Lumpen — The Bush Bailout

Topic(s): Dissent? | Comments Off on Lumpen — The Bush Bailout

There are times for parties, times for mourning, and times for protest, what time is this? This is one answer from one circle in Chicago. – rg
The floodgates of looting are opening even wider in these final days of the Bush era fascism. Bush is rewarding all of his longtime supporters and it also looks like we will receive more of the same form both Obama or McCain. Both candidates financial advisors are part of the gang that architected the state of deregulated affairs..
Please please try to evaluate the enormity of what these shit heads are doing. This is not an accident.. This was planned. This was warned about for years.. Why are we giving all the richest people in America a $700 billion bail out on a minutes notice and not using $700 billion to bailout you or me. Do you really want to pay some shit head a $15-30 million golden parachute for running their banks and investment firms
like shit?
Think about how hard it is to get $500 when you are unemployed or on welfare.. By the end of this week they are gong to bail these fuckers out.
If anyone is planning or wants to plan some actions here in Chicago to display your disgust and opposition to yet ANOTHER handout to the corporados please let us know.
This is a perfect moment to mobilize.
I found a few articles worth reading.. Please send us what you know or are reading..
Sen. Bernie Sanders, Robert Scheer and Dean Baker on the Proposed $700 Billion Bailout of Wall Street, the Largest Government Bailout of Private Industry in US History
It’s being described as the largest government intervention in private markets
since the Great Depression. The Bush administration has asked Congress to swiftly approve a massive $700 billion package to rescue the crippled financial institutions on Wall Street. Some analysts say the final cost to taxpayers could top one trillion dollars. Over the weekend, the size of the proposed bailout grew as the Bush administration said foreign banks, including Barclays and UBS, should be eligible for the bailout. [includes rush transcript]
Fleecing What’s Left of the Treasury
By Chris Hedges
“The lobbyists and corporate lawyers, the heads of financial firms and the crooks who control Wall Street, all those who spent the last three decades assuring us that government was part of the problem and should get out of the way, are now busy looting the U.S. treasury. They are also working feverishly inside the Democratic and Republican parties to blunt any effective regulatory reform as they pass on their distressed assets to us. The process is stunning in its hubris and mendacity, and two of the most potent enablers of this unprecedented act of corporate welfare are John McCain and Barack Obama.?
William Greider | Paulson Bailout Plan a Historic Swindle
William Greider, The Nation: “Financial-market wise guys, who had been seized with fear, are suddenly drunk with hope. They are rallying explosively because they think they have successfully stampeded Washington into accepting the Wall Street Journal solution to the crisis: dump it all on the taxpayers. That is the meaning of the massive bailout Treasury Secretary Henry Paulson has shopped around Congress. It would relieve the major banks and investment firms of their mountainous rotten assets and make the public swallow their losses – many hundreds of billions, maybe much more. What’s not to like if you are a financial titan threatened with extinction?”
Seven Hundred Billion Dollars Sought for Wall Street in Vast Bailout
David M. Herszenhorn, The New York Times: “The Bush administration on Saturday
formally proposed a vast bailout of financial institutions in the United States,
requesting unfettered authority for the Treasury Department to buy up to $700
billion in distressed mortgage-related assets from the private firms. The proposal, not quite three pages long, was stunning for its stark simplicity. It would raise the national debt ceiling to $11.3 trillion. And it would place no restrictions on the administration other than requiring semiannual reports to Congress, granting the Treasury secretary unprecedented power to buy and resell mortgage debt.
Amy Goodman’s New Column: “Wall Street Socialists”
The financial crisis gripping the U.S. has the largest banks and insurance companies begging for massive government bailouts. The banking, investment, finance and insurance industries, long the foes of taxation, now need money from working-class taxpayers to stay alive. Taxpayers should be in the driver’s seat now. Instead, decisions that will cost people for decades are being made behind closed doors, by the wealthy, by the regulators and by those they have failed to regulate.