Sunday, September 28, 2008

Any Way You Parse It, the Proposed Bailout is a Disaster for Ordinary Americans. It Must Be Stopped

Dave Lindroff

The idea of bailing out Wall Street for the results of a decade or more of greedy and even criminal behavior, using almost $1 trillion in borrowed money that will jeopardize everything from Social Security to school funding to medical research, and further drive the dollar into the ditch, cannot be justified.

The president has tried to stampede Congress into throwing this colossal pile of money at the bankers who caused the crisis, by using fear-mongering, instead of by following President Franklin Roosevelt's example of urging calm and coming up with a sensible response.

Congress, which is beholden to Wall Street's bankers because of all the campaign funds they bestow on its members, Republican and Democrat, is buying into the president's nonsense.

But like lipstick on a pig, no amount of window dressing, such as protection for homeowners facing foreclosure or limits on bank executive pay, can make this bailout acceptable.

This proposal is simply out and out theft from taxpayers to reward bankers and investors who have been on a binge for too long.

( Here's the problem with that, Dave. Investors today are not the investors of yesteryear. I would venture to say that the wealthy make up a relatively small % of of investors. Of course they may stand to lose more, but they have more to lose. The ones who stand to lose everything are the people who would never invest in the market if that investment were not in the form 401ks for retirement, trusts about which the beneficiary has zip to say about how the money is invested and other forms of "slave money." Most investors, the ones referred to as minor investors, have zip to say about what the corporate officers are up to. They aren't told. If we really want to clean up Wall Street, make the corporate officers who created this mess pay compensation, which will put the Deciders and their families in trailer parks. If there is enough evidence of a crime to bind them over for trial, let them wait it out in jail, like other people who can't afford bail. Allow the full force of the law and ethics fall on a few of them once and crime on Wall Street will not be that big of a problem for a very long time to come. Nevertheless, send in the observers. As old Ronnie would say, trust but verify.)

There are plenty of things that can be done to rebuild the economy and protect the public without rewarding the crooks and gamblers who created this mess.

Meanwhile, the American people need to make it clear that we will not allow this disastrous ripoff to occur.

The answer is to finally tell Congress that we're holding them accountable. No one who votes for a massive bailout of Wall Street gets re-elected. No one.

How do we do it? Go to this Web site and start a non-partisan viral campaign to get every voter to reject any senator or representative who supports the bailout.

DAVE LINDORFF is a Philadelphia-base journalist and columnist. His latest book is "The Case for Impeachment" (St. Martin's Press, 2006 and now available in paperback edition). His work is available at

(In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. I.U. has no affiliation whatsoever with the originator of this article nor is I.U endorsed or sponsored by the originator.)

The Nazis, Fascists and Communists were political parties before they became enemies of liberty and mass murderers.

No comments: