboldt County, we passed a measure called Measure T. It was to keep corporate money from outside the county from influencing local elections. It also declared that corporations are not people.
The Board of Supervisors recently gave in to the lawyers on the other side and agreed to a settlement to avoid a lawsuit. I will admit that Humboldt County might not be the best equipped to take on the powers of corporate personhood as we are a rural and poor county.
I have suggested to David Cobb ( ran for president in 2004 on Green ticket, helped to get Measure T on ballot) that we suggest Eliot Spitzer take on the fight. Eliot Spitzer beat Wall St. once before in 2003 and crooked corporations had to pay 1.4 billion dollars in fines. He was about to blow the lid of the mortgage mess with 49 attorneys general and himself, (at the time he was Governor of N.Y.) in February at a press conference. In March, it was made public that he was on a Madame prostitute list and had paid for sex. Five months later, Wall St. collapsed.
All charges have since been dropped and the Madame supposedly committed suicide.
It would seem that Eliot Spitzer, Former AG and Gov of New York would have some time on his hands these days. I am calling on Eliot Spitzer to rise from the ashes and once again take on crooked corporations and write a anti corporate personhood law that would pass the test of the constitution so that a county or state with more money could get this done and stand up to the challenge from corporate lawyers.
Eliot Spitzer for avenger!
v. : 1. The Commission charges Defendant Mark Cuban (“Cuban”) with committing securities fraud by engaging in illegal insider trading. Despite agreeing in June 2004 to keep material, non-public information about an
RADNOR, Pa.–( BUSINESS WIRE )–Airgas, Inc. (NYSE: ARG) today announced that its Board of Directors has elected Ellen C. Wolf, senior vice president and chief financial officer of American Water (NYSE: AWK), to fill the vacancy
The attack on Mumbai
India needs to look closer to home
Tariq Ali
http://www.counterpunch.org/tariq11272008.html
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