More, Please!
There is no lack of vampires.
Everybody hates socialism until it comes time to feed at the trough. This morning's lead story in The New York Times features the lobbying by the financial industry to widen the $700 billion bailout. It's a time to further profit off the taxpayer. ($700 billion = $2,000 for every man, woman and child in America. How soon can you cough your share up?)
The head vampire, in this case, is Treasury Secretary Henry Paulson, whose plan amounts, as Paul Krugman points out, to providing himself with virtually dictatorial powers, a bailout without any penalties or responsibilities on the part of those being bailed out. And no oversight.
Keep in mind, this administration is the one that has been hell bent on gutting the federal government, selling off services to privateers at bargain basement prices, leaving citizens and taxpayers to rot. (See New Orleans and Katrina.) Disasters, as the Bush administration sees it, or simply opportunities for privateers.
The Dude warns the voters about politicians who stretch the truth: "America better beware of a candidate who is willing to stretch reality in order to win points." — George W. Bush aboard his campaign plane in 2000.
Finding Solvency the Swedish Way:
About sixteen years ago, Sweden faced the same banking problems that Americans are now confronted with. How did the Swedes solve their problem? The key, according to The New York Times, lies in requiring banks "to write down losses and issue warrants to the government." The key word is "equity."
And the key point is that no one in Washington is considering the Swedish way at all. Not in either party. Naturally, we shouldn't forget that the Bush family is so tied up with the bankers, especially the northeastern banking group, that it's impoosible to believe the current administration would do anything that wouldn't benefit the banks.
Now you know why the administration is crying panic and demanding immediate action. If Washington moves slowly, the bailout will end up looking a lot differently.
There is no lack of vampires.
Everybody hates socialism until it comes time to feed at the trough. This morning's lead story in The New York Times features the lobbying by the financial industry to widen the $700 billion bailout. It's a time to further profit off the taxpayer. ($700 billion = $2,000 for every man, woman and child in America. How soon can you cough your share up?)
The head vampire, in this case, is Treasury Secretary Henry Paulson, whose plan amounts, as Paul Krugman points out, to providing himself with virtually dictatorial powers, a bailout without any penalties or responsibilities on the part of those being bailed out. And no oversight.
Keep in mind, this administration is the one that has been hell bent on gutting the federal government, selling off services to privateers at bargain basement prices, leaving citizens and taxpayers to rot. (See New Orleans and Katrina.) Disasters, as the Bush administration sees it, or simply opportunities for privateers.
The Dude warns the voters about politicians who stretch the truth: "America better beware of a candidate who is willing to stretch reality in order to win points." — George W. Bush aboard his campaign plane in 2000.
Finding Solvency the Swedish Way:
About sixteen years ago, Sweden faced the same banking problems that Americans are now confronted with. How did the Swedes solve their problem? The key, according to The New York Times, lies in requiring banks "to write down losses and issue warrants to the government." The key word is "equity."
And the key point is that no one in Washington is considering the Swedish way at all. Not in either party. Naturally, we shouldn't forget that the Bush family is so tied up with the bankers, especially the northeastern banking group, that it's impoosible to believe the current administration would do anything that wouldn't benefit the banks.
Now you know why the administration is crying panic and demanding immediate action. If Washington moves slowly, the bailout will end up looking a lot differently.
Labels: Politics, The Economy
posted by Jim | 7:56 AM
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