Ramming through the bailout

[IndianaGreen]

Ramming through the bailout

Author: Sam Webb, National Chair
First published 09/23/2008 17:20

Bush, Paulson make Dellinger look like a Boy Scout

As the Bush administration attempts to ram a bailout package of nearly one trillion dollars through Congress, it begins to feel like Colonel Sanders asking the public to trust him to take care of the chickens.

If it weren’t so damn serious, there would be something almost comical about it. Here we have the White House, which has squandered trillions of dollars over eight years, and its point man, Hank Paulson, fresh from 38 years of gaming the financial system while working at Goldman Sachs, insisting that Congressional leaders hand over a trillion dollars to them with no debate and no strings attached.

In this real life drama, Bush and Paulson make John Dillinger, the legendary bank robber of the Depression years, look like a Boy Scout.

Nothing to do with socialism

This is not “socialism for the rich,” as some have suggested. Socialist measures would thoroughly clean up and stabilize the financial system to be sure, but a socialist-led government would also place the good as well as the bad assets of the responsible parties (commercial and investment banks, private equity firms, and hedge funds) into the hands of a public democratically run authority. It would turn the Federal Reserve Bank, which during the Greenspan era was one of the main architects and cheerleaders of bubble economics (hi-tech, stock market and, its latest version, housing) into a publicly controlled institution. And it would bring those responsible to trial and penalize them appropriately, if convicted.

At the same time, a socialist-led government and its congressional allies would funnel money to homeowners and working people and enact special measures to assist communities of the racially oppressed, not to mention our rural towns. It would rebuild our nation’s deteriorating infrastructure, invest in renewable energy and green jobs, and bring the Iraq war to a quick end. It would also propose the people’s takeover of the energy complex, which has also turned into a cash cow of the wealthiest corporations.

http://www.cpusa.org/article/articleview/987/1/44/

[Demeter]

1. There's Still Time to Do Right By Ourselves

and I think there's a chance it will happen. Call me an optimist, but the rout on Wall St. is nothing compared to the rout of McCain-Palin. They have all Gone Too Far, and at last the voters realize it.

[antigop]

3. but, Demeter, the Dems are complicit. n/t

[classysassy]

2. "The love of money"

Bush and his merry lil men love your money.