Tuesday, September 23, 2008
700 billion dollars is a lot of money! Last night on the Newshour one of the talking heads was quoted as saying that is more than we have put into the Iraq war. It is tragic that a policy developed in the Regan administration that nearly bankrupted the country in the 1990's and in large part sent the first Bush packing has been allowed to drip like acid and dismantle our economy. Deregulation sounded so good to this country the constant resonant mantra of get the government off our back. Where were the voices begging caution to the the wrecking ball on our national infrastructure. Where were the voices screaming that regulations were put in place because of the Great Depression. Where were the people in the darkened theater whispering don't go into THAT door.
Working Americans who should have known better voted in droves for candidates and policies that gutted any protections we had and left the fox guarding the hen house. The overall effect has been the collapse of the markets, falling housing prices, the creation of debt on a heretofore unheard of scale. In addition to this the relative value of working folks retirement accounts have plummeted to pre 2007 levels. Ironically it is these same robber barons who moved many of us from pension accounts to 401K/403B and wanted to privatize Social Security.
How much longer wil we have to listen to the finacial sector tell us that the probem is that we can't balance our budgets? Cut to shots of them them walking around like pan hadndlers at a subway station? Blame? How about watching them with no cumpucntion stand like pushers in front of a school yard addicting our children, grandchildren and unborn generations to years crushing years of debt. Wrapping themselves in the flag and declaring that it was only the meritocracy that would save us -- it is a travesty a squandering of intellectual ability. Now they come to us wanting OK a no cut contract numbers spewing out of their mouth -- scary horrifying numbers if there are not laws against this there are laws against blackmail. Oh we are just going to liquidate bad debt they say, but there is no releif for people ensnared by their "finacial products" dishonest morgatge schemes, and strong armed foreclosure schemes. The result of these practices have not only hurt individuals but savaaged many municipal tax bases.
Though we now know that this has been a bipartisan problem, I must again point out that the Clinton administration left a surplus. Did I say 700 million dollars? Must I remind you that Paulson is the former head of Goldman Sachs? EXCUSE ME! I wish I could help out all of my friends who are in hard financial times.
Here are some interesting articles to look at:
From the Febuary 20th additiion of NAKED CAPITALISM
"We are so bold as to predict that another quote will come back to haunt its source. From the Wall Street Journal's Economics Blog:
Following the U.K.’s surprise move to nationalize mortgage lender Northern Rock, will the U.S. need to make similar moves?
“Absolutely not,” U.S. Treasury Secretary Henry Paulson told CNBC, dismissing talk that the Bush administration needs to initiate a widespread bailout program to assist the financial industry and restore investor confidence."
* Paulson Bailout Plan a Historic Swindle by: William Greider, The Nation
* What is the biggest flaw in the administration's bailout package? What's the remedy? by Robert Reich Politico
* The Middle Class Must Not Be Forced to Bail Out Wall Street Greed by Senator Bernie Sanders IND-VT, Huffington Post